MIRA INFORM REPORT

 

 

Report No. :

355498

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

THERMO GAMMA-METRICS P/L

 

 

Registered Office :

5 Caribbean Drive Scoresby Vic, 3179

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.05.1999

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Subject operates in the provider of analytical instruments, equipment, reagents and consumables, software and services for research, analysis discovery and diagnostics

 

 

No. of Employee :

732 (Australian Group)  

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

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.

 

Source : CIA

 

 

 

Company name

 

THERMO GAMMA-METRICS P/L

 

ACN 087556527

ABN 35087556527

 

 

Summary Panel

 

Incorporated

1999

 

Line of Business

Supplier of analytical instruments

Status

Trading

 

 

EXECUTIVE SUMMARY

 

Thermo Gamma Metrics Pty Ltd - consolidated

 

As at 31 Dec 2014

As at 31 Dec 2013

Change (%)

Revenue

$321,221,389.00

$354,056,652.00

-9.27%

Profit b/tax

($2,115,194.00)

($86,957,765.00)

-97.57%

Profit a/tax

$37,143.00

($80,108,024.00)

-100.05%

Net Profit Margin

0.01%

-22.63%

22.64%

 

The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Thermo Electron Australia Pty Ltd. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.

 

for the financial year ended 31 December 2014 the closed group recorded revenue of $271,061,581 which resulted in an operating Loss before tax of $6,442,391 and an operating Loss after tax of $5,191,003.

 

As at 31 December 2014 the closed group recorded working capital of $24,063,782 and a current ratio of 1.12 to 1.

 

At the same date the closed group recorded a deficiency in Net Worth of $72,684,878. After deducting intangibles of $17,084,173 this results in a deficiency in Net Worth of $89,769,051.

 

 

CORPORATE SEARCH

 

Company Type                         Australian Proprietary Company

           

Status                                       Registered

 

Incorporation Date                     13 May 1999

 

Incorporation State                    SA

 

Registered Office                      5 CARIBBEAN DRIVE SCORESBY

VIC, 3179

 

Current Directors Total: 3

Director Name KWOK, CARA SZE

Appointment Date 23 Nov 2015

Date of Birth 13 Dec 1970

Place of Birth HONG KONG CHINA

Gender FEMALE

Resident Overseas N

Address 9 DEWPOND CT, TEMPLESTOWE

VIC 3106

Document Number 029418167

 

Director Name SABO, JOHN BRIAN

Appointment Date 26 Feb 2013

Date of Birth 10 Sep 1970

Place of Birth PITTSBURGH UNITED STATES

Gender UNKNOWN

Resident Overseas Y

Address -

Document Number 1F0478232

 

Director Name MOUTON, ABRAHAM ALBERTUS

Appointment Date 26 Feb 2013

Date of Birth 27 Aug 1965

Place of Birth CAPE TOWN SOUTH AFRICA

Gender MALE

Resident Overseas N

Address 2 SUNSET TCE, LYSTERFIELD

VIC 3156

Document Number 1F0478232

 

 

Current Secretaries Total: 1

Secretary Name PILCHER, MARK NICHOLAS

Appointment Date 26 Feb 2013

Date of Birth 28 Jun 1981

Place of Birth WELKOM SOUTH AFRICA

Address UNIT 306, 2 ROUSE STREET

PORT MELBOURNE VIC, 3207

Document Number 1F0478232

 

Company Shares Total: 100 Amount: $100

Class ORDINARY [ORD]

Number of Shares Issued 100

Paid Capital $100.00

Total Amount Due and Payable $0.00

Document Number 08755652J

 

Current Shareholders

Shareholder Name THERMO GAMMA-METRICS HOLDINGS PTY LTD

ACN 122205225

ABN 97122205225

Address 5 CARIBBEAN DRIVE SCORESBY

VIC, 3179

Class ORD

Number Held 100

Beneficially Held Y

Fully Paid Y

Jointly Held N

Document Number 1F0483381

 

 

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                 18 Butler Blvd

                                                ADELAIDE AIRPORT, SA 5950                         

 

TELEPHONE                             (618) 8208 8200

 

FACSIMILE                               (618) 8234 3772

 

WEBSITE                                  www.thermofisher.com.au

 

HOLDING ENTITY                      THERMO GAMMA-METRICS HOLDINGS PTY LTD

 

AUSTRALIAN HOLDING

ENTITY                                     THERMO ELECTRON AUSTRALIA PTY LTD

 

ULTIMATE HOLDING

ENTITY                                     THERMO FISHER SCIENTIFIC INC

 

ASSOCIATED ENTITIES            THERMO ELECTRON AUSTRALIA P/L

THERMO GAMMA-METRICS HOLDINGS PL/

THERMO TRACE P/L

THERMO OPTEK (AUSTRALIA) P/L

THERMO FISHER SCIENTIFIC AUSTRALIA P/L

LOMB SCIENTIFIC (AUST) P/L

TECHNOLOGY DESIGN SOLUTIONS P/L

APP-TEK INTERNATIONAL P/L

ENVIROEQUIP P/L

PROMEDICA P/L          

 

BANK                                       Not determined

                                               

EMPLOYEES                            732 (Australian Group)  

 

 

BACKGROUND

 

The subject was incorporated in South Australia on 13 May 1999 before adopting the current style on 22 January 2001.

 

In April 2009 Thermo Fisher Scientific made a major investment in the Australasian region acquiring the Biolab Group (Biolab Limited in New Zealand and Biolab Pty Ltd in Australia).

 

The origins of the Biolab Group date back to the establishment of the Selby Scientific business in Australia in 1863 and the formation of S A Smith in New Zealand in 1915.

 

 

OPERATIONS

 

The subject operates in the provider of analytical instruments, equipment, reagents and consumables, software and services for research, analysis discovery and diagnostics

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of of on 16 December 2015 failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Thermo Electron Australia Pty Ltd. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other.

 

From the most recently lodged financial statements, it is noted that for the financial year ended 31 December 2014 the Group recorded revenue of $321,221,389, which resulted in an operating Loss before tax of $2,115,194 and an operating profit after tax of $37,143 representing a Net Profit Margin of 0.01%.

 

For the same period the closed group recorded revenue of $271,061,581 which resulted in an operating Loss before tax of $6,442,391 and an operating Loss after tax of $5,191,003.

 

Below is a summary of the subject’s income results for the past two financial years.

 

 

Thermo Gamma Metrics Pty Ltd - consolidated

 

As at 31 Dec 2014

As at 31 Dec 2013

Change (%)

Revenue

$321,221,389.00

$354,056,652.00

-9.27%

Profit b/tax

($2,115,194.00)

($86,957,765.00)

-97.57%

Profit a/tax

$37,143.00

($80,108,024.00)

-100.05%

Net Profit Margin

0.01%

-22.63%

22.64%

 

During fiscal 2014, the Group recorded Net Cashflows from operating activities totalling $31,931,454.

 

As at 31 December 2014 the Group recorded total current assets of $297,228,666. They included cash of $183,420,037, receivables of $67,887,483 and inventories of $41,849,968.

 

Current liabilities at the same date totalled $219,729,909 and included payables of $73,650,141 and non interest loans and borrowings of $128,984,232.

 

As at 31 December 2014 the Group recorded Working Capital of $77,498,757 and a current ratio of 1.35 to 1 indicating satisfactory liquidity levels.

 

At the same date the closed group recorded working capital of $24,063,782 and a current ratio of 1.12 to 1.

 

The Group recorded a deficiency in Net Assets totalling $70,922,975 as at 31 December 2014.

 

At the same date the closed group recorded a deficiency in Net Worth of $72,684,878. After deducting intangibles of $17,084,173 this results in a deficiency in Net Worth of $89,769,051.

 

 

Thermo Gamma Metrics Pty Ltd - consolidated

 

As at 31 Dec 2014

As at 31 Dec 2013

Change (%)

Revenue

$321,221,389.00

$354,056,652.00

-9.27%

Profit b/tax

($2,115,194.00)

($86,957,765.00)

-97.57%

Profit a/tax

$37,143.00

($80,108,024.00)

-100.05%

Net Profit Margin

0.01%

-22.63%

22.64%

Current Assets

$297,228,666.00

$275,968,104.00

7.70%

Non Current Assets

$70,169,903.00

$71,779,057.00

-2.24%

Total Assets

$367,398,569.00

$347,747,161.00

5.65%

Current Liabilities

$219,729,909.00

$239,036,136.00

-8.08%

Non Current Liabilities

$218,591,635.00

$201,811,400.00

8.31%

Total Liabilities

$438,321,544.00

$440,847,536.00

-0.57%

Net Assets

($70,922,975.00)

($93,100,375.00)

-23.82%

Working Capital

$77,498,757.00

$36,931,968.00

109.84%

Current Ratio

1.35

1.15

17.17%

Debt to Equity

-6.18

-4.74

30.52%

 

 

 

 

 

TRADE SURVEY

 

Trade payment from further sources in the past 4 months have traced the following data for the subject. 

 

Total Owing: $8,884

Total Past Due: $3,633

Average Late Payment Days: 7

All Industries Late Payment Days: 8

 

-       Within terms: $5,252

-       1 – 30 days past due: $2,426

-       31 – 60 days past due: $0

-       61 – 90 days past due: $0

-       91+ days: $1,206

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.85

UK Pound

1

Rs.100.58

Euro

1

Rs.73.16

AUD

1

Rs.47.90

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.