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MIRA INFORM REPORT
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Report No. : |
504885 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
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Name : |
WILMAR GAVILON PL |
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Registered Office : |
60 Fulcrum Street, Richlands QLD, 4077 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
16.11.2007 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
·
The subject operates in the sourcing trading and distribution
of agricultural commodities. ·
The subject also provides grain handling,
container packing and export services through the subsidiary Queensland Bulk
Terminals P/L |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2018 facing a range of growth constraints, principally driven by the
sharp fall in global prices of key export commodities. Demand for resources and
energy from Asia and especially China is growing at a slower pace and sharp
drops in export prices have 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 benefited from a dramatic surge in its terms of trade in
recent years, although this trend has reversed 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 WTO, APEC, the G20, and other trade forums.
Australia’s free trade agreement (FTA) with China entered into force in 2015,
adding to existing FTAs with the Republic of Korea, Japan, 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 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 10 ASEAN countries and China, Japan, Korea, New
Zealand and India.
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Source
: CIA |
CORPORATE REPORT
REGISTERED NAME WILMAR GAVILON PL
ACN 128080455
ABN 58128080455
Summary
Panel
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Incorporated |
2007 |
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Line of Business |
Commodities trading |
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Status |
Trading |
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EXECUTIVE
SUMMARY
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Wilmar Gavilon Pty Ltd - consolidated |
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As at 31 Dec 2017 - USD |
As at 31 Dec 2016 - USD |
Change (%) |
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Sales |
$577,637,362.00 |
$510,465,202.00 |
13.16% |
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Profit b/tax |
$6,432,791.00 |
$3,711,571.00 |
73.32% |
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Profit a/tax |
$5,049,133.00 |
$884,032.00 |
471.15% |
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Net Profit Margin |
0.87% |
0.17% |
0.70% |
During fiscal 2017, the subject recorded a deficiency in consolidated
Net Cashflows from operating activities totalling US$9,117,711.
As at 31 December 2017 the subject recorded consolidated Working Capital
of US$567,162 and a current ratio of 1 to 1 indicating satisfactory liquidity
levels.
Consolidated Net Assets totalled US$68,875,862 as at 31 December 2017.
At this date, the subject further recorded a Debt to Equity ratio of 1.78 to 1.
CORPORATE
SEARCH
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 16 Nov 2007
Incorporation State QLD
Registered Office 60 Fulcrum Street
Richlands QLD, 4077
Current Directors Total: 7
Director Name HOR, KOK CHING
Appointment Date 11 Aug 2017
Date of Birth 16 Feb 1963
Place of Birth JOHOR MALAYSIA
Gender UNKNOWN
Resident Overseas Y
Director Name SHIIHARA, JUN
Appointment Date 11 Aug 2017
Date of Birth 26 Feb 1974
Place of Birth CHIBA JAPAN
Gender UNKNOWN
Resident Overseas Y
Director Name ZEHR, STEVEN PAUL
Appointment Date 26 Dec 2014
Date of Birth 03 Sep 1969
Place of Birth NORMAL UNITED STATES
Gender UNKNOWN
Resident Overseas Y
Director Name DENCKLAU, COREY KEITH
Appointment Date 15 Feb 2013
Date of Birth 31 Dec 1973
Place of Birth FORT DODGE, IOWA UNITED
STATES
Gender UNKNOWN
Resident Overseas Y
Director Name ALBION, MATTHEW JOHN
Appointment Date 15 Feb 2013
Date of Birth 30 Mar 1974
Place of Birth BRISBANE QLD
Gender MALE
File Number 283865908
Resident Overseas N
Address 37 ISON ST, MORNINGSIDE QLD 4170
Director Name LIM, KIM GUAN
Appointment Date 01 Oct 2008
Date of Birth 30 May 1974
Place of Birth SINGAPORE
Gender UNKNOWN
Resident Overseas Y
Director Name KUOK, KHOON HONG
Appointment Date 16 Nov 2007
Date of Birth 30 Apr 1949
Place of Birth JOHOR BARHU MALAYSIA
Gender UNKNOWN
Resident Overseas Y
Current Secretaries Total: 1
Secretary Name KENNY, PAUL JAMES
Appointment Date 16 Nov 2007
Date of Birth 15 Oct 1949
Place of Birth BRISBANE QLD
Address UNIT 3, 17 MARSHALL LANE
KENMORE QLD, 4069
Current Other Organisation Officers Total: 1
Officer Role Appointed Auditor
Officer Name ERNST & YOUNG
ACN 027495432
Appointment Date 31 Dec 2010
Address 111 EAGLE STREET BRISBANE
QLD, 4000
Company Shares Total: 426002 Amount:
$42,600,200
Class ORDINARY SHARE [ORD]
Number of Shares Issued 426002
Paid Capital $42,600,200.00
Total Amount Due and Payable $0.00
Current Shareholders
Shareholder Name GAVILON PTY LTD
ACN 003823701
ABN 88003823701
Address 60 FULCRUM STREET
RICHLANDS QLD, 4077
Class ORD
Number Held 213001
Beneficially Held Y
Fully Paid Y
Jointly Held N
Shareholder Name WILMAR INTERNATIONAL LIMITED
Address 56 NEIL ROAD SINGAPORE
08830 SINGAPORE
Class ORD
Number Held 213001
Beneficially Held Y
Fully Paid Y
Jointly Held N
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 60 FULCRUM STREET
RICHLANDS QLD, 4077
TELEPHONE (617)
3367 4408
FACSIMILE (617)
3375 6505
WEBSITE https://www.wilmargavilon.com
HOLDING ENTITY WILMAR INTERNATIONAL LIMITED
CONTROLLED ENTITY QUEENSLAND BULK
TERMINALS P/L
BANK Not
Determined
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in Queensland on 16 November 2007 before
adopting the current style on 19 August 2009.
The subject is a 50:50 joint venture between Wilmar International Ltd
and The Gavilon Group, LLC. Wilmar Gavilon purchased QBT in 2009 to further
cement its supply chain networks and have greater autonomy over the
distribution of its feed ingredients, oils and fats.
OPERATIONS
The subject operates in the sourcing trading and distribution of
agricultural commodities.
The subject also provides grain handling, container packing and export
services through the subsidiary Queensland Bulk Terminals P/L
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 20 April 2018 failed to trace any litigation listed
against the subject at that date.
Below is a summary of the subject’s consolidated income results for the
past two financial years.
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Wilmar Gavilon Pty Ltd - consolidated |
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As at 31 Dec 2017 - USD |
As at 31 Dec 2016 - USD |
Change (%) |
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Sales |
$577,637,362.00 |
$510,465,202.00 |
13.16% |
|
Profit b/tax |
$6,432,791.00 |
$3,711,571.00 |
73.32% |
|
Profit a/tax |
$5,049,133.00 |
$884,032.00 |
471.15% |
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Net Profit Margin |
0.87% |
0.17% |
0.70% |
During fiscal 2017, the subject recorded a deficiency in consolidated Net
Cashflows from operating activities totalling US$9,117,711.
As at 31 December 2017 the subject recorded consolidated total current
assets of US$121,812,651. They included cash of $4,317,108, receivables of
$40,317,565 and inventories of $62,363,291.
Current liabilities at the same date totalled $121,245,489 and included
payables of $26,974,798 and borrowings of $85,019,040.
As at 31 December 2017 the subject recorded consolidated Working Capital
of US$567,162 and a current ratio of 1 to 1 indicating satisfactory liquidity
levels.
Consolidated Net Assets totalled US$68,875,862 as at 31 December 2017.
At this date, the subject further recorded a Debt to Equity ratio of 1.78 to 1.
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Wilmar Gavilon Pty Ltd - consolidated |
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As at 31 Dec 2017 - USD |
As at 31 Dec 2016 - USD |
Change (%) |
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Revenue |
$577,637,362.00 |
$510,465,202.00 |
13.16% |
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Profit b/tax |
$6,432,791.00 |
$3,711,571.00 |
73.32% |
|
Profit a/tax |
$5,049,133.00 |
$884,032.00 |
471.15% |
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Net Profit Margin |
0.87% |
0.17% |
0.70% |
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Current Assets |
$121,812,651.00 |
$121,273,266.00 |
0.44% |
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Non Current Assets |
$69,440,593.00 |
$66,672,441.00 |
4.15% |
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Total Assets |
$191,253,244.00 |
$187,945,707.00 |
1.76% |
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Current Liabilities |
$121,245,489.00 |
$123,464,586.00 |
-1.80% |
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Non Current Liabilities |
$1,131,893.00 |
$1,054,167.00 |
7.37% |
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Total Liabilities |
$122,377,382.00 |
$124,518,753.00 |
-1.72% |
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Net Assets |
$68,875,862.00 |
$63,426,954.00 |
8.59% |
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Working Capital |
$567,162.00 |
($2,191,320.00) |
-125.88% |
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Current Ratio |
1.00 |
0.98 |
2.28% |
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Debt to Equity |
1.78 |
1.96 |
-9.49% |
TRADE
SURVEY
During the current investigation, contact with the subject’s principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
Trade payment records from further sources in the past 4 months have
traced the following data for the subject.
Total Owing:
$130,975
Total Past Due:
$87,733
Average Late
Payment Days: 35
All Industries
Late Payment Days: 9
Within terms: $43,242
1 – 30 days past due: $34,069
31 – 60 days past due: $0
61 – 90 days past due: $53,664
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 |
INR 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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AUD |
1 |
INR 50.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.