MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEGA COLOUR GROUP PTY LTD |
|
|
|
|
Formerly Known As : |
S R
FRANKLAND PTY LTD |
|
|
|
|
Registered Office : |
274 Ferntree Gully Road,
Notting Hill, Victoria, Zip/postal code 3168 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
26.10.1999 |
|
|
|
|
Com. Reg. No.: |
090131267 |
|
|
|
|
Legal Form : |
Australian
Proprietary Company |
|
|
|
|
Line of Business : |
Subject was
previously engaged in providing commercial printing services |
|
|
|
|
No. of Employees : |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under Liquidation |
|
|
|
|
Payment Behaviour : |
--- |
|
|
|
|
Litigation : |
--- |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. 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 is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source : CIA |
Verified Address
Subject name : VEGA COLOUR GROUP PTY LTD
Other style / Business
name : VEGA PRESS
Business address : 274 Ferntree Gully Road
Town : Notting
Hill
Province : Victoria
Zip/postal code : 3168
Country : Australia
Tel : +61 3
85421222
Fax : +61 3
85421223
Email : sales@vega.com.au
Website : www.vega.com.au
Registered address : 274 Ferntree Gully Road
Town : Notting
Hill
Province : Victoria
Zip/postal code : 3168
Country : Australia
Postal address : P.O. Box 618
Town : Mount
Waverley
Province : Victoria
Zip/postal code : 3149
Country : Australia
Comments : The Subject is in
liquidation and goodwill and selected assets of the Subject have
been acquired by Print Media Group.
Executive Summary
Date founded
or registered : 26/10/1999
Legal form : Australian
Proprietary Company
Chief
executive : Peter
Gude
Issued &
paid up capital : AUD 12
Sales turnover
: AUD 17,400,000
(Estimated Non-Consolidated 12 months, 30/06/2012)
Line of
business : In
liquidation. The Subject was previously engaged in providing commercial
printing services.
Staff employed
: Nil
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is stalled (in liquidation)
Management
experience : Management is
inadequately experienced
Financial
performance : Financial
performance is poor
Organization
structure : Organizational
structure is flawed
Detrimental : Serious
detrimental found
Payment
history : Payment
punctuality is undetermined
Credit amount
suggestion : Fully secured terms.
Credit amount
asked : Not described.
Comments : It is strictly
advisable not to conduct any business dealing with the Subject due to
the Subject's in liquidation status.
Registry Data
Registration
date : 26/10/1999
Legal form : Australian
Proprietary Company
Registration
no Australia
Company Number: 090131267
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 88119578289
Registry
status : In
Liquidation
Previous name
: S R FRANKLAND PTY
LTD
VEGA COLOUR PTY LTD
SHANDEEN PTY. LTD. (initial)
Change of
legal form : None reported.
Other
registration : VEGA
PRESS is a business name owned by the Subject registered on
15/07/2003 under business registration no: B1701266P.
Key Management
Name : Peter Gude
Designation : Managing Director
Appointments
Name : Peter Gude
Designation : Director and Company Secretary
Appointment
date : 26/10/99
Address : 727 Canterbury Road
Surrey Hills, VIC 3127
Australia
Biography : Born on 10-09-1942 in Tel
Aviv, Israel.
Name : Damian John Templeton
Designation : Receiver
Appointment
date : 20/02/13
Address : C/o KPMG
Level 2, 147 Collins Street
Melbourne, VIC 3000
Australia
Name : Darren Michael Lewis
Designation : Receiver
Appointment
date : 20/02/13
Address : C/o KPMG
Level 2, 147 Collins Street
Melbourne, VIC 3000
Australia
Name : Stephen Robert Dixon
Designation : Liquidator
Appointment
date : 02/04/13
Address : C/o GRANT THORNTON
AUSTRALIA LTD
The Rialto, Level 30
525 Collins Street
Melbourne, VIC 3000
Australia
Name : Laurence Andrew
Fitzgerald
Designation : Liquidator
Appointment
date : 02/04/13
Address : C/o GRANT THORNTON AUSTRALIA LTD
The
Rialto, Level 30
Level
30, 525 Collins Street
Melbourne,
VIC 3000
Australia
Staff employed : Nil
Composition
Authorized
Capital : AUD 12
No of shares :
12 Ordinary Shares
Share par
value : AUD 1
Issued capital
: AUD 12
Paid up capital : AUD
12
How listed : Full List
Composition
Shareholder
name : Peter Gude
Address : 727 Canterbury Road
Surrey Hills, VIC 3127
Australia
No. of shares
: 12 Ordinary Shares
% of shares : 100%
Structure
Related companies
and corporate affiliations comments :
None reported.
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 : None reported.
Tax liens : None reported.
Others : None
reported
Description
Source of
financial statement : External
Sources
Financial
statement date : 30/06/12
Type of
accounts : Estimated
key figures
Currency : Australia
Dollar (AUD)
Exchange rate
: 1
USD = AUD 1.08 as of 25-06-2013
Summarized
Financial Information
Consolidation
type : Non Consolidated
Currency : Australia Dollar
(AUD)
Denomination :
(x1) One
Date of
financial year end : 30/06/12
Length of
accounts : 12 months
Sale turnover
/ Income : 17,400,000
Profit before
tax : 1,700,000
Comments : The Subject is in
liquidation hence it’s believed the Subject is a non trading
entity.
The Subject is classified as a small proprietary company by the
Australian
Securities & Investments Commission hence is not required to
disclose their
financial statement.
A proprietary company is defined as
small for a financial year if it satisfies at least two of the following:
- The consolidated revenue for the financial year of the company
and any entities
it controls is less than $25 million;
-The value of the consolidated gross assets at the end of the
financial year of the
company and any entities it controls is less than $12.5 million,
and
-The company and any entities it controls have fewer than 50
employees at the
end of the financial year.
Main
activities : The
Subject is in liquidation. The Subject was previously engaged in
providing commercial printing services.
Purchases
Local : None
reported.
International
: None
reported.
Sales
Local : None
reported.
International
: None
reported.
Key events : Vega Press to close
doors on Friday
03 April 2013
Friday will mark a grim day in the Victorian print industry with
ailing
53-year-old Melbourne commercial printer Vega Press set to close
its
doors for the final time, as
potential purchasers of the business have failed
to materialise.
The final bidding for the troubled
business which racked up $6.7m worth of
debts took place yesterday with two
interested parties, but of these Sydney
based APS (Access Print Solutions)
pulled out of its attempt to gain a
foothold in the Melbourne market, while
Print Media Group only put in bids
for the equipment and goodwill,
effectively buying the customer list.
Damian Templeton, partner, KPMG told
Australian Printer, “Vega will
cease operations at the end of the
week, while the goodwill and selected
assets have been acquired by Print
Media Group. We believe Print Media
Group will continue to support
customers of Vega.”
At a meeting with administrators
yesterday with staff and managers
employees were notified that the doors will shut for the final
time on Friday
April 5.
Staff will be made redundant during this week, and all remaining
work in
progress will be finalised by Friday.
Vega had 70 staff operating under the leadership of Peter Gude,
son of the
founder Phillip Gude. The company has been looking to ease its
position
for some time, it was in talks with Opus business McPherson’s last
year,
but these collapsed.
Source: www.i-grafix.com
April 2013: PMG acquires Vega Colour assets
PMG is pleased to announce that it has acquired select assets of
Vega
Colour Group. Vega has built a significant presence in the high
end colour
market. Its strong colour management expertise and market-leading
environmental credentials complement PMG’s strategy of expansion
through selective acquisition. We look forward to establishing
strong
relationships with the Vega clients.
Vega was established in August, 1960, by Phillip Gude. In
September,
1966, son Peter joined the family business and became Managing Director
in 1982. The company grew consistently over the years and built a
proud
reputation as a quality sheetfed printer.
Source: www.pmg.com.au
25 February 2013
Vega Colour Group enters Receivership
Vega Colour Group Pty Ltd has been placed into receivership with
Darren
Lewis and Damian Templeton of KPMG appointed as Receivers and
Managers on February 21, 2013.
The company is a long-standing
diversified sheet-fed printing business
based in Melbourne, established over 50 years ago. The business
produces multiple products including books, magazines, catalogues,
posters, leaflets, booklets, business cards and related logistics
services for
many leading brands in the Australian market. Vega Colour has
generated
an unaudited FY12 EBITDA of$1.7 million on turn over of $17.4
million.
Vega Colour has won many local and environmental business awards,
acknowledging the company’s commitment to green printing and
sustainability. The receivers are seeking Expressions of Interest
for the
business and/or assets. Deadline was set on March 1, 2013.
Source: www.dissolve.com.au
Property &
Assets
Premises : The Subject
operates from premises at the verified heading address
consisting of a printing facility, warehouse and administrative
office
covering 5,000 square metres.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 2009: 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%
Purchase Term
Local : None
International
: None
Sales Term
Local : None
International
: None
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.
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.59.70 |
|
UK Pound |
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.