MIRA INFORM REPORT
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Report No. : |
340863 |
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Report Date : |
19.09.2015 |
IDENTIFICATION DETAILS
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Name : |
MCLEOD ACCESSORIES PTY LTD |
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Registered Office : |
362 Wellington Road Mulgrave Vic, 3170 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2014 (Consolidated) |
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Date of Incorporation : |
30.06.1988 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject engaged in the distribution of motorcycle accessories and spare parts including protective gear, helmets, gloves, jackets, tyres and oils. |
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No. of Employees : |
4,515 (Group) |
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
MCLEOD ACCESSORIES
PTY LTD
ACN:
010 831 071
ABN:
16 010 831 071
Summary
Panel
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Established |
1959 |
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Incorporated |
1988 |
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Line of Business |
Distribution of motorcycle accessories |
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Status |
Trading |
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Adverse Listings |
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EXECUTIVE
SUMMARY
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GPC Asia Pacific Holdings Pty Ltd - consolidated |
|||
|
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As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$1,239,048,000.00 |
$880,619,000.00 |
40.70% |
|
Profit b/tax |
$49,777,000.00 |
$23,452,000.00 |
112.25% |
|
Profit a/tax |
$38,685,000.00 |
$19,818,000.00 |
95.20% |
|
Net Profit Margin |
3.12% |
2.25% |
0.87% |
The subject is noted to have entered into a Deed of Cross
Guarantee pursuant to a Class Order with its Holding entity GPC Asia Pacific Holdings
Pty Limited. 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,
the parties which make of the Deed of Cross Guarantee recorded a consolidated
operating profit before tax of $37,691,000 and an operating profit after tax of
$30,243,000.
During fiscal 2014 the Group recorded consolidated Net
Cashflows from operating activities totalling $82,264,000.
As at 31 December 2014, the closed group recorded
consolidated Working Capital of $184,801,000 and a current ratio of 1.74 to 1.
At the same date, the closed group recorded consolidated Net
Assets of $516,406,000. After deducting intangibles of $834,577,000 this
results in a deficiency in Net Worth of $318,171,000.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 30 Jun 1988
Incorporation State QLD
Registered Office 362 WELLINGTON ROAD
MULGRAVE VIC, 3170
Current Directors Total: 2
Director Name BUCKLEY, JULIAN ALEXANDER
Appointment Date 17 May 2013
Date of Birth 27 Dec 1977
Place of Birth GREENSBOROUGH VIC
Gender MALE
Resident Overseas N
Address 4 RAE ST, HAWTHORN VIC 3122
Document Number 7E5305225
Director Name MOLLER, JOHN LEONARD
Appointment Date 30 Jul 2007
Date of Birth 05 Jan 1959
Place of Birth WAGGA WAGGA NSW
Gender MALE
Resident Overseas N
Address 388 BEACH RD, BEAUMARIS VIC
3193
Document Number 7E2843836
Current Secretaries Total: 1
Secretary Name LAVERTY, CARY DAMIEN
Appointment Date 24 Jan 2007
Date of Birth 19 Dec 1971
Place of Birth CORRYONG VIC
Address 167 MILLER STREET FITZROY
NORTH VIC, 3068
Document Number 7E1099322
Company Shares Total: 1000002 Amount: $1,000,002
Class ORDINARY [ORD]
Number of Shares Issued 1000002
Paid Capital $1,000,002.00
Total Amount Due and Payable $0.00
Document Number 1083107A
Current Shareholders
Shareholder Name GPC ASIA PACIFIC PTY LTD
ACN 097993283
ABN 97097993283
Address 362 WELLINGTON ROAD
MULGRAVE VIC, 3170
Class ORD
Number Held 1000002
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E0468928
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 59 RAUBERS RD
NORTHGATE
QLD 4013
POSTAL
ADDRESS Postal
Address:
PO Box 416
Northgate QLD 4013
TELEPHONE (617) 3621 9000
FACSIMILE (617) 3621 9052
WEBSITE www.mcleodaccessories.com.au
HOLDING
ENTITY GPC
ASIA PACIFIC (AUST) HOLDINGS PTY LIMITED
ASSOCIATED
ENTITY GPC
Asia Pacific Pty Ltd
Rancio Pty Ltd Australia
R&E Autos Pty Ltd Australia
Shanghai GPC Asia Pacific Trading
Co Ltd - China 100
GPC Asia Pacific (NZ) Holdings Ltd New Zealand
AUSTRALIAN
HOLDING
ENTITY GPC
ASIA PACIFIC HOLDINGS P/L
ULTIMATE
HOLDING
ENTITY GENUINE
PARTS COMPANY - USA
BANK Not
determined
EMPLOYEES 4,515
(Group)
BACKGROUND
The
subject was incorporated in Queensland on 30 June 1988 before adopting the
current style on 6 September 1996.
OPERATIONS
The subject operates in the
distribution of motorcycle accessories and spare parts including protective
gear, helmets, gloves, jackets, tyres and oils.
Brands included Dririder, Shoei,
Bridgestone, HJC, Dragon, Uclear, Asterisk, FMF, Castrol, TCX, Teknic
Activities
are conducted from premises located at the above listed trading address.
ADVERSE
A
search of of on 11 September 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 GPC Asia Pacific
Holdings Pty Limited. 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
consolidated revenue of $1,239,048,000, which resulted in an operating profit
before tax of $49,777,000 and an operating profit after tax of $38,685,000
representing a Net Profit Margin of 3.12%.
For the same period, the closed group, the parties which
make of the Deed of Cross Guarantee recorded a consolidated operating profit
before tax of $37,691,000 and an operating profit after tax of $30,243,000.
|
GPC Asia Pacific Holdings Pty Ltd - consolidated |
|||
|
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As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$1,239,048,000.00 |
$880,619,000.00 |
40.70% |
|
Profit b/tax |
$49,777,000.00 |
$23,452,000.00 |
112.25% |
|
Profit a/tax |
$38,685,000.00 |
$19,818,000.00 |
95.20% |
|
Net Profit Margin |
3.12% |
2.25% |
0.87% |
During fiscal 2014 the Group recorded consolidated Net
Cashflows from operating activities totalling $82,264,000.
The
Group purchased 100% of the shares of R&E Autos Pty Ltd on 1 September 2013.
The net assets acquired as reported in the 31 December 2013 financial
statements was $4,578,812 and goodwill arising on acquisition was $1,131,766.
The
subject acquired the business of Auto Electrics Australia (AEA) on 1 April
2015, paying consideration of $5.1m, subject to completion adjustments. This
has been funded by way of an issuance of 5.1m new ordinary shares by GPC Asia
Pacific Holdings Pty Ltd to its parent entity, GPC Asia Pacific Holdings
Cooperatief U.A.
The
subject has appointed Dematic Pty Ltd as its provider of material handling
solutions for a new distribution centre to be established by GPC Asia Pacific
Pty Ltd during 2015/2016. Capital commitments made by GPC Asia Pacific Pty Ltd
to Dematic Pty Ltd under the letter of appointment total $4.9m, of which $3.85m
is expected to be payable in 2015 and the remaining $1.05m payable in 2016.
As at 31 December 2014 Group recorded consolidated total
current assets of $513,198,000. They included cash of $22,342,000, receivables
of $108,724,000 and inventories of $374,408,000.
Current liabilities at the same date totalled $294,834,000
and included payables of $274,551,000 and Provisions of $20,128,000.
As at 31 December 2014, the Group recorded consolidated
Working Capital of $218,364,000 and a current ratio of 1.74 to 1 indicating a
sound liquidity position.
At the same date, the closed group recorded consolidated
Working Capital of $184,801,000 and a current ratio of 1.74 to 1.
Net Assets totalled $531,315,000 as at 31 December 2014. At this
date, the subject further recorded a Debt to Equity ratio of 1.83 to 1.
At the same date, the closed group recorded consolidated Net
Assets of $516,406,000. After deducting intangibles of $834,577,000 this
results in a deficiency in Net Worth of $318,171,000.
|
GPC Asia Pacific Holdings Pty Ltd - consolidated |
|||
|
|
As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$1,239,048,000.00 |
$880,619,000.00 |
40.70% |
|
Profit b/tax |
$49,777,000.00 |
$23,452,000.00 |
112.25% |
|
Profit a/tax |
$38,685,000.00 |
$19,818,000.00 |
95.20% |
|
Net Profit Margin |
3.12% |
2.25% |
0.87% |
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Current Assets |
$513,198,000.00 |
$484,597,000.00 |
5.90% |
|
Non Current Assets |
$992,080,000.00 |
$973,495,000.00 |
1.91% |
|
Total Assets |
$1,505,278,000.00 |
$1,458,092,000.00 |
3.24% |
|
Current Liabilities |
$294,834,000.00 |
$276,563,000.00 |
6.61% |
|
Non Current Liabilities |
$679,129,000.00 |
$704,562,000.00 |
-3.61% |
|
Total Liabilities |
$973,963,000.00 |
$981,125,000.00 |
-0.73% |
|
Net Assets |
$531,315,000.00 |
$476,967,000.00 |
11.39% |
|
Working Capital |
$218,364,000.00 |
$208,034,000.00 |
4.97% |
|
Current Ratio |
1.74 |
1.75 |
-0.66% |
|
Debt to Equity |
1.83 |
2.06 |
-10.88% |
ACQUISITION
OF EXEGO GROUP
8 April 2013 – AOF Beta B.V., a Netherlands headquartered company owned
by funds managed by Unitas Capital, announced today that it has completed the
divestment of its remaining interest in Exego Group Pty Ltd (“Exego”) to
Genuine Parts Company (“GPC”) for approximately US$800 million (including
assumed debt).
TRADE
SURVEY
Trade
payment from further sources in the past 4 months have traced the following
data for the subject.
Total Owing: $3,168
Total Past Due: $0
Average Late Payment Days: 0
All Industries Late Payment
Days: 9
-
Within terms: $3,168
-
1 – 30 days past due: $0
-
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.66.93 |
|
UK Pound |
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TRU |
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.