MIRA INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MAXITRANS AUSTRALIA PTY LTD |
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Formerly Known As : |
Freighter
Industries |
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Registered Office : |
346 Boundary Rd, Derrimut, Vic 3030 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
24.12.1997 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
design and manufacture of road transport
vehicles and equipment |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
MAXITRANS AUSTRALIA
PTY LTD
ACN: 081 151 699
ABN: 95 081 151
699
CORPORATE SEARCH
INCORPORATED 24 December
1997
REGISTERED ADDRESS 346
Boundary Rd
DERRIMUT,
VIC 3030
SHARECAPITAL $2
SHAREHOLDERS MAXITRANS
INDUSTRIES P/L Holds 2
shares
DIRECTORS MATTIA,
Marcello
10
Castle St
EAGLEMONT,
VIC 3084
BROCKHOFF,
Michael Alan
16
Newbay Cres
BRIGHTON,
VIC 3186
SECRETARY HARVEY,
Aaron Mark
REGISTERED
CHARGES Registered Charge Number :
2091103
Date
Registered : 29.11.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 2061083
Date
Registered : 13.10.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 2015487
Date
Registered : 15.07.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 2003276
Date
Registered : 30.06.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 2001589
Date
Registered : 28.06.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 21986053
Date
Registered : 03.06.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1976927
Date
Registered : 12.05.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1972070
Date
Registered : 12.05.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1969073
Date
Registered : 06.05.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1946757
Date
Registered : 23.05.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1946767
Date
Registered : 23.03.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1934196
Date
Registered : 26.02.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1929214
Date
Registered : 17.02.2010
Status : Fixed
Creditor : ANZ BANKING
GROUP
Registered
Charge Number : 1929280
Date
Registered : 17.02.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1929281
Date
Registered : 17.02.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1922936
Date
Registered : 05.02.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1918830
Date
Registered : 28.01.2010
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1901200
Date
Registered : 29.12.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1901225
Date
Registered : 29.12.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1901210
Date
Registered : 29.12.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1894884
Date
Registered : 14.12.2009
Status : Fixed
Creditor :
ANZ BANKING GROUP
Registered
Charge Number : 1894879
Date
Registered : 14.12.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1894882
Date
Registered : 14.12.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1883317
Date
Registered : 19.11.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1883316
Date
Registered : 19.11.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1883315
Date
Registered : 19.11.2009
Status : Fixed
Creditor : ANZ
BANKING GROUP
Registered
Charge Number : 1144939
Date
Registered : 31.03.2005
Status : Fixed
and floating
Creditor :
Commonwealth Bank
Registered
Charge Number : 915357
Date
Registered : 10.01.2003
Status : Fixed
and floating
Creditor : ANZ
Banking Group
Registered
Charge Number : 785283
Date
Registered : 31 January 2001
Status : Fixed
Creditor : GE
Capital
BUSINESS STRUCTURE
HEAD OFFICE 346
Boundary Rd
DERRIMUT,
VIC 3030
TELEPHONE (613) 8368 1177
FACSIMILE (613)
8368 1178
GROUP BRANCHES 233
Learmonth Rd Wendouree, VIC 3155
DERRIMUT,
VIC
DANDENONG,
VIC
CRAIGIEBURN,
VIC
HALLAM,
VIC
RICHLANDS, QLD
BASSENDEAN, WA
HOLDING ENTITY MAXITRANS INDUSTRIES LTD
BANK ANZ
BANKING GROUP
EMPLOYEES 700
(group)
BACKGROUND
The subject was incorporated in Victoria on 24 December 1997 as Maxi-Cube Business Holdings P/L, changing name on 6 March 1998 to Freighter Industries, before adopting the current style on 15 June 2000.
OPERATIONS
The subject operates in the design and manufacture of road transport vehicles and equipment.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of failed to trace any litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
The subject is noted to have entered into a Class Order Deed of Cross Guarantee, with its Parent entity, Maxitrans Industries Ltd and Associated entities, Colrain P/L, Transtech Research P/L, Peki P/L, Maxitrans Industries (NZ) P/L and Lusty EMS P/L. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other. Pursuant to the Class Order, the subject is relieved from its requirements to lodge financial statements.
For the year ended 30 June 2010 the Closed Group recorded a 7% decline in consolidated revenue to $235,387,000, which resulted in an operating Profit before tax of $7,124,000 and an operating Profit after tax of $5,766,000.
Below is a summary of the Groups consolidated income results for the past two financial years.
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|
Maxitrans Industries Ltd - consolidated |
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|
As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$235,387,000 |
$252,621,000 |
-6.82% |
|
Profit b/tax |
$7,124,000 |
($993,000) |
-817.42% |
|
Profit a/tax |
$5,766,000 |
($1,894,000) |
-404.44% |
|
Net Profit Margin |
2.45% |
-0.75% |
3.20% |
During fiscal 2010, the closed group reported consolidated Net Cashflows from operating activities totalling $8,723,000.
As at 30 June 2010 the closed group recorded total current assets to $64,387,000. They included receivables of $26,409,000 and inventories of $34,442,000.
Current liabilities at the same date totalled $34,726,000 and included payables of $26,690,000 and interest bearing liabilities of $1,784,000.
As at 30 June 2010, the closed group recorded Working Capital of $29,661,000 and a current ratio of 1.85 to 1 indicating a sound liquidity position.
At 30 June 2009 the group had access to financing facilities with a combined limit of $50,215,000. These facilities were drawn to $24,039,000 at this time.
At this date, the closed group recorded Net Assets of $88,513,000 and a debt to equity ratio of 0.71 to 1.
For the six months ended 31 December 2010 the Group recorded revenue of $103,115,000 which resulted in an operating Loss before tax of $699,000. And an operating Loss after tax of $198,000.
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Maxitrans Industries Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$235,387,000 |
$252,621,000 |
-6.82% |
|
Profit b/tax |
$7,124,000 |
($993,000) |
-817.42% |
|
Profit a/tax |
$5,766,000 |
($1,894,000) |
-404.44% |
|
Net Profit Margin |
2.45% |
-0.75% |
3.20% |
|
Current Assets |
$64,387,000 |
$59,395,000 |
8.40% |
|
Non-Current Assets |
$87,158,000 |
$86,653,000 |
0.58% |
|
Total Assets |
$151,545,000 |
$146,048,000 |
3.76% |
|
Current Liabilities |
$34,726,000 |
$30,533,000 |
13.73% |
|
Non-Current Liabilities |
$28,306,000 |
$31,361,000 |
-9.74% |
|
Total Liabilities |
$63,032,000 |
$61,894,000 |
1.84% |
|
Net Assets |
$88,513,000 |
$84,154,000 |
5.18% |
|
Working Capital |
$29,661,000 |
$28,862,000 |
2.77% |
|
Current Ratio |
1.85 |
1.95 |
-4.68% |
|
Debt to Equity |
0.71 |
0.74 |
-3.18% |
TRADE SURVEY
A Trade survey on the subject traced the following accounts:
1.
Nominated supplier declined to provide a reference
owing to company policy.
2. Nominated supplier failed to respond to
correspondence despite chasing.
SUMMARY
The subject was incorporated in Victoria on 24 December 1997, before adopting the current style on 15 June 2000.
The subject is noted to have entered into a Class Order Deed of Cross Guarantee, with its Parent entity. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.
For the year ended 30 June 2010 the Closed Group recorded a 7% decline in consolidated revenue to $235,387,000, which resulted in an operating Profit before tax of $7,124,000 and an operating Profit after tax of $5,766,000.
During fiscal 2010, the closed group reported consolidated Net Cashflows from operating activities totalling $8,723,000.
As at 30 June 2010, the closed group recorded Working Capital of $29,661,000 and a current ratio of 1.85 to 1 indicating a sound liquidity position.
At this date, the closed group recorded Net Assets of $88,513,000 and a debt to equity ratio of 0.71 to 1.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.