MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HUYCK WANGNER AUSTRALIA PTY LTD |
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Formerly Known As : |
Huyck Australia P/L |
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Registered Office : |
36
Fellmongers Road,East Geelong, Victoria 3219 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.03.1965 |
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Legal Form : |
Proprietary company |
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Line of Business : |
manufacture
and distribution of paper
machines clothing and related products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Australia |
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
HUYCK WANGNER AUSTRALIA
PTY LTD
ACN: 004 624 015
ABN: 98 004 624
015
CORPORATE SEARCH
Incorporation
Date: 01 Mar 1965
Incorporation
State: Victoria
Registered Office 36
FELLMONGERS Road
EAST
GEELONG, Victoria 3219 Australia
Charges Date Registered:
17.06.2011
Chargee Name: 056 111 016 CITICORP NORTH AME
Charge Type: Fixed and floating charge
ASIC Charge No: 2189808
Number
of Shares Issued: 650816
Paid
Capital: $650816
Shareholders HUYCK
WANGNER AUSTRAIA GMBH
Number
of Shares: 650816
Directors ORBAN,
Ted
Resident overseas
SMITH, Dale Travis
440 Great Ocean Rd
BELLBRAE,
VIC 3228
JOHNSON, Thomas
Resident
overseas
LIGHT, STEPHEN
Appointment Date: 08 Apr 2008
Date of Birth: 22 Jul 1946
Gender: Unknown
Resident Overseas: Yes
Secretary MIKEL
JAMES DEAN
BUSINESS STRUCTURE
TRADING ADDRESS 36 Fellmongers
Rd
EAST
GEELONG, VIC 3219
TELEPHONE (613) 5223 7000
FACSIMILE (613) 5223 7099
HOLDING
ENTITY HUYCK WANGNER AUSTRIA
GMNH
ULTIMATE HOLDNG
ENTITY XERIUM TECHNOLOGIES
INC
BANK ANZ
BANKING GROUP
Geelong,
VIC
EMPLOYEES 65
BACKGROUND
The subject was incorporated in Victoria on 1 March 1965 as Huyck Australia P/L, changing name on 5 November 2007 to Huyck Australia P/L, before adopting the current style on 15 November 2007.
OPERATIONS
The subject operates in the manufacture and distribution of paper machines clothing and related products.
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
During the current interview conducted with the subjects Financial Controller he advised that for the last financial year ended 3 June 2010 the subject recorded a small loss on revenue of $44,000,000. The loss was attributable to restructuring expenses. The restructuring was attributable to the subject ceasing manufacturing operations to carry on operations as an importer/ distributor.
On a projected basis, improved results are forecast for the current
financial year ending 30 June 2011.
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 31 December 2009 the subject recorded revenue
of $43,175,852, which resulted in an operating loss before tax of $4,038,840
and an operating loss after tax of $8,162,840.
Below is a summary of the subject’s income results for the past two
financial years.
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Huyck Wangner Australia Pty Ltd |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$43,175,852 |
$41,422,441 |
4.23% |
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Profit b/tax |
($4,038,840) |
($16,941,415) |
-76.16% |
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Profit a/tax |
($8,162,840) |
($14,813,968) |
-44.90% |
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Net Profit Margin |
-18.91% |
-35.76% |
16.86% |
During fiscal 2009, the subject recorded a deficiency in Net Cashflows from operating activities totalling $5,930,336.
As at 31 December 2009 the subject recorded total current assets of $10,700,999. They included cash of $1,471,706, receivables of $7,258,323 and inventories of $1,889,472.
Current liabilities at the same date totalled $17,921,186 and included payables of $10,935,242 and interest bearing liabilities of $6,292,391.
As at 31 December 2009 the subject recorded a deficiency in Working Capital of $7,220,187 and a current ratio of 0.6 to 1 indicating some tightness in liquidity levels.
Net Assets totalled $5,093,505 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 4.07 to 1.
Despite the deficiency in working capital and operating losses the accounts foe the year ended 31 December 2009 have been prepared on a going concern basis. The subject has received confirmation from the ultimate holding entity that it will continue to provide financial support to the company for a period of 12 months from the date of signing the 2009 accounts. These accounts were signed on 23 September 2010.
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Huyck Wangner Australia Pty Ltd |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$43,175,852 |
$41,422,441 |
4.23% |
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Profit b/tax |
($4,038,840) |
($16,941,415) |
-76.16% |
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Profit a/tax |
($8,162,840) |
($14,813,968) |
-44.90% |
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Net Profit Margin |
-18.91% |
-35.76% |
16.86% |
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Current Assets |
$10,700,999 |
$17,610,100 |
-39.23% |
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Non-Current Assets |
$15,138,664 |
$21,070,431 |
-28.15% |
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Total Assets |
$25,839,663 |
$38,680,531 |
-33.20% |
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Current Liabilities |
$17,921,186 |
$26,047,904 |
-31.20% |
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Non-Current Liabilities |
$2,824,972 |
$4,502,782 |
-37.26% |
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Total Liabilities |
$20,746,158 |
$30,550,686 |
-32.09% |
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Net Assets |
$5,093,505 |
$8,129,845 |
-37.35% |
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Working Capital |
($7,220,187) |
($8,437,804) |
-14.43% |
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Current Ratio |
0.60 |
0.68 |
-11.68% |
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Debt to Equity |
4.07 |
3.76 |
8.39% |
The subject is ultimately owned by Xerium Technologies Inc, a corporation that is listed on the New York Stock Exchange and employs 3,404 staff globally.
For the year ended 31 December 2010, the global group recorded sales of US$548,300,000 which resulted in a Net Loss of US$73.1 million.
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 1 March 1965 as Huyck Australia P/L, changing name on 5 November 2007 to Huyck Australia P/L, before adopting the current style on 15 November 2007.
For the last financial year ended 3 June 2010 the subject recorded a small loss on revenue of $44,000,000.
For the financial year ended 31 December 2009 the subject recorded revenue of $43,175,852, which resulted in an operating loss before tax of $4,038,840 and an operating loss after tax of $8,162,840.
During fiscal 2009, the subject recorded a deficiency in Net Cashflows from operating activities totalling $5,930,336.
As at 31 December 2009 the subject recorded a deficiency in Working Capital of $7,220,187 and a current ratio of 0.6 to 1 indicating some tightness in liquidity levels.
Net Assets totalled $5,093,505 as at 31 December 2009.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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.