MIRA INFORM
REPORT
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Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GUD AUTOMOTIVE PTY LTD |
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Formerly Known As : |
GUD Manufacturing
Company |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
02.12.1940 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
manufacturer of automotive filtration products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
GUD AUTOMOTIVE PTY
LTD
ACN: 004 237 727
ABN: 13 004 237
727
CORPORATE SEARCH
INCORPORATED 2
December 1940
REGISTERED ADDRESS 245
Sunshine Rd
TOTTENHAM,
VIC 3012
SHARECAPITAL $65,600
SHAREHOLDERS GUD
HOLDINGS LIMITED Holds
32,800
DIRECTORS PATTISON,
Robert Allen
28
Candlebark Cl
DIAMOND
CREEK, VIC 3089
WODSON,
Roger James
WILLIAMSTOWN,
VIC 3016
CAMPBELL,
Ian Alistair
POINT LONSDALE,
VIC 3225
SECRETARY TYLER, Malcolm
George
REG’D CHARGES None
on record
BUSINESS STRUCTURE
TRADING ADDRESS 245
Sunshine Rd
MELBOURNE,
VIC 3012
TELEPHONE (613) 9243 3333
FACSIMILE (613)
9243 3344
HOLDING ENTITY GUD HOLDINGS LTD
BANK WESTPAC
BANKING CORPORATION
Branch:
Brisbane, Qld 4000
EMPLOYEES not
determined
BACKGROUND
The subject was incorporated in
The subject is 100% owned by GUD Holdings Ltd, an entity that was founded in 1940 and floated in 1958.
In July 1993, GUD
acquired Lowe & Fletcher Australia Pty Ltd (
In March 1995, the assets of Davey Pump group were purchased from McPherson's Ltd.
The group purchased Sunbeam Victa in 1996, thereby doubling the group's size.
OPERATIONS
The subject operates in the manufacture of automotive filtration products under the ‘Ryco’ brand.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the 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 with the Holding entity GUD Holdings P/L. 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 Group reported consolidated revenue of $476,601,000 which resulted in an operating profit before tax of $65,155,000 and an after tax profit of $46,361,000 representing a Net Profit Margin of 9.73%.
For the same period the entities which for part of the closed group which are party to the Deed of Cross Guarantee recorded consolidated revenue of $445,846,000 which resulted in an operating profit before tax of $61,250,000 and an operating profit after tax of $43,159,000.
Below is a summary
of the Groups consolidated income results for the past two financial years.
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GUD Holdings Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$476,601,000 |
$468,334,000 |
1.77% |
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Profit b/tax |
$65,155,000 |
$49,341,000 |
32.05% |
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Profit a/tax |
$46,361,000 |
$34,798,000 |
33.23% |
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Net Profit Margin |
9.73% |
7.43% |
2.30% |
During fiscal 2010, the group recorded consolidated Net Cashflows from operating activities totaling $78,186,000.
In 2010 the group’s automotive products division recorded a 12% increase in EBIT to $21.6 million.
As at 30 June 2010 the Group recorded consolidated total current assets of $174,853,000. They included inventories of $77,294,000, receivables of $66,212,000 and cash of $25,472,000.
Current liabilities at the same date totaled $66,167,000 and included payables of $45,277,000, interest bearing liabilities of $873,000 and provisions of $12,663,000.
As at 30 June 2010 the Group recorded consolidated Working Capital of $108,686,000 and a current ratio of 2.64 to 1.
At this date, the closed group which are party to the Deed of Cross Guarantee recorded Working Capital of $98,445,000 and a current ratio of 2.55 to 1.
Net Assets as at 30 June 2010 totaled $218,118,000. At this date, the group further recorded a debt to equity ratio of 0.56 to 1 showing low levels of gearing.
At this date, the closed group recorded Net Assets of $213,486,000. After deducting intangibles of $75,360,000, this results in a Net Worth of $138,126,000.
Other Financial Information
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GUD Holdings Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$476,601,000 |
$468,334,000 |
1.77% |
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Profit b/tax |
$65,155,000 |
$49,341,000 |
32.05% |
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Profit a/tax |
$46,361,000 |
$34,798,000 |
33.23% |
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Net Profit Margin |
9.73% |
7.43% |
2.30% |
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Current Assets |
$174,853,000 |
$167,763,000 |
4.23% |
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Non-Current Assets |
$164,747,000 |
$135,650,000 |
21.45% |
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Total Assets |
$339,600,000 |
$303,413,000 |
11.93% |
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Current Liabilities |
$66,167,000 |
$63,142,000 |
4.79% |
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Non-Current Liabilities |
$55,315,000 |
$109,155,000 |
-49.32% |
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Total Liabilities |
$121,482,000 |
$172,297,000 |
-29.49% |
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Net Assets |
$218,118,000 |
$131,116,000 |
66.35% |
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Working Capital |
$108,686,000 |
$104,621,000 |
3.89% |
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Current Ratio |
2.64 |
2.66 |
-0.54% |
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Debt to Equity |
0.56 |
1.31 |
-57.62% |
TRADE SURVEY
Details pertaining to the subjects suppliers were not provided for the current enquiry.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in
The subject is noted to have entered into a Deed of Cross Guarantee with the Holding entity GUD Holdings P/L.
For the year ended 30 June 2010 the Group reported consolidated revenue of $476,601,000 which resulted in an operating profit before tax of $65,155,000 and an after tax profit of $46,361,000 representing a Net Profit Margin of 9.73%.
For the same period the entities which for part of the closed group which are party to the Deed of Cross Guarantee recorded consolidated revenue of $445,846,000 which resulted in an operating profit before tax of $61,250,000 and an operating profit after tax of $43,159,000.
As at 30 June 2010 the closed group which are party to the Deed of Cross Guarantee recorded Working Capital of $98,445,000 and a current ratio of 2.55 to 1.
At this date, the closed group recorded Net Assets of $213,486,000. After deducting intangibles of $75,360,000, this results in a Net Worth of $138,126,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.16 |
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1 |
Rs.70.64 |
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Euro |
1 |
Rs.58.68 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.