MIRA INFORM REPORT

 

 

Report Date :

04.03.2011

 

IDENTIFICATION DETAILS

 

Name :

PRECISION INTERNATIONAL PTY LTD

 

 

Registered Office :

591 Blackburn Road, Notting Hill Vic 3168

 

 

Country :

Australia

 

 

Date of Incorporation :

28.01.1972

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

National independent wholesaler of engine parts with fully operational sales and warehousing facilities in five states across Australia.

 

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 – 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      

 

PRECISION INTERNATIONAL PTY LTD

ACN: 007 727 102

ABN: 88 007 727 102

 

           

CORPORATE SEARCH

 

Incorporation State: SA

 

Incorporation Date: 28 JAN 1972

 

 Registered Office

591 BLACKBURN ROAD,

NOTTING HILL

VIC 3168

 

Registered Charge

 

Floating

Registered - 25 January 1985

Chargees: British Markitex Ltd, Markitex Australia P/L, Commonwealth Bank of Australia

241104

 

Current Directors Total: 3

 

WILLIAM JAMES NITSCHKE – Appointed: 31 OCT 2002

29 WOODFULL Street PRAHRAN EAST, Victoria

DOB: 19 JAN 1971

 

CHRISTINA TERRY NITSCHKE – Appointed: 20 DEC 1995

8 MANDEVILLE Lane TOORAK, Victoria 3142

DOB: 02 MAR 1953

 

WILLIAM SIDNEY NITSCHKE – Appointed: 28 JAN 1972

8 MANDEVILLE Lane TOORAK, Victoria 3142

DOB:  21 DEC 1941

 

Current Secretaries Total: 1

 

CHRISTINA TERRY NITSCHKE – Appointed: 29 NOV 2002

 

Share Structure - Classes Total: 9

A CLASS A SHARES - 1000 – Amount Paid: $1,000

H H CLASS SHARES - 1 – Amount Paid: $1

F CLASS F SHARES - 1000 – Amount Paid: $1,000

C CLASS C SHARES -1000 – Amount Paid: $1,000

G CLASS G SHARES -1 – Amount Paid: $1

E CLASS E SHARES -1000 – Amount Paid: $1,000

B CLASS B SHARES -1000 – Amount Paid: $1,000 0

D CLASS D SHARES -1000 – Amount Paid: $1,000

ORD ORDINARY SHARES - 4000 – Amount Paid: $4,000

 

Shareholders Total: 10

G 1 - WILLIAM SIDNEY NITSCHKE

H 1 - CHRISTINA TERRY NITSCHKE

E 1 - WILLIAM JAMES NITSCHKE

B 1000 - WILLIAM SIDNEY NITSCHKE

F 1000 - WILLIAM SIDNEY NITSCHKE

C 1000 - WILLIAM SIDNEY NITSCHKE

A 1000 - WILLIAM SIDNEY NITSCHKE

D 1000 - WILLIAM SIDNEY NITSCHKE

ORD 4000 - WILLIAM SIDNEY NITSCHKE

E 999 - WILLIAM SIDNEY NITSCHKE

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 591 Blackburn Rd

                                                NOTTING HILL, VIC 3168                                   

 

TELEPHONE                             (613) 9574 8400

 

FACSIMILE                               (613) 9561 9700

 

BRANCHES                              BROMPTON, SA

                                                OSBORNE PARK, WA

                                                SILVERWATER, NSW

                                                WILLAWONG, QLD

 

BANK                                       Not determined

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in South Australia on 28 January 1972 as Action Agencies P/L changing name on 24 April 1991 to Precision Engine Parts (WA) P/L changing name on 29 March 1993 to The Precision Engine Parts Group P/L before adopting the current style on 16 April 1998.

 

Operations were founded in 1970.

 

Until 1987, Precision was a performance orientated company; however during the late 1980’s Precision had a major change of direction to supply both performance and standard replacement engine parts.

 

OPERATIONS

 

The subject operates a national independent wholesaler of engine parts with fully operational sales and warehousing facilities in five states across Australia.

 

With over 38,000 part numbers, the subject sources the largest range of engine parts for American, Australian, British, European, Korean and Japanese passenger and commercial vehicles currently available in Australia.

 

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

 

 

ADVERSE                

 

A search of of on 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 $11,852,137, which resulted in an operating profit before tax of $1,186,411 and an operating profit after tax of $984,817 representing a Net Profit Margin of 8.31%.

 

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

 

 

Precision International Pty Limited

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$11,852,137

$10,594,089

11.87%

Profit b/tax

$1,186,411

($614,662)

-293.02%

Profit a/tax

$984,817

($729,807)

-234.94%

Net Profit Margin

8.31%

-6.89%

15.20%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,447,898.

 

As at 30 June 2010 the subject recorded total current assets of $16,708,299. They included cash of $987,896, receivables of $4,369,355 and inventories of $11,194,742.

 

Current liabilities at the same date totalled $2,806,750 and included payables of $2,508,495 and provisions of $298,255.

 

As at 30 June 2010 the subject recorded Working Capital of $13,901,549 and a current ratio of 5395 to 1 indicating strong liquidity levels.

 

Net Assets totalled $12,237,564 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.6 to 1.

 

 

 

 

Precision International Pty Limited

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$11,852,137

$10,594,089

11.87%

Profit b/tax

$1,186,411

($614,662)

-293.02%

Profit a/tax

$984,817

($729,807)

-234.94%

Net Profit Margin

8.31%

-6.89%

15.20%

Current Assets

$16,708,299

$18,585,913

-10.10%

Non-Current Assets

$2,822,275

$2,746,055

2.78%

Total Assets

$19,530,574

$21,331,968

-8.44%

Current Liabilities

$2,806,750

$2,945,881

-4.72%

Non-Current Liabilities

$4,486,260

$7,129,105

-37.07%

Total Liabilities

$7,293,010

$10,074,986

-27.61%

Net Assets

$12,237,564

$11,256,982

8.71%

Working Capital

$13,901,549

$15,640,032

-11.12%

Current Ratio

5.95

6.31

-5.65%

Debt to Equity

0.60

0.89

-33.41%

 

 

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 South Australia on 28 January 1972 as Action Agencies P/L changing name on 24 April 1991 to Precision Engine Parts (WA) P/L changing name on 29 March 1993 to The Precision Engine Parts Group P/L before adopting the current style on 16 April 1998.

 

Operations were founded in 1970.

 

for the financial year ended 30 June 2010 the subject recorded revenue of $11,852,137, which resulted in an operating profit before tax of $1,186,411 and an operating profit after tax of $984,817 representing a Net Profit Margin of 8.31%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,447,898.

 

As at 30 June 2010 the subject recorded Working Capital of $13,901,549 and a current ratio of 5395 to 1 indicating strong liquidity levels.

 

Net Assets totalled $12,237,564 as at 30 June 2010.

 

                                   

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.37

Euro

1

Rs.62.33

 

 

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.