MIRA INFORM REPORT

 

 

 

Report Date :

06.12.2011

 

IDENTIFICATION DETAILS

 

Name :

DTI GROUP LTD

 

 

Registered Office :

50 Affleck Road Perth Airport Western Australia 6105

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

08.06.1995

 

 

Com. Reg. No.:

069791091

 

 

Legal Form :

Unlisted Public Company

 

 

Line of Business :

Designs, develops, sells, and manages integrated video surveillance and vehicle tracking technology.

 

 

No. of Employees :

50 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 700,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Australia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

IDENTIFICATION DETAILS

 

Verified Address

 

Subject name                            :           DTI GROUP LTD

 

Other style / Business name       :           DIGITAL TECHNOLOGY INTERNATIONAL

 

 

Business address                      :           50 Affleck Road

Town                                         :           Perth Airport

Province                                    :           Western Australia

Zip/postal code                          :           6105

Country                                     :           Australia

Tel                                            :           +61 8 94791195

Fax                                           :           +61 8 94791190

Website                                    :           www.dti.com.au

 

 

Registered address                    :           50 Affleck Road

Town                                         :           Perth Airport

Province                                    :           Western Australia

Zip/postal code                          :           6105

Country                                                                                   :                       Australia

 

SUMMARY DETAILS

 

Executive Summary

 

Date founded or registered                      :   08/06/1995

 

Legal form                                             :   Unlisted Public Company

Chief executive                                      :   Richard Andrew Johnson

Issued & paid up capital                         :   AUD 10,053,700

Sales turnover                                        :   AUD 16,638,361 (Non-consolidated 12 months, 30/06/2011)

Net income                                            :   AUD 776,151 (Non-consolidated 12 months, 30/06/2011)

Total fixed assets                                   :   AUD 11,741,082 (Non-consolidated 12 months, 30/06/2011)

 

Line of business                         :   Designs, develops, sells, and manages integrated video surveillance and vehicle tracking technology.

 

Staff employed                                                                                                :   50 employees

 

CREDIT RISK OPINION

 

Company Analysis

 

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is progressing

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is fair

Organization structure                :   Organizational structure is stable

Detrimental records                    :   No detrimental records found

Payment history                                    :   No payment delays noted

 

Credit amount suggestion     :   USD 700,000

 

Credit amount asked                  :   USD 500,000

 

Comments                                                      :   Larger credit can still be considered not exceeding USD 1,200,000.

 

 

STATUTORY DETAILS

 

 

Registry Data

 

Registration date            :   08/06/1995

 

Legal form                     :   Unlisted Public Company

 

Registration no                  Australian Company Number: 069791091

 

Registered authority       :   Australian Securities & Investments Commission

 

Fiscal/ Tax no                :   Australian Business Number: 15069791091

 

Registry status              :   Live/Active

 

Previous name               :   The Subject was established on 08-06-1995 under the name UTS NAVIGATION SYSTEMS PTY LTD and changed its name to UTS NAVIGATION SYSTEMS LTD on 15-07-2004. UTS NAVIGATION SYSTEMS LTD then changed its name to the current style on 08-12-2004.

 

Change of legal form             :   None reported.

 

 

MANAGEMENT / DIRECTORS

 

Key Management

 

Name                :           Richard Andrew Johnson

Designation       :           Managing Director

 

Name                :           Jeremy Grant Loftus

Designation       :           Chief Financial Officer

 

Name                :           Keith Hughes

Designation       :           General Manager - Australia

 

Name                :           Rick Gougeon

Designation       :           General Manager - Americas 

 

Name                :           Steve Donnohue

Designation       :           General Manager - EMEA

 

Name                :           Jean-Michel Florent

Designation       :           General Manager - Asia  

 

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

 

 

Appointments

Name                         : Designation                : Appointment date        : Address                     :

 

 

 

 

Neil Edward Goodey

 

Director

 

08/06/95

 

7 Barberry Court

 

Dianella, WA 6059

Australia

Biography                   :

Born on 15-05-1969 in United Kingdom.

 

 

Neil has over 20 years management and directorship experience in technology and mining service companies. Neil was co-founder

of DTI Group as well as a number of other successful companies including UTS Geophysics. Neil is Managing Director and cofounder of Corescan Pty Ltd.

 

Name                         :

 

Glyn Denison

Designation                :

Non-Executive Director

Appointment date        :

19/01/04

Address                     :

4 Clarendon Street

Cottesloe, WA 6011

Australia

 

Biography                   :

 

Born on 28-09-1952 in Perth, Western Australia, Australia.

 

 

Glyn has over 20 years experience in the transit technology sector and was a co-founder of ERG Limited. Glyn is a Director of OBJ Ltd.

 

and consults with the business consulting firm of Evans & Peck Ltd. Glyn’s qualifications include a B.Eng., Grad.Dip.B.A., and MIEAust.

 

 

Name                            :           Christopher John Morris

Designation                   :           Chairman

Appointment date           :           29/06/11

Address                        :           123 Beaconsfield Parade

Albert Park, VIC 3206

Australia

 

Biography                      :           Born on 20-10-1947 in Melbourne, Victoria, Australia.

 

Chris attended his first computer course in Melbourne in 1966 after completing high school. Following this he worked for various computer companies mainly associated with maintaining companies share registries until 1978 when he was a founding member of Computershare Limited (established in 1978) and was appointed Chief Executive Officer in 1990. Chris’ extensive knowledge of the

securities industry and its user requirements from both a national and international perspective, coupled with his passion and long term strategic vision, has been instrumental in developing Computershare into a global company that is unique in its provision of a full range of solutions to meet the needs of listed companies and their stakeholders.

 

In September 2010 he relinquished his executive responsibilities at Computershare Limited and took on the role of Non-Executive Chairman. Since then he has joined the board of Web Firm and is Chairman of Car Parking Technologies. He is also on the board of

a number of private technology companies and owns a hotel group called the Colonial Leisure Group which has 15 hotels in Perth

and Melbourne.

 

Name                            :           Jeremy Philip King

Designation                   :           Non-Executive Director

Appointment date           :           29/06/11

Address                        :           8 St Leonards Avenue

West Leederville, WA 6007

Australia

 

Biography                      :           Born on 11-05-1974 in Melbourne, Victoria, Australia.

 

Jeremy is a corporate lawyer with over 12 years experience in domestic and international law, as well as in financial and corporate matters. He spent several years in London where he worked with Allen & Overy LLP and Debevoise & Plimpton LLP. He has extensive corporate experience, particularly in relation to

cross-border private equity, leveraged buy-out acquisitions and acting for banks, financial institutions and corporate issuers in respect of

various debt and equity capital raisings. As a corporate advisor with Max Capital Pty Limited, he regularly advises a wide range of listed public and private companies in respect to capital raisings, investments, acquisitions and corporate issues.

 

 

Name                            :           Richard Andrew Johnson

Designation                   :           Managing Director

Appointment date           :           09/08/11

Address                        :           3 Vigors Court

Duncraig, WA 6023

Australia

 

Biography                      :           Born on 29-12-1963 in Calgary, Canada.

 

Richard is a qualified engineer and has over 17 years experience in the transit technology sector. In 2005 Richard joined DTI as

General Manager and commenced the role as Chief Executive Officer in October 2006. In June 2011 Richard joined the Board as

Managing Director. Prior to joining DTI, he held senior management positions within ERG Limited which developed, supplied, and managed integrated fare collection systems for the transit industry around the world. Richard’s qualifications include a B.Sc (Eng), M.Eng.St., and an MBA.

 

 

Name                            :           Jeremy Grant Loftus

Designation                   :           Company Secretary

Appointment date           :           01/01/11

Address                        :           15 Wexcombe Way

Aveley, WA 6069

Australia

 

Biography                      :           Born on 30-11-1971 in Merredin, Western Australia, Australia.

 

Jeremy has been qualified as a CPA for over 15 years and has over

10 years experience in senior financial roles. He joined DTI in

2009 as CFO and is responsible for the management and administration of all aspects relating to both internal and external financial accounting and reporting. Prior to DTI Jeremy has gained experience working as CFO for several ASX listed companies including

Quickflix Ltd and Advance Healthcare Ltd. He has worked across varied industries including electronics, online media, pharmaceutical and FMCG with experience in both manufacture and wholesale environments.

 

Staff employed   :           50 employees

 

Key Advisors

 

Auditors            :           BDO AUDIT (WA) PTY LTD

38 Station Street

Subiaco, WA 6008

Australia

 

Solicitors                       :           HEWETT & LOVITT

Level 1, 849 Wellington Street

West Perth, WA 6005

Australia

 

 

SHARE CAPITAL

 

Composition

 

Authorized Capital                              :   AUD 10,053,700

 

No of shares                                       :   10,376,117 Ordinary Shares

 

Share par value                                   :   No par value

 

Issued capital                                     :   AUD 10,053,700

 

Paid up capital                                                                                         :   AUD 10,053,700

 

 

OWNERSHIP / SHAREHOLDERS

 

 

How listed                                          :   N/A

 

Composition

 

Ownership / Shareholding comment   :   Unlisted Public Companies in Australia are not required to disclosed their shareholding structure however the Subject is believe to be controlled by the Board of Directors.

 

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

 

Name                :   VIRTUAL OBSERVER PTY LTD

Affiliation type    :   Associate

Address            :   50 Affleck Road

Perth Airport, WA 6105

Australia

 

Name                :   CORESCAN PTY LTD

Affiliation type    :   Associate

Address            :   Unit 13, 28 Belmont Avenue

Belmont, WA 610 Australia

 

BANK & MORTGAGES

 

Bank Details

 

Name of bank    :   Westpac Banking Corporation

 

Address            :   Australia

 

Account details  :   Current Account

 

 

Comments        :   It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

 

Mortgages     :   Satisfied Charge Details

 

ASIC Charge Number: 808186

Date Registered: 04-07-2001

Charge type: Both Fixed & Floating

Date Created: 02-06-2001

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

 

ASIC Charge Number: 1308268

Date Registered: 02-06-2006

Charge type: Both Fixed & Floating

Date Created: 02-06-2006

Chargees Name: PENDULUM CAPITAL PTY LIMITED

 

ASIC Charge Number: 1779354

Date Registered: 21-04-2009

Charge type: Both Fixed & Floating

Date Created: 15-04-2009

Chargees Name: PENDULUM INVESTMENTS PTY LIMITED

 

ASIC Charge Number: 1807040

Date Registered: 30-06-2009

Charge type: Both Fixed & Floating

Date Created: 16-06-2009

Chargees Name: WESTPAC BANKING CORPORATION

 

ASIC Charge Number: 1900689

Date Registered: 23-12-2009

Charge type: Both Fixed & Floating

Date Created: 21-12-2009

Chargees Name: PENDULUM INVESTMENTS PTY LIMITED

 

ASIC Charge Number: 1916580

Date Registered: 21-01-2010

Charge type: Both Fixed & Floating

Date Created: 20-01-2010

Chargees Name: PENDULUM INVESTMENTS PTY LIMITED

 

ASIC Charge Number: 2054196

Date Registered: 30-09-2010

Charge type: Both Fixed & Floating

Date Created: 30-09-2010

Chargees Name: BERMUDA COMMERCIAL BANK LIMITED

 

 

Legal Fillings

 

Bankruptcy fillings          :   None reported.

Court judgements           :   None reported.

Tax liens                       :   None reported.

Others                          :   None reported.

 

 

FINANCIAL DATA

 

Description

 

Source of financial statement               :   Commercial Registry Filings

 

Financial statement date                     :   30/06/11

 

Type of accounts                                :   Full audited

 

Currency                                            :   Australia Dollar (AUD)

 

Exchange rate                                    :   1 USD = AUD 0.98 as of 12-05-2011

 

Summarized Financial Information

 

Consolidation type                              :

Non Consolidated

Non Consolidated

Currency                                            :

Australia Dollar (AUD)

Australia Dollar (AUD)

Denomination                                     :

(x1) One

(x1) One

Date of financial year end                    :

30/06/11

30/06/10

Length of accounts                             :

12 months

12 months

Sale turnover / Income                         :

16,638,361

10,240,855

Profit before tax                                  :

565,151

12,092

Net income                                        :

776,151

162,092

Non current assets                             :

3,089,495

1,436,151

Current assets                                    :

8,651,587

5,204,966

Inventories                                          :

1,367,136

1,943,172

Total assets                                       :

11,741,082

6,641,117

Current liabilities                                 :

4,286,308

3,609,060

Non current liabilities                           :

60,403

2,327,835

Total liabilities                                    :

4,346,711

5,936,895

Share equity                                       :

7,394,371

704,222

Reserve                                             :

1,118,376

34,278

Retained earning                                 :

-2,676,486

-3,452,637

 

 

OPERATION DETAILS

 

 

Main activities    :   The Subject is engaged in design, development, sales and management of integrated video surveillance and vehicle tracking technology specially developed for use in the public transport sector including bus, rail, taxi and law enforcement operations.

 

The Subject’s integrated solution incorporates proprietary hardware and software technology which enables high quality digital video, audio and vehicle location information to be captured, stored, retrieved and reviewed across a fleet of transit vehicles.

 

Product & services         :   Bus Solutions

-Mobile Digital Recorder (MDR5 series)

-CCTV Investigation Software

-Surveillance Management System

 

Rail Solutions

-Integrated Rail Communication, Passenger Information and Video

Surveillance System

-DRU System Server

-Video Surveillance Recording

-Train Data Recorder (TDR)

-Passenger Emergency Intercom

-Driver Display Unit

-External Destination Indicator

-CCTV Investigation Software

-Surveillance Management System

-Automated Camera Maintenance System

-Fleet Data Management System (FDMS)

-Vehicle Location System

-Vehicle Data Recorder

 

Taxi Solutions

-In Car Video

-Software and Data, Vehicle Interface Modules

-Driver Duress

-Camera Coverage & Picture Quality

 

 

Purchases

 

International       :   Taiwan, China, United States, United Kingdom

 

Sales

 

Local                :   Yes

 

International       :   United Kingdom, United States, United Arab Emirates, South Africa, Netherlands

 

 

Property & Assets

 

 

Premises          :   The Subject operates from premises located at the verified heading address consisting of production facilities, warehouse and administrative office.

Branches          :   None reported.

 

Other property   :   Total NBV of property, plant and equipment as of 30-06-2011 was AUD

302,813.

 

 

SUMMARIZED COUNTRY RISK

 

 

Gross Domestic Products (GDP) & Economic Overview

 

Central bank                                          :   Reserve Bank of Australia

Reserve of foreign exchange & gold         :   US$ 41.385 billion

Gross domestic product - GDP               :   US$ 1.235 trillion

 

GPP (Purchasing power parity)               :   918.529 billion of International dollars

 

GDP per capita - current prices               :   US$ 55,590

 

GDP - composition by sector                  :   agriculture: 4.1% industry: 26% services: 70%

 

Inflation                                                 :   2008: 4.4%

2009: 1.8%

2010: 2.8%

 

Unemployment rate                                :   2008: 4.2%

2009: 5.6%

2010: 5.2%

 

Public debt

(General Government gross debt as a % GDP) :   2008: 11.6%

2009: 17.6%

2010: 22.3%

 

Government bond ratings                        :   Standard & Poor's: AAA/Stable/A-1+

Moody's rating: Aaa

Moody's outlook: STA

 

Market value of publicly traded shares      :   US$1.258 trillion

 

Largest companies in the country            :   Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)

 

 

Trade & Competitiveness Overview

 

 

Total exports                                         :   US$210.7 billion

 

Exports commodities                             :   coal, iron ore, gold, meat, wool, alumina, wheat

 

Total imports                                         :   US$187.2 billion

 

Imports commodities                              :   machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products

Export - major partners                           :   Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India

5.5%, UK 4.2%

 

Import - major partners                           :   China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2%

 

FDI Inflows                                            :   2007: US$45,477 million

2008: US$46,722 million

2009: US$22,572 million

 

FDI Outflows                                                                          :   2007: US$16,822 million

2008: US$32,819 million

2009: US$18,426 million

 

Best countries for doing business            :   10 out of 183 countries

 

Global competitiveness ranking               :   16 (ranking by country on a basis of 133, the first is the best)

 

 

Country and Population Overview

 

Total population :   22.23 million

 

Total area          :   7,692,024 km2

 

Capital              :   Canberra

 

Currency         :   Australian dollars (AUD)

 

Internet users as % of total population:   74.00%

 

 

PAYMENT HISTORY

 

Purchase Term

 

Local                                                 :   Credit 30-60 days, Prepayment

 

International                                       :   Credit 45 days, Prepayment

 

 

Sales Term

 

Local                                                 :   Credit 30 days

 

International                                       :   Credit 30-45 days

 

 

Trade Reference/ Payment

Behaviour

 

Comments                                         :   As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

 

 

Investigation Note

 

Sources                                             :   Interviews and material provided by the Subject

 

:   Other official and local business sources

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

RATING EXPLANATIONS

 

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

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

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.