MIRA INFORM REPORT
|
Report No. : |
315666 |
|
Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
VEGAS ENTERPRISES PTY LTD |
|
|
|
|
Registered Office : |
3 Walters Drive, OSBORNE PARK, Western Australia 6017 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
21.10.1983 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale, distribution and licensing of its
trademarks of surfing and casual fashion apparel |
|
|
|
|
No. of Employee : |
80 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
VEGAS ENTERPRISES PTY LTD
ACN:
009 078 148
ABN:
65 009 078 148
|
Summary Panel |
||
|
Incorporated |
1983 |
|
|
Line of Business
|
Distribution of surfboards and surfing apparel |
|
|
Status |
Trading |
|
|
Adverse Listings |
|
|
CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
EXECUTIVE
SUMMARY
|
Vegas Enterprises Pty Ltd - consolidated |
|||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$32,314,440.00 |
$31,337,789.00 |
3.12% |
|
Profit b/tax |
($901,390.00) |
$555,707.00 |
-262.21% |
|
Profit a/tax |
($708,673.00) |
$363,637.00 |
-294.88% |
|
Net Profit Margin |
-2.19% |
1.16% |
-3.35% |
During fiscal 2014 the subject recorded consolidated Net Cashflows from
operating activities totalling $2,453,672.
As at 30 June 2014 the subject recorded consolidated Working Capital of
$2,830,513 and a current ratio of 1.43 to 1 indicating satisfactory liquidity
levels.
Consolidated Net Assets totalled $8,039,064 at 30 June 2014. After
deducting intangibles of $5,988,144 this results in Net Worth of $2,050,920.
CORPORATE
SEARCH
Company Type Australian Proprietary Company
Incorporation Date: 21 Oct
1983
Incorporation State: Western
Australia
Registered Office 3 WALTERS Drive
OSBORNE PARK, Western Australia 6017
Australia
Number of Shares Issued: 46131763
Paid Capital: 20399702
Shareholders NEW FORCE HOLDINGS LIMITED
Number of Shares: 41397326
GEOFFREY BRIAN BACKSHALL
Number of Shares: 1860472
MICHAEL STEVEN BUTTON
Number of Shares: 750200
D & M WHITEMAN PTY LIMITED
Number of Shares: 744192
OCTACOM PTY LTD
Number of Shares: 738185
SHERAZ PTY. LTD.
Number of Shares: 416,902
NICOLA CORSBIE
Number of Shares: 224,486
Directors WONG, HUNG HO
Appointment Date: 28 Mar 2009
Date of Birth: 22 Nov 1962
Gender: Unknown
Address:
Resident Overseas: Yes
BACKSHALL, GEOFFREY BRIAN
Appointment Date: 01 Jul 1993
Date of Birth: 30 Apr 1960
Gender: Male
Address: 4 WEBB Street COTTESLOE, Western
Australia 6011 Australia
Resident Overseas: No
Secretary LINDSAY MACKAY
Appointment Date: 20 Jan 2011
SECURITY
INTERESTS
Effective
30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different
Commonwealth, State and Territory laws and registers regarding security
interests in personal property under one national system.
As
a result of PPS Reform a number of existing Commonwealth, State and Territory
personal property security registers will close. Interests registered on
existing security interest registers will be migrated to the national PPS
Register. Subsequently Registered Charges are no longer lodged with the
Australian Securities and Investments Commission (ASIC).
Please
contact us should you require a search of the PPSR.
BUSINESS
STRUCTURE
TRADING ADDRESS 3 Walters Dr
OSBORNE
PARK, WA 6017
TELEPHONE (618) 9445 0333
FACSIMILE (618) 9445 0390
WEBSITE www.rusty.com
TRADING STYLE RUSTY
CONTROLLED
ENTITIES VEGAS ENTERPRISES (NZ)
LTD - NZ
R…
AND EVERYTHING ELSE – USA
ASSOCIATED
ENTITY HAPPY SHOVEL LLC (20%) - USA
BANK WESTPAC
BANKING CORPORATION
HSBC
EMPLOYEES 80
BACKGROUND
The subject was incorporated in
Western Australia on 21 October 1983 as Bernice Holdings P/L changing name on
29 November 1983 to Santosha Surfboards P/L changing name on 22 December 1993
to Rusty Surfboards Australia before adopting the current style on 6 October
1998.
In 2006, the subject bought the worldwide marks for the Rusty brand
(apparel only).
In 2008 the subsidiary Vegas Europe SAS, was set up to distribute the
Rusty Brand throughout Europe.
In August 2008 the subjects shareholders
contributed an addition $2,500,000 as shareholder loans. At the end of March
2009 $1,500,000 of shareholder loans were converted to equity.
On 19 March 2009 the subject sold 53% of the
company shares to a new shareholder for $10,000,000. These funds were used to
settle the litigation claim and the balance for working capital requirements.
OPERATIONS
The subject operates in the wholesale
distribution and licensing of its trademarks of surfing and casual fashion apparel,
surfboards and accessories.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 2 April 2015 failed to trace any litigation listed
against the subject at that date.
FINANCES
During the current investigation contact with the subjects Company
Secretary Lindsay Mackey was unable to be established. Despite numerous
messages being left, no reply has been received.
For the financial year ended 30 June 2014
the subject recorded consolidated revenue of $32,314,440, which resulted in an
operating Loss before tax of $901,390 and an operating Loss after tax of
$708,673.
Below is a summary of the subject’s
consolidated income results for the past two financial years.
|
Vegas Enterprises Pty Ltd - consolidated |
|||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$32,314,440.00 |
$31,337,789.00 |
3.12% |
|
Profit b/tax |
($901,390.00) |
$555,707.00 |
-262.21% |
|
Profit a/tax |
($708,673.00) |
$363,637.00 |
-294.88% |
|
Net Profit Margin |
-2.19% |
1.16% |
-3.35% |
During fiscal 2014 the subject recorded
consolidated Net Cashflows from operating activities totalling $2,453,672.
As at 30 June 2014 the subject recorded consolidated
total current assets of $9,396,816. They included cash of $387,879, receivables
of $7,058,944 and inventories of $1,949,993.
Current liabilities at the same date
totalled $6,566,303 and included payables of $2,726,339 and borrowings of
$1,718,759.
As at 30 June 2014 the subject recorded
consolidated Working Capital of $2,830,513 and a current ratio of 1.43 to 1
indicating satisfactory liquidity levels.
At 30 June 2014 the subject has access to
Lines of credit with a combined limit of $8,758,536. These facilities were
drawn to $6,878,867 at this time.
Consolidated Net Assets totalled $8,039,064
at 30 June 2014. At this date, the subject further recorded a Debt to Equity
ratio of 1.52 to 1. After deducting intangibles of $5,988,144 this results in
Net Worth of $2,050,920.
|
Vegas Enterprises Pty Ltd - consolidated |
|||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$32,314,440.00 |
$31,337,789.00 |
3.12% |
|
Profit b/tax |
($901,390.00) |
$555,707.00 |
-262.21% |
|
Profit a/tax |
($708,673.00) |
$363,637.00 |
-294.88% |
|
Net Profit Margin |
-2.19% |
1.16% |
-3.35% |
|
Current Assets |
$9,396,816.00 |
$10,691,016.00 |
-12.11% |
|
Non Current Assets |
$10,898,544.00 |
$11,531,842.00 |
-5.49% |
|
Total Assets |
$20,295,360.00 |
$22,222,858.00 |
-8.67% |
|
Current Liabilities |
$6,566,303.00 |
$6,641,643.00 |
-1.13% |
|
Non Current Liabilities |
$5,689,993.00 |
$6,646,586.00 |
-14.39% |
|
Total Liabilities |
$12,256,296.00 |
$13,288,229.00 |
-7.77% |
|
Net Assets |
$8,039,064.00 |
$8,934,629.00 |
-10.02% |
|
Working Capital |
$2,830,513.00 |
$4,049,373.00 |
-30.10% |
|
Current Ratio |
1.43 |
1.61 |
-11.10% |
|
Debt to Equity |
1.52 |
1.49 |
2.51% |
TRADE
SURVEY
During the current investigation, contact
with the subject’s 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
UK Pound |
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.