MIRA INFORM REPORT

 

 

Report Date :           

27.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MULFORD PLASTICS PTY. LIMITED

 

 

Registered Office :

Unit 22, Slough Business Park,   Silverwater, Nsw 2128

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.10.1946

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Manufacture, Import and Distribution of plastic sheet and film 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 :

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

 

 Bottom of Form

                       

REGISTERED NAME      

 

MULFORD PLASTICS PTY. LIMITED

ACN: 000 057 170

ABN: 86 000 057 170

 

     

CORPORATE SEARCH

 

INCORPORATED                       10 October 1946

 

REGISTERED ADDRESS           Unit 22, Slough Business Park

                                                SILVERWATER, NSW 2128

                                               

SHARECAPITAL                        $1,480,340       

 

SHAREHOLDERS                     MULFORD HOLDINGS P/L                     holds 740,170

 

DIRECTORS                              GRANT, Ian

                                                Resident overseas

 

                                                PERICLEOUS, Pericles

                                                25 Agnes St

                                                STRATHFIELD, NSW 2135

 

                                                NGA, Seg Min

                                                Resident overseas

                                               

SECRETARY                            PERICLEOUS, Pericles

                                                25 Agnes St

                                                STRATHFIELD, NSW 2135

 

REG’D CHARGES                     ASIC Charge Number  : 23816

                                                Date Registered : 15.10.1984     

                                                Status                           : Fixed and floating

                                                Creditor                         : ANZ Banking Group

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     Unit 4, 23 South St

                                    RYDALMERE, NSW 2116

 

TELEPHONE                 (612) 9638 2144

 

FACSIMILE                      (612) 9638 2303

 

BRANCHES                  DANDENONG SOUTH, VIC

                                                ARCHERFIELD, QLD

                                                REGENCY PARK, SA

                                                OSBORNE PARK, WA

                                                BROADMEADOW, NSW

 

HOLDING ENTITY          MULFORD HOLDINGS P/L

 

ULTIMATE HOLDING

ENTITY                         ROYALPLAST PTE LTD

 

BANK                           ANZ BANKING GROUP

                                    Branch: Parramatta, NSW 2150

 

EMPLOYEES                45

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 10 October 1946. disclose Share Capital of $1,480,340.

 

Operations were established as a new venture in 1946.

 

 

ADVERSE

                                               

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

 

Default Report Listing

Account Number            : 011863

Account Type                : 30 day account

Member                        : Aluminium Specialies

Date                             : 8 November 2007

Amount                         : $10,380

Reason                         : Payment default

Assoc Code                  : Company’s Account

 

 

OPERATIONS

 

The subject operates in the manufacture, import and distribution of plastic sheet and film products for various applications which including corporate signage.

 

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

 

FINANCES

 

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

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2010 the subject recorded revenue of $31,423,463, which resulted in an operating profit before tax of $672,310 and an operating profit after tax of $449,341 representing a Net Profit Margin of 1.4%.

 

In January 2011 the Brisbane floods caused damage to the subject’s inventory plant and equipment at the Brisbane branch. The loss is estimated at $500,000. The Directors are still assessing the loss though have lodged an insurance claim of $450,000.

 

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

 

 

 

Mulford Plastics Pty Ltd

 

 

As at 31 December 2010

As at 31 December 2009

Change (%)

Revenue

$31,423,463

$30,108,557

4.37%

Profit b/tax

$672,310

$2,486,170

-72.96%

Profit a/tax

$449,341

$179,366

150.52%

Net Profit Margin

1.43%

0.60%

0.83%

 

During fiscal 2010, the subject recorded a deficiency in Net Cashflows from operating activities totalling $82,060.

 

As at 31 December 2010, the subject recorded total current assets of $20,644,119. They included cash of $7,296 receivables of $13,715,686 and inventories of $6,601,523.

 

Current liabilities at the same date totalled $11,935,039 and included payables of $6,697,079 and borrowings of $5,102,283.

 

As at 31 December 2010, the subject recorded Working Capital of $8,709,080 and a current ratio of 1.73 to 1.

 

Net Assets totalled $10,391,857 as at 31 December 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.18 to 1.

 

 

Mulford Plastics Pty Ltd

 

 

As at 31 December 2010

As at 31 December 2009

Change (%)

Revenue

$31,423,463

$30,108,557

4.37%

Profit b/tax

$672,310

$2,486,170

-72.96%

Profit a/tax

$449,341

$179,366

150.52%

Net Profit Margin

1.43%

0.60%

0.83%

Current Assets

$20,644,119

$20,268,389

1.85%

Non-Current Assets

$2,011,980

$2,167,361

-7.17%

Total Assets

$22,656,099

$22,435,750

0.98%

Current Liabilities

$11,935,039

$7,518,092

58.75%

Non-Current Liabilities

$329,203

$4,975,142

-93.38%

Total Liabilities

$12,264,242

$12,493,234

-1.83%

Net Assets

$10,391,857

$9,942,516

4.52%

Working Capital

$8,709,080

$12,750,297

-31.70%

Current Ratio

1.73

2.7

-35.84%

Debt to Equity

1.18

1.26

-6.08%

 

 

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 was incorporated in New South Wales on 10 October 1946. Records disclose Share Capital of $1,480,340.

 

Operations were established as a new venture in 1946.

 

for the financial year ended 31 December 2010 the subject recorded revenue of $31,423,463, which resulted in an operating profit before tax of $672,310 and an operating profit after tax of $449,341 representing a Net Profit Margin of 1.4%.

 

During fiscal 2010, the subject recorded a deficiency in Net Cashflows from operating activities totalling $82,060.

 

As at 31 December 2010, the subject recorded Working Capital of $8,709,080 and a current ratio of 1.73 to 1.

 

Net Assets totalled $10,391,857 as at 31 December 2010.

 

                                               


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.71.89

Euro

1

Rs.64.09

 

 

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.