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MIRA INFORM REPORT
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Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR GROUP (VICTORIA) PTY LTD |
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Formerly Known As : |
The Craftsman Press P/L |
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Registered Office : |
81 Derby Street, Silverwater, New South
Wales 2128 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
08.05..1926 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
Commercial Printers specialising as Sheet Fed and Digital Printers |
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
BLUE STAR GROUP
(VICTORIA) PTY LTD
ACN: 004 125 231
ABN: 53 004 125
231
CORPORATE SEARCH
Incorporation
Date: 08 May 1926
Incorporation
State: Victoria
Registered Office 81 DERBY Street
SILVERWATER,
New South Wales 2128 Australia
Charges Date Registered:
04 Jun 2007
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 1461551
Date Registered: 04 Sep 2001
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 819434
Date Registered: 04 Sep 2001
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 819433
Date Registered: 04 Sep 2001
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 819431
Date Registered: 04 Sep 2001
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 819430
Date Registered: 04 Sep 2001
Chargee Name: 000 000 288 BANK OF NEW ZEALAN
Charge Type: Fixed and floating charge
ASIC Charge No: 819429
Number of Shares
Issued: 100000
Paid Capital: 200000
Shareholders BLUE
STAR GROUP AUSTRALIA PTY LIMIT
Number
of Shares: 100000
Directors DUNKLEY, DARREN
JOHN
Appointment
Date: 06 Apr 2010
Date of Birth: 18 Oct 1968
Gender: Male
Address: 17 LEWIS Street LAPSTONE, New South Wales 2773 Australia
Resident Overseas: No
MITCHELL, CHRISTOPHER ALAN
Appointment Date: 17 Nov 2008
Date of Birth: 09 Sep 1963
Gender: Male
Address: 78 BURNS Road WAHROONGA, New South Wales 2076 Australia
Resident Overseas: No
CHILDRES, NATHANIEL
Appointment Date: 17 Nov 2008
Date of Birth: 08 Jul 1967
Gender: Unknown
Address:
Resident Overseas: Yes
Secretary DARREN JOHN
DUNKLEY
Appointment
Date: 06 Apr 2010
BUSINESS STRUCTURE
TRADING ADDRESS 3
Nursery Ave
CLAYTON,
VIC 3168
HEAD OFFICE Building
B, 350 Parramatta Road,
Homebush, New
South Wales 2140
TELEPHONE (612) 8020 4400
FACSIMILE (612) 8020 4399
HOLDING ENTITY BLUE STAR GROUP AUSTRALIA P/L
ULTIMATE HOLDING
ENTITY BLUE
STAR GROUP P/L
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 170
1,300
(group)
BACKGROUND
The subject was incorporated in Victoria on 8 May 1926 as The Craftsman Press P/L changing name on 11 March 1983 to WC Penfold (Vic) P/L changing name on 14 December 1983 to Penfold Printers (Vic) P/L changing name on 14 December 1983 to Penfold Printers (Vic) P?L changing name on 14 December 1983 to Penfold Printers (Vic) P/L changing name on 10 September 1984 to The Craftsman Press P/L before adopting the current style on 1 October 2009.
OPERATIONS
The subject operates as commercial printers specialising as sheet fed and digital printers.
The subject is also a specialist mailing and e-communications operation offering a range of solutions, from simple personalised customer letters through to fully integrated multi-channel direct marketing campaigns.
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.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Ultimate Holding entity Blue Star Group Pty Limited. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the Group recorded revenue of $293,550,000, which resulted in an operating profit before tax of $233,000 and an operating profit after tax of $384,000 representing a Net Profit Margin of 0.13%.
For the same period the closed group recorded revenue of $293,547,000 which resulted in an operating Loss before tax of $989,000 and an operating loss after tax of $502,000.
Below is a summary of the Group’s consolidated income results for the past two financial years.
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Blue Star Group Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$293,550,000 |
$299,484,000 |
-1.98% |
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Profit b/tax |
$233,000 |
$50,578,000 |
-99.54% |
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Profit a/tax |
$384,000 |
$52,898,000 |
-99.27% |
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Net Profit Margin |
0.13% |
17.66% |
-17.53% |
During fiscal 2010, the Group recorded Net Cashflows from operating activities totalling $9,489,000.
On 18 December 2009 the group the entire share capital of a related entity, McMillan Group P/L.
As at 30 June 2010 the Group recorded total current assets of $64,954,000. They included cash of $5,309,000, receivables of $42,724,000 and inventories of $14,213,000.
Current liabilities at the same date totalled $61,025,000 and included payables of $41,448,000 and interest bearing liabilities $11,751,000.
As at 30 June 2010 the Group recorded Working Capital of $3,929,000 and a current ratio of 1.06 to 1 indicating satisfactory liquidity levels.
For the same period the closed group recorded Working Capital of $7,052,000 and a current ratio of 1.12 to 1.
The group has access to a senior financing facility with a $153,147,000 limit. This facility was drawn to $128,648,000 at balance date.
Net Assets totalled $90,076,000 as at 30 June 2010. At this date, the Group further recorded a Debt to Equity ratio of 1.44 to 1.
For the same period the closed group recorded Net Assets of $89,190,000. After deducting intangibles of $36,057,000 this results in a Net Worth of $53,133,000.
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Blue Star Group Pty Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$293,550,000 |
$299,484,000 |
-1.98% |
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Profit b/tax |
$233,000 |
$50,578,000 |
-99.54% |
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Profit a/tax |
$384,000 |
$52,898,000 |
-99.27% |
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Net Profit Margin |
0.13% |
17.66% |
-17.53% |
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Current Assets |
$64,954,000 |
$74,564,000 |
-12.89% |
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Non Current Assets |
$155,219,000 |
$110,658,000 |
40.27% |
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Total Assets |
$220,173,000 |
$185,222,000 |
18.87% |
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Current Liabilities |
$61,025,000 |
$64,136,000 |
-4.85% |
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Non Current Liabilities |
$69,072,000 |
$31,404,000 |
119.95% |
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Total Liabilities |
$130,097,000 |
$95,540,000 |
36.17% |
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Net Assets |
$90,076,000 |
$89,682,000 |
0.44% |
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Working Capital |
$3,929,000 |
$10,428,000 |
-62.32% |
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Current Ratio |
1.06 |
1.16 |
-8.45% |
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Debt to Equity |
1.44 |
1.07 |
35.57% |
TRADE SURVEY
During the current investigation, contact with the subjects 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 8 May 1926 before adopting the current style on 1 October 2009.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Ultimate Holding entity Blue Star Group Pty Limited.
for the financial year ended 30 June 2010 the Group recorded revenue of $293,550,000, which resulted in an operating profit before tax of $233,000 and an operating profit after tax of $384,000 representing a Net Profit Margin of 0.13%.
For the same period the closed group recorded revenue of $293,547,000 which resulted in an operating Loss before tax of $989,000 and an operating loss after tax of $502,000.
As at 30 June 2010 the closed group recorded Working Capital of $7,052,000 and a current ratio of 1.12 to 1.
For the same period the closed group recorded Net Assets of $89,190,000. After deducting intangibles of $36,057,000 this results in a Net Worth of $53,133,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.85 |
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UK Pound |
1 |
Rs.73.29 |
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Euro |
1 |
Rs.64.89 |
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.