MIRA INFORM REPORT

 

 

Report Date :

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AUTEX PTY LTD

 

 

Registered Office :

17,181 William St Melbourne, VIC 3000

 

 

Country :

Australia

 

 

Date of Incorporation :

06.01.1992

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Manufacture of woven carpets, insulation and wall coverings.

 

 

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 :

Usually Correct

 

 

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

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Australia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                                   

company name  

 

AUTEX PTY LTD

ACN: 054 713 441

 

 

CORPORATE SEARCH

 

INCORPORATED                       6 January 1992

 

REGISTERED ADDRESS           17,181 William St

                                                MELBOURNE, VIC 3000

 

SHARECAPITAL                        $100                

 

SHAREHOLDERS                     AUTEX INDUSTRIES LIMITED     Holds 100

 

DIRECTORS                              CUNNINGHAM, Andrew Macleod

                                                Resident overseas

 

                                                BATT, Warrick Bruce

                                                55 Taparoo Rd

                                                TEMPLESTOWE, VIC 3106

 

                                                ROBINSON, Mark

                                                Resident overseas

 

                                                PATON, William John

                                                Resident overseas

 

                                                CUNNINGHAM, William Randolf

                                                Resident overseas

 

                                                ROBINSON, David

                                                Resident overseas

                                                                                                                       

SECRETARY                            BATT, Warrick Bruce

                                                Resident overseas

 

REGISTERED CHARGES          Registered Charge Number                 : 355706

                                                Date Registered                         : 09.09.1992

                                                Status                                                   : Fixed and floating

                                                Creditor                                                 : Westpac Banking Corp

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 166 Bamfield Rd

                                                HEIDELBERG, VIC 3081                                   

 

TELEPHONE                             (613) 9457 6700

 

FACSIMILE                               (613) 9457 1020

 

HOLDING ENTITY                      AUTEX INDUSTRIES LTD

 

ULTIMATE HOLDING

ENTITY                                     AUTEX INTERNATIONAL LTD

 

BRANCHES                              The subject maintains offices in Sydney and Perth.

 

BANK                                       WESTPAC BANKING CORPORATION

                                               

EMPLOYEES                            95        

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 11 May 1992, adopting the current style on 11 May 1992.

 

Operations were established as a new venture in 1992.

 

The operations of the group have been established in New Zealand for 38 years.

 

 

OPERATIONS

 

The subject operates in the manufacture of woven carpets, insulation and wall coverings.

 

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.

 

During the current interview conducted with the subjects Financial Controller Eddie, he advised that for the last financial year ended 31 March 2011 the subject recorded revenue of $36,000,000 which results in an operating profit of $7,500,000. This compares to revenue of just under $40,000,000 for the previous corresponding year ended 31 March 2010 which resulted in an operating profit before tax of $7,500,000.

 

On a projected based the subject expects to trade profitably on a slightly lower revenue result which are expected to reach $32,000,000 for the current financial year ending 31 March 2012.

 

For the last financial year ended 31 March 2009 the subject traded profitably and recorded revenue of $26,000,000. A similar result was achieved for the previous corresponding year ended 31 March 2008.

 

For the year ended 31 March 2007, the subject recorded revenue of $22,600,000 which resulted in an operating profit before tax of $1,800,000.

 

Current assets include stock on hand of $2,500,000 to $2,600,000 and receivables of $2,500,000.

 

Current liabilities include creditors of $200,000.

 

Net assets are presently valued at $13,500,000.

 

The subject’s financial controller declined to release a copy of the subject’s financial statements for the current enquiry.

 

 

TRADE SURVEY

 

A Trade survey on the subject traced the following accounts:

 

1.         (Extra Transport) Nominated supplier is yet to respond to correspondence.

 

2.         (UTI Australia) Nominated supplier is yet to respond to correspondence.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 11 May 1992, adopting the current style on 11 May 1992.

 

Operations were established as a new venture in 1992.

 

For the last financial year ended 31 March 2011 the subject recorded revenue of $36,000,000 which results in an operating profit of $7,500,000.

 

On a projected based the subject expects to trade profitably on a slightly lower revenue result for the current financial year ending 31 March 2012.

 

Net assets are presently valued at $13,500,000.

 

           

 

                                     


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.42

UK Pound

1

Rs.70.95

Euro

1

Rs.63.63

 

 

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.