MIRA INFORM REPORT

 

 

Report Date :           

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ABC TISSUE PRODUCTS PTY LTD

 

 

Registered Office :

34-36 Redfern Street, Wetherill Park, Nsw 2164

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

18.04.1986

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacture and Distribution of tissue

 

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 – 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      

 

ABC TISSUE PRODUCTS PTY LTD

ACN: 003 085 112

ABN: 33 003 085 112

 

 

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 18 APR 1986

 

Registered Office

34-36 REDFERN STREET,

WETHERILL PARK

NSW 2164

 

Registered Charges: 5

1159028

Registered 13 MAY 2005

Fixed

NATIONAL AUSTRALIA BANK LIMITED (004044937)

 

1159032

Registered 13 MAY 2005

Fixed

NATIONAL AUSTRALIA BANK LIMITED (004044937)

 

1159030

Registered 13 MAY 2005

Fixed

NATIONAL AUSTRALIA BANK LIMITED (004044937)

 

1097921

Registered 02 NOV 2004

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

873639

Registered 04 JUL 2002

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

AUSTRALIA AND NEW ZEALAND BANKING GROUP

LIMITED (005357522)

 

Current Directors Total: 2

 

CHEK MING LY – Appointed: 29 JUN 2005

56 GEORGE Street CANLEY HEIGHTS, New South Wales

DOB: 01 DEC 1956

 

HENRY KEI NGAI – Appointed: 18 APR 1986

5 MORRE Place BOSSLEY PARK, New South Wales

DOB: 10 FEB 1946

 

Current Secretaries Total: 1

 

SUNNY SIU KEI NGAI – Appointed: 12 NOV 1991

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 22123650 – Amount paid: $22,703,446

 

Shareholders Total: 18

ORD 10000 - TERENCE MAXWELL LECKIE

ORD 10466 - HON KI KENNETH WONG

ORD 104660 - SONA SIOU

ORD 104660 - SIV LANG LY

ORD 108847 - HOUR SEA LY

ORD 138847 - CHEK HOUY LY

ORD 15007730 - HENRY KEI SHING

ORD 21769 - BONG TRAN

ORD 317693 - CHEK MING LY

ORD 3897754 - HONG KONG OVERSEAS INVESTMENTS

ORD 47934 - LENG TRAN

ORD 489646 - ANNA LAI CHANG NGAI

ORD 500000 - TUNGI TSAI

ORD 515811 - ANNY LAI LAI NGAI

ORD 52330 - LORETTA LAU

ORD 560673 - SUNNY SIU KEI NGAI

ORD 78495 - RATHA PHYRUM TA

ORD 81635 - CHEA SIENG LY

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 34 to 36 Redfern St

                                                WETHERILL PARK, NSW 2164                         

 

TELEPHONE                             (612) 8787 2222

           

FACSIMILE                               (612) 8787 2280

 

CONTROLLED ENTITIES            QUEENSLAND TISSUE PRODUCTS P/L

                                                ABC PAPER AND PAPER MILLS P/L

PACIFIC DISTRIBUTOR P/L

PAERAWAY P/L

ABC TISSUE PRODUCTS (QLD) P/L

ABC TISSUE PRODUCTS 9VIC) P/L

VICTORIA RECYCLE P/L

NEW SOUTH WALES RECYCLING P/L

AUSTRALIA RECYCLING P/L

BRISBANE RECYCLING P/L

 

BANK                                       NATIONAL AUSTRALIA BANK

                                               

EMPLOYEES                            588      

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 18 April 1986 to commence operations under the current style.

 

Operations were founded as a new venture in 1985.

 

 

OPERATIONS

 

The subject operates in the manufacture and distribution of tissue based products including toilet paper, serviettes, tissues and related products.

 

Brands include Quilton and Softly.

 

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 subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the subject recorded revenue of $307,024,271, which resulted in an operating profit before tax of $36,151,059 and an operating profit after tax of $25,324,569 representing a Net Profit Margin of 8.25%.

 

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

 

ABC Tissue Products Pty td

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$307,024,271

$271,467,001

13.10%

Profit b/tax

$36,151,059

$6,194,289

483.62%

Profit a/tax

$25,324,569

$6,266,813

304.11%

Net Profit Margin

8.25%

2.31%

5.94%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $56,369,620.

 

As at 30 June 2010 the subject recorded total current assets of $160,836,135. They included cash of $2,560,800, receivables of $58,682,539 and inventories of $97,084,130.

 

Current liabilities at the same date totalled $153,846,902 and included payables of $42,949,179, borrowings of $100,748,106 and provisions of $3,008,106.

 

As at 30 June 2010 the subject recorded Working Capital of $6,989,233 and a current ratio of 1.05 to 1 indicating satisfactory liquidity levels.

 

At 30 June 2010 the subject had access to financing facilities with combined limit of $212,955,500. These facilities were drawn to $180,793,816.

 

Net Assets totalled $111,729,651 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 2.25 to 1.

 

 

ABC Tissue Products Pty td

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$307,024,271

$271,467,001

13.10%

Profit b/tax

$36,151,059

$6,194,289

483.62%

Profit a/tax

$25,324,569

$6,266,813

304.11%

Net Profit Margin

8.25%

2.31%

5.94%

Current Assets

$160,836,135

$150,927,557

6.57%

Non-Current Assets

$201,766,818

$202,835,412

-0.53%

Total Assets

$362,602,953

$353,762,969

2.50%

Current Liabilities

$153,846,902

$125,224,283

22.86%

Non-Current Liabilities

$97,026,400

$103,740,632

-6.47%

Total Liabilities

$250,873,302

$228,964,915

9.57%

Net Assets

$111,729,651

$124,798,054

-10.47%

Working Capital

$6,989,233

$25,703,274

-72.81%

Current Ratio

1.05

1.21

-13.26%

Debt to Equity

2.25

1.83

22.38%

 

TRADE SURVEY

 

During the current investigation, contact with the subjects 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 New South Wales on 18 April 1986 to commence operations under the current style.

 

Operations were founded as a new venture in 1985.

 

For the financial year ended 30 June 2010 the subject recorded revenue of $307,024,271, which resulted in an operating profit before tax of $36,151,059 and an operating profit after tax of $25,324,569 representing a Net Profit Margin of 8.25%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $56,369,620.

 

As at 30 June 2010 the subject recorded Working Capital of $6,989,233 and a current ratio of 1.05 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $111,729,651 as at 30 June 2010.


                                               

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.