MIRA INFORM REPORT

 

 

Report Date :

03.03.2011

 

IDENTIFICATION DETAILS

 

Name :

ANCHOR FOODS PTY LTD

 

 

Registered Office :

243 Hay Street, Subiaco Wa 6008

 

 

Country :

Australia

 

 

Date of Incorporation :

24.06.2002

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Manufacturer and distributor of food products including flour, baking products, desserts, flour mixes, vinegar, cordial, cereals and cooking needs.

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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      

 

ANCHOR FOODS PTY LTD

ACN: 101 088 626

ABN: 15 101 088 626

 

           

CORPORATE SEARCH

 

Incorporation State: WA

 

Incorporation Date: 24 JUN 2002

 

Registered Office

243 HAY STREET,

SUBIACO

WA 6008

 

Registered Charges: 5

 

Both Fixed &Floating

ALLIANZ FINANCE PTY LTD (128876335)

1887535

Registered 27 NOV 2009

 

Both Fixed &Floating

DAVID CLAPIN

1493305

Registered 02 AUG 2007

 

Both Fixed Floating

AUSTRALIA AND NEW ZEALAND BANKING GROUPLIMITED (005357522)

1482301

Registered 13 JUL 2007

 

Both Fixed Floating

AUSTRALIA AND NEW ZEALAND BANKING GROUPLIMITED (005357522)

1110950

Registered 09 DEC 2004

 

Both Fixed Floating

AUSTRALIA AND NEW ZEALAND BANKING GROUPLIMITED (005357522)

894433

Registered 04 OCT 2002

 

Current Directors:

 

LLOYD CHARLES CONSTANTINE – Appointed: 19 SEP 2007

8 WINIFRED Street MOSMAN PARK, WA

DOB: 23 SEP 1971

 

DAVID THOMAS CLAPIN – Appointed: 24 JUN 2002

116 HEYTESBURY Road SUBIACO, Western Australia

DOB: 06 JUL 1960

 

Current Secretaries Total: 1

 

ANDREW T'HART – Appointed:18 SEP 2008

 

Share Structure - Classes Total: 1

 

ORD ORDINARY - 3000000 – Amount paid: $2,949,161

 

Shareholders Total: 2

 

ORD 210000 - LLOYD CHARLES CONSTANTINE

ORD 2790000 - ANCHOR LIGHTHOUSE HOLDINGS PTY LTD

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 148 Carrington St

                                                FREMANTLE, WA 6163                        

 

TELEPHONE                             (618) 9314 4200

 

BANK                                       ANZ BANKING GROUP

                                               

EMPLOYEES                            110      

 

 

BACKGROUND

 

The subject was incorporated in Western Australia on 24 June 2002 under the current style.

 

Operations were established in 1854 when Gilbert Wood established G Wood Son and Co.

 

During the period from 1990 to 1999 the subject acquired D & J Fowlers and Spencers Brand name.

 

 

OPERATIONS

 

The subject operates as a manufacturer and distributor of food products including flour, baking products, desserts, flour mixes, vinegar, cordial, cereals and cooking needs.

 

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

 

ADVERSE

                                               

A search of of failed totrace 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 30 June 2010 the subject recorded revenue of $36,383,335, which resulted in an operating profit before and after tax of $505,641 representing a Net Profit Margin of 1.39%

 

During the current interview conducted with the subjects Financial Controller he advised that for the current financial year ending 30 June 2011 the subject expects to record a 6 to 7 per cent increase in operations.

 

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

 

 

Anchor Foods Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$36,383,335.

$33,925,940

7.24%

Profit b/tax

$505,641

($359,380)

-240.70%

Profit a/tax

$505,641

($359,380)

-240.70%

Net Profit Margin

1.39%

-1.06%

2.45%

 

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $246,143.

 

In June 2010 management approved an offer by a third party for the purchase of the Snowflake icing sugar product range for $185,000.

 

As at 30 June 2010 the subject recorded total current assets of $7,863,022. They included cash of $2,935, receivables of $4,805,861 and inventories of $2,563,014.

 

Current liabilities at the same date totalled $8,225,909 and included payables of $3,893,567 and borrowings of $4,185,696.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $362,887 and a current ratio of 0.96 to 1.

 

The subject maintains an overdraft and debtor invoice finance facility of $5,765,000 subject to periodic review.

 

In July 2010 ANZ reviewed and approved the overdraft and asset finance facilities which included an increase in the asset finance facility from 265,000 to $656,000. The overdraft facility remained at $500,000.

 

Net Assets totalled $2,823,437 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 3.41 to 1. After deducting intangibles of $2,135,031 this results in a Net Worth of $688,406.

 

 

Anchor Foods Pty Ltd

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$36,383,335.

$33,925,940

7.24%

Profit b/tax

$505,641

($359,380)

-240.70%

Profit a/tax

$505,641

($359,380)

-240.70%

Net Profit Margin

1.39%

-1.06%

2.45%

Current Assets

$7,863,022

$7,258,227

8.33%

Non-Current Assets

$4,587,225

$4,653,124

-1.42%

Total Assets

$12,450,247

$11,911,351

4.52%

Current Liabilities

$8,225,909

$7,913,782

3.94%

Non-Current Liabilities

$1,400,901

$1,679,773

-16.60%

Total Liabilities

$9,626,810

$9,593,555

0.35%

Net Assets

$2,823,437

$2,317,796

21.82%

Working Capital

($362,887)

($655,555)

-44.64%

Current Ratio

0.96

0.92

4.22%

Debt to Equity

3.41

4.14

-17.62%

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (Sonoco) Purchases average $80,000 to $120,000 per month on 45 day terms. Payment is met in 45 days and the account is considered satisfactory having been known since November 2001.

 

2.         (Ingredient Solutions) Purchases average $85,000 per month on 30 day terms. Payment is met in 45 days and the account is considered satisfactory having been known over 10 years.

 

SUMMARY

 

The subject was incorporated in Western Australia on 24 June 2002 under the current style.

 

Operations were established in 1854 when Gilbert Wood established G Wood Son and Co.

 

For the financial year ended 30 June 2010 the subject recorded revenue of $36,383,335, which resulted in an operating profit before and after tax of $505,641 representing a Net Profit Margin of 1.39%

 

For the current financial year ending 30 June 2011 the subject expects to record a 6 to 7 per cent increase in operations.

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $246,143.

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $362,887 and a current ratio of 0.96 to 1.

Net Assets totalled $2,823,437 as at 30 June 2010. After deducting intangibles of $2,135,031 this results in a Net Worth of $688,406.

 

                       

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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.