MIRA INFORM REPORT

 

 

Report Date :           

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SCALZO TRADING CO PTY LTD

 

 

Registered Office :

170 Kensington Rd, West Melbourne, Vic 3003

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

06.05.1977

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Import, Manufacture and Distribution of food products

 

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

 

REGISTERED NAME 

 

SCALZO TRADING CO PTY LTD

T/AS SCALZO FOOD INDUSTRIES

ACN: 005 318 810

ABN: 52 005 318 810

 

 

CORPORATE SEARCH

 

INCORPORATED                                       06.05.1977

 

REGISTERED ADDRESS           170 Kensington Rd

                                                WEST MELBOURNE, VIC 3003

 

SHARECAPITAL                        $10,000            

 

SHAREHOLDERS                     SCALZO P/L                             Holds 9,200 shares

                                                SCALZO, Lina                           Holds 400 shares          

                                                SCALZO, Quinton                      Holds 400 shares

 

DIRECTORS                              RANKIN, Geoffrey Donald

26 Forbes St

RYE, VIC 3941

 

HAYDEN, Clay Patrick

6 Walter St

                                                SOUTH YARRA, VIC 3141

 

                                                GHELANI, Pravin Ranchhoddas

                                                64 Grandview Rd

                                                WHEELERS HILL, VIC 3150

 

                                                SCALZO, Michael

                                                14 The Grange

                                                MALVERN EAST VIC 3145

                                               

                                                SCALZO, Quinton

                                                14 Central Park Rd

                                                MALVERN EAST, VIC 3145

 

SECRETARY                            SANT, Bill

 

REGISTERED CHARGES          Registered Charge Number     : 1876330

                                                Date                                         : 05.11.2009

                                                Status                                       : Fixed and floating

Creditor                                     : Falvo Investments

 

                                                Registered Charge Number     : 1083450

                                                Date                                         : 16.09.2004

                                                Status                                       : Fixed and floating

Creditor                                     : Falvo Investments

 

Registered Charge Number     : 177022

                                                Date                                         : 23.01.1987

                                                Status                                       : Fixed and floating

Creditor                                     : Westpac Bank

                       

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 160 – 174 Kensington Rd

                                                KENSINGTON, VIC 3031                                   

 

TELEPHONE                             (613) 9245 7000

 

FACSIMILE                               (613) 9245 7050

 

TRADING STYLE                       SCALZO FOOD INDUSTRIES

 

HOLDING ENTITY                      SCALZO PTY LTD

 

CONTROLLED ENTITY               DAVMICA P/L

 

BRANCHES                              WETHERILL PARK, NSW

                                                MORNINGSIDE, QLD

                                                WELSHPOOL, WA

                                                New Zealand

 

BANK                                       WESTPAC BANKING CORPORATION

                                               

EMPLOYEES                            210

           

 

BACKGROUND

 

The subject was incorporated in Victoria on 6 May 1977 under the current style to commence operations as a new venture.

 

Operations were originally founded in1962.

 

By 1978, the subject was generating revenue of $1.2 million, which resulted in an operating loss.

 

In September 1984, the subject moved to larger premises in Normanby Rd, Port Melbourne. Staff had grown to nine and turnover was $8.4 million.

 

1993 saw the opening of the purpose built national headquarters and central warehouse in West Melbourne, Victoria. During this period, the company doubled its turnover to $50 million and increased staff to thirty-six.

 

Sales for the financial year ending 30 June 2002 were $118 million, and staff numbers had grown to 98.

 

 

OPERATIONS

 

The subject operates in the import, manufacture and distribution of food products.

 

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 interview conducted with Company Secretary Bill Sant, he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $260,000,000.

 

Further details pertaining to the subject’s financial position were not released for the current enquiry.

 

From the subject’s financial statements, it is noted that for the financial year ended 30 June 2009 the subject recorded consolidated revenue of $249,296,315, which resulted in an operating profit before tax of $13,496,505 and an operating profit after tax of $9,181,044 representing a Net Profit Margin of 3.68%.

 

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

 

 

Scalzo Trading Co Pty Ltd

 

 

As at 30 June 2009

As at 30 June 2008

Change (%)

Revenue

$249,296,315

$215,763,305

15.54%

Profit b/tax

$13,496,505

$11,941,905

13.02%

Profit a/tax

$9,181,044

$8,245,878

11.34%

Net Profit Margin

3.68%

3.82%

-0.14%

 

During fiscal 2009, the subject recorded consolidated Net Cashflows from operating activities totalling $5,639,095.

 

As at 30 June 2009, the subject recorded total current assets of $82,986,818. They included cash of $64,025, receivables of $35,806,509 and Inventories of $47,116,284.

 

Current liabilities at the same date totalled $49,986,053 and included payables of $25,696,551, interest bearing liabilities of $16,151,120 and provisions of $2,826,665.

 

As at 30 June 2009, the subject recorded consolidated Working Capital of $33,000,765 and a current ratio of 1.66 to 1 indicating a sound liquidity position.

 

Net Assets totalled $43,776,359 as at 30 June 2009. At this date, the subject further recorded a Debt to Equity ratio of 1.17 to 1.

 

 

 

 

Scalzo Trading Co Pty Ltd

 

 

As at 30 June 2009

As at 30 June 2008

Change (%)

Revenue

$249,296,315

$215,763,305

15.54%

Profit b/tax

$13,496,505

$11,941,905

13.02%

Profit a/tax

$9,181,044

$8,245,878

11.34%

Net Profit Margin

3.68%

3.82%

-0.14%

Current Assets

$82,986,818

$69,385,546

19.60%

Non Current Assets

$11,862,550

$11,811,357

0.43%

Total Assets

$94,849,368

$81,196,903

16.81%

Current Liabilities

$49,986,053

$37,475,172

33.38%

Non Current Liabilities

$1,086,956

$1,626,416

-33.17%

Total Liabilities

$51,073,009

$39,101,588

30.62%

Net Assets

$43,776,359

$42,095,315

3.99%

Working Capital

$33,000,765

$31,910,374

3.42%

Current Ratio

1.66

1.85

-10.33%

Debt to Equity

1.17

0.93

25.60%

 

 

TRADE SURVEY

 

Details pertaining to the subject’s suppliers are yet to be provided for the current enquiry.

 

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

 

 

SUMMARY

 

The subject was incorporated in Victoria on 6 May 1977 under the current style to commence operations as a new venture.

 

Operations were originally founded in 1962.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $260,000,000.

 

For the financial year ended 30 June 2009 the subject recorded consolidated revenue of $249,296,315, which resulted in an operating profit before tax of $13,496,505 and an operating profit after tax of $9,181,044 representing a Net Profit Margin of 3.68%.

 

During fiscal 2009, the subject recorded consolidated Net Cashflows from operating activities totalling $5,639,095.

 

As at 30 June 2009, the subject recorded consolidated Working Capital of $33,000,765 and a current ratio of 1.66 to 1 indicating a sound liquidity position.

 

Net Assets totalled $43,776,359 as at 30 June 2009.

 

                                               

                                               

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

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.