MIRA INFORM REPORT

 

 

Report Date :           

06.06.2011

 

IDENTIFICATION DETAILS

 

Name :

HANSENS PTY LTD

 

 

Registered Office :

4/27 Leeds Street, Rhodes, New South Wales 2138

 

 

Country :

Australia

 

 

Financials (as on) :

31.05.2010 (Group)

 

 

Date of Incorporation :

13.05.1954

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

subject is a Non Trading Entity

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Non Trading Entity

 

 

Payment Behaviour :

----

 

 

Litigation :

----

 

 

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      

 

HANSENS PTY LTD

ACN: 000 131 788

ABN: 96 000 131 788

 

 

CORPORATE SEARCH

 

Incorporation Date:                     13 May 1954

 

Incorporation State:                    New South Wales

 

Registered Office                       4/27 LEEDS Street

                                                RHODES, New South Wales 2138 Australia

 

Charges                                    Date Registered: 04 Apr 2008

Chargee Name: 110 565 743 ANZ NATIONAL BANK

Charge Type: Fixed and floating charge

ASIC Charge No: 1616346

 

Number of Shares Issued:           5200

 

Paid Capital:                              10400

 

Shareholders                             ANGUS & COOTE (HOLDINGS) LTD

                                                Number of Shares: 5200

 

Directors                                   MANGELSDORF, GAIL MAREE

Appointment Date: 02 Feb 2007

Date of Birth: 29 May 1947

Gender: Female

Address: 32 DALMENY Avenue ROSEBERY, New South Wales 2018 Australia

Resident Overseas: No

 

NORMAN, ANNE

Appointment Date: 02 Feb 2007

Date of Birth: 10 Jul 1945

Gender: Unknown

Address:

Resident Overseas: Yes

 

NORMAN, DAVID

Appointment Date: 02 Feb 2007

Date of Birth: 02 Mar 1949

Gender: Unknown

Address:

Resident Overseas: Yes

 

Secretary                                  TERENCE EDMOND JOHNSTONE

                                                Appointment Date: 19 Sep 1989

 

 

BUSINESS STRUCTURE

 

HEAD OFFICE                          Unit 2, 27 Leeds St

                                                RHODES, NSW 2138                            

 

TELEPHONE                             (612) 9743 5455

 

BRANCHES                              The subject maintains 125 stores across Australia

 

HOLDING ENTITY                      ANGUS & COOTE (HOLDINGS) LTD

 

AUSTRALIA HOLDING

ENTITY                                     PROUDS JEWLLERS PTY LTD

 

ULTIMATE HOLDING

ENTITY                                     JAMES PASCOE LTD - NZ

 

BANK                                       NATIONAL AUSTRALIA BANK

                                                COMMONWEALTHBANK OF AUSTRALIA

                                               

EMPLOYEES                            Nil

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 13 May 1954 under the current style.

 

                       

OPERATIONS

 

During the current investigation it was advised that the subject is a non trading entity.

 

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

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

During the current investigation it was advised that the subject is not a trading entity. The main trading entity for the group is Prouds Jewellers P/L. Effective June 2010, Goldmark and Angus & Coote became trading division of Prouds Jewellers.

 

While the subject is a non-trading entity, it was advised that the name Hansens is sometimes used by the group for importing activities.

 

The subject has entered into a Deed of Cross Guarantee with its holding company Prouds Jewellers 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 31 May 2010 the Closed Group recorded revenue of $584,393,000, which resulted in an operating profit before tax of $30,377,000 and an operating profit after tax of $21,145,000 representing a Net Profit Margin of 3.62 %.

 

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

 

 

Prouds Jewellers Pty Ltd - consolidated

 

As at 31 May 2010

As at 31 May 2009

Change (%)

Revenue

$584,393,000

$584,000

99967.29%

Profit b/tax

$30,377,000

$30,417,000

-0.13%

Profit a/tax

$21,145,000

$21,304,000

-0.75%

Net Profit Margin

3.62%

3647.95%

-3644.33%

 

During fiscal 2010, the Closed Group recorded consolidated Net Cashflows from operating activities totalling $8,196,000.

 

As at 31 May 2010, the Closed Group recorded consolidated total current assets of $269,062,000. They included receivables of $17,771,000 and inventories of $226,426,000.

 

Current liabilities at the same date totalled $284,368,000 and included payables of $141,278,000 and Interest bearing liabilities of $136,165,000.

 

As at 31 May 2010 the Closed Group recorded a deficiency in Working Capital of $15,306,000 and a current ratio of 0.95 to 1.

 

Despite the deficiency in Working capital the subjects Directors believe that the members of the closed group will be able to meet any obligations or liabilities when they become due.

 

Group Net Assets totalled $102,483,000 as at 31 May 2010. At this date, the Group further recorded a Debt to Equity ratio of 2.89 to 1.

 

 

Prouds Jewellers Pty Ltd - consolidated

 

As at 31 May 2010

As at 31 May 2009

Change (%)

Revenue

$584,393,000

$584,000

99967.29%

Profit b/tax

$30,377,000

$30,417,000

-0.13%

Profit a/tax

$21,145,000

$21,304,000

-0.75%

Net Profit Margin

3.62%

3647.95%

-3644.33%

Current Assets

$269,062,000

$253,048,000

6.33%

Non-Current Assets

$129,433,000

$108,818,000

18.94%

Total Assets

$398,495,000

$361,866,000

10.12%

Current Liabilities

$284,368,000

$269,429,000

5.54%

Non-Current Liabilities

$11,644,000

$11,099,000

4.91%

Total Liabilities

$296,012,000

$280,528,000

5.52%

Net Assets

$102,483,000

$81,338,000

26.00%

Working Capital

($15,306,000)

($16,381,000)

-6.56%

Current Ratio

0.95

0.94

0.74%

Debt to Equity

2.89

3.45

-16.25%

 

 

TRADE SURVEY

 

During the current investigation it was advised that the subject is a non trading entity.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 13 May 1954 under the current style.

                       

The subject is not a trading entity. The main trading entity for the group is Prouds Jewellers P/L.

 

The subject has entered into a Deed of Cross Guarantee with its holding company Prouds Jewellers Pty Ltd.

 

For the financial year ended 31 May 2010 the Closed Group recorded revenue of $584,393,000, which resulted in an operating profit before tax of $30,377,000 and an operating profit after tax of $21,145,000 representing a Net Profit Margin of 3.62 %.

 

As at 31 May 2010 the Closed Group recorded a deficiency in Working Capital of $15,306,000 and a current ratio of 0.95 to 1.

 

Group Net Assets totalled $102,483,000 as at 31 May 2010.

                                               

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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.