MIRA INFORM REPORT

 

 

Report No. :

325075

Report Date :

09.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ALSCO PTY LTD

 

 

Registered Office :

'Building 1' Level 2 Suite 1, 20 Bridge Street Pymble Nsw, 2073

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

06.09.1963

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Subject operates in the rental and sale of uniforms, linen, floorcare products, managed washroom services and products, business consumables and managed first aid systems.

 

 

No. of Employee :

1,719

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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

 

NOTE

 

NAME GIVEN

 

ALSCO LINEN SERVICE PTY LTD

 

 

SPECIAL NOTE

 

On 9 June 1998 the subject changed name to Alsco Pty Ltd

 

 

Company name

 

ALSCO PTY LTD

 

ACN: 000 435 629

ABN: 26 000 435 629

 

 

Summary Panel

 

Established

1963

 

Incorporated

1963

 

Line of Business

Linen services and products

Status

Trading

Chief Executive Officer

MCEVEDY, BRYAN FRANCIS

Adverse Listings

Nil

 

Rating

AAA+ 2-3

 

 

 

EXECUTIVE SUMMARY

 

Alsco Pty Ltd - consolidated

 

 

 

As at 31 December 2014

As at 31 December 2013

Change (%)

Revenue

$253,934,000.00

$238,270,000.00

6.57%

Profit b/tax

$25,192,000.00

$29,168,000.00

-13.63%

Profit a/tax

$16,321,000.00

$19,337,000.00

-15.60%

Net Profit Margin

6.43%

8.12%

-1.69%

 

During fiscal 2014, the subject recorded Net Cashflows from operating activities totalling $32,836,000.

 

As at 31 December 2014 the subject recorded consolidated Working Capital of $31,962,000, and a current ratio of 1.95 to 1 indicating sound liquidity levels.

 

Consolidated Net Assets totalled $206,585,000 as at 31 December 2014. After deducting intangibles of $70,850,000 this results in a Net Worth of $135,735,000.

 

 

CORPORATE SEARCH

 

Company Type             Australian Proprietary Company

 

Status Registered

 

Incorporation Date         06 Sep 1963

 

Incorporation State        NSW

 

Registered Office          'BUILDING 1' LEVEL 2 SUITE 1, 20

BRIDGE STREET PYMBLE NSW,

2073

 

Current Directors Total: 2

Director Name MCEVEDY, BRYAN FRANCIS

Appointment Date 31 Jul 1995

Date of Birth 02 Aug 1952

Place of Birth CANTERBURY NEW ZEALAND

Gender MALE

Resident Overseas N

Address 19 AUMUNA RD, TERREY HILLS

NSW 2084

Document Number 022638434

 

Director Name STEINER, ROBERT COWIE

Appointment Date 27 Jul 1988

Date of Birth 23 Oct 1950

Place of Birth SALT LAKE CITY UTAH UNITED

STATES

Gender MALE

Veda File Number -

Resident Overseas Y

Address -

Document Number 00043562K

 

Current Secretaries Total: 1

Secretary Name HICKIN, JOHN CHARLES

Appointment Date 01 Mar 2000

Date of Birth 18 Jul 1963

Place of Birth WORDSLEY UNITED KINGDOM

Address 22 GLENSHEE PLACE

GLENHAVEN NSW, 2156

Document Number 1F0271463

 

Company Shares Total: 20135 Amount: $4,027,000

Class ORDINARY SHARES [ORD]

Number of Shares Issued 20135

Paid Capital $4,027,000.00

Total Amount Due and Payable $0.00

Document Number 0043562A

 

Current Shareholders

Shareholder Name STEINER FOREIGN PARTNERINC

Address 505 EAST SOUTH TEMPLE, SALT

LAKE CITY UTAH UNITED

STATES

Class ORD

Number Held 201

Beneficially Held Y

Fully Paid Y

Jointly Held N

Document Number 020888518

 

Shareholder Name ALSCO INC Number Held 19933

Address 505 EAST SOUT TEMPLE SALT

LAKE CITY UTA H UNITED

STATES

Class ORD

Beneficially Held Y

Fully Paid Y

Jointly Held N

Document Number 022776577

 

 

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    

 

Level 2, Building 1
Pymble Corporate Centre
20 Bridge Street
Pymble NSW 2073

 

POSTAL ADDRESS      PO Box 873
Pymble NSW 2073

 

TELEPHONE                 1300 659 892

 

 

FACSIMILE                   (612) 9440 3066

 

WEBSITE                      www.alsco.com.au

 

 

CONTROLLED ENTITIES           ALSCO HOLDINGS P/L

ALSCO SERVICES P/L

AUSTRALIAN LINEN SUPPLY P/L

DEANE APPAREL P/L

CLEAN ROOM PRODUCTS P/L

CLEAN ROOM GARMENTS P/L

ENHANCE SYSTEMS P/L

LINCLEAN P/L

 

TRADING STYLE                       ALSCO LINEN SERVICES

 

BANK                                       Not determined

                                               

EMPLOYEES                            1,719   

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 6 September 1963 as Alsco Linen Service Pty Ltd before adopting the current style on 9 June 1998.

 

Operations were founded as a new venture in 1963.

 

 

OPERATIONS

 

The subject operates in the rental and sale of uniforms, linen, floorcare products, managed washroom services and products, business consumables and managed first aid systems.

 

It also manages janitorial services, provides washroom supplies, and launders and sterilizes garments. Alsco serves the automotive, food processing, restaurant, medical, and IT industries, as well as the federal government.

 

The subject services a diverse range of industries including:

Restaurant and catering

Manufacturing

Food processing

Mining

Engineering

Healthcare

Automotive

Retail

Education

Corporate

Government

 

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

 

 

ADVERSE

                                               

A search of of on 28 May 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 31 December 2014 the subject recorded consolidated revenue of $253,934,000, which resulted in an operating profit before tax of $25,192,000 and an operating profit after tax of $16,321,000 representing a Net Profit Margin of 6.43%.

 

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

 

Alsco Pty Ltd - consolidated

 

 

 

As at 31 December 2014

As at 31 December 2013

Change (%)

Revenue

$253,934,000.00

$238,270,000.00

6.57%

Profit b/tax

$25,192,000.00

$29,168,000.00

-13.63%

Profit a/tax

$16,321,000.00

$19,337,000.00

-15.60%

Net Profit Margin

6.43%

8.12%

-1.69%

 

During fiscal 2014, the subject recorded Net Cashflows from operating activities totalling $32,836,000.

 

As at 31 December 2014 the subject recorded consolidated total current assets of $65,435,000. They included cash of $8,628,000, receivables of $34,111,000 and inventories of $7,210,000.

 

Current liabilities at the same date totalled $33,473,000 and included payables of $16,136,000 and employee benefits of $14,590,000.

 

As at 31 December 2014 the subject recorded consolidated Working Capital of $31,962,000, and a current ratio of 1.95 to 1 indicating sound liquidity levels.

 

Consolidated Net Assets totalled $206,585,000 as at 31 December 2014. At this date, the subject further recorded a Debt to Equity ratio of 0.17 to 1 showing low levels of gearing. After deducting intangibles of $70,850,000 this results in a Net Worth of $135,735,000.

 

 

Alsco Pty Ltd - consolidated

 

 

 

As at 31 December 2014

As at 31 December 2013

Change (%)

Revenue

$253,934,000.00

$238,270,000.00

6.57%

Profit b/tax

$25,192,000.00

$29,168,000.00

-13.63%

Profit a/tax

$16,321,000.00

$19,337,000.00

-15.60%

Net Profit Margin

6.43%

8.12%

-1.69%

Current Assets

$65,435,000.00

$63,874,000.00

2.44%

Non Current Assets

$176,358,000.00

$172,421,000.00

2.28%

Total Assets

$241,793,000.00

$236,295,000.00

2.33%

Current Liabilities

$33,473,000.00

$32,342,000.00

3.50%

Non Current Liabilities

$1,735,000.00

$1,719,000.00

0.93%

Total Liabilities

$35,208,000.00

$34,061,000.00

3.37%

Net Assets

$206,585,000.00

$202,234,000.00

2.15%

Working Capital

$31,962,000.00

$31,532,000.00

1.36%

Current Ratio

1.95

1.97

-1.02%

Debt to Equity

0.17

0.17

1.19%

 

 

 

 

 

TRADE SURVEY

 

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

 

Total Owing: $20,398

Total Past Due: $1,295

Average Late Payment Days: 2

All Industries Late Payment Days: 7

 

Within terms: $19,102

1 – 30 days past due: $1,295

31 – 60 days past due: $0

61 – 90 days past due: $0

91+ days: $0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.11

UK Pound

1

Rs.97.84

Euro

1

Rs.71.12

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.