MIRA INFORM REPORT

 

 

Report Date :

29.07.2011

 

IDENTIFICATION DETAILS

 

Name :

CHEMCOLOUR INDUSTRIES AUSTRALIA PTY LTD

 

 

Formerly Known As :

ARTURUS SOLUTIONS P/L

 

 

Registered Office :

19 Anne Street St Marys, New South Wales 2760

 

 

Country :

Australia

 

 

Date of Incorporation :

25.05.2007

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import and distribution of specialised chemicals and raw materials.

 

 

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 :

No Complaints

 

 

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 and address

 

CHEMCOLOUR INDUSTRIES AUSTRALIA PTY LTD

ACN: 125 602 271

ABN: 70 125 602 271

 

ADDRESS PROVIDED  

675 Warrigal Rd Chadstone Victoria 3148

 

SPECIAL NOTE                       

The address provided is not for the subject. It is believed the address is a past or current address for Clarient.

 

 

CORPORATE SEARCH

 

Incorporation Date:                     25 May 2007

 

Incorporation State:                    New South Wales

 

Registered Office                       19 ANNE Street

                                                ST MARYS, New South Wales 2760 Australia

 

Charges                                    Date Registered: 03.09.2009

Chargee Name: 006 434 162 HSBC BANK AUSTRALI

Charge Type: Fixed and floating charge

ASIC Charge No: 1848975

 

Date Registered: 19 Oct 2007

Chargee Name: 006 434 162 HSBC BANK AUSTRALI

Charge Type: Fixed and floating charge

ASIC Charge No: 1531381

 

Number of Shares Issued:           2500000

 

Paid Capital:                              2

 

Shareholders                             CHEMCOLOUR INDUSTRIES (NZ) LIMITED

                                                Number of Shares: 2500000

 

 

Directors                                   GLAZIER, COLIN

Appointment Date: 20 Jul 2007

Date of Birth: 08 Dec 1950

Gender: Male

Address: 7 WESTBANK Avenue EMU PLAINS, New South Wales 2750 Australia

Resident Overseas: No

 

GARDNER, PAUL

Appointment Date: 20 Jul 2007

Date of Birth: 01 Jul 1955

Gender: Unknown

Address:

Resident Overseas: Yes

 

NANCEKIVELL, MURRAY JOHN

Appointment Date: 25 May 2007

Date of Birth: 06 Apr 1949

Gender: Unknown

Address:

Resident Overseas: Yes

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 20 to 22 Gardiner St

                                                NOTTING HILL, VIC 3169

 

POSTAL ADDRESS                   PO Box 341

                                                MT WAVERLEY, VIC 3149

 

TELEPHONE                             (613) 9538 0300

 

BRANCH                                   ST MARYS, NSW         

 

HOLDING ENTITY                      CHEMCOLOUR INDUSTRIES (NZ) LTD

 

BANK                                       HSBC BANK AUSTRALIA         

                                               

EMPLOYEES                            33

           

 

BACKGROUND

 

The subject was incorporated in New South Wales on 25 May 2007 as Arturus Solutions P/L, before adopting the current style on 23 August 2007.

 

On 1 April 2008 the subject acquired the assets and liabilities of Chemcolour Australia P/L.

           

           

OPERATIONS

 

The subject operates in the import and distribution of specialised chemicals and raw materials.

 

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 investigation contact with the subject’s financial controller was unable to be established. Despite messages being left, no reply has been received.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 March 2010 the subject recorded revenue of $32,781,972, which resulted in an operating profit before tax of $1,887,117 and an operating profit after tax of $1,321,386 representing a Net Profit Margin of 4.03%.

 

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

 

 

Chemcolour Industries Australia Pty Ltd

 

As at 31 March 2010

As at 31 March 2009

Change (%)

Revenue

$32,781,972

$31,603,319

3.73%

Profit b/tax

$1,887,117

$152,817

1134.89%

Profit a/tax

$1,321,386

$105,737

1149.69%

Net Profit Margin

4.03%

0.33%

3.70%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,353,840.

 

As at 31 March 2010 the subject recorded total current assets of $1,750,481. They included cash of $686,259, receivables of $6,146,010 and inventories of $4,918,212.

 

Current liabilities at the same date totalled $10,084,062 and included payables of $4,080,514 and borrowings of $4,884,886.

 

As at 31 March 2010 the subject recorded Working Capital of $1,666,419 and a current ratio of 1.17 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $6,018,270 as at 31 March 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.77 to 1.

 

 

Chemcolour Industries Australia Pty Ltd

 

As at 31 March 2010

As at 31 March 2009

Change (%)

Revenue

$32,781,972

$31,603,319

3.73%

Profit b/tax

$1,887,117

$152,817

1134.89%

Profit a/tax

$1,321,386

$105,737

1149.69%

Net Profit Margin

4.03%

0.33%

3.70%

Current Assets

$11,750,481

$11,214,386

4.78%

Non-Current Assets

$4,904,103

$4,968,348

-1.29%

Total Assets

$16,654,584

$16,182,734.

2.92%

Current Liabilities

$10,084,062

$10,828,054

-6.87%

Non-Current Liabilities

$552,252

$657,796

-16.05%

Total Liabilities

$10,636,314

$11,485,850

-7.40%

Net Assets

$6,018,270

$4,696,884

28.13%

Working Capital

$1,666,419

$386,332

331.34%

Current Ratio

1.17

1.04

12.51%

Debt to Equity

1.77

2.45

-27.73%

 

 

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 25 May 2007 as Arturus Solutions P/L, before adopting the current style on 23 August 2007.

                       

On 1 April 2008 the subject acquired the assets and liabilities of Chemcolour Australia P/L.

                       

For the financial year ended 31 March 2010 the subject recorded revenue of $32,781,972, which resulted in an operating profit before tax of $1,887,117 and an operating profit after tax of $1,321,386 representing a Net Profit Margin of 4.03%.

 

As at 31 March 2010 the subject recorded Working Capital of $1,666,419 and a current ratio of 1.17 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $6,018,270 as at 31 March 2010.

 

           

                       

                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.12

UK Pound

1

Rs.72.05

Euro

1

Rs.63.33

 

 

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.