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Report No. : |
332563 |
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Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
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Name : |
REDOX PTY LTD |
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Registered Office : |
2 Swettenham Rd MINTO, NSW 2566 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2014 |
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Year of Establishment : |
1965 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the import and wholesale distribution and import of chemicals and raw materials. |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
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 Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Source
: CIA |
REDOX PTY LTD
ACN: 000 762 345
ABN: 92 000 762 345
|
Established |
1965 |
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Incorporated |
1970 |
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Line of Business |
Distribution of chemicals raw materials |
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Chief Executive Officer |
CONELIANO, Robert |
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Adverse Listings |
|
Redox Pty Ltd -
consolidated |
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||
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$452,481,623.00 |
$405,344,451.00 |
11.63% |
|
Profit b/tax |
$26,149,673.00 |
$22,550,527.00 |
15.96% |
|
Profit a/tax |
$18,022,756.00 |
$15,219,390.00 |
18.42% |
|
Net Profit Margin |
3.98% |
3.75% |
0.23% |
For the year ended 30 June 2015 the subject recorded revenue of
$485,000,000 which resulted in an operating profit before tax of $26,000,000.
As at 30 June 2014, the subject recorded consolidated total current
assets of $193,823,599. They included cash of $9,235,569, receivables of
$72,228,478 and inventories of $111,789,171.
Current liabilities at the same date totalled $70,952,033 and included
payables of $33,933,547 and Interest bearing liabilities of $27,456,704.
As at 30 June 2014, the subject recorded consolidated Working Capital of
$122,871,566 and a current ratio of 2.73 to 1 indicating sound liquidity
levels.
Consolidated Net Assets totalled $174,755,218 as at 30 June 2014. At
this date, the subject further recorded a consolidated Debt to Equity ratio of
0.51 to 1.
In our opinion a
credit exposure of USD 675,487 is not unreasonable.
Company Type Australian Proprietary Company
INCORPORATED 6 March 1970
REGISTERED ADDRESS 2 Swettenham Rd
MINTO, NSW 2566
SHARECAPITAL $2,325,909
SHAREHOLDERS C 139430 - CLAUDIA STEVENS
C 143849 - ANNA PERRINS
C 17549 - XARIC PHOENIX
C 17549 - SHAUN GAIDA
C 17550 - PETA LEE GAIDA
A 20000 - ROLAND CONELIANO
B 20000 - ROBERT CONELIANO
C 210155 - CATHERINE CONELIANO
C 216405 - RENATO CONELIANO
C 336995 - ROLAND CONELIANO
C 338942 - ROBERT CONELIANO
C 394629 - SILVIA CONELLIANO
C 51647 - CHRISTOPHER PERRINS
C 51647 - KENNETH PERRINS
C 57000 - JUDITH CONELIANO
C 64212 - RAIMOND CONELIANO
C 64212 - CASSANDRA CONELIANO
C 70099 - MALCOLM PERRINS
C 7064 - BEDRIYE CONELIANO
C 86975 - RICHARD CONELIANO
210 Hawthorne Pde
HABERFIELD, NSW 2045
4A Moruben Rd
MOSMAN, NSW 2088
CONELIANO, Robert
58 Napoleon St
SANS SOUCI, NSW 2219
PERRINS, Malcolm
20 Fraser Ave
EASTGARDENS, NSW 2036
156 Flower Rd
ILLAWONG, NSW 2234
CONELIANO, Roland
7 Hillcross St
LUGARNO, NSW 2210
SECRETARY PERRINS, Malcolm
9 Kilby Pl
ILLAWONG, NSW 2234
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).
HEAD OFFICE 2
Swettenham Rd
MINTO,
NSW 2566
TELEPHONE (612) 9733 3000
FACSIMILE (612)
9733 3111
TRADING ADDRESS
(Deltrex) 11
Burr Ct
LAVERTON
NORTH, VIC
WEBSITE www.redox.com
TRADING DIVISION BRIBROS
DELTREX
CHEMICALS
BRANCHES 26-30
Gilbertson Road
Laverton North VIC 3028
775 Kingsford
Smith Drive
Eagle Farm QLD 4009
178-180 Cavan Road
Dry Creek SA 5094
27 Howson Way
BIBRA LAKE, WA
6163
5 Robin Mann Place
Christchurch Airport
Christchurch, New Zealand
Havwloch North, NZ
CONTROLLED ENTITY REDOX CHEMICALS SDN BHD - Malaysia
BANK WESTPAC
BANKING CORPORATION
Branch:
80 George ST
PARRAMATTA, NSW 2150
EMPLOYEES 300
The subject was incorporated in New South Wales, Australia on 6 March 1970 as C & K Industrial Traders P/L, changing name to Redox Chemicals P/L before adopting the current style on 6 October 2004.
The subject was established in Sydney as a partnership named C & K Industrial Traders in 1965.
In the early days
C & K traded products from Eastern Europe. Sales passed $ l million for the
first time in 1970.
The company was renamed Redox Chemicals in 1974
Revenue, which
passed $40 million in 1993, exceeded $176 million by 2003.
The Deltrex division was established in 1979, Deltrex has its head office in Melbourne with sales offices and warehouse facilities in all states of Australia.
Deltrex was acquired by Campbell Brothers Limited in February 1995 to increase the Group's presence in the Melbourne region and manufacture locally for its Hygiene Systems division.
In September 2012 the subject acquired Bribros Pty Ltd. It now operates as a division of the subject.
Effective 12 October 2012 the subject acquired Deltrex Chemicals.
The subject operates in the import and wholesale distribution and import of chemicals and raw materials.
The subject maintains a range of close to 1,000 different organic and inorganic raw materials, sourced from leading manufacturers throughout the world. Products are supplied to 140 different industries throughout Australia, New Zealand and Malaysia.
The Bribros division operates as leading plastics and rubber distributor, active in engineering plastics, HDPE, LDPE, LLDPE, PP, PVC, BOPP film, PET film, styrenics, compounding resins, polymers specialty additives and more.
Activities are conducted from premises located at the above
listed trading address.
A search of failed to trace any litigation listed against the subject at that date.
During the current interview conducted with the subject’s financial
controller Mr Kim he advised that for the year ended 30 June 2015 the subject
recorded revenue of $485,000,000 which resulted in an operating profit before
tax of $26,000,000.
At 30 June 2015 the subject recorded Net Assets of $187,000,000.
For the financial year ended 30 June 2014 the subject recorded
consolidated revenue of $452,481,623, which resulted in an operating profit
before tax of $26,149,673 and an operating profit after tax of $18,022,756
representing a Net Profit Margin of 4%.
Below is a summary of the subject’s consolidated income results for the
past two financial years.
|
Redox Pty Ltd -
consolidated |
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||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$452,481,623.00 |
$405,344,451.00 |
11.63% |
|
Profit b/tax |
$26,149,673.00 |
$22,550,527.00 |
15.96% |
|
Profit a/tax |
$18,022,756.00 |
$15,219,390.00 |
18.42% |
|
Net Profit Margin |
3.98% |
3.75% |
0.23% |
During fiscal 2014 the subject recorded Net cashflows from operating activities totalling $9,918,130.
As at 30 June 2014, the subject recorded consolidated total current assets of $193,823,599. They included cash of $9,235,569, receivables of $72,228,478 and inventories of $111,789,171.
Current liabilities at the same date totalled $70,952,033 and included payables of $33,933,547 and Interest bearing liabilities of $27,456,704.
As at 30 June 2014, the subject recorded consolidated Working Capital of $122,871,566 and a current ratio of 2.73 to 1 indicating sound liquidity levels.
Consolidated Net Assets totalled $174,755,218 as at 30 June 2014. At this date, the subject further recorded a consolidated Debt to Equity ratio of 0.51 to 1.
|
Redox Pty Ltd -
consolidated |
|
||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$452,481,623.00 |
$405,344,451.00 |
11.63% |
|
Profit b/tax |
$26,149,673.00 |
$22,550,527.00 |
15.96% |
|
Profit a/tax |
$18,022,756.00 |
$15,219,390.00 |
18.42% |
|
Net Profit Margin |
3.98% |
3.75% |
0.23% |
|
Current Assets |
$193,823,599.00 |
$179,032,997.00 |
8.26% |
|
Non Current Assets |
$69,386,816.00 |
$69,404,438.00 |
-0.03% |
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Total Assets |
$263,210,415.00 |
$248,437,435.00 |
5.95% |
|
Current Liabilities |
$70,952,033.00 |
$74,221,425.00 |
-4.40% |
|
Non Current Liabilities |
$17,503,164.00 |
$9,430,060.00 |
85.61% |
|
Total Liabilities |
$88,455,197.00 |
$83,651,485.00 |
5.74% |
|
Net Assets |
$174,755,218.00 |
$164,785,950.00 |
6.05% |
|
Working Capital |
$122,871,566.00 |
$104,811,572.00 |
17.23% |
|
Current Ratio |
2.73 |
2.41 |
13.25% |
|
Debt to Equity |
0.51 |
0.51 |
-0.29% |
A trade survey on the subject traced the following accounts:
(BASF) Nominated supplier is yet to respond to correspondence.
(Dow) Nominated supplier is yet to respond to correspondence.
Trade payment from further sources in the past 4 months have traced the following data for the subject.
Total Owing: $158,450
Total Past Due: $85,810
Average Late Payment
Days: 20
All Industries Late
Payment Days: 9
Within terms: $72,641
1 – 30 days past due: $0
31 – 60 days past due: $85,810
61 – 90 days past due: $0
91+ days: $0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.53 |
|
UK Pound |
1 |
Rs.99.19 |
|
Euro |
1 |
Rs.69.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
VNT |
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 |
|
|
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 |
|
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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.