MIRA INFORM REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
INDUCTOTHERM PTY LTD |
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Formerly Known As : |
Inductotherm
(Melting) Pty Ltd |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.03.1981 |
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Legal Form : |
Prorpietray Company |
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Line of Business : |
manufacture of induction melting system |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
INDUCTOTHERM PTY LTD
ACN: 005 793 911
ABN: 48 005 793
911
CORPORATE SEARCH
INCORPORATED 24 March 1981
REGISTERED
ADDRESS 62 Bardia Ave
SHARECAPITAL $868,358
SHAREHOLDERS ROWAN TECHNOLOGIES INC Holds 868,357
KOSCIELECKI,
Wladyslaw Holds 1
DIRECTORS BOULD, Desmond
John
MOUNT ELIZA, VIC 3930
PRABHU, Satyen
Resident
overseas
STONE,
Christopher Gordon
FRANKSTON,
VIC 3199
HENRY,
William Angus
MCKINNON,
VIC 3204
DOYON,
Gary
Resident
Overseas
ROWAN,
Henry Madison
Resident
Overseas
SECRETARY BOULD, Desmond John
REGISTERED
CHARGES Registered Charge Number :
2141111
Date
Registered : 08.03.2011
Status : Fixed
and floating
Creditor : Delaware
Corporation
Registered
Charge Number : 1067212
Date
Registered : 30.07.2004
Status : Fixed
and floating
Creditor : HSBC Bank
BUSINESS STRUCTURE
TRADING ADDRESS 62 Bardia Ave
TELEPHONE (613) 9786 6000
FACSIMILE (613) 9786 6334
HOLDING ENTITY ROWAN TECHNOLOGIES INC
BANK HSBC BANK
EMPLOYEES 50
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the manufacture of induction melting systems.
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 not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with Company Secretary Des Bould, he confirmed the subjects search and operational details, however declined to disclose any details pertaining to the subject’s financial position for the current enquiry.
From the subjects
most recently lodged financial statements, it is noted that for the financial
year ended 31 December 2009 the subject recorded revenue of $21,792,792, which
resulted in an operating profit before tax of $794,533 and an operating profit
after tax of $536,349 representing a Net Profit Margin of 2.46%.
Below is a summary of
the subject’s income results for the past two financial years.
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Inductotherm Pty Ltd |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$21,792,792 |
$24,886,065 |
-12.43% |
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Profit b/tax |
$794,533 |
$2,882,239 |
-72.43% |
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Profit a/tax |
$536,349 |
$2,001,192 |
-73.20% |
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Net Profit Margin |
2.46% |
8.04% |
-5.58% |
During fiscal 2009, the subject recorded Net Cashflows from operating activities totalling $917,789.
As at 31 December 2009 the subject recorded total current assets of $10,745,301. They included cash of $4,143,762, receivables of $3,245,504 and inventories of $3,239,014.
Current liabilities at the same date totalled $9,181,655 and included payables of $6,979,230 and provisions of $2,202,425.
As at 31 December 2009 the subject recorded Working Capital of $1,563,646 and a current ratio of 1.17 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $3,899,595 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 2.37 to 1.
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Inductotherm Pty Ltd |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$21,792,792 |
$24,886,065 |
-12.43% |
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Profit b/tax |
$794,533 |
$2,882,239 |
-72.43% |
|
Profit a/tax |
$536,349 |
$2,001,192 |
-73.20% |
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Net Profit Margin |
2.46% |
8.04% |
-5.58% |
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Current Assets |
$10,745,301 |
$11,630,537 |
-7.61% |
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Non-Current Assets |
$2,392,521 |
$2,738,462 |
-12.63% |
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Total Assets |
$13,137,822 |
$14,368,999 |
-8.57% |
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Current Liabilities |
$9,181,655 |
$9,852,881 |
-6.81% |
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Non-Current Liabilities |
$56,572 |
$38,010 |
48.83% |
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Total Liabilities |
$9,238,227 |
$9,890,891 |
-6.60% |
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Net Assets |
$3,899,595 |
$4,478,108 |
-12.92% |
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Working Capital |
$1,563,646 |
$1,777,656 |
-12.04% |
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Current Ratio |
1.17 |
1.18 |
-0.86% |
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Debt to Equity |
2.37 |
2.21 |
7.26% |
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
1. (Aspect Packaging) Purchases average $1,500 per month on 30 day terms. Payment is met in 3 days and the account is considered satisfactory having been known since March 1994.
2. (Tradelink) Nominated supplier declined to provide a reference owing to company policy.
SUMMARY
The subject was incorporated in
For the financial
year ended 31 December 2009 the subject recorded revenue of $21,792,792, which
resulted in an operating profit before tax of $794,533 and an operating profit
after tax of $536,349 representing a Net Profit Margin of 2.46%.
During fiscal 2009,
the subject recorded Net Cashflows from operating activities totalling
$917,789.
As at 31 December
2009 the subject recorded Working Capital of $1,563,646 and a current ratio of
1.17 to 1 indicating satisfactory liquidity levels.
Net Assets totalled
$3,899,595 as at 31 December 2009.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.78 |
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|
1 |
Rs.71.64 |
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Euro |
1 |
Rs.62.96 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.