MIRA INFORM REPORT

 

 

 

Report Date :           

22.07.2011

 

IDENTIFICATION DETAILS

 

Name :

MACSIM FASTENINGS PTY LTD

 

 

Formerly Known As :

Macsim Distributors P/L

 

 

Registered Office :

10 Wonderland Drive, Eastern Creek, Nsw 2766

 

 

Country :

Australia

 

 

Date of Incorporation :

05.09.1946

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of a range of fastenings and anchoring systems.

 

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      

 

MACSIM FASTENINGS PTY LTD

ACN: 000 056 119

ABN: 30 000 056 119

 

 

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 05 SEP 1946

 

Registered Office

10 WONDERLAND DRIVE,

EASTERN CREEK

NSW 2766

 

Registered Charges: 3

 

1920706

Registered 02 FEB 2010

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

1861663

Registered 07 OCT 2009

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

781469

Registered 02 JAN 2001

 

Current Directors Total: 2

 

KAY BEVERLEY MACKAY-SIM 04 NOV 1991

128 KANGAROO POINT Road KANGAROO POINT, NSW

13 SEP 1947

 

FRASER MACKAY-SIM 29 NOV 1982

128 KANGAROO POINT Road KANGAROO POINT, NSW

12 JUN 1947

 

Current Secretaries Total: 1

KAY BEVERLEY MACKAY-SIM 04 NOV 1991

 

Share Structure - Classes Total: 1

ORD ORDINARY SHARES 3990 $7,980 $0

 

Shareholders Total: 4

ORD 10 - KAY BEVERLEY MACKAY-SIM

ORD 1990 - FRASER MACKAY-SIM

ORD 995 - KAY BEVERLEY MACKAY-SIM

ORD 995 - FRASER MACKAY-SIM

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 10 Wonderland Drive

                                                EASTERN CREEK, NSW 2766

 

POSTAL ADDRESS                   PO Box 6684

                                                WETHERILL PARK, NSW 2164

 

TELEPHONE                             (612) 9881 2400

 

FACSIMILE                                     (612) 9881 2444

 

ASSOCIATED ENTITY                  MASBOLT FASTENINGS P/L

 

WAREHOUSES              The subject maintains warehouses in each state

 

BANK                                       NATIONAL AUSTRALIA BANK   

                                               

EMPLOYEES                            80

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 5 September 1946 as Macsim Distributors P/L before adopting the current style on 30 August 1985.

 

Operations were founded in 1954 to import and distribute cleaning machines.

 

The subject commenced distributing fasteners in 1963 when the company was made NSW distributor for the plastic “Expandet” brand of wall plugs.

 

From the early 70’s Macsim gradually increased their range of anchoring systems. Other fastenings, such as rivets and screws and bolts came into the range from the mid 80’s after dividing off the commercial cleaning machines into a separate company.

                       


OPERATIONS

 

The subject operates in the import and distribution of a range of fastenings and anchoring systems including screws, rivets, bolts and wall plugs.

 

The subjects range includes over 5500 stock items.

 

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

 

 

ADVERSE

                                               

A search of failed to trace any adverse findings 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 Victor he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $28,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2011.

 

Current assets include stock on hand of $10,000,000 and receivables of $4,500,000.

 

Current liabilities include trade creditors of $2,000,000 and refinance creditors of $5,000,000.

 

At 31 March 2011 the subject recorded total current assets of $16,000,000. Current liabilities at this time totalled $8,000,000.

 

Furthermore at 31 March 2011 the subject recorded working capital of $8,000,000 and a current ratio of 2 to 1 indicating a sound liquidity position.

 

At the end of March 2011 the subject recorded total assets of $17,000,000.

 

Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.                   (Viking Packaging) Nominated supplier failed to respond to correspondence despite chasing.

 

2.                   Nominated supplier failed to respond to correspondence despite chasing.

 

SUMMARY

 

The subject was incorporated in New South Wales on 5 September 1946 as Macsim Distributors P/L before adopting the current style on 30 August 1985.

 

Operations were founded in 1954 to import and distribute cleaning machines.

 

for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $28,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2011.

 

At 31 March 2011 the subject recorded working capital of $8,000,000 and a current ratio of 2 to 1 indicating a sound liquidity position.

 

At the end of March 2011 the subject recorded total assets of $17,000,000.

 

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.43

UK Pound

1

Rs.71.90

Euro

1

Rs.63.41

 

 

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.