MIRA INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
LABELMAKERS GROUP PTY LTD |
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Registered Office : |
29, 525 Collins
St, Melbourne, Vic 3000 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
10.06.2005 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
manufacture and printing of labels |
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
|
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
LABELMAKERS GROUP PTY
LTD
ACN: 114 717 814
ADDRESS GIVEN 29,
525 Collins ST
MELBOURNE,
VIC 3000
CORPORATE SEARCH
INCORPORATED 10
June 2005
REGISTERED ADDRESS 29,
525 Collins ST
MELBOURNE,
VIC 3000
SHARECAPITAL $79,600,000
SHAREHOLDERS Labelmakers
(Aust) P/L holds 75,500,000
Braodmore
P/L holds 4,100,000
DIRECTORS BAMFORD, Kevin
Leslie
65
Daisy Hill Rd
DOREEN,
VIC 3754
SECRETARY BAMFORD,
Kevin Leslie
65
Daisy Hill Rd
DOREEN,
VIC 3754
REGISTERED
CHARGES Registered Charge Number :
2137216
Date
Registered : 02.03.2011
Status : Fixed
and floating
Creditor :
Commonwealth Bank
Registered Charge Number : 21237931666033
Date
Registered : 31.01.2011
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 2003064
Date
Registered : 30.06.2010
Status : Fixed
Creditor : Commonwealth
Bank
Registered
Charge Number : 1691069
Date
Registered : 09.09.2008
Status : Fixed
Creditor : CBFC Ltd
Registered Charge Number : 1666033
Date
Registered : 21.07.2008
Status : Fixed
Creditor : CBFC Ltd
Registered
Charge Number : 1540451
Date
Registered : 07.11.2007
Status : Fixed
Creditor : CBFC
Limited
Registered
Charge Number : 1377007
Date
Registered : 09.11.2006
Status : Fixed
Creditor : ANZ Bank
Registered Charge Number : 1332721
Date
Registered : 20.07.2006
Status : Fixed
Creditor : ANZ Bank
Registered
Charge Number : 1332134
Date
Registered : 20.07.2006
Status : Fixed
Creditor : ANZ Bank
Registered
Charge Number : 1323958
Date
Registered : 11.07.2006
Status : Fixed
Creditor : Westpac
Registered
Charge Number : 1178807
Date
Registered : 06.07.2005
Status : Fixed
and floating
Creditor :
National Australia Bank
BUSINESS STRUCTURE
TRADING ADDRESS 55
Austrak Dr
SOMERTON, VIC 3062
TELEPHONE (613) 9303 3300
FACSIMILE (613)
9305 3040
BRANCHES SHEPPARTON,
VIC
Freight
Drive, SOMERTON, VIC
REGENCY
PARK, SA
MALAGA,
WA
HOLDING ENTITY LABELMAKERS
(AUST) PTY LTD
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 383
BACKGROUND
The subject was incorporated in Victoria on 10 June 2005 under the current style.
On 1 July 2005, the subject took over the assets and liabilities of Labelmakers Unit Trust.
The subject has origins that date back to 1987.
On 4 July 2005, the subject acquired 100% of the shares in V Envy Pty Ltd
On 4 July 2006 the subject acquired 100% of Norwill Labels P/L.
On 14 December 2006 the subject acquired a 66.67% interest in Red Labels Pty Ltd for consideration of $4,487,339.
OPERATIONS
The subject operates in the manufacture and printing of labels
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of traced the following litigation listed against the subject at that date.
Writs and summonses
Creditor : Payne
Henderson
Date : 18.12.2006
Amount : $20,625
Plaint No. :
2591292/06/VMEL
Court : Magistrates
Court Writ
Assoc code : Companys Account
FINANCES
During the current investigation contact with the subjects 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 30 June 2010 the subject recorded revenue of $150,718,156, which resulted in an operating profit before tax of $11,269,844 and an operating profit after tax of $8,311,967 representing a Net Profit Margin of 5.51%.
Below is a summary of the subject’s income results for the last two financial years.
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Labelmakers Group Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$150,718,156 |
$145,960,015 |
3.26% |
|
Profit b/tax |
$11,269,844 |
($12,378,458) |
-191.04% |
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Profit a/tax |
$8,311,967 |
($14,727,739) |
-156.44% |
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Net Profit Margin |
5.51% |
-10.09% |
15.61% |
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $19,496,624.
On 30 August 2010 the company repurchased 6,921,740 shares for consideration of $10.8 million.
As at 30 June 2010, the subject recorded total current assets of $49,865,889. They included cash of $5,701,760, receivables of $24,679,305 and inventories of $19,484,824
Current liabilities at the same date totalled $66,180,160 and included payables of $19,117,317 and borrowings of $43,680,931.
As at 30 June 2010, the subject recorded a deficiency in Working Capital of $16,314,271 and a current ratio of 0.75 to 1 indicating some tightness in liquidity levels.
The deficiency in Working capital was attributable to commercial bills being classified as current in the 2010 statements. This was as a result of their maturity date in February 2011. The group does not believe there are any going concern issues as they are confident the finance facility will be renewed for a further term as contractual obligations have been met and the group traded profitably.
Net Assets totalled $93,823,079 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.86 to 1. After deducting intangibles of $58,000,000 this results in a Net Worth of $35,823,079.
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Labelmakers Group Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$150,718,156 |
$145,960,015 |
3.26% |
|
Profit b/tax |
$11,269,844 |
($12,378,458) |
-191.04% |
|
Profit a/tax |
$8,311,967 |
($14,727,739) |
-156.44% |
|
Net Profit Margin |
5.51% |
-10.09% |
15.61% |
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Current Assets |
$49,865,889 |
$44,712,805 |
11.52% |
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Non-Current Assets |
$124,944,803 |
$133,954,620 |
-6.73% |
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Total Assets |
$174,810,692 |
$178,667,425 |
-2.16% |
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Current Liabilities |
$66,180,160 |
$32,328,64 |
104.71% |
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Non-Current Liabilities |
$14,807,453 |
$55,792,817 |
-73.46% |
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Total Liabilities |
$80,987,613 |
$88,121,461 |
-8.10% |
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Net Assets |
$93,823,079 |
$90,545,964 |
3.62% |
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Working Capital |
($16,314,271) |
$12,384,161 |
-231.73% |
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Current Ratio |
0.75 |
1.38 |
-45.52% |
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Debt to Equity |
0.86 |
0.97 |
-11.31% |
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 Victoria on 10 June 2005 under the current style.
On 1 July 2005, the subject took over the assets and Liabilities of the Labelmakers Unit Trust.
For the financial year ended 30 June 2010 the subject recorded revenue of $150,718,156, which resulted in an operating profit before tax of $11,269,844 and an operating profit after tax of $8,311,967 representing a Net Profit Margin of 5.51%.
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $19,496,624.
As at 30 June 2010, the subject recorded a deficiency in Working Capital of $16,314,271 and a current ratio of 0.75 to 1.
The deficiency in Working capital was attributable to commercial bills being classified as current in the 2010 statements.
Net Assets totalled $93,823,079 as at 30 June 2010. After deducting intangibles of $58,000,000 this results in a Net Worth of $35,823,079.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
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UK Pound |
1 |
Rs.73.85 |
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Euro |
1 |
Rs.64.76 |
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 |
|
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 |
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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.