MIRA INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AUSTRALIAN MUD COMPANY PTY LTD |
|
|
|
|
Registered Office : |
8 Pitino Ct, Osborne Park, Wa 6017 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Date of Incorporation : |
30.11.1987 |
|
|
|
|
Legal Form : |
Proprietary Company |
|
|
|
|
Line of Business : |
distribution of drilling products and services to the mining, oil and gas, water well and horizontal drilling industries. |
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
AUSTRALIAN MUD
COMPANY PTY LTD
ACN: 009 283 416
ABN: 56 009 283
416
CORPORATE SEARCH
INCORPORATED 30
Nov 1987
REGISTERED ADDRESS 8
Pitino Ct
OSBORNE
PARK, WA 6017
SHARECAPITAL $100
SHAREHOLDERS IMDEX
LTD Holds 100 shares
DIRECTORS DUNDO, Kevin Anthony
31
Padbury Ave
MILLENDON,
WA 6056
RIDGEWAY,
Bernard William
2
Robert St
DALKEITH,
WA 6009
SECRETARY EVANS,
Paul Anthony
REGISTERED
CHARGES Registered Charge Number :
2015089
Date
Registered : 15.07.2010
Status : Fixed
Creditor :
Commonwealth Bank
Registered
Charge Number : 2006576
Date
Registered : 30.06.2010
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 2006575
Date
Registered : 30.06.2010
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1970093
Date
Registered : 07.05.2010
Status : Fixed
Creditor : Commonwealth
Bank of ` Australia
Registered
Charge Number : 1961545
Date
Registered : 21.04.201
Status : Fixed
Creditor :
Commonwealth Bank of ` Australia
Registered
Charge Number : 1951176
Date
Registered : 31.03.2010
Status : Fixed
and floating
Creditor :
Commonwealth Bank of ` Australia
Registered Charge Number : 1927669
Date
Registered : 11.02.2010
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1921816
Date
Registered : 02.02.2010
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1915473
Date
Registered : 19.01.2010
Status : Fixed
Creditor : National Australia
Bank
Registered
Charge Number : 1898327
Date
Registered : 18.12.2009
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1883275
Date
Registered : 17.11.2009
Status : Fixed
Creditor :
National Australia Bank
Registered
Charge Number : 1841051
Date
Registered : 20.08.2009
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1823060
Date
Registered : 20.07.2009
Status : Fixed
Creditor : National
Australia Bank
Registered
Charge Number : 1122187
Date
Registered : 14.01.2005
Status : Fixed
Creditor : CBFC
Limited
Registered
Charge Number : 780598
Date
Registered : 22.02.2000
Status : Fixed
and floating
Creditor : Westpac
Bank
BUSINESS STRUCTURE
TRADING ADDRESS 5 Pitino Ct
OSBORNE PARK, WA 6017
POSTAL ADDRESS PO Box 1141
Osborne Park
WA 6916, Australia
TELEPHONE (618) 9445 4000
FACSIMILE (618) 9445 4040
BRANCHES KALGOORLIE, WA
SUMNER PARK, QLD
NARANGBA, QLD
BOHLE, QLD
ADELAIDE, SA
HOLDING
ENTITY IMDEX LIMITED
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 305- group
BACKGROUND
The subject was incorporated in Western Australia on 30 November 1987, before changing to a Pty Ltd company on 1 March 2005.
The holding entity,
Imdex Limited (Imdex) is a Western Australian based industrial
company, which listed on the Australian Stock Exchange in 1987. It’s core
business is drilling products and services.
The subject was
formed in 1988 and provides drilling fluids, chemicals and services to the
mining, oil and gas, waterwell and horizontal directional drilling
industries.
On
1 August 2005, Imdex acquired Samchem Drilling Fluids and Chemicals (Pty) Ltd
(Samchem), based in South Africa, which provides drilling fluids &
chemicals to the mining, oil and gas and water well industries throughout Africa.
OPERATIONS
The subject operates in the distribution of drilling products and services to the mining, oil and gas, water well and horizontal drilling industries.
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 noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Imdex 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 most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the Group recorded consolidated revenue of $135,625,000, which resulted in an operating profit Loss before tax of $21,071,000 and an operating Loss after tax of $21,548,000 representing a Net Profit Margin of 8.68%.
For the same period the closed group recorded revenue of $83,617,000 which resulted in an operating profit before tax of $7,493,000 and an operating profit tax of $5,942,000.
The groups operating loss for the last financial year included impairment losses totalling $33,971,000. $10.4
million of the impairment resulted from the market revaluation of Imdex’s investment in Sino Gas and Energy Holdings Limited. The remaining $23.6 million was the result of writing off goodwill and intangible assets at the half year - a direct consequence of the GFC and the reduction in forecast cash flows expected to result from it.
Below is a summary of the Group’s income results for the past two financial years.
|
|
Imdex Ltd - consolidated |
|
|
|
|
As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$135,625,000 |
$138,992,000 |
-2.42% |
|
Profit b/tax |
($21,071,000) |
$18,195,000 |
-215.81% |
|
Profit a/tax |
($21,548,000) |
$12,067,000 |
-278.57% |
|
Net Profit Margin |
-15.89% |
8.68% |
-24.57% |
During fiscal 2010, the Group recorded consolidated Net Cashflows from operating activities totalling $5,700,000.
The subject forms part of the groups Drilling Fluids and Chemicals division. In the year in review this division recorded revenue to $89.6 million.
As at 30 June 2010, the Group recorded total current assets of $82,313,000. They included cash of $9,007,000, receivables of $41,210,000 and inventories of $28,600,000.
Current liabilities at the same date totalled $55,255,000 and included payables of $25,689,000 and borrowings of $19,092,000.
As at 30 June 2010, the Group recorded consolidated Working Capital of $27,058,000 and a current ratio of 1.5 to 1 indicating satisfactory liquidity levels.
At the same date, the closed group recorded Working capital of $27,528,000 and a current ratio of 2 to 1 indicating a sound liquidity position.
The group maintains access to financing facilities totalling $35,151,000 at 30 June 2010. AT this time these facilities were drawn to $32,018,000.
Net Assets totalled $94,495,000 as at 30 June 2010. At this date, the Group further recorded a Debt to Equity ratio of 0.73 to 1.
At the same date the closed group recorded Net Assets of $129,324,000.
For the six months ended 31 December 2010 the group recorded consolidated revenue of $95,897,000 which resulted in an operating profit before tax of $16,429,000 and an operating profit after tax of $12,080,000.
|
|
Imdex Ltd - consolidated |
|
|
|
|
As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$135,625,000 |
$138,992,000 |
-2.42% |
|
Profit b/tax |
($21,071,000) |
$18,195,000 |
-215.81% |
|
Profit a/tax |
($21,548,000) |
$12,067,000 |
-278.57% |
|
Net Profit Margin |
-15.89% |
8.68% |
-24.57% |
|
Current Assets |
$82,313,000 |
$83,854,000 |
-1.84% |
|
Non Current Assets |
$81,084,000 |
$89,964,000 |
-9.87% |
|
Total Assets |
$163,397,000 |
$173,818,000 |
-6.00% |
|
Current Liabilities |
$55,255,000 |
$35,360,000 |
56.26% |
|
Non Current Liabilities |
$13,647,000 |
$22,260,000 |
-38.69% |
|
Total Liabilities |
$68,902,000 |
$57,620,000 |
19.58% |
|
Net Assets |
$94,495,000 |
$116,198,000 |
-18.68% |
|
Working Capital |
$27,058,000 |
$48,494,000 |
-44.20% |
|
Current Ratio |
1.49 |
2.37 |
-37.18% |
|
Debt to Equity |
0.73 |
0.50 |
47.04% |
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 Western Australia on 30 November 1987, before changing to a Pty Ltd company on 1 March 2005.
The holding entity,
Imdex Limited (Imdex) is a Western Australian based industrial
company, which listed on the Australian Stock Exchange in 1987. It’s core
business is drilling products and services.
The subject is noted
to have entered into a Deed of Cross Guarantee pursuant to a Class Order with
its Holding entity Imdex Limited.
For the financial
year ended 30 June 2010 the Group recorded consolidated revenue of
$135,625,000, which resulted in an operating profit Loss before tax of
$21,071,000 and an operating Loss after tax of $21,548,000 representing a Net
Profit Margin of 8.68%.
For the same period
the closed group recorded revenue of $83,617,000 which resulted in an operating
profit before tax of $7,493,000 and an operating profit tax of $5,942,000.
As at 30 June 2010,
the closed group recorded Working capital of $27,528,000 and a current ratio of
2 to 1 indicating a sound liquidity position.
At the same date the
closed group recorded Net Assets of $129,324,000.
For the six months
ended 31 December 2010 the group recorded consolidated revenue of $95,897,000
which resulted in an operating profit before tax of $16,429,000 and an
operating profit after tax of $12,080,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
UK Pound |
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.29 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.