MIRA INFORM REPORT

 

 

Report Date :

14.11.2014

 

IDENTIFICATION DETAILS

 

Name :

PASSAGE FOODS PTY LTD

 

 

Registered Office :

C/o Vawdrey Axton Turner 43 Station Road Cheltenham Victoria 3192

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

20.04.2004

 

 

Com. Reg. No.:

108773217

 

 

Legal Form :

Australian Proprietary Company, Limited by Shares

 

 

Line of Business :

The Subject’s business consist of import, manufacturing and wholesale distribution of premixed authentic cooking sauces under the brand PASSAGE FOODS.

 

 

No. of Employees :

20

 

 

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 :

Slow but correct

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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, 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

 

Company name

 

PASSAGE FOODS PTY LTD

 

 

CORPORATE DETAILS

 

Verified Address

 

Subject name
PASSAGE FOODS PTY LTD
Business address
91-97 Woodlands Drive
Town
Braeside
Province
Victoria
Zip / Postal code
3195
Country
Australia
Telephone
+61 3 95803344
Fax
+61 3 95804222
Email
chrisdoutre@passagefoods.com / contact@passagefoods.com
Website
www.passagefoods.com

 

Registered address
C/o VAWDREY AXTON TURNER
43 Station Road
Town
Cheltenham
Province
Victoria
Zip / Postal code
3192
Country
Australia

 

 

 

SUMMARY DETAILS

 

Report Summary

 

Date registered
20/04/2004
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Adrian Alexander Aloysius Cester
Line of business
The Subject’s business consist of import, manufacturing and wholesale distribution of premixed authentic cooking sauces under the brand PASSAGE FOODS.
Staff employed
20 employees

Paid-up capital
AUD 10.00
Sales turnover / Revenue / Income
AUD 57,102,323.00 (Group-Consolidated 12 months, 30/06/2013)
Net income / loss
AUD 4,520,754.00 (Group-Consolidated 12 months, 30/06/2013)
Total assets
AUD 37,329,749.00 (Group-Consolidated 12 months, 30/06/2013)
Share equity
AUD 26,049,080.00 (Group-Consolidated 12 months, 30/06/2013)

CREDIT RISK OUTLOOK

 

Credit Risk Interpretation

 

Credit risk theory
Reasonable financial and operational base. Small credits may be considered with some confidence that commitments will be sustained under normal circumstances. This is based on criterions such as years of establishment, number of employees, sales turnover, profit after tax, total assets, reserve, and others. A cautious credit control policy applies.
Paid-up capital
AUD 10.00
Sales turnover / Revenue / Income
AUD 57,102,323.00 (Group-Consolidated 12 months, 30/06/2013)
Net income / loss
AUD 4,520,754.00 (Group-Consolidated 12 months, 30/06/2013)
Total assets
AUD 37,329,749.00 (Group-Consolidated 12 months, 30/06/2013)
Share equity
AUD 26,049,080.00 (Group-Consolidated 12 months, 30/06/2013)

 

Description: satisfactory.png

 

Subject’s Credit Risk Analysis

 

Country risk
Country risk is minimal
Operation trend
Operational trend is steady
Management experience
Management is reasonably experienced
Financial performance
Financial performance is fair

 

Organisation structure
Organisational structure is stable
Detrimental
No detrimental found
Payment history
No payment delays noted
Credit amount requested
Not described.
Credit amount suggestion
USD 340,000

 

 

STATUTORY DETAILS

 

Registry Information

 

Date registered
20/04/2004
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 108773217
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 37108773217

 

Statutory status
Active
Previous name
None reported.
Change of legal form
None reported.

 

 

 

BOARD OF MANAGEMENT

 

Key Personnel

 

Name
Adrian Alexander Aloysius Cester
Designation
Managing Director

 

 

 

 

BOARD OF DIRECTORS

 

Appointments

 

Name
Michael Brendan Foran
Title
Director
Appointment date
20/04/04
Address
65 Vincent Street
Sandringham, VIC 3191
Australia
Biography
Born on 29-04-1959 in Melbourne, Victoria, Australia.
Name
Adrian Alexander Aloysius Cester
Title
Director and Company Secretary
Appointment date
20/04/04
Address
25 Bridge Street
Hampton, VIC 3188
Australia
Biography
Born on 02-04-1970 in Melbourne, Victoria, Australia.

 

Staff employed
20 employees

SHARE CAPITAL

 

Composition

 

Authorized capital
AUD 10.00
Number / Type of shares
10 Ordinary Shares
Share par value
AUD 1.00
Issued capital
AUD 10.00

Paid-up capital
AUD 10.00

 

 

 

OWNERSHIP / SHAREHOLDERS

 

Composition

 

Shareholder name
FLAVOUR MAKERS PTY LTD
Address
91-97 Woodlands Drive
Braeside, VIC 3195
Australia
Number / Type of shares
9 Ordinary Shares
Percentage (%) of shares
90%
Shareholder name
Christopher Meredith Doutre
Address
9 Abbin Avenue
Bentleigh East, VIC 3165
Australia
Number / Type of shares
1 Ordinary Share
Percentage (%) of shares
10%

 

 

 

CORPORATE AFFILIATIONS AND RELATED COMPANIES

 

Structure

 

Company name
FLAVOUR MAKERS PTY LTD
Affiliation type
Parent Company
Country of business
Australia
Company name
PASSAGE FOODS INTERNATIONAL PTY LTD
Affiliation type
Associate
Country of business
Australia
Company name
FLAVOUR MAKERS AUSTRALIA PTY LTD
Affiliation type
Associate
Country of business
Australia
Company name
FLAVOUR MAKERS EQUIPMENT PTY LTD
Affiliation type
Associate
Country of business
Australia
Company name
FLAVOUR MAKERS EXPORT PTY LTD
Affiliation type
Associate
Country of business
Australia

 

 

 

BANK AND MORTGAGES

 

Bank Details

 

Name of bank
National Australia Bank
Address
Australia

 

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 Filings

 

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

 

 

FINANCIAL STATISTICS

 

Description

 

Financial statement source
Commercial Registry Filings
Financial statement date
30/06/13
Style of financial statement
Full audited

 

Currency of financial statement
Australia Dollar (AUD)
Exchange rate
1 USD = AUD 1.15 as of 12-11-2014

 

 

 

Concise Financial Data

Consolidation style

Group Consolidated

Group Consolidated

 

Currency

Australia Dollar (AUD)

Australia Dollar (AUD)

 

Date of financial year end

30/06/13

30/06/12

 

Length of financial accounts

12 months

12 months

 

Sales turnover / Revenue / Income

57,102,323.00

52,678,134.00

 

Profit / Loss before tax

5,604,251.00

5,015,078.00

 

Net income / loss

4,520,754.00

3,226,112.00

 

Non-current assets

14,249,229.00

13,695,885.00

 

Property, plant and equipment

0.00

13,347.00

 

Current assets

23,080,520.00

16,001,469.00

 

Inventories

3,874,325.00

4,195,441.00

 

Cash and cash equivalents

2,352,850.00

2,130,171.00

 

Accounts receivable

16,152,744.00

9,497,271.00

 

Total assets

37,329,749.00

29,697,354.00

 

Current liabilities

11,280,669.00

7,719,028.00

 

Non-current liabilities

0.00

0.00

 

Accounts payable

11,280,669.00

7,650,763.00

 

Total liabilities

11,280,669.00

7,719,028.00

 

Share equity

26,049,080.00

21,978,326.00

 

Retained earnings

26,049,072.00

21,978,318.00

 

 

BUSINESS DETAILS

 

Operational Details

 

Main activities


The Subject engages in import, manufacturing and wholesale distribution of premixed authentic cooking sauces under the brand PASSAGE FOODS.

PASSAGE FOODS was created in 2004 by Chef Chris Doutre in partnership with Flavour Makers Pty Ltd which engages in import, manufacturing and wholesale distribution of food ingredient products.


Products and services


Premixed authentic cooking sauces


Brands


PASSAGE FOODS

 

Purchases

 

 

International
The Subject sources its product(s) / material(s) from countries such as India.

 

Sales

 

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries such as United States Of America, UK and The United Arab Emirates.

 

Business Facilities and Assets

 

Premises
The Subject operates from the verified heading address consisting of a production facility, warehouse and an administrative office.

 

Branches
None reported.

 

 

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) and Economic Overview

 

Central bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 58.415 billion
Gross domestic product (GDP)
US$ 1.436 trillion
Purchasing power parity (GPP)
1.041 trillion of International dollars
GDP per capita (current prices)
US$ 61,137
GDP composition by sector
agriculture: 3.8%
industry: 27.4%
services: 68.7%
Inflation
2012: 1.8%
2013: 2.5%
2014: 2.3%
Unemployment rate
2012: 5.2%
2013: 5.7%
2014: 6.2%

Public debt (general Government gross debt as percentage (%) of GDP)
2012: 27.2%
2013: 28.8%
2014: 30.8%
Government bond ratings
Standard & Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares
US$1.198 trillion

 

 

Trade and Competitiveness Overview

 

Total exports
US$251.7 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports
US$245.8 billion
Import commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Best countries for doing business
11 out of 189 countries
Global competitiveness ranking
22 (ranking by country on a basis of 144, the first is the best)

Major export partners
China 29.5%, Japan 19.3%, South Korea 8%, India 4.9%
Major import partners
China 18.4%, US 11.7%, Japan 7.9%, Singapore 6%, Germany 4.6%, Thailand 4.2%, South Korea 4.1%
FDI inflows
2011: US$ 65,209 million
2012: US$ 55,518 million
2013: US$ 49,826 million
FDI outflows
2011: US$ 8,702 million
2012: US$ 6,212 million
2013: US$ 6,364 million

 

Country and Population Overview

 

Total population
23.485 million
Total area
7,741,220 sq km
Capital
Canberra

Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
83.00%

 

 

PAYMENT OUTLOOK

 

Purchases Term

 

 

International
Prepayment, D/P, Telegraphic transfer, Credit 30-90 days

 

Sales Term

 

Local
Prepayment, D/P, Bank transfer, Credit 30-90 days

International
Prepayment, Telegraphic transfer, 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

 

 

Attachments

 

Attachments
Financial statements

 

 

 

KEY FINANCIAL RATIOS

 

For financial year end

30/06/13

30/06/12

Profitability

.

.

Pre-tax profit (loss) margin (%)

9.81

9.52

Net profit (loss) margin (%)

7.92

6.12

Return on Invested Capital

.

.

Return on assets (%)

12.11

10.86

Return on equity (%)

17.35

14.68

Liquidity

.

.

Current ratio

2.05

2.07

Quick ratio

1.70

1.53

Cash ratio

0.10

0.13

Accounts receivable turnover ratio (times)

3.54

5.55

Accounts payable turnover ratio (times)

5.06

6.89

Collection period (days)

103.25

65.81

Payment period (days)

72.11

53.01

Inventory turnover ratio (times)

14.74

12.56

Inventory conversion period (days)

24.76

29.07

Asset Management

.

.

Fixed asset turnover ratio (times)

 

3,946.81

Asset turnover ratio (times)

1.53

1.77

Capital Structure and Solvency

.

.

Total debt to asset ratio (%)

30.22

25.99

Total debt to equity ratio (%)

43.31

35.12

Non-current debt to equity ratio (%)

0.00

0.00

 

 

ATTACHMENT

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.56

UK Pound

1

Rs.97.10

Euro

1

Rs.76.61

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SNT

 

               

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.