MIRA INFORM REPORT

 

 

Report Date :           

14.06.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

METAL MANUFACTURERS LIMITED

 

 

Registered Office :

19 – 21 Loyalty Rd, North Rocks, Nsw 2151

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

21.07.1989

 

 

Legal Form :

Limited Company

 

 

Line of Business :

manufacture of copper products including rod, wire, tubing, fittings and accessories.

 

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 :

Good

 

 

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

A2

a2

 

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      

 

METAL MANUFACTURERS LIMITED

T/AS MM KEMBLA

ACN: 003 762 641

ABN: 13 003 762 641

 

     

CORPORATE SEARCH

 

INCORPORATED                         21 July 1989

 

REGISTERED ADDRESS           19 – 21 Loyalty Rd

                                                NORTH ROCKS, NSW 2151

 

SHARECAPITAL                        $70,780,227     

 

SHAREHOLDERS                     MML HOLDINGS P/L                 Holds 141,560,454

 

DIRECTORS                              GODDARD, Roger David

                                                Resident overseas

 

                                                WALLIN, Keith Hamilton

                                                16 Shaddock Ave

                                                WEST PYMBLE, NSW 2073

 

                                                IRWIN, Kevin David

                                                17C Bellevue Ave

                                                GREENWICH, NSW 2965

 

                                                MCNAIR, Douglas Talbot

                                                Resident overseas

 

                                                COLBURN, Keith Whiting

Resident overseas

 

                                                HOGEL, Carol Colburn

Resident overseas

 

SECRETARY                            WALLIN, Keith Hamilton

                                                16 Shaddock Ave

                                                WEST PYMBLE, NSW 2073

 

REG’D CHARGES                     None on record

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Gloucester Boulevarde
Port Kembla, NSW, 2505

POSTAL ADDRESS                   PO Box 21
Port Kembla, NSW, 2505

 

TELEPHONE                             (612) 4223 5229

 

FACSIMILE                                   (612) 4223 5111

 

TRADING STYLES                     MM KEMBLA TUBE AND FITTINGS

ALL METAL MANUFACTURES

                                                AWM ELECTRICAL

                                                TLE ELECTRICAL

                                                HAYMENS INTEGRATED SYSTEMS

                                                KEMBLA TUBE AND FITTINGS

                                                D & W ELECTRICAL

                                                HAYMENS ELECTRICAL

                                                MM ELECTRICAL MERCHANDISING

                                                VINIDEX

 

CONTROLLED ENTITIES            AUSTRAL BRONZE METAL MANUFACTURERS P/L

                                                CABLE MAKERS AUSTRALIA P/L

                                                CASTLE PACIFIC INSURANCE PTE LTD

                                                MM CABLES NEW ZEALAND LTD

-          MM KEMBLE NEW ZEALAND LTD

VINIDEX PTY LTD

-          VINIDEX PROPERTY HOLDINGS P/L

-          VINIDEX OVERSEAS HOLDING P/L

-          VINIDEX (ASIA) LTD

-          VINIDEX (HONG KONG) COMPANY LTD

-          SHENZHEN BETTER POLYMERS CO LTD

                                                MARSHIRE INVESTMENTS P/L

                                                DOTMAR HOLDINGS P/L

-          DOTMAR EEP P/L

-          PLASTIC ENGINEERING INDUSTRIES P/L

-          FLUORO PACIFIC P/L

-          ISOCOMP P/L

-          DOTMAR NEW ZEALANLTD

-          DOTMAR ENGINEERING PLASTICS LTD

-          CHANGE PARTS NEW ZEALAND LTD

-          ACN096339310 P/L

-          WNGINEERING PLASTICS LTD

-          E PLASTICS NEW ZEALAND LTD

-          UNIVERSAL PLASTICS LTD

 

HOLDING ENTITY                                  MML HOLDINGS P/L

 

ULTIMATE HOLDING

ENTITY                                     BLACKFIARS CORP -USA

 

BANK                                       ANZ BANKING GROUP 

                                               

EMPLOYEES                           3,000

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 21 July 1989.

 

Metal Manufacturers Ltd was founded in Port Kembla, NSW in 1916.

 

The subject was listed on the Australian Stock Exchange before being taken over by Marsh Electrical P/L on 3 June 2000.

 

On 1 July 2002, the Group acquired part of Mckechnie Australia and Mckechnie Zealand Group.

 

In early 2008 the subject acquired all of the issued shares in Dotmar Holdings P/L.

 

 

OPERATIONS

 

The subject MM Kemble division operates in the manufacture of copper products including rod, wire, tubing, fittings and accessories.

 

The subject also operates in the distribution of electrical products, plastic pipe and fittings through a network of over 200 outlets which trade under the names, Haymans Electrical, TLE Electrical, AWM Electrical, D & W Electrical and MM Electrical.

 

Products include:

·         Construction&Power Cables

·         Mining&Elastomeric Cables

·         Communication&Data Cables

·         Mining&Flameproof Accessories

·         Motors&Motor Control Devices

·         Wiring Accessories

·         Test Equipment

·         Contractor Sundries

·         Comms&Data Products

·         Conduits/Ducts/Supports

·         Commercial&Industrial Lighting

·         Terminating/Insulation Accessories

·         Security Systems

·         Circuit Protection

·         Lamps

·         Appliances - Domestic & Commercia.

The MM Kembla operations

 

 

ADVERSE

 

A search of failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2009, the Group recorded consolidated revenue of $2,390,611,000, which resulted in an operating profit before tax of $121,618,000 and an operating profit after tax of $81,944,000 representing a Net Profit Margin of 3.43%.

 

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

 

 

Metal Manufacturers Ltd - consolidated

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$2,390,611,000

$2,885,737,000

-17.16%

Profit b/tax

$121,618,000

$131,938,000

-7.82%

Profit a/tax

$81,944,000

$84,091,000

-2.55%

Net Profit Margin

3.43%

2.91%

0.51%

 

During fiscal 2009, the subject recorded consolidated Net Cashflows from operating activities totalling $112,179,000.

 

On 1 January 2009 Universal Plastics Ltd Engineering Plastics Ltd. and E-Plastics New Zealand Ltd, subsidiaries of Dotmar Holdings New Zealand Ltd and Change Parts New Zealand Ltd were amalgamated into Dotmar Engineering Plastics Ltd.

 

As at 31 December 2009 the subject recorded consolidated total current assets of $962,034,000. They included cash of $396,968,000, receivables of $318,695,000 and inventories of $245,297,000.

 

Current liabilities at the same date totalled $395,147,000 and included payables of $307,945,000 and Provisions of $82,849,000.

 

As at 31 December 2009, the subject recorded consolidated Working Capital of $566,887,000 and a current ratio of 2.43 to 1 indicating strong liquidity levels.

 

Net Assets totalled $829,097,000 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 0.48 to 1.

 

 

 

 

Metal Manufacturers Ltd - consolidated

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$2,390,611,000

$2,885,737,000

-17.16%

Profit b/tax

$121,618,000

$131,938,000

-7.82%

Profit a/tax

$81,944,000

$84,091,000

-2.55%

Net Profit Margin

3.43%

2.91%

0.51%

Current Assets

$962,034,000

$867,674,000

10.88%

Non-Current Assets

$267,759,000

$280,635,000

-4.59%

Total Assets

$1,229,793,000

$1,148,309,000

7.10%

Current Liabilities

$395,147,000

$387,702,000

1.92%

Non-Current Liabilities

$5,549,000

$13,934,000

-60.18%

Total Liabilities

$400,696,000

$401,636,000

-0.23%

Net Assets

$829,097,000

$746,673,000

11.04%

Working Capital

$566,887,000

$479,972,000

18.11%

Current Ratio

2.43

2.24

8.79%

Debt to Equity

0.48

0.54

-10.15%

 

 

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 operates as a division of Metal Manufacturers Ltd, a company, which was incorporated in New South Wales on 21 July 1989.

 

Metal Manufacturers Ltd was founded in Port Kembla, NSW in 1916.

 

For the financial year ended 31 December 2009, the Group recorded consolidated revenue of $2,390,611,000, which resulted in an operating profit before tax of $121,618,000 and an operating profit after tax of $81,944,000 representing a Net Profit Margin of 3.43%.

 

As at 31 December 2009, the subject recorded consolidated Working Capital of $566,887,000 and a current ratio of 2.43 to 1 indicating strong liquidity levels.

 

Net Assets totalled $829,097,000 as at 31 December 2009.

 

           

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.87

UK Pound

1

Rs.72.83

Euro

1

Rs.64.37

 

 

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.