MIRA INFORM REPORT

 

 

Report Date :           

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

MIDWAY METALS PTY LTD

 

 

Registered Office :

56 Business St, Yatala, Qld 4207

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

15.01.1980

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

supply of stainless steel, nichel alloys and chromium steels

 

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

 

 Bottom of Form

 

REGISTERED NAME      

 

MIDWAY METALS PTY LTD

ACN: 001 831 090

ABN: 88 001 831 090

 

 

CORPORATE SEARCH

 

INCORPORATED                          15 January 1980

 

REGISTERED ADDRESS           56 Business St

                                                YATALA, QLD 4207

 

SHARECAPITAL                        $2                    

 

SHAREHOLDERS                     OTTON, Peter                            Holds 101 shares

                                                BATTY, Michelle Belinda            Holds 49 shares

                                                BATTY, Paul                             Holds 50 shares

           

DIRECTORS                              BATTY, Paul

                                                1 Florence Ct

                                                SURFERS PARADISE, QLD 4217

                                   

                                                OTTON, Peter

                                                20 Paterson Pl

                                                PRADISE POINT, QLD 4216

                                                                                                                                   

SECRETARY                            BATTY, Paul

                                                1 Florence Ct

                                                SURFERS PARADISE, QLD 4217

 

REGISTERED CHARGES          Registered Charge Number     : 1929979

                                                Date Registered             : 17.02.2010

                                                Status                                       : Fixed

                                                Creditor                                     : National Australia Bank

 

Registered Charge Number     : 496206

                                                Date Registered             : 05.07.1995

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

Registered Charge Number     : 359632

                                                Date Registered             : 09.10.1992

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Esanda Finance Corp

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 56 Business St

                                                YATALA, QLD 4207

 

TELEPHONE                             (617) 3382 9500

 

FACSIMILE                                    (617) 3807 8150

 

BRANCHES                              LAVINGTON, NSW

                                                GARBUTT QLD 4814

MALAGA, WA

DANDENONG VIC 3175

THORNTON, NSW

DANDENONG, VIC

SINGAPORE

VIETNAM         

           

BANK                                       NATIONAL AUSTRALIA BANK

                                                Branch: Brisbane, QLD 4000

                                               

EMPLOYEES                            123

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 15 January 1980 to commence operations as a new venture. disclose Share Capital of $2.

 

Operations were established as a new venture in 1981.

 

On 30 August 2001, the subject acquired the Stainless Steel division from Capral Aluminium. This acquisition resulted in boosted revenue results during fiscal 2002.

 

In September 2003, the subject acquired the assets and operations of Austeel Stainless.

 

DIRECTORS PROFILES BATTY, Paul, Director was born on 1 December 1965 and was appointed to the subject’s board on 19 December 1991. He maintains an active role in the subjects operations as Managing Director.

                                               

OTTON, Peter, Director was born on 5 February 1944 and was appointed to the subjects board on 15 January 1980. He maintains an active role in the subjects operations.

 

 

OPERATIONS

 

The subject operates in the supply of stainless steel, nichel alloys and chromium steels.

 

Product is sold as bar, sheet/coil, tube fittings, plate/coil, valves and threaded fittings.

 

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

 

 

ADVERSE

                                               

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

 

 

FINANCES

 

During the current investigation contact with the subjects financial controller was unable to be established. It was advised that he is away and could not be contacted.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 Jun 2010 the subject recorded revenue of $73,298,000, which resulted in an operating profit before tax of $4,583,000 and an operating profit after tax of $3,255,000 representing a Net Profit Margin of 4.44%.

 

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

 

 

 

Midway Metal Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$73,298,000

$85,301,000

-14.07%

Profit b/tax

$4,583,000

$2,698,000

69.87%

Profit a/tax

$3,255,000

$1,861,000

74.91%

Net Profit Margin

4.44%

2.18%

2.26%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $6,294,000.

 

As at 30 June 2010 the subject recorded total current assets of $40,190,000. They included cash of $125,000, receivables of $12,205,000 and inventories of $27,552,000.

 

Current liabilities at the same date totalled $20,392,000 and included payables of $13,055,000 and borrowings of $6,540,000.

 

As at 30 June 2010 the subject recorded Working Capital of $19,798,000 and a current ratio of 1.97 to 1 indicating strong liquidity levels.

 

Net Assets totalled $36,552,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.59 to 1.

 

 

Midway Metal Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$73,298,000

$85,301,000

-14.07%

Profit b/tax

$4,583,000

$2,698,000

69.87%

Profit a/tax

$3,255,000

$1,861,000

74.91%

Net Profit Margin

4.44%

2.18%

2.26%

Current Assets

$40,190,000

$38,504,000

4.38%

Non-Current Assets

$17,944,000

$15,319,000

17.14%

Total Assets

$58,134,000

$53,823,000

8.01%

Current Liabilities

$20,392,000

$18,261,000

11.67%

Non-Current Liabilities

$1,190,000

$865,000

37.57%

Total Liabilities

$21,582,000

$19,126,000

12.84%

Net Assets

$36,552,000

$34,697,000

5.35%

Working Capital

$19,798,000

$20,243,000

-2.20%

Current Ratio

1.97

2.11

-6.53%

Debt to Equity

0.59

0.55

7.11%

 

 

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 New South Wales on 15 January 1980 to commence operations as a new venture. Records disclose Share Capital of $2.

 

Operations were established as a new venture in 1981.

 

for the financial year ended 30 Jun 2010 the subject recorded revenue of $73,298,000, which resulted in an operating profit before tax of $4,583,000 and an operating profit after tax of $3,255,000 representing a Net Profit Margin of 4.44%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $6,294,000.

 

As at 30 June 2010 the subject recorded Working Capital of $19,798,000 and a current ratio of 1.97 to 1 indicating strong liquidity levels.

 

Net Assets totalled $36,552,000 as at 30 June 2010.

 

           

                                   

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.71.24

Euro

1

Rs.64.16

 

 

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.