MIRA INFORM REPORT

 

 

Report Date :

11.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

WINDSOR FARM FOODS PTY LTD

 

 

Formerly Known As :

Australian Mushroom Growers P/L

 

 

Registered Office :

7 Squill Pl, Arndell Park, Nsw 2148

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

13.05.1986

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

supply of Food Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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      

 

WINDSOR FARM FOODS PTY LTD

ACN: 003 054 199

ABN: 77 003 054 199

 

 

CORPORATE SEARCH

 

INCORPORATED                       13 May 1986

 

REGISTERED ADDRESS           7 Squill Pl

                                                ARNDELL PARK, NSW 2148

 

SHARECAPITAL                        $471,928                      

 

SHAREHOLDERS                     Windsor farm Foods Group Ltd                Holds 235,964

 

DIRECTORS                              GHANTOUS, Haitham George

                                                63 The Terrace

                                                WINDSOR, NSW 2756

 

                                                NAPPER, Mark Richard

                                                7 Yarran Cl

                                                MONA VALE, NSW 2103

 

                                                ROBINSON, David Paul

                                                35 Johnston St

ANNANDALE, NSW 2038

 

                                                SELDON, Robert Graham

                                                58 Kenneth St

                                                LONGUEVILLE, NSW 2066

                                                           

SECRETARY                            PLANT, Stephen Laughlan

           

REGISTERED CHARGES          Registered Charge Number     : 1376187

                                                Date Registered             : 10.11.2006

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

                                                Registered Charge Number     : 1376185

                                                Date Registered             : 10.11.2006

                                                Status                                       : Fixed

                                                Creditor                                     : National Australia Bank

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 7 Squill Pl

                                                ARNDELL PARK, NSW 2148

 

TELEPHONE                             (612) 9622 8002

 

FACSIMILE                                   (612) 9622 8002

 

FACTORY                                    COWRA, NSW

 

HOLDING ENTITY                 WINDSOR FARM FOODS GROUP LTD

 

BANK                                       NATIONAL AUSTRALIA BANK   

                                               

EMPLOYEES                            116

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 213 May 1986 as Australian Mushroom Growers P/L, before adopting the current style on 24 November1993.

 

Group operations were founded as a new venture in 1974.

 

The group started as a small canned mushroom range has grown and expanded to include a wide range of vegetable products, dried herbs & spices, baker’s fillings and nutritional snacks.

 

OPERATIONS

 

The subject operates in the supply of food products with activities including:

 

·         a cannery

·         a Baker's filling and snack food operation

·         an innovative dry goods business.

 

The subject manufacture of an extensive range of dry foods, bakery fillings, ingredient systems/premixes, vegetable and apple products. These items include pastry and cake fillings, soups, sauces, seasonings, boosters, herbs and spices plus a range of vegetable and Bakers apple products.

 

Activities are conducted from premises located at the above listed trading address.

 

ADVERSE

                                               

A search of the of Credit Advantage Limited failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

During the current investigation contact with Financial Controller Ken Wade-Ferrell was unable to be established. Despite messages being left, no reply has been received.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the subject recorded revenue of $35,385,042, which resulted in an operating Loss before tax of $92,060 and an operating Loss after tax of $30,430.

 

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

 

 

 

Windsor Farm Foods Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$35,385,042

$33,762,757

4.80%

Profit b/tax

($92,060)

($1,305,264)

-92.95%

Profit a/tax

($30,430)

($1,333,575)

-97.72%

Net Profit Margin

-0.09%

-3.95%

3.86%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $1,050,511

 

As at 30 June 2010 the subject recorded total current assets of $12,502,670. They included cash of $2,917, receivables of $4,439,474 and inventories of $6,862,991.

 

Current liabilities at the same date totalled $30,949,335 and included payables of $24,318,387 and borrowings of $5,929,228.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $18,446,665 and a current ratio of 0.4 to 1 indicating tight liquidity levels.

 

The subject recorded a deficiency in Net Assets totalling $8,647,248 as at 30 June 2010.

 

Despite the trading losses and deficiencies in Working Capital and Net Assets in the directors opinion there are reasonable grounds to believe that the subject will be able to pay its debts as and when they become due and payable.

 

 

 

 

 

 

 

 

 

Windsor Farm Foods Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$35,385,042

$33,762,757

4.80%

Profit b/tax

($92,060)

($1,305,264)

-92.95%

Profit a/tax

($30,430)

($1,333,575)

-97.72%

Net Profit Margin

-0.09%

-3.95%

3.86%

Current Assets

$12,502,670

$12,003,809

4.16%

Non-Current Assets

$10,172,084

$10,693,272

-4.87%

Total Assets

$22,674,754

$22,697,081

-0.10%

Current Liabilities

$30,949,335

$31,364,879

-1.32%

Non-Current Liabilities

$372,667

$409,151

-8.92%

Total Liabilities

$31,322,002

$31,774,030

-1.42%

Net Assets

($8,647,248)

($9,076,949)

-4.73%

Working Capital

($18,446,665)

($19,361,070)

-4.72%

Current Ratio

0.4

0.38

5.55%

Debt to Equity

-3.62

-3.50

3.48%

 

 

TRADE SURVEY

 

Details pertaining to the subject’s suppliers are yet to be obtained.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 213 May 1986 as Australian Mushroom Growers P/L, before adopting the current style on 24 November1993.

 

Group operations were founded as a new venture in 1974.

 

For the financial year ended 30 June 2010 the subject recorded revenue of $35,385,042, which resulted in an operating Loss before tax of $92,060 and an operating Loss after tax of $30,430.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $1,050,511

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $18,446,665 and a current ratio of 0.4 to 1 indicating tight liquidity levels.

 

The subject recorded a deficiency in Net Assets totalling $8,647,248 as at 30 June 2010.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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.