MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

LINCOLN SENTRY GROUP PTY LTD

 

 

Formerly Known As :

Lincoln Street P/L

 

 

Registered Office :

Level 24, 207 Kent Street, Sydney, Nsw 2000

 

 

Country :

Australia

 

 

Financials (as on) :

31.05.2010

 

 

Date of Incorporation :

12.02.1986

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

supply of hardware and components to selected manufacturing industries

 

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

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME 

 

LINCOLN SENTRY GROUP PTY LTD

ACN: 010 624 389

ABN: 59 010 624 389

 

     

CORPORATE SEARCH

 

Incorporation State: QLD

 

Incorporation Date: 12 FEB 1986

 

Registered Office

LEVEL 24,

207 KENT STREET,

SYDNEY

NSW 2000

 

Current Directors Total: 1

ROBERT GUTTENTAG – Appointed: 03 FEB 2010

64 MACQUARIE Street CHATSWOOD, New South

DOB: 10 SEP 1957

 

Current Secretaries Total: 2

NEIL ALEXANDER THOMPSON – Appointed: 31 MAY 2010

LUCI RAFFERTY – Appointed: 31 JAN 2007

 

Share Structure - Classes Total: 1

ORDB ORDINARY B SHARES - 140 - Amount Paid: $140

 

Shareholders Total: 1

ORDB 140 - ALESCO CORPORATION LIMITED

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 48 Weaver St

                                                COOPERS PLAINS, QLD 4108                          

 

TELEPHONE                             (617) 3244 3244

 

FACSIMILE                               (617) 3244 3255

 

HOLDING ENTITY                      ALESCO CORPORATION LIMITED

 

BRANCHES                              The subject maintains 25 offices across Australia

 

BANK                                       Not determined

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in Queensland on 12 February 1986 as Lincoln Street P/L before adopting the current style on 26 June 1992.

 

Operations were established in 1986.

 

 

OPERATIONS

 

The subject operates in the supply of hardware and components to selected manufacturing industries.

 

The company operates in the following divisions:

 

·         Cabinet and Furniture -supplies a diverse range of leading brand name hardware and components to the Australian & New Zealand Market. Products include handles, cutlery trays, sinks, basins, consumables, tools, wardrobe hardware and furniture lighting.

 

·         Window Door and Glazing – products include sealants, adhesives, locks, window systems, louvre window systems, window hardware, insulated glass panel, touch up paints and door track systems.

 

·         Industrial Products - supplies a range of adhesive tape products, foam products (Acoustic & Insulation) and a range of Gas Struts and Automotive Body Hardware

 

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 Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Alesco Corporation Limited. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.

 

For the financial year ended 31 May 2010 the Group recorded revenue of $773,196,000, which resulted in an operating Loss before tax of $119,366,000 and an operating Loss after tax of $124,301,000.

 

For the same period the closed group recorded revenue of $697,932,000 which resulted in an operating Loss before tax of $124,135,000 and an operating loss after tax of $124,531,000.

 

The 2010 results include a pre-tax non cash impairment charge of $133.1 million for water products and services division.

 

The poor results for 2010 are also a reflection of the global financial crisis.

 

Below is a summary of the Group’s income results for the past two financial years.

 

 

Alesco Corporation Limited - consolidated

 

As at 31 May 2010

As at 31 May 2009

Change (%)

Revenue

$773,196,000

$856,109,000

-9.68%

Profit b/tax

($119,366,000)

($85,321,000)

39.90%

Profit a/tax

($124,301,000)

($83,508,000)

48.85%

Net Profit Margin

-16.08%

-9.75%

-6.32%

 

During fiscal 2010, the Group recorded Net Cashflows from operating activities totalling $57,043,000.

 

As at 31 May 2010 the Grouprecorded total current assets of $242,321,000. They included receivables of $111,663,000 and inventories of $120,614,000.

 

Current liabilities at the same date totalled $133,197,000 and included payables of $96,319,000 and provisions of $27,871,000.

 

As at 31 May 2010 the Grouprecorded Working Capital of $109,124,000 and a current ratio of 1.82 to 1 indicating sound liquidity levels.

 

At the same date the closed group recorded Working capital of $83,378,000 and a current ratio of 1.65 to 1.

 

Net Assets totalled $427,540,000 as at 31 May 2010. At this date, the Group further recorded a Debt to Equity ratio of 0.62 to 1.

 

At the same date the closed group recorded Net Assets of $416,586,000. After deducting intangibles of $352,240,000 this results in a Net Worth of $64,346,000.

 

 

Alesco Corporation Limited - consolidated

 

As at 31 May 2010

As at 31 May 2009

Change (%)

Revenue

$773,196,000

$856,109,000

-9.68%

Profit b/tax

($119,366,000)

($85,321,000)

39.90%

Profit a/tax

($124,301,000)

($83,508,000)

48.85%

Net Profit Margin

-16.08%

-9.75%

-6.32%

Current Assets

$242,321,000

$261,809,000

-7.44%

Non-Current Assets

$449,601,000

$600,859,000

-25.17%

Total Assets

$691,922,000

$862,668,000

-19.79%

Current Liabilities

$133,197,000

$223,958,000

-40.53%

Non-Current Liabilities

$131,185,000

$87,273,000

50.32%

Total Liabilities

$264,382,000

$311,231,000

-15.05%

Net Assets

$427,540,000

$551,437,000

-22.47%

Working Capital

$109,124,000

$37,851,000

188.30%

Current Ratio

1.82

1.17

55.62%

Debt to Equity

0.62

0.56

9.56%

 

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s principals was unable to be established.

 

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

 

 

SUMMARY

 

The subject was incorporated in Queensland on 12 February 1986 as Lincoln Street P/L before adopting the current style on 26 June 1992.

 

Operations were established in 1986.

 

The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Alesco Corporation Limited.

 

For the financial year ended 31 May 2010 the Group recorded revenue of $773,196,000, which resulted in an operating Loss before tax of $119,366,000 and an operating Loss after tax of $124,301,000.

 

For the same period the closed group recorded revenue of $697,932,000 which resulted in an operating Loss before tax of $124,135,000 and an operating loss after tax of $124,531,000.

 

As at 31 May 2010 the closed group recorded Working capital of $83,378,000 and a current ratio of 1.65 to 1.

 

At the same date the closed group recorded Net Assets of $416,586,000. After deducting intangibles of $352,240,000 this results in a Net Worth of $64,346,000.

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.54

Euro

1

Rs.62.39

 

 

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

 

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.