MIRA INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
INGRAM MICRO PTY LTD |
|
|
|
|
Formerly Known As : |
Ingram Micro
Australian Holdco P/L |
|
|
|
|
Registered Office : |
145 Arthur St, Homebush, Nsw 2140 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
02.01.2010 |
|
|
|
|
Date of Incorporation : |
13.01.2005 |
|
|
|
|
Legal Form : |
Proprietary Company |
|
|
|
|
Line of Business : |
distribution of IT products, electronic components and associated supplies |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Slow |
|
Litigation : |
Exists |
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 |
REGISTERED NAME
INGRAM MICRO PTY
LTD
ACN: 112 487 966
ABN: 45 112 487
966
CORPORATE SEARCH
INCORPORATED 13
January 2005
REGISTERED ADDRESS 145
Arthur St
HOMEBUSH,
NSW 2140
SHARECAPITAL $204,363,001
SHAREHOLDERS Ingram
Micro Holdings (Australia) Holds
10,700,001
DIRECTORS MILEY, Robert Jay
5
Sisters Lane
EDGECLIFF, NSW 2027
ADORANTI, Frank
5 Hogan Grove
CASTLE HILL, NSW
2154
GUPTA, Shailendra
Resident overseas
PAINE, Stephen John
Resident overseas
SECRETARY ADORANTI,
Frank
5 Hogan Grove
CASTLE HILL, NSW
2154
REGISTERED
CHARGES None on record
BUSINESS STRUCTURE
TRADING ADDRESS 61 Dunning Ave
ROSEBERRY,
NSW 2018
TELEPHONE (612) 9381 6000
FACSIMILE (61S)
9381 6001
TRADING NAME INGRAM MICRO AUSTRALIA
BRANCHES ABBOTSFORD,
VIC
TOOWONG,
QLD
EASTWOOD,
SA
OSBORNE
PARK, WA
WAREHOUSES MATRAVILLE,
NSW
OSBORNE
PARK, WA
ULTIMATE HOLDING
ENTITY INGRAM MICRO INC – USA
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 629 plus
temps
BACKGROUND
The subject was incorporated in Victoria on 13 January 2005 as Ingram Micro Australian Holdco P/L, before adopting the current style on 4 March 2005.
The subject was formed to restructure and take over the groups Australian operations, following the acquisition of Tech Pacific. The effective date of the restructure was 1 April 2005.
The group has origins, which date back to 1979.
OPERATIONS
The subject operates in the distribution of IT products, electronic components and associated supplies.
The group is the world's largest technology distributor and a leading technology sales, marketing and logistics company.
Ingram Micro serves 100 countries and is the only global IT distributor with operations in Asia
ADVERSE
A search of the of Credit Advantage Limited traced the following litigation listed against the subject at that date.
Default
Report Listing
Account Number : 518731004
Account Type :
Leasing
Member :
Technology Leasing NSW
Date : 11 Feb 2009
Amount : $981
Reason : Payment default
Assoc Code : Company’s Account
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Ingram Micro Holdings (Australia) Pty Ltd. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.
From the most recently lodged financial statements, it is noted that for the financial year ended 2 January 2010 the group recorded revenue of $2,041,981,000, which resulted in an operating Profit before tax of $18,101,000 and an operating Profit after tax of $11,771,000.
Below is a summary of the group’s income results for the past two financial years.
|
|
Ingram Micro Holdings (Australia) Pty Ltd - consolidated |
||
|
|
As at 2 January 2010 |
As at 3 January 2009 |
Change (%) |
|
Revenue |
$2,041,981,000 |
$2,231,017,000 |
-8.47% |
|
Profit b/tax |
$18,101,000 |
($58,338,000) |
-131.03% |
|
Profit a/tax |
$11,771,000 |
($62,828,000) |
-118.74% |
|
Net Profit Margin |
0.58% |
-2.82% |
3.39% |
During fiscal 2009, the group recorded a deficiency in Net Cashflows from operating activities totalling $4,685,000.
In 2009 the group acquired the assets and operations of Vantex Technology Distribution Ltd, Transtech Distributors, Vantex Holdings P/L, Vantex P/L, Vantex Sdn Bhd, Vantex Pte Ltd and Vantex Distribution Co Ltd.
As at 2 January 2010 the group recorded total current assets of $454,080,000. They included cash of $10,089,000, receivables of $334,800,000 and inventories of $109,006,000.
Current liabilities at the same date totalled $318,679,000 and included payables of $297,220,000 and borrowings of $18,148,000.
As at 2 January 2010 the group recorded Working Capital of $135,401,000 and a current ratio of 1.42 to 1 indicating satisfactory liquidity levels.
The group recorded a deficiency in Net Assets totalling $1,714,000 as at 2 January 2010. After deducting intangibles of $141,610,000 this results in a Deficiency in Net Worth of $143,324,000.
The subject is ultimately owned by Ingram Micro Inc., the largest global wholesale provider of technology products. It is listed on the New York Stock Exchange and employs 15,650 globally.
For the year ended 31 December 2010, the global group recorded consolidated sales of US$34,589,000,000, which resulted in a Net Income of $318,100,000.
|
|
Ingram Micro Holdings (Australia) Pty Ltd - consolidated |
||
|
|
As at 2 January 2010 |
As at 3 January 2009 |
Change (%) |
|
Revenue |
$2,041,981,000 |
$2,231,017,000 |
-8.47% |
|
Profit b/tax |
$18,101,000 |
($58,338,000) |
-131.03% |
|
Profit a/tax |
$11,771,000 |
($62,828,000) |
-118.74% |
|
Net Profit Margin |
0.58% |
-2.82% |
3.39% |
|
Current Assets |
$454,080,000 |
$460,043,000 |
-1.30% |
|
Non Current Assets |
$153,682,000 |
$161,106,000 |
-4.61% |
|
Total Assets |
$607,762,000 |
$621,149,000 |
-2.16% |
|
Current Liabilities |
$318,679,000 |
$320,122,000 |
-0.45% |
|
Non Current Liabilities |
$290,797,000 |
$314,985,000. |
-7.68% |
|
Total Liabilities |
$609,476,000 |
$635,107,000 |
-4.04% |
|
Net Assets |
($1,714,000) |
($13,958,000) |
-87.72% |
|
Working Capital |
$135,401,000 |
$139,921,000 |
-3.23% |
|
Current Ratio |
1.42 |
1.44 |
-0.85% |
|
Debt to Equity |
-355.59 |
-45.50 |
681.49% |
TRADE SURVEY
A trade survey on the subject traced the following accounts:
1. Supplier failed to respond to correspondence despite chasing.
2. Supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in Victoria on 13 January 2005 as Ingram Micro Australian Holdco P/L, before adopting the current style on 4 March 2005.
The subject was formed to restructure and take over the groups Australian operations, following the acquisition of Tech Pacific.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Ingram Micro Holdings (Australia) Pty Ltd.
for the financial year ended 2 January 2010 the group recorded revenue of $2,041,981,000, which resulted in an operating Profit before tax of $18,101,000 and an operating Profit after tax of $11,771,000.
As at 2 January 2010 the group recorded Working Capital of $135,401,000 and a current ratio of 1.42 to 1 indicating satisfactory liquidity levels.
The group recorded a deficiency in Net Assets totalling $1,714,000 as at 2 January 2010. After deducting intangibles of $141,610,000 this results in a Deficiency in Net Worth of $143,324,000.
The subject is ultimately owned by Ingram Micro Inc., the largest global wholesale provider of technology products. It is listed on the New York Stock Exchange and employs 15,650 globally.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.13 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
s