MIRA INFORM REPORT

 

 

Report Date :

12.01.2011

 

IDENTIFICATION DETAILS

 

Name :

VIP PLASTIC PACKAGING PTY LTD

 

 

Formerly Known As :

Visy Industrial Plastics P/L

 

 

Registered Office :

16/644 Chapel Street, South Yarra, Victoria 3141

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

08.12.2000

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacture of plastic containers

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

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      

 

VIP PLASTIC PACKAGING PTY LTD

ACN: 095 313 705

ABN: 98 095 313 705

 

     

CORPORATE SEARCH

 

Incorporation Date:                     08 Dec 2000

 

Incorporation State:                    Victoria

 

Registered Office                       16/644 CHAPEL Street

SOUTH YARRA, Victoria 3141 Australia

           

Number of Shares Issued:           20000001

 

Paid Capital:                              20000001

 

Shareholders                             PACT GROUP PTY LTD

Number of Shares: 20000001

 

Directors                                   GEMINDER, RAPHAEL

Appointment Date: 08 Dec 2000

Date of Birth: 24 Mar 1960

Gender: Male

Address: 13A MONARO Road MALVERN, Victoria 3144 Australia

Resident Overseas: No

 

Secretary                                  RAPHAEL GEMINDER AND OTHERS

Appointment Date: 08 Dec 2000

 

Proprietor of Business                VIP PACKAGING

Registered State: Victoria

 

 

BUSINESS STRUCTURE

 

HEAD OFFICE                          2, 533 Little Lonsdale St

                                                MELBOURNE, VIC 3000                                   

 

TELEPHONE                             (613) 9247 4777

 

TRADING STYLE                       VIP PACKAGING

 

HOLDING ENTITY                      PACT GROUP P/L

 

ULTIMATE HOLDING

ENTITY                                     GEMINDER HOLDINGS P/L

 

BRANCHES                              FREMANTLE, WA

                                                DROUIN, VIC

                                                AUBURN, NSW

BRENDALE, QLD

 

BANK                                       Not determined 

                                               

EMPLOYEES                            1,892   

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 8 December 2000 as Visy Industrial Plastics P/L before adopting the current style on 23 April 2007.

 

 

OPERATIONS

 

The subject operates in the manufacture of plastic containers including:

·          PET Wine Bottles

·          Plastic Bottles and Jars

·          Vials and Tubs

·          Plastic and Laminate Tubes

·          Plastic Cubes

·          Jerrycans

·          Plastic Drums

·          Plastic Pails

·          Duplast Watering Cans

·          Plastic Crates

·          Intermediate Bulk Containers

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

 

ADVERSE

                                               

A search of the on 5 January 2010 failed to trace any litigation listed against the subject at that date.

 

Court Actions

Action Date:      11 Aug 2006

Amount:            885

Creditor:            HUNTER TRANSPORT INDUSTRIES PT

Plaint Number:   718/06/2STH

Court Type:       Local court

 

 

FINANCES

 

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 $243,162,821, which resulted in an operating profit before tax of $26,242,934 and an operating profit after tax of $17,624,566 representing a Net Profit Margin of 7.25%.

 

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

 

 

VIP Plastic Packaging Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$243,162,821

$234,693,905

3.61%

Profit b/tax

$26,242,934

$29,467,374

-10.94%

Profit a/tax

$17,624,566

$20,877,708

-15.58%

Net Profit Margin

7.25%

8.90%

-1.65%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $48,056,017.

 

As at 30 June 2010 the subject recorded total current assets of $54,813,896. They included cash of $14,100, receivables of $34,103,637 and inventories of $19,199,210.

 

Current liabilities at the same date totalled $57,381,765 and included payables of $51,970,962 and provisions of $3,812,938.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $2,567,869 and a current ratio of 0.96 to 1.

 

Net Assets totalled $117,788,547 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.71 to 1.

 

 

VIP Plastic Packaging Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$243,162,821

$234,693,905

3.61%

Profit b/tax

$26,242,934

$29,467,374

-10.94%

Profit a/tax

$17,624,566

$20,877,708

-15.58%

Net Profit Margin

7.25%

8.90%

-1.65%

Current Assets

$54,813,896

$69,263,945

-20.86%

Non-Current Assets

$146,857,994

$146,956,959

-0.07%

Total Assets

$201,671,890

$216,220,904

-6.73%

Current Liabilities

$57,381,765

$56,932,475

0.79%

Non-Current Liabilities

$26,501,578

$49,223,218

-46.16%

Total Liabilities

$83,883,343

$106,155,693

-20.98%

Net Assets

$117,788,547

$110,065,211

7.02%

Working Capital

($2,567,869)

$12,331,470

-120.82%

Current Ratio

0.96

1.22

-21.48%

Debt to Equity

0.71

0.96

-26.16%

 

 

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 Victoria on 8 December 2000 as Visy Industrial Plastics P/L before adopting the current style on 23 April 2007.

 

For the financial year ended 30 June 2010 the subject recorded revenue of $243,162,821, which resulted in an operating profit before tax of $26,242,934 and an operating profit after tax of $17,624,566 representing a Net Profit Margin of 7.25%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $48,056,017.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $2,567,869 and a current ratio of 0.96 to 1.

 

Net Assets totalled $117,788,547 as at 30 June 2010.

 

           

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.32

UK Pound

1

Rs.70.54

Euro

1

Rs.58.70

 

 

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.