MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Name : |
COMGROUP AUSTRALIA PTY LTD |
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Formerly Known As : |
SIMOCO
SERVICES PTY LTD |
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Registered Office : |
1270 Ferntree Gully Road, Scoresby, Victoria, Zip/postal code 3179 |
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Country : |
Australia |
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Financials (as on) : |
30.04.2011 |
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Date of Incorporation : |
14.11.2000 |
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Com. Reg. No.: |
095068429 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Distribution and services of radio communication solution. |
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 |
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Maximum Credit Limit : |
USD
900,000 |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
Identification details
Verified Address
Subject name : COMGROUP AUSTRALIA PTY LTD
Business address : 1270 Ferntree Gully Road
Town : Scoresby
Province : Victoria
Zip/postal code : 3179
Country : Australia
Tel : +61 3 97303999
Fax : +61 3 97303988
Email : comgroup@comgroup.net.au
Website : www.comgroup.net.au
Registered address : 1270 Ferntree Gully Road
Town : Scoresby
Province : Victoria
Zip/postal code : 3179
Country : Australia
Summary details
Executive Summary
Date founded or
registered : 14/11/2000
Legal form : Australian Proprietary Company
Chief executive : Robert Alan Clarke
Issued & paid up
capital : AUD 600,000
Sales turnover : AUD 32,057,000 (Non consolidated 12
months, 30/04/2011)
Net income : AUD 2,977,000 (Non consolidated 12
months, 30/04/2011)
Total fixed assets : AUD 28,033,000 (Non consolidated 12
months, 30/04/2011)
Line of business :
Distribution and services of radio
communication solution.
Staff employed : 88 employees
Credit risk opinion
Company Analysis
Country
risk : Country risk is minimal
Operation
trend : Operational trend is steady
Management
experience : Management is adequately experienced
Financial
performance : Financial performance is good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit
amount suggestion : USD 900,000
Credit
amount asked : USD 400,000
Statutory details
Registry Data
Registration
date : 14/11/2000
Legal
form : Australian Proprietary Company
Registration
no : Australian Company Number: 095068429
Registered
authority : Australian Securities & Investments
Commission
Fiscal/
Tax no : Australian Business Number: 29095068429
Registry
status : Live/Active
Previous
name : The Subject was previously known as
SIMOCO SERVICES PTY LTD and
changed to the current style on
15-06-2001.
Change
of legal form : None reported.
Management / directors
Key Management
Name : Robert Alan Clarke
Designation : Managing Director
Name : Adrian Taylor
Designation : Finance Director
Name : Perrin Trease
Designation : Sales Manager
Board of directors / other
appointments
Appointments
Name : Michael Norfield
Designation : Director
Appointment date : 12/07/09
Address : Malvern, Worcestershire WR14 1HR United Kingdom
Biography : Born on 29-06-1963 in London, United Kingdom.
Name : Edward Phillip Williams
Designation : Director
Appointment date : 12/07/09
Address : Malvern, Worcestershire WR14 1HR United Kingdom
Biography : Born on 03-04-1968 in Sheffield, United Kingdom.
Name : Andrew Peter Woodhall
Designation : Director
Appointment date : 12/07/09
Address : West Bridgford, Nottingham NG2 6HG United Kingdom
Biography : Born on 30-11-1964 in Cheshire, United Kingdom.
Name : Adrian Taylor
Designation : Director
Appointment date : 28/04/10
Address : 5 Halsbury Place
Skye, VIC 3977
Australia
Biography : Born on 18-10-1973 in Melbourne,
Victoria, Australia.
Name : Craig Grant Sanford
Designation : Director
Appointment date : 29/03/11
Address : 2 Aquila Court
Wheelers Hill, VIC 3150
Australia
Biography : Born on 31-08-1968 in Melbourne,
Victoria, Australia.
Name : Robert Alan Clarke
Designation : Director
Appointment date : 29/03/11
Address : 25 Black Wattle Way
Cranbourne
North, VIC 3977
Australia
Biography : Born on 19-02-1955 in Lurgan,
Ireland.
Name : Ian Carr
Designation : Director
Appointment date : 12/07/09
Address Darley
Abbey, Derby DE22 IEA United Kingdom
Biography : Born on 03-07-1968 in United Kingdom.
Staff employed : 88 employees
Key Advisors
Auditors : DELOITTE
TOUCHE TOHMATSU
550 Bourke Street
Melbourne, VIC 3000
Australia
Share capital
Composition
Authorized Capital : AUD 600,000
No of shares : 600,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 600,000
Paid up capital : AUD 600,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name : TEAM TELECOM GROUP AUSTRALIA PTY LTD
Address : 1270 Ferntree Gully Road
Scoresby, VIC 3179
Australia
No. of shares : 600,000 Ordinary Shares
% of shares : 100%
Ownership / Shareholding comment : On 1st May 2010, Team Telecom Group was sold by Spice Plc, the
previous Ultimate Holding Company to Gresham Private Equity through TTG Global Group Limited, incorporated in the United Kingdom in a management buyout.
Related companies & corporate Affiliations
Structure
Name : GRESHAM LLP
Affiliation type : Ultimate Holding Company
Address : One South Place London EC2M 2GT United Kingdom
Comments : Gresham Private Equity is a private
equity firm specializing in expansion capital and mid-
market management buyouts. The
firm primarily invests in business and support services, consumer, financial
services, healthcare and pharmaceuticals, industrial products, and energy and
environmental. Within business and support services, it seeks to focus on
business services; facilities management and local authority services; human
capital services; healthcare services; logistics and distribution; and
inspection and testing. In the consumer sector, the firm seeks to focus on
associated but discrete sub sectors including consumer products leisure; and retail. Within the
financial services sector, it primarily invests in insurance including retail
and corporate; lending including consumer and corporate; and fund management.
In healthcare and pharmaceutical, the firm focuses on later stage
pharmaceutical products; pharmaceutical services; medical services and
diagnostics; and healthcare services. Within industrial products, it seeks to
invest in aerospace; power generation; building products; electronics;
industrial services; and specialist manufacture. Within energy and
environmental sector, the firm seeks to invest in energy-related sub-sectors
including oil and gas products and services, energy management and minimization,
waste management, and recycling. It invests throughout the United Kingdom. The
firm seeks to invest up to £45 million ($73.4 million). It seeks to take a
stake of about 25% in
portfolio companies. Gresham Private Equity was founded in 1925 and is based in
London, United Kingdom with additional offices in Manchester, United Kingdom;
Bristol, United Kingdom; and Birmingham, United Kingdom.
Name TTG GLOBAL GROUP LIMITED
Affiliation type Intermediate Holding Company
Address Field House
Uttoxeter Old Road
Derby, DE1 1NH United Kingdom
Name TEAM TELECOM GROUP AUSTRALIA PTY LTD
Affiliation type Parent Company
Address 1270 Ferntree Gully Road
Scoresby, VIC 3179
Australia
Name DALMAN TECHNICAL SERVICES LIMITED
Affiliation type Wholly-owned Subsidiary
Address Field House Uttoxeter Old Road Derby, DE1 1NH United Kingdom
Name TMC
RADIO PTY LTD
Affiliation type Wholly-owned
Subsidiary
Address 1270
Ferntree Gully Road
Scoresby, VIC 3179
Australia
Name TTG
GLOBAL LIMITED
Affiliation type Associate
Address Field
House Uttoxeter Old Road Derby, DE1 1NH United Kingdom
Name TTG GLOBAL HOLDINGS LIMITED
Affiliation type Associate
Address Field House
Uttoxeter Old Road
Derby, DE1 1NH United Kingdom
Name TEAM SIMOCO AUSTRALIA PTY LTD
Affiliation type Associate
Address 1270 Ferntree Gully Road
Scoresby, VIC 3179
Australia
Name TEAM
SIMOCO LIMITED
Affiliation type Associate
Field
House Uttoxeter Old Road Derby, DE1 1NH United Kingdom
Bank & mortgages
Bank Details
Name of bank : HSBC Bank Australia Limited
Address : Australia
Account details : Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however interested
parties would be advised to consult first with the Subject if banker's
references are required.
Mortgages
Satisfied Charges:
ASIC Charge Number: 857047
Date Registered: 16-04-2002
Charge type: Both Fixed & Floating
Date Created: 26-03-2002
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 878132
Date Registered: 23-07-2002
Charge type: Both Fixed & Floating
Date Created: 27-06-2002
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
Unsatisfied Charges:
ASIC Charge Number: 1998914
Date Registered: 23-06-2010
Charge type: Both Fixed & Floating
Date Created: 17-05-2010
Chargees Name: BARRINGTON HOUSE NOMINEES LIMITED
ASIC Charge Number: 1998916
Date Registered: 23-06-2010
Charge type: Fixed
Date Created: 17-05-2010
Chargees Name: BARRINGTON HOUSE NOMINEES LIMITED
ASIC Charge Number: 2012794
Date Registered: 13-07-2010
Charge type: Both Fixed & Floating
Date Created: 17-05-2010
Chargees Name: HSBC BANK PLC
ASIC Charge Number: 2014191
Date Registered: 14-07-2010
Charge type: Fixed
Date Created: 17-05-2010
Chargees Name: HSBC BANK PLC
ASIC Charge Number: 2244895
Date Registered: 11-10-2011
Charge type: Both Fixed & Floating
Date Created: 06-10-2011
Chargees Name: HSBC BANK AUSTRALIA LIMITED
Legal Fillings
Bankruptcy fillings :
None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 30/04/11
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.98 as of 15-11-2011
Summarized Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
|
Currency : |
Australia Dollar (AUD) |
Australia Dollar (AUD) |
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Denomination : |
(x1) One |
(x1) One |
|
Date of
financial year end : |
30/04/11 |
30/04/10 |
|
Length of
accounts : |
12 months |
10 months |
|
Sale turnover /
Income : |
32,057,000 |
21,516,000 |
|
Gross profit : |
15,105,000 |
9,888,000 |
|
Profit before
tax : |
4,329,000 |
1,053,000 |
|
Net income : |
2,977,000 |
1,990,000 |
|
Non current
assets : |
12,257,000 |
11,210,000 |
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Current assets : |
15,776,000 |
13,518,000 |
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Inventories : |
4,395,000 |
5,261,000 |
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Total assets : |
28,033,000 |
24,728,000 |
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Current
liabilities : |
8,639,000 |
9,426,000 |
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Non current
liabilities : |
1,281,000 |
166,000 |
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Total
liabilities : |
9,920,000 |
9,592,000 |
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Share equity : |
18,113,000 |
15,136,000 |
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Retained earning : |
17,513,000 |
14,536,000 |
Operation details
Main activities The Subject is engaged in distribution and services of radio communication
solution.
Product & services Mobile Radio Portable Radio Trunked Radio Base Station
Radio Infrastructure - GPS antenna
Digital Radio
SAMS5000 Automatic Vehicle Location (AVL) System
Purchases
Local : Yes
International : United Kingdom, United States, China,
Taiwan
Sales
Local : Yes
International : Pacific Island
Key events : 26 April 2010
DISPOSAL OF THE TELECOMS BUSINESS FOR £32.8 MILLION
Spice, the
provider of Outsourced Utility Support Services, is pleased to announce that it
has entered into a conditional agreement to dispose of its Telecoms Business
(and a related freehold property) for a gross consideration of £32.8 million.
The Buyer of the Telecoms Business is SIATEL Holdings Limited, a vehicle backed
by funds managed by Gresham.
Introduction
Spice has entered
into a conditional agreement with SIATEL Holdings Limited, a vehicle backed by
funds managed by Gresham, to dispose of its Telecoms Business and to procure
the sale of the related freehold property at Field House. The gross
consideration for the Disposal (including debt and other liabilities amounting
to £7.3 million being assumed by the Buyer) is £32.8 million. The amount payable in cash to the
Continuing Group on Completion is £25.5 million, subject to adjustment (up or
down) depending on the actual level of working capital and the actual level of
debt and other liabilities in the Telecoms Business at Completion.
In view of the size of the Disposal, which constitutes a Class I transaction under the Listing Rules, the Disposal is conditional on Shareholder approval at a General Meeting. The Company will shortly publish a circular to Shareholders to set out further details of the Disposal and to convene the General Meeting.
Details of the Telecoms Business
The Telecoms Business designs, installs, supports, maintains and operates telecoms infrastructure assets around the world. The business is organised under three brands, being "AirRadio", "Indigo", and "Simoco", and encompasses both the wire line and wireless sectors and works in worldwide mission critical environments, such as utilities, aviation, defence and the emergency services. Services include:
Operation of wireless radio and data communications networks and systems within the UK airline and airports industry with operations networks at 21 UK airports and also at Dublin airport;
Supply of consultancy and support services and communications equipment;
Installation, commissioning, maintenance and support services to wire line and wireless network operators;
Design, manufacture, installation and maintenance of analogue and digital private mobile radio systems; and
expertise across technologies including fibre optical IP network, microwave, cellular and data radio.
The activities
of the Telecoms Business were complemented in July 2009 by the acquisition of
ComGroup which has now been integrated into the Group's existing telecoms
operations. Spice had initially
established its Telecoms Business with the purchase of the Simoco business in
2002 at around the same time as which Simoco's then sister business was
purchased by TMC Radio Pty Limited (a subsidiary of ComGroup). Following that,
Simoco and ComGroup worked jointly on major projects and operated an R&D
joint venture. Accordingly, the
acquisition by Spice of ComGroup re-united two businesses that were well known
to each other, shared common technology platforms and a global product brand.
As such, the ComGroup acquisition by Spice in July 2009 represented an
important step in developing the Telecoms Business into an attractive asset
which, in the Directors' view, was a contributory factor to the price now being
offered in connection with the Disposal.
Jul 13, 2009
Team Telecom acquires ComGroup
Team Telecom Group, a UK-based provider of telecommunication solutions,
has acquired ComGroup Pty., Limited, an Australia-based designer and
distributer of Simoco branded mobile radio handsets and systems. The
transaction is valued minimum of AUD14 million ($10.9 million) and maximum of
AUS $18 million ($14.03 million) in cash.
Pursuant to the acquisition, ComGroup will be merged with the existing
operations of Team Simoco.
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of
warehouse and administrative office.
Branches : In addition, the Subject operates from branch offices located at:
Unit 1,199 Abernethy Rd
Belmont WA 6104
Australia
Tel: +61 8 92779066
Unit 7, 30-36 Birralee Rd
Regency Park SA 5010
Australia
Tel: +61 8 84458500
12/58, Metroplex Avenue
Murarrie, Qld 4172
Australia
+Tel: +61 7 38238900
Unit 7, The Riverside Centre, 24-28 River Road West
Parramatta, NSW 2150
Australia
Tel: +61 2 96892599
4 Molonglo Mall
Fyshwick, ACT 0253
Australia
Tel: +61 2 62807372
Other property : Total NBV of property, plant and equipment as of 30-04-2011 was AUD 1,681,000.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product – GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2007:5.2 %
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest
companies in the country : Commonwealth Bank (Banking), BHP Billiton
(Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National
Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows 2007: US$16,822 million
2008: US$32,819 million
2009: US$ 18,426 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 16
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 74.00%
Payment history
Purchase Term
Local : Cash against document, Credit 30-90
days
International : L/C, Credit 30-90 days
Sales Term
Local : Prepayment, Credit 30-90 days
International : Prepayment, Credit 30-90 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade
references were not supplied, the
Subject's
payment track record history cannot be appropriately
determined
but based on our research, payments are believed to be
met
without delay.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
|
UK Pound |
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.48 |
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 |
|
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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.