MIRA INFORM REPORT

 

 

Report Date :

17.06.2011

 

IDENTIFICATION DETAILS

 

Name :

FTA FOOD SOLUTIONS PTY LTD

 

 

Registered Office :

54, 255 Drummond St Carlton, Vic 3053

 

 

Country :

Australia

 

 

Date of Incorporation :

17.03.1993

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import and export of food commodities

 

 

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 :

Exists

 

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

 

           

Company name

 

FTA FOOD SOLUTIONS PTY LTD

ACN: 059 480 054

ABN: 82 059 480 054

 

 

CORPORATE SEARCH

 

INCORPORATED                       17 March 1993

 

REGISTERED ADDRESS           54, 255 Drummond St

                                                CARLTON, VIC 3053

 

SHARECAPITAL                        $12                  

 

SHAREHOLDERS                     HSK Ward P/L               Holds 12 shares

 

DIRECTORS                              BURGESS, Robert Bruce

                                                26 ST Ninians Rd

                                                BRIGHTON, VIC 3186

 

                                                WARD, Steven David

                                                1032 Glen Huntly Rd

                                                CAULFIELD SOUTH, VIC 3162

 

                                                WARD, Helen Margaret

                                                5 Bruce Ct

                                                ELSTERNWICK, VIC 3185

 

SECRETARY                            WARD, Helen Margaret

 

REGISTERED CHARGES          Registered Charge Number     : 438141

                                                Date                                                     : 10.05.1994

                                                Status                                                   : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

                                                           

BUSINESS STRUCTURE

 

TRADING ADDRESS                 41 Slough Rd

                                                ALTONA, VIC 3018                               

 

TELEPHONE                             (613) 8398 0500

 

FACSIMILE                               (613) 9315 9002

 

HOLDING ENTITY                      HSK WARD PTY LTD

 

ASSOCIATED ENTITY               WARD MCKENZIE PTY LTD      

 

BANK                                       NATIONAL AUSTRALIA BANK

                                                Branch: Adelaide St

                                                BRISBANE, QLD 4000

                                               

EMPLOYEES                            30

           

 

BACKGROUND

 

The subject was incorporated in Victoria on 17 March 1993 as Kallshaw Trading Co P/L, changing name on 12 November 1993, adopting the current style on 23 December 2003.

 

The history of the Company can be traced back to 1852, when the current owners’ ancestors first arrived in Australia and set up business in Melbourne, selling corn and grain.

 

 

OPERATIONS

 

The subject operates in the import and export of food commodities.

 

The core product ranges include:

Dried and dehydrated fruit

Herbs and spices

Canned fruits and vegetables

Pulses

Nuts and seeds

Vegetable based fats and oils

Cocoa products

Food additives

Flours and starches

Snack foods

Sugar

                                   

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of the traced the following litigation listed against the subject at that date.

 

Default Report Listing

Account Number            : FTAFOOPER01

Account Type                : Guarantor

Member                        : AFL International P/L

Date                             : 19 Nov 2009

Amount                         : $1,462

Reason                         : Payment default

Assoc Code                  : Company’s Account

 

Default Report Listing

Account Number            : FTAFOO01

Account Type                : cash of delivery

Member                        : AFL International P/L

Date                             : 18 Aug 2008

Amount                         : $1,462

Reason                         : Payment default

Assoc Code                  : Company’s Account

 

 

FINANCES

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the subject recorded revenue of $100,285,377 which resulted in an operating profit before tax of $3,689,406 and an operating profit after tax of $2,576,556 representing a Net Profit Margin of 2.57%.

 

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

 

 

 

FTA Food Solutions Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$100,285,377

$106,552,394

-5.88%

Profit b/tax

$3,689,406

$1,475,247

150.09%

Profit a/tax

$2,576,556

$1,034,999

148.94%

Net Profit Margin

2.57%

0.97%

1.60%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totaling $831,008.

 

As at 30 June 2010 the subject recorded total current assets of 60,011,103. They included inventories of $21,939,639 and receivables of $37,997,011.

 

Current liabilities at the same date totalled $50,730,169 and included payables of $50,270,744.

 

As at 30 June 2010 the subject recorded Working Capital of $9,280,934 and a current ratio of 1.18 to 1 indicating a satisfactory liquidity position.

 

The subject maintains a financing facility with the National Australia Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

Net Assets totalled $10,452,875 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 4.85 to 1.

 

 

 

FTA Food Solutions Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$100,285,377

$106,552,394

-5.88%

Profit b/tax

$3,689,406

$1,475,247

150.09%

Profit a/tax

$2,576,556

$1,034,999

148.94%

Net Profit Margin

2.57%

0.97%

1.60%

Current Assets

$60,011,103

$48,815,529

22.93%

Non Current Assets

$1,171,941

$1,235,645

-5.16%

Total Assets

$61,183,044

$50,051,174

22.24%

Current Liabilities

$50,730,169

$42,174,855

20.29%

Non Current Liabilities

 

 

 

Total Liabilities

$50,730,169

$42,174,855

20.29%

Net Assets

$10,452,875

$7,876,319

32.71%

Working Capital

$9,280,934

$6,640,674

39.76%

Current Ratio

1.18

1.16

2.20%

Debt to Equity

4.85

5.35

-9.36%

 

 

TRADE SURVEY

 

The subject imports a majority of requirements. A trade survey on the subject traced the following accounts:

 

(Freight Force) Purchases average $200,000 to $200,000 per week on 7 day terms. Payment is met to terms and the account is considered satisfactory having been known for 20 years.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 17 March 1993 as Kallshaw Trading Co P/L, changing name on 12 November 1993, adopting the current style on 23 December 2003.

 

for the financial year ended 30 June 2010 the subject recorded revenue of $100,285,377 which resulted in an operating profit before tax of $3,689,406 and an operating profit after tax of $2,576,556 representing a Net Profit Margin of 2.57%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $831,008.

 

As at 30 June 2010 the subject recorded Working Capital of $9,280,934 and a current ratio of 1.18 to 1 indicating a satisfactory liquidity position.

 

Net Assets totalled $10,452,875 as at 30 June 2010.

 

                       


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.