MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
QRSCIENCES SECURITY PTY LTD |
|
|
|
|
|
|
Registered Office : |
Unit 5, 435 Williamstown Road Port Melbourne Victoria 3207 |
|
|
|
|
|
|
Country : |
Australia |
|
|
|
|
|
|
Financials (as on) : |
30.06.2012 (Group Consolidated) |
|
|
|
|
|
|
Date of Incorporation : |
19.07.2006 |
|
|
|
|
|
|
Com. Reg. No.: |
120813292 |
|
|
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
|
|
Line of Business : |
Distributor of surveillance and monitoring equipment including CCTV cameras, digital video recorders and security video management
systems. |
|
|
|
|
|
|
No. of Employees : |
50 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
AUSTRALIA - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
Source
: CIA
Verified Address
Subject name : QRSCIENCES SECURITY PTY
LTD
Other style /
Business name : Q VIDEO SYSTEMS / Q
ALARM SUPPLIES
Business address :
Unit 5, 435
Williamstown Road
Town : Port
Melbourne
Province : Victoria
Zip/postal code : 3207
Country : Australia
Tel : +61 3
96469016
Fax : +61 3
96469086
Website : www.qvideosystems.com.au
Registered address
: Unit 5, 435 Williamstown
Road
Town : Port
Melbourne
Province : Victoria
Zip/postal code : 3207
Country : Australia
Executive Summary
Date founded or
registered : 19/07/2006
Legal form : Australian
Proprietary Company
Chief executive : Richard James Stokes
Issued & paid
up capital : AUD 5,672,971
Sales turnover : AUD
49,083,000 (Group-consolidated 12 months, 30/06/2012)
Net income : AUD -2,168,000
(Group-consolidated 12 months, 30/06/2012)
Total fixed assets
: AUD 28,262,000
(Group-consolidated 12 months, 30/06/2012)
Line of business :
Distributor of surveillance
and monitoring equipment including CCTV cameras,
digital video recorders and security video management systems.
Staff employed : 50 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is gradually declining
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 19/07/2006
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 120813292
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
Business Number: 99120813292
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Richard James Stokes
Designation : Managing Director
Name : Adrian Francis Mckenzie
Designation : Chief Financial Officer
Name : Cliff Simons
Designation : General Manager
Appointments
Name : Richard James Stokes
Designation : Director
Appointment date : 15/03/07
Address : 1 Baylie Place
Geelong, VIC 3220
Australia
Biography : Born on 12-12-1962 in Geelong,
Victoria, Australia.
Mr. Richard (Rick) James Stokes is Chief Executive Officer and Executive
Director of Q Technology Group Ltd. He has been on the Company's Board since
December 19, 2007. He joined the Company in a Consulting role on 9 February
2007 where he was the CEO of the acquired business Baxall Australia. Mr. Stokes
became the CEO and a Director of Q Technology Group Limited on 19 December
2007. Mr. Stokes has been involved in the electrical and security industry for
some 24 years where he has developed and operated
numerous electrical contracting and security distribution businesses. He
was the founder of Vicam CCTV systems which revolutionised the delivery of CCTV
products in the Australian market.
Name : Adrian Francis McKenzie
Designation : Company Secretary
Appointment date :
25/05/11
Address : 115 Marlborough Street
Bentleigh East, VIC 3165
Australia
Biography : Born on 24-05-1968 in
Ballarat, Victoria, Australia.
Mr. Adrian McKenzie has been Chief Financial Officer and Company
Secretary of Q Technology Group Ltd since May 23, 2011. He has
over 20 years’ experience as a senior financial executive with PWC
and ASX listed, IDT Australia Limited.
Staff employed : 50 employees
Key Advisors
Auditors : MOORE STEPHENS ACCOUNTANT
& ADVISORS
Level 10, 530 Collins Steet
Melbournes, VIC 3000 Australia
Composition
Authorized Capital
: AUD 5,672,971
No of shares : 5,672,971 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 5,672,971
Paid up capital : AUD 5,672,971
How listed : Full
List
Composition
Shareholder name :
Q TECHNOLOGY GROUP LIMITED
Address : Unit 5, 435 Williamstown
Road
Port Melbourne, VIC 3207
Australia
No. of shares : 5,672,971 Ordinary Shares
% of shares : 100%
Structure
Name : Q TECHNOLOGY GROUP
LIMITED
Affiliation type :
Parent Company
Address : Unit 5, 435 Williamstown
Road
Port Melbourne, VIC 3207
Australia
Comments : Q Technology Group Limited
(formerly QRSciences Holdings Limited) is an
Australia-based company. The Company develops, designs and sells
systems,
components and software for use in global commercial security markets.
It is a
re-seller in the Australian region of detection, surveillance and alarm
products. It
focuses on the global security market with emphasis on the United
States,
Australia, the United Kingdom, Europe and Asia. It operates in two
segments:
Investment and Closed Circuit Television (CCTV) Distribution. On 21
December
2009, its investment in Spectrum SDI (USA) was sold. On 23 March 2010,
its
97% owned listed company Shell in the USA DVOP-OB was sold. On 22 April
2010, its QRSciences Pty Ltd, the research and development (R&D)
business,
assets and associated Internet protocol (IP) was sold to Rapiscan
Systems Inc.
On 25 June 2010, its 20.4% ownership of Tek84 (residual assets in
Spectrum
SDI) was sold.
Name : API SERVICES AND
SOLUTIONS PTY LTD
Affiliation type :
Sister Company
Address : Unit 5, 435 Williamstown
Road
Port Melbourne, VIC 3207 Australia
Bank Details
Name of bank : National Australia Bank
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 : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements : On 18 June 2012 the independent Commission Against
Corruption (ICAC) in New South Wales commenced an enquiry into the security
Industry in New South Wales and in particular in relation to corrupt benefits
being provided to parties and
collusive tendering in numerous government contracts, of which Q Video
Systems was a supplier of one of these projects, the Arts Gallery of New South
Wales. The enquiry has been extended to include whether Q Technology Group, via
officers of Q Video Systems provided corrupt benefits to one individual in
relation to the Art Gallery of New South Wales. The company does not expect
adverse findings to occur which will have a material effect on the on going
performance of the Q Video Systems business. The Company has incurred legal
expenses of AUD 150,000 in relation to this matter as at the end of August
2012.
Tax liens : None reported.
Others : None reported.
Description
Source of
financial statement : Public Record
Sources
Financial
statement date : 30/06/12
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
18-10-2012
Summarized Financial Information
Consolidation type
: Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 30/06/12 30/06/11
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 49,083,000 39,842,000
Profit before tax
: -2,018,000 -5,804,000
Net income : -2,168,000 -4,998,000
Non current assets
: 8,526,000 8,816,000
Current assets : 19,736,000 20,915,000
Inventories : 9,495,000 10,358,000
Total assets : 28,262,000 29,731,000
Current
liabilities : 16,326,000
19,736,000
Non current
liabilities : 5,251,000 1,142,000
Total liabilities
: 21,577,000
20,878,000
Share equity : 6,685,000 8,853,000
Reserve : 52,000 52,000
Retained earning : -65,773,000 -63,605,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Parent Company Q Technology Group Limited and all its subsidiaries which
include the Subject.
For financial year end 30-06-2012, the Subject achieved growth of 8.6%
with AUD
24.5m in revenue and an EBIT of AUD 1.0m with the corresponding year AUD
22.6m in revenue and an EBIT of AUD 1.6m.
Main activities : The Subject is engaged
as an importer and distributor of surveillance and
monitoring equipment including CCTV cameras, digital video recorders and
security video management systems.
The Subject is a subsidiary of publicly listed Q Technology Group
Limited based in Australia.
Product &
services : Products
CCTV
CCTV Hardware
IP Network Products
Monitors
Power Systems
Cables
Access Control
Alarm & Intrusion
Brand : SAMSUNG
ALTRONIX
AXIS
SANYO
BIWAVE
DSC
TAKEX
ALEXOR
KANTECH
NVT
VERINT
TAMRON
MODEMPAK
GARRETT
VOGEL’S
FUJINON
AMERICAN DYNAMICS
EATON
WINSTED
Purchases
International :
United States, South Korea, China, Taiwan, Japan, Europe
Sales
Local : Yes
International :
New Zealand, Pacific Islands
Property & Assets
Premises : The Subject
operates from the verified heading address consisting of a warehouse and an
administrative office.
Branches : In addition, the Subject operates from
branch offices located at:
Unit 1, 7 Millennium Court
Silverwater, NSW 2128 Australia
Tel: +61 2 97370977
Unit 2, 1 Ross Street
Newstead, QLD 4006 Australia
Tel: +61 7 32571700
Unit 11, 7 King Edward Road
Osborne Park, WA 6017 Australia
Tel: +61 8 92179200
Unit 2, 60 Grove Avenue
Marleston, SA 5033 Australia
Tel: +61 8 81932020
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 43.879
billion
Gross domestic
product - GDP : US$ 1.586
trillion
GPP (Purchasing
power parity) : 954.296 billion
of International dollars
GDP per capita -
current prices : US$ 68,916
GDP - composition
by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
: 2009: 5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General
Government gross debt as
a % GDP): 2009:
16.9%
2010: 20.4%
2011: 22.9%
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 : 2008: US$46,843
million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 million
2010: US$26,431 million
Best countries for
doing business : 10 out of 183
countries
Global
competitiveness ranking : 20 (ranking
by country on a basis of 142, 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: 76.00%
Purchase Term
International :
Prepayment, L/C Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-90 days
International : Prepayment,
Telegraphic transfer, D/P, 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.
Investigation Note
Sources : Interviews and material provided
by the Subject
: Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.