MIRA INFORM REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
VIP PLASTIC PACKAGING PTY LTD |
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Formerly Known As : |
Visy Industrial
Plastics P/L |
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Registered Office : |
16/644 Chapel Street, South Yarra, Victoria
3141 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
08.12.2000 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
manufacture of
Plastic Containers |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Australia |
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
VIP PLASTIC PACKAGING PTY LTD
ACN: 095 313 705
ABN: 98 095 313
705
CORPORATE SEARCH
Incorporation Date: 08
Dec 2000
Incorporation State: Victoria
Registered Office 16/644 CHAPEL Street
SOUTH YARRA, Victoria 3141 Australia
Number of Shares Issued: 20000001
Paid Capital: 20000001
Shareholders PACT GROUP PTY LTD
Number of Shares: 20000001
Directors GEMINDER, RAPHAEL
Appointment Date: 08 Dec 2000
Date of Birth: 24 Mar 1960
Gender: Male
Address: 13A MONARO Road MALVERN, Victoria
3144 Australia
Resident Overseas: No
Secretary RAPHAEL GEMINDER AND OTHERS
Appointment Date: 08 Dec 2000
Proprietor of Business VIP PACKAGING
Registered State: Victoria
BUSINESS STRUCTURE
HEAD OFFICE 2, 533 Little Lonsdale St
MELBOURNE, VIC 3000
TELEPHONE (613) 9247 4777
TRADING STYLE VIP PACKAGING
HOLDING ENTITY PACT GROUP P/L
ULTIMATE HOLDING
ENTITY GEMINDER HOLDINGS P/L
BRANCHES FREMANTLE, WA
DROUIN, VIC
AUBURN, NSW
BRENDALE, QLD
BANK Not determined
EMPLOYEES 1,892
BACKGROUND
The subject was incorporated in Victoria on 8 December 2000 as Visy Industrial Plastics P/L before adopting the current style on 23 April 2007.
OPERATIONS
The subject
operates in the manufacture of plastic containers including:
·
PET
Wine Bottles
·
Plastic
Bottles and Jars
·
Vials
and Tubs
·
Plastic
and Laminate Tubes
·
Plastic
Cubes
·
Plastic
Drums
·
Plastic
Pails
·
Plastic
Crates
·
Intermediate
Bulk Containers
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the failed to trace any litigation listed against the subject at that date.
Court Actions
Action Date: 11 Aug 2006
Amount: 885
Creditor: HUNTER TRANSPORT INDUSTRIES PT
Plaint Number: 718/06/2STH
Court Type: Local court
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 $243,162,821, which resulted in an operating profit before tax of $26,242,934 and an operating profit after tax of $17,624,566 representing a Net Profit Margin of 7.25%.
Below is a summary of the subject’s income results for the past two financial years.
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VIP Plastic Packaging Pty Ltd |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$243,162,821 |
$234,693,905 |
3.61% |
|
Profit b/tax |
$26,242,934 |
$29,467,374 |
-10.94% |
|
Profit a/tax |
$17,624,566 |
$20,877,708 |
-15.58% |
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Net Profit Margin |
7.25% |
8.90% |
-1.65% |
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $48,056,017.
As at 30 June 2010 the subject recorded total current assets of $54,813,896. They included cash of $14,100, receivables of $34,103,637 and inventories of $19,199,210.
Current liabilities at the same date totalled $57,381,765 and included payables of $51,970,962 and provisions of $3,812,938.
As at 30 June 2010 the subject recorded a deficiency in Working Capital of $2,567,869 and a current ratio of 0.96 to 1.
Net Assets totalled $117,788,547 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.71 to 1.
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VIP Plastic Packaging Pty Ltd |
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||
|
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$243,162,821 |
$234,693,905 |
3.61% |
|
Profit b/tax |
$26,242,934 |
$29,467,374 |
-10.94% |
|
Profit a/tax |
$17,624,566 |
$20,877,708 |
-15.58% |
|
Net Profit Margin |
7.25% |
8.90% |
-1.65% |
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Current Assets |
$54,813,896 |
$69,263,945 |
-20.86% |
|
Non-Current Assets |
$146,857,994 |
$146,956,959 |
-0.07% |
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Total Assets |
$201,671,890 |
$216,220,904 |
-6.73% |
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Current Liabilities |
$57,381,765 |
$56,932,475 |
0.79% |
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Non-Current Liabilities |
$26,501,578 |
$49,223,218 |
-46.16% |
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Total Liabilities |
$83,883,343 |
$106,155,693 |
-20.98% |
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Net Assets |
$117,788,547 |
$110,065,211 |
7.02% |
|
Working Capital |
($2,567,869) |
$12,331,470 |
-120.82% |
|
Current Ratio |
0.96 |
1.22 |
-21.48% |
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Debt to Equity |
0.71 |
0.96 |
-26.16% |
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 Victoria on 8 December 2000 as Visy Industrial Plastics P/L before adopting the current style on 23 April 2007.
For the financial year ended 30 June 2010 the subject recorded revenue of $243,162,821, which resulted in an operating profit before tax of $26,242,934 and an operating profit after tax of $17,624,566 representing a Net Profit Margin of 7.25%.
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $48,056,017.
As at 30 June 2010 the subject recorded a deficiency in Working Capital of $2,567,869 and a current ratio of 0.96 to 1.
Net Assets totalled $117,788,547 as at 30 June 2010.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.28 |
|
UK Pound |
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.