MIRA INFORM REPORT
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Report No. : |
340087 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
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Name : |
NETAFIM AUSTRALIA PTY LTD |
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Registered Office : |
213-217 Fitzgerald Road Laverton North Vic, 3026 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.06.1992 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the manufacture and distribution of drip irrigation systems. |
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No. of Employees : |
100 |
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 |
REGISTERED
NAME
NETAFIM AUSTRALIA PTY
LTD
ACN: 056 229 755
ABN: 35 056 229 755
Summary
Panel
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Established |
Late 1970’s |
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Incorporated |
1992 |
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Line of Business
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Distribution of irrigation supplies |
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Status |
Trading |
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Adverse Listings |
EXECUTIVE
SUMMARY
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Netafim Australia Pty Ltd |
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As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$40,769,386.00 |
$38,320,088.00 |
6.39% |
|
Profit b/tax |
$1,713,408.00 |
$1,477,882.00 |
15.94% |
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Profit a/tax |
$1,189,468.00 |
$1,060,337.00 |
12.18% |
|
Net Profit Margin |
2.92% |
2.77% |
0.15% |
During fiscal 2014, the subject recorded Net Cashflows from operating
activities totaling $2,319,438.
As at 31 December 2014 the subject recorded Working Capital of
$9,461,199 and a current ratio of 2.06 to 1 indicating sound liquidity levels.
Net Assets totaled $13,447,388 as at 31 December 2014.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 01
Jun 1992
Incorporation State VIC
Registered Office 213-217
FITZGERALD ROAD
LAVERTON NORTH VIC, 3026
Current Directors Total: 2
Director Name TITZE, STEPHAN MARKUS
Appointment Date 01 Oct 2014
Date of Birth 06 Dec 1962
Place of Birth STEIN AG SWITZERLAND
Gender UNKNOWN
Resident Overseas Y
Address -
Document Number 7E6461311
Director Name SCHNEIDER, LEVY
Appointment Date 01 Mar 2010
Date of Birth 15 Aug 1954
Place of Birth KFAR SABA ISRAEL
Gender MALE
Veda File Number 542888396
Resident Overseas N
Address 28 ANDERSON RD, HAWTHORN
EAST VIC 3123
Document Number 7E2738483
Current Secretaries Total: 2
Secretary Name BROD, TAL
Appointment Date 17 Jun 2009
Date of Birth 11 Jun 1972
Place of Birth HAIFA ISRAEL
Address UNIT 1, 28 DUNDEE AVENUE
CHADSTONE VIC, 3148
Document Number 7E2250105
Secretary Name SCHNEIDER, LEVY
Appointment Date 17 Jun 2009
Date of Birth 15 Aug 1954
Place of Birth KFAR SABA ISRAEL
Address 28 ANDERSON ROAD
HAWTHORN EAST VIC, 3123
Document Number 7E2738483
Current Other Organisation Officers Total: 1
Officer Role Appointed Auditor
Officer Name PRICEWATERHOUSECOOPERS
ACN 083739299
Appointment Date 24 Jun 2013
Address 2 SOUTHBANK BOULEVARD
SOUTHBANK VIC, 3006
Document Number 028967576
Company Shares Total: 953102 Amount:$1,178,102
Class A CLASS ORDINARY SHARES [ A]
Number of Shares Issued 953002
Paid Capital $1,178,002.00
Total Amount Due and Payable $0.00
Document Number 0E6341887
Class B CLASS ORDINARY SHARES [ B]
Number of Shares Issued 100
Paid Capital $100.00
Total Amount Due and Payable $0.00
Document Number 0E1146829
Current Shareholders
Shareholder Name NETAFIM LTD
Address DERECH HASHALOM 10 TEL
AVIV 67892 ISRAEL
Class A
Number Held 953002
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E1647527
Shareholder Name NETAFIM LTD
Address DERECH HASHALOM 10 TEL
AVIV 67892 ISRAEL
Class B
Number Held 100
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E1647527
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).
BUSINESS
STRUCTURE
TRADING ADDRESS 213
– 217 Fitzgerald Rd
LAVERTON
NORTH, VIC 3026
TELEPHONE (613) 9369 8777
FACSIMILE (613) 9369 3865
WEBSITE www.netafim.com.au
PRODUCTION PLANT LAVERTON NORTH, VIC
ASSOCIATED ENTITIES NETAFIM ASIA PACIFIC P/L
NETAFIM CHINA P/L
HOLDING ENTITY NETAFIM LTDL – ISRAEL
BANK BANK OF MELBOURNE
Branch: 360 Collins St
MELBOURNE, VIC 3000
EMPLOYEES 100
BACKGROUND
The subject was incorporated in New South Wales on 1 June 1992 as Dunaree P/L, adopting the current style on 9 September 1992.
The operations of the subject were established in Australia during the late 1970’s through a national distributor.
In 1993, the subject was formed to take over the distributors operations.
In 1996, a production plant in Laverton North was established.
The Groups operations were established in Israel in 1965.
OPERATIONS
The subject operates in the manufacture and distribution of drip irrigation systems.
The subjects market share within the drip irrigation market in Australia is estimated to exceed 70 percent.
The subject distributes Australiawide and exports to places including New Zealand, PNG, Fiji and other Pacific Rim countries.
Products include sprinklers, and micro sprinklers, flexible pipes, drip products, filters, valves, irrigation systems, accessories, agro machinery, water meters and poly pipe.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of of on 8 September 2015 failed to trace any litigation listed against the subject at that date.
FINANCES
For the financial year ended 31 December 2014 the subject recorded revenue of $40,769,386, which resulted in an operating profit before tax of $1,713,408 and an operating profit after tax of $1,189,468 representing a Net Profit Margin of 2.92%.
Below is a summary of the subject’s income results for the past two financial years.
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Netafim Australia Pty Ltd |
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||
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As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$40,769,386.00 |
$38,320,088.00 |
6.39% |
|
Profit b/tax |
$1,713,408.00 |
$1,477,882.00 |
15.94% |
|
Profit a/tax |
$1,189,468.00 |
$1,060,337.00 |
12.18% |
|
Net Profit Margin |
2.92% |
2.77% |
0.15% |
During fiscal 2014, the subject recorded Net Cashflows from operating activities totaling $2,319,438.
As at 31 December 2014 the subject recorded total current assets of $18,411,888. They included cash of $1,738,505, receivables of $8,209,928 and inventories of $8,428,828.
Current liabilities at the same date totaled $8,950,689 and included payables of $6,982,522 and provisions of $1,757,593.
As at 31 December 2014 the subject recorded Working Capital of $9,461,199 and a current ratio of 2.06 to 1 indicating sound liquidity levels.
Net Assets totaled $13,447,388 as at 31 December 2014. At this date, the subject further recorded a Debt to Equity ratio of0.67 to 1 showing levels of gearing.
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Netafim Australia Pty Ltd |
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As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$40,769,386.00 |
$38,320,088.00 |
6.39% |
|
Profit b/tax |
$1,713,408.00 |
$1,477,882.00 |
15.94% |
|
Profit a/tax |
$1,189,468.00 |
$1,060,337.00 |
12.18% |
|
Net Profit Margin |
2.92% |
2.77% |
0.15% |
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Current Assets |
$18,411,888.00 |
$17,577,914.00 |
4.74% |
|
Non Current Assets |
$4,086,041.00 |
$4,156,514.00 |
-1.70% |
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Total Assets |
$22,497,929.00 |
$21,734,428.00 |
3.51% |
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Current Liabilities |
$8,950,689.00 |
$9,378,092.00 |
-4.56% |
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Non Current Liabilities |
$99,852.00 |
$98,416.00 |
1.46% |
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Total Liabilities |
$9,050,541.00 |
$9,476,508.00 |
-4.49% |
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Net Assets |
$13,447,388.00 |
$12,257,920.00 |
9.70% |
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Working Capital |
$9,461,199.00 |
$8,199,822.00 |
15.38% |
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Current Ratio |
2.06 |
1.87 |
9.75% |
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Debt to Equity |
0.67 |
0.77 |
-12.94% |
TRADE
SURVEY
Trade payment from further sources in the past 4 months have traced the following data for the subject.
Total Owing: $4,030
Total Past Due: $0
Average Late Payment
Days: 0
All Industries Late
Payment Days: 9
Within terms: $4,030
1 – 30 days past due: $0
31 – 60 days past due: $0
61 – 90 days past due: $0
91+ days: $0
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.58 |
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UK Pound |
1 |
Rs.102.29 |
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Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
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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.