MIRA INFORM REPORT

 

 

Report Date :           

23.05.2011

 

IDENTIFICATION DETAILS

 

Name :

REDOX PTY LTD 

 

 

Formerly Known As :

Redox Chemicals P/L

 

 

Registered Office :

2 Swettenham Rd, Minto, Nsw 256

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

06.03.1970

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and wholesale distribution and import of chemicals

 

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 – 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 

 

REDOX PTY LTD

ACN: 000 762 345

 

 

CORPORATE SEARCH

 

INCORPORATED                         6 March 1970

 

REGISTERED ADDRESS           2 Swettenham Rd

                                                MINTO, NSW 2566

 

SHARECAPITAL                        $2,330,909                   

 

SHAREHOLDERS                     CONELLIANO, Silvia                              Holds 394,629 shares

                                                CONELLIANO, Roland                            Holds 356,995 shares

                                                CONELLIANO, Robert                            Holds 338,942 shares

                                                CONELLIANO, Renato                           Holds 216,405 shares

CONELLIANO, Catherine                        Holds 210,155 shares

                                                PERRINS, Anna                                    Holds 143,849 shares

                                                GAIDA, Claudia                                     Holds 139,430 shares                                                                             CONELLIANO, Richard                           Holds 86,975 shares

                                                CONELLIANO, Raimond             Holds 64,212 shares

                                                PERRINS, Malcolm                                Holds 70,099 shares     

DIRECTORS                             CAMPBELL, Ian Houston

                                                4A Moruben Rd

                                                MOSMAN, NSW 2088

 

                                                CONELIANO, Robert

                                                58 Napoleon St

                                                SANS SOUCI, NSW 2219

 

MANNING, William

                                                25 The Meadows

                                                KIRKHAM, NSW 2570

 

                                                PERRINS, Malcolm

                                                20 Fraser Ave

                                                EASTGARDENS, NSW 2036

                                   

                                                CONELIANO, Renato

                                                156 Flower Rd

                                                ILLAWONG, NSW 2234

 

                                                CONELIANO, Roland

                                                7 Hillcross St

                                                LUGARNO, NSW 2210

                                                           

SECRETARY                            PERRINS, Malcolm

                                                9 Kilby Pl

                                                ILLAWONG, NSW 2234

           

REGISTERED CHARGES          Registered Charge Number     : 1758451

                                                Date Registered             : 23 Feb 2009

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

                                                Registered Charge Number     : 728138

                                                Date Registered             : 14.12.1999

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Westpac Bank

 

                                                Registered Charge Number     : 7548

                                                Date Registered             : 25.06.1987

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Westpac Bank

 

 

BUSINESS STRUCTURE

 

HEAD OFFICE              2 Swettenham Rd

                                    MINTO, NSW 2566                               

 

TELEPHONE                 (612) 9725 5155

 

FACSIMILE                   (612) 9725 4117

           

BRANCHES                  26-30 Gilbertson Road
Laverton North VIC 3028

 

775 Kingsford Smith Drive
Eagle Farm QLD 4009

 

178-180 Cavan Road
Dry Creek SA 5094

 

27 Howson Way

BIBRA LAKE, WA 6163

 

5 Robin Mann Place
Christchurch Airport
Christchurch, New Zealand

 

Havwloch North, NZ

BANK                                       WESTPAC BANKING CORPORATION

                                                Branch: 80 George ST

 


PARRAMATTA, NSW 2150

                                               

EMPLOYEES                220

 

           

BACKGROUND

 

The subject was incorporated in New South Wales, Australia on 6 March 1970 as C & K Industrial Traders P/L, changing name to Redox Chemicals P/L before adopting the current style on 6 October 2004.

 

The subject was established in Sydney as a partnership named C & K Industrial Traders in 1965.

 

In the early days C & K traded products from Eastern Europe. Sales passed $ l million for the first time in 1970.

 

The company was renamed Redox Chemicals in 1974

 

Revenue, which passed $40 million in 1993, exceeded $176 million by 2003.

 

 

OPERATIONS

 

The subject operates in the import and wholesale distribution and import of chemicals.

 

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

 

From the subject’s most recently available financial statements, it is noted that for the financial year ended 30 June 2010 the operations of the subject recorded revenue of $353,873,205, which resulted in an operating profit before tax of $32,810,379 and an operating profit after tax of $22,794,548 representing a Net Profit Margin of 6.44%

 

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

 

 

Redox Pty Ltd

 

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$353,873,205

$363,585,440

-2.67%

Profit b/tax

$32,810,379

$31,438,507

4.36%

Profit a/tax

$22,794,548

$22,141,940

2.95%

Net Profit Margin

6.44%

6.09%

0.35%

 

During fiscal 2010 the subject recorded Net cashflows from operating activities totalling $22,072,940.

 

As at 30 June 2010, the subject recorded total current assets of $141,040,977. They included cash of $17,261,376, receivables of $50,397,497 and inventories of $72,655,116.

 

Current liabilities at the same date totaled $41,063,323 and included payables of $20,709,311 and Interest bearing liabilities of $12,870,800.

 

As at 30 June 2010, the subject recorded Working Capital of $99,977,654 and a current ratio of 3.43 to 1 indicating strong liquidity levels.

 

Net Assets totalled $132,081,890 as at 30 June 2010. At this date, the subject further recorded a consolidated Debt to Equity ratio of 0.37 to 1 showing low levels of gearing.

 

 

Redox Pty Ltd

 

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$353,873,205

$363,585,440

-2.67%

Profit b/tax

$32,810,379

$31,438,507

4.36%

Profit a/tax

$22,794,548

$22,141,940

2.95%

Net Profit Margin

6.44%

6.09%

0.35%

Current Assets

$141,040,977

$137,245,234

2.77%

Non Current Assets

$39,943,010

$39,944,108

0.00%

Total Assets

$180,983,987

$177,189,342

2.14%

Current Liabilities

$41,063,323

$58,749,449

-30.10%

Non Current Liabilities

$7,838,774

$5,941,814

31.93%

Total Liabilities

$48,902,097

$64,691,263

-24.41%

Net Assets

$132,081,890

$112,498,079

17.41%

Working Capital

$99,977,654

$78,495,785

27.37%

Current Ratio

3.43

2.34

47.03%

Debt to Equity

0.37

0.58

-35.62%

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

a.       (BASF) Supplier declined to provide a reference owing to company policy.

 

 

SUMMARY

 

The subject was incorporated in New South Wales, Australia on 6 March 1970 as C & K Industrial Traders P/L, changing name to Redox Chemicals P/L before adopting the current style on 6 October 2004.

 

Operations were established in 1965.

 

for the financial year ended 30 June 2010 the operations of the subject recorded revenue of $353,873,205, which resulted in an operating profit before tax of $32,810,379 and an operating profit after tax of $22,794,548 representing a Net Profit Margin of 6.44%

 

During fiscal 2010 the subject recorded Net cashflows from operating activities totalling $22,072,940.

 

As at 30 June 2010, the subject recorded Working Capital of $99,977,654 and a current ratio of 3.43 to 1 indicating strong liquidity levels.

 

Net Assets totalled $132,081,890 as at 30 June 2010.


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.92

Euro

1

Rs.64.34

 

 

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.