MIRA INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
WALLACE BISHOP PTY LTD |
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Registered Office : |
55 Doggett St, Newstead, Qld 4006 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
25.06.1947 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
design and retail of jewellery through a chain of 55 stores |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
WALLACE BISHOP PTY
LTD
T/AS WALLACE
BISHOP JEWELLERS
ACN: 009 665 212
ABN: 33 009 665
212
CORPORATE SEARCH
INCORPORATED 25 June 1947
REGISTERED ADDRESS 55
Doggett St
NEWSTEAD,
QLD 4006
SHARECAPITAL $82,000
SHAREHOLDERS Steele
Investments P/L Holds 40,999 shares
BISHOP,
Wallace Holds 1 share
DIRECTORS BISHOP, Stuart Wallace
179
Laurel Ave
CHELMER,
QLD 4068
BISHOP,
Janette Elizabeth
105,
53B Newstead Tce
NEWSTEAD,
QLD 4006
BISHOP,
Wallace
105,
53B Newstead Tce
NEWSTEAD,
QLD 4006
SECRETARY WINTEERBURN, Ian Roger
REGISTERED
CHARGES Registered Charge Number :
1041064
Date
Registered : 06.05.2004
Status : Fixed
and floating
Creditor : ANZ
Banking Group
BUSINESS STRUCTURE
TRADING ADDRESS 55 Doggett St
NEWSTEAD,
QLD 4006
TELEPHONE (617) 3253 5660
FACSIMILE (617) 3253 5699
TRADING STYLE WALLACE BISHOP JEWELLERS
BRANCHES The subject maintains
around 55 stores around Australia. Most stores are located in Queensland.
HOLDING ENTITY STEELE
INVESTMENTS P/L
ULTIMATE HOLDING
ENTITY ATHENA
P/L
BANK ANZ
BANKING GROUP
EMPLOYEES 570
BACKGROUND
The subject was incorporated in Queensland on 25 June 1947 under the current style.
The subjects operations were founded as a new venture in 1917 by the Bishop family.
OPERATIONS
The subject operates in the design and retail of jewellery through a chain of 55 stores.
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
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 $118,296,891, which resulted in an operating profit before tax of $8,506,465 and an operating profit after tax of $6,145,509 representing a Net Profit Margin of 5.19.
During the current interview conducted with the subjects Financial Controller Rob Hansen he advised that a similar result was expected for the financial year ending 30 June 2011.
Below is a summary of the subject’s income results for the past two financial years.
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Wallace Bishop Pty Ltd |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$118,296,891 |
$123,273,971 |
-4.04% |
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Profit b/tax |
$8,506,465 |
$12,949,163 |
-34.31% |
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Profit a/tax |
$6,145,509 |
$9,022,901 |
-31.89% |
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Net Profit Margin |
5.19% |
7.32% |
-2.12% |
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,823,910.
As at 30 June 2010 the subject recorded total current assets of $58,258,645. They included cash of $4,726,461, inventories of $41,632,151 and receivables of $11,105,410.
Current liabilities at the same date totalled $10,858,769 and included payables of $4,262,570, and other of $1,750,034.
As at 30 June 2010 the subject recorded Working Capital of $47,399,876 and a current ratio of 5.3 to 1 indicating a strong liquidity position.
Net Assets totalled $52,173,769 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.31 to 1 showing low levels of gearing.
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Wallace Bishop Pty Ltd |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$118,296,891 |
$123,273,971 |
-4.04% |
|
Profit b/tax |
$8,506,465 |
$12,949,163 |
-34.31% |
|
Profit a/tax |
$6,145,509 |
$9,022,901 |
-31.89% |
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Net Profit Margin |
5.19% |
7.32% |
-2.12% |
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Current Assets |
$58,258,645 |
$55,393,331 |
5.17% |
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Non Current Assets |
$10,015,755 |
$8,892,762. |
12.63% |
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Total Assets |
$68,274,400 |
$64,286,093 |
6.20% |
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Current Liabilities |
$10,858,769. |
$13,817,370 |
-21.41% |
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Non Current Liabilities |
$5,241,862 |
$4,520,242. |
15.96% |
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Total Liabilities |
$16,100,631 |
$18,337,612 |
-12.20% |
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Net Assets |
$52,173,769. |
$45,948,481. |
13.55% |
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Working Capital |
$47,399,876 |
$41,575,961 |
14.01% |
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Current Ratio |
5.37 |
4.01 |
33.83% |
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Debt to Equity |
0.31 |
0.40 |
-22.68% |
TRADE SURVEY
A trade survey on the subject traced the following accounts:
1.
(Swatch) Nominated supplier failed to respond to
correspondence despite chasing.
2.
(LVMH) Nominated supplier failed to respond to
correspondence despite chasing.
SUMMARY
The subject was incorporated in Queensland on 25 June 1947 under the current style.
The subjects operations were founded as a new venture in 1917 by the Bishop family.
For the financial year ended 30 June 2010 the subject recorded revenue of $118,296,891, which resulted in an operating profit before tax of $8,506,465 and an operating profit after tax of $6,145,509 representing a Net Profit Margin of 5.19.
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,823,910.
As at 30 June 2010 the subject recorded Working Capital of $47,399,876 and a current ratio of 5.3 to 1 indicating a strong liquidity position.
Net Assets totalled $52,173,769 as at 30 June 2010.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
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UK Pound |
1 |
Rs.71.62 |
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Euro |
1 |
Rs.62.78 |
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.