MIRA INFORM REPORT
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Report No. : |
351746 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
PROCHEM GROUP HOLDINGS P/L |
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Registered Office : |
27 Lisbon Street Villawood, NSW, 2163 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
03.06.2003 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the distribution of piping products, vales and instrumentations and manufacture of pipe fittings. |
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No. of Employee : |
118 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
AUSTRALIA - ECONOMIC OVERVIEW
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth.
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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source
: CIA |
Company
NAME
PROCHEM GROUP
HOLDINGS P/L
ACN 104963886
ABN 46104963886
Summary
Panel
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Established |
Over 50 years |
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Incorporated |
2003 |
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Line of Business |
Manufacture and distribution of piping products |
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Status |
Trading |
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Adverse Listings |
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EXECUTIVE
SUMMARY
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Prochem Group Holdings Pty Ltd -
consolidated |
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As at 30 June 2015 |
As at 30 June 2014 |
Change (%) |
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Revenue |
$70,796,430.00 |
$65,617,383.00 |
7.89% |
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Profit b/tax |
$6,265,413.00 |
$1,852,668.00 |
238.18% |
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Profit a/tax |
$4,875,466.00 |
$1,524,449.00 |
219.82% |
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Net Profit Margin |
6.89% |
2.32% |
4.56% |
During fiscal 2015, the subject recorded consolidatedNet Cashflows from
operating activities totaling $5,426,856.
As at 30 June 2015 the subject recorded consolidated Working Capital of
$17,248,310 and a current ratio of 1.95 to 1 indicating sound liquidity levels.
Consolidated Net Assets totalled $22,304,672 as at 30 June 2015.
CORPORATE SEARCH
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 03 Jun
2003
Incorporation State NSW
Registered Office 27
LISBON STREET VILLAWOOD
NSW, 2163
Current Directors
Total: 5
Director Name WOOD,
DAVID JAMES
Appointment Date 01 Jul 2015
Date of Birth 19
Oct 1979
Place of Birth ABERDEEN
UNITED KINGDOM
Gender MALE
Resident Overseas N
Address 3
HANLEY PL, HILLARYS WA
6025
Document Number 029404038
Director Name STANDING,
GUY WEST
Appointment Date 09 Oct
2014
Date of Birth 27
Aug 1969
Place of Birth ADELAIDE
SA
Gender MALE
Resident Overseas N
Address 19
BLACKWOOD PARK BLV,
CRAIGBURN FARM SA 5051
Document Number 7E6466494
Director Name RIDEOUT,
MARK JOHN
Appointment Date 09 Oct
2014
Date of Birth 24
Mar 1971
Place of Birth PERTH
WA
Gender MALE
Resident Overseas N
Address 11
DELPHI CT, ROSSMOYNE WA
6148
Document Number 7E6466494
Director Name LLEWELLYN-BERRY,
GRAHAM
Appointment Date 09 Oct
2014
Date of Birth 19
Jun 1969
Place of Birth BRIDGEND
UNITED KINGDOM
Gender MALE
Resident Overseas N
Address 11
DEMPSTER ST, CAVERSHAM
WA 6055
Document Number 7E6466494
Director Name RICHMOND,
PHILIP LAWRENCE
Appointment Date 03 Jun
2003
Date of Birth 23
Jan 1952
Place of Birth PERTH
WA
Gender MALE
Resident Overseas N
Address 1, 4
PACIFIC ST, CARINGBAH
SOUTH NSW 2229
Document Number 7E3117106
Current Secretaries
Total: 1
Secretary Name LLEWELLYN-BERRY,
GRAHAM
Appointment Date 07 Oct
2013
Date of Birth 19
Jun 1969
Place of Birth BRIDGEND
UNITED KINGDOM
Address 11
DEMPSTER STREET
CAVERSHAM WA, 6055
Document Number 7E6321728
Company Shares
Total: 2265477
Amount: $2,265,477
Class CLASS
A SHARES [ A ]
Number of Shares Issued 1765477
Paid Capital $1,765,477.00
Total Amount Due and Payable $0.00
Document Number 7E6466582
Class CLASS
B SHARES [ B ]
Number of Shares Issued 500000
Paid Capital $500,000.00
Total Amount Due and Payable $0.00
Document Number 7E6466582
Current Shareholders
Shareholder Name PON HOLDING AUSTRALIA PTY LTD
ACN 164517104
ABN 67164517104
Address 18
LEDGAR ROAD BALCATTA
WA, 6021
Class A
Number Held 1765477
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 029404038
Shareholder Name PON
HOLDING AUSTRALIA PTY LTD
ACN 164517104
ABN
67164517104
Address 18
LEDGAR ROAD BALCATTA
WA, 6021
Class B
Number Held 500000
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 029404038
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 27 LISBON STREET
VILLAWOOD NSW, 2163
TELEPHONE (612) 9727 0044
FACSIMILE (612) 9728 6766
EMAIL sydsales@prochem.com.au
WEBSITE www.prochem.com.au
HOLDING ENTITY PON HOLDING AUSTRALIA PTY
LTD
BRANCHES CAVAN, SA
VIRGINIA, QLD
DANDEONG SOUTH, VIC
WELSHPOOL WA
DERWENT PARK, TAS
BANK Not
determined
EMPLOYEES 118
BACKGROUND
The subject was
incorporated in New South Wales on 3 June 2003 before adopting the current
style on 27 January 2004.
Operations have
been established for 50 years.
OPERATIONS
The subject operates in the distribution of
piping products, vales and instrumentations and manufacture of pipe fittings.
Activities are conducted
from premises located at the above listed trading address.
ADVERSE
A search of of on 25 November 2015 failed to trace any litigation listed
against the subject at that date.
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 June 2015 the subject recorded
consolidated revenue of $70,796,430, which resulted in an operating profit
before tax of $6,265,413 and an operating profit after tax of $4,875,466
representing a Net Profit Margin of 6.89%.
Below is a summary of the subject’s consolidated income results for the
past two financial years.
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Prochem Group Holdings Pty Ltd -
consolidated |
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As at 30 June 2015 |
As at 30 June 2014 |
Change (%) |
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Revenue |
$70,796,430.00 |
$65,617,383.00 |
7.89% |
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Profit b/tax |
$6,265,413.00 |
$1,852,668.00 |
238.18% |
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Profit a/tax |
$4,875,466.00 |
$1,524,449.00 |
219.82% |
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Net Profit Margin |
6.89% |
2.32% |
4.56% |
During fiscal 2015, the subject recorded consolidatedNet Cashflows from
operating activities totaling $5,426,856.
As at 30 June 2015 the subject recorded total consolidated current
assets of $35,351,292. They included cash of $5,134,675, receivables of $15,899,632
and inventories of $14,316,985.
Current liabilities at the same date totaled $18,102,982 and included
payables of $12,574,054 and provisions of $2,261,828.
As at 30 June 2015 the subject recorded consolidated Working Capital of
$17,248,310 and a current ratio of 1.95 to 1 indicating sound liquidity levels.
Consolidated Net Assets totaled $22,304,672 as at 30 June 2015. At this
date, the subject further recorded a Debt to Equity ratio of 0.92 to 1.
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Prochem Group Holdings Pty Ltd - consolidated |
|||
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As at 30 June 2015 |
As at 30 June 2014 |
Change (%) |
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Revenue |
$70,796,430.00 |
$65,617,383.00 |
7.89% |
|
Profit b/tax |
$6,265,413.00 |
$1,852,668.00 |
238.18% |
|
Profit a/tax |
$4,875,466.00 |
$1,524,449.00 |
219.82% |
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Net Profit Margin |
6.89% |
2.32% |
4.56% |
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Current Assets |
$35,351,292.00 |
$33,662,164.00 |
5.02% |
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Non Current Assets |
$7,364,765.00 |
$8,116,247.00 |
-9.26% |
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Total Assets |
$42,716,057.00 |
$41,778,411.00 |
2.24% |
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Current Liabilities |
$18,102,982.00 |
$20,892,531.00 |
-13.35% |
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Non Current Liabilities |
$2,308,403.00 |
$2,403,254.00 |
-3.95% |
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Total Liabilities |
$20,411,385.00 |
$23,295,785.00 |
-12.38% |
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Net Assets |
$22,304,672.00 |
$18,482,626.00 |
20.68% |
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Working Capital |
$17,248,310.00 |
$12,769,633.00 |
35.07% |
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Current Ratio |
1.95 |
1.61 |
21.20% |
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Debt to Equity |
0.92 |
1.26 |
-27.40% |
TRADE
SURVEY
During the current investigation, contact with the subjects 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
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.52 |
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|
1 |
Rs.100.44 |
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Euro |
1 |
Rs.70.44 |
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AUD |
1 |
Rs. 48.72 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.