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MIRA
INFORM REPORT
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Report No. : |
490335 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MICHAEL J BOWEN & ASSOCIATES P/L |
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Registered Office : |
2-4 Northumberland Drive, Caringbah Nsw, 2229 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
09.01.1986 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
·
The
subject operates as a provider of supply chain solutions
including Customs Brokerage and global freight forwarding. ·
The subject also wholesale grocery products. |
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No. of Employees : |
14 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate 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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 has stalled and sharp drops in current 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 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 10 ASEAN countries and China, Japan, Korea, New Zealand and India.
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Source
: CIA |
COMPANY NAME
REGISTERED
NAME MICHAEL
J BOWEN & ASSOCIATES P/L
ACN 003045029
ABN 31003045029
Summary Panel |
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Established |
1985 |
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Incorporated
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1986 |
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Line of
Business |
Global logistics and wholesale of
groceries. |
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Status |
Trading |
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EXECUTIVE SUMMARY
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Michael J
Bowen and Associates P/L |
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As at 30
June 2017 |
As at 30
June 2016 |
Change
(%) |
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Revenue |
$36,936,021.00
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$33,814,115.00
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9.23% |
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Profit
b/tax |
$1,867,001.00
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$1,377,519.00
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35.53% |
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Profit
a/tax |
$1,312,241.00
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$993,109.00
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32.13% |
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Net
Profit Margin |
3.55% |
2.94% |
0.62% |
During fiscal 2017, the subject
recorded Net Cashflows from operating activities totalling $1,228,594.
As at 30 June 2017 the subject
recorded Working Capital of $5,954,107 and a current ratio of 1.66 to 1
indicating satisfactory liquidity levels.
Net Assets totalled $6,164,720 as at
30 June 2017.
CORPORATE SEARCH
Company Type Australian Proprietary Company
Status Registered
Incorporation
Date 09 Jan 1986
Incorporation
State NSW
Registered
Office 2-4 NORTHUMBERLAND DRIVE
CARINGBAH NSW, 2229
Current Directors
Total: 3
Director
Name LONG, DARREN HARVEY
Appointment
Date 31 Aug 2015
Date of
Birth 15 Aug 1967
Place of
Birth SYDNEY NSW
Gender MALE
Resident
Overseas N
Address 20 MATTHEW FLINDERS PL,
BURRANEER NSW 2230
Director
Name GASNIER, PETER MICHAEL
Appointment
Date 31 Aug 2015
Date of
Birth 01 Sep 1963
Place of
Birth CARINGBAH NSW
Gender MALE
Resident
Overseas N
Address 81 TELOPEA AVE, CARINGBAH
NSW 2229
Director
Name PLUESS, PETER
Appointment
Date 31 Aug 2015
Date of Birth
19 Nov 1951
Place of
Birth AARBERG-GE
SWITZERLAND
Gender MALE
Resident
Overseas N
Address 1 MAYFAIR PL, EAST
LINDFIELD
NSW 2070
Current
Secretaries
Total: 1
Secretary
Name GASNIER, PETER MICHAEL
Appointment
Date 31 Aug 2015
Date of Birth
01 Sep 1963
Place of
Birth CARINGBAH NSW
Address 81 TELOPEA AVENUE
CARINGBAH NSW, 2229
Company Shares
Total: 200 Amount: $2
Class ORDINARY
A CLASS SHARES [ORDA]
Number of
Shares Issued 200
Paid
Capital $2.00
Total
Amount Due and Payable $0.00
Document
Number 029206085
Current
Shareholders
Shareholder
Name FRACHT INVESTMENTS PTY LTD
ACN
606252091
ABN
35606252091
Address 19 BAKER STREET BOTANY
NSW, 2019
Class ORDA
Number Held
200
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 Unit 9b, Level 2
2-4
NORTHUMBERLAND DRIVE
CARINGBAH
NSW, 2229
POSTAL
ADDRESS PO BOX 2323
TAREN POINT, NSW 2229
TELEPHONE (612)
8543 2300
EMAIL sales@mbowens.com.au
WEBSITE http://www.bowenlogistics.com.au
HOLDING ENTITY FRACHT INVESTMENTS PTY LTD
BANK Not
determined
EMPLOYEES 14
BACKGROUND
The subject was incorporated in New
South Wales on 9 January 1986 before adopting the current style on 5 March
1986.
Operations were founded in1985.
OPERATIONS
The subject operates as a provider of
supply chain solutions including Customs Brokerage and global freight
forwarding.
The subject
also wholesale grocery products.
Activities are conducted from premises
located at the above listed trading address.
ADVERSE
A search of records of on 6 February
2018 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.
Below is a summary of the subject’s
income results for the past two financial years.
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Michael J
Bowen and Associates P/L |
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As at 30
June 2017 |
As at 30
June 2016 |
Change
(%) |
|
Revenue |
$36,936,021.00
|
$33,814,115.00
|
9.23% |
|
Profit
b/tax |
$1,867,001.00
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$1,377,519.00
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35.53% |
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Profit
a/tax |
$1,312,241.00
|
$993,109.00
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32.13% |
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Net
Profit Margin |
3.55% |
2.94% |
0.62% |
During fiscal 2017, the subject
recorded Net Cashflows from operating activities totalling $1,228,594.
As at 30 June 2017 the subject
recorded total current assets of $14,921,784. They included cash of $448,648,
receivables of $5,289,384 and inventories of $9,094,922.
Current liabilities at the same date
totalled $8,967,677 and included payables of $7,600,615 and financial
liabilities of $828,393.
As at 30 June 2017 the subject
recorded Working Capital of $5,954,107 and a current ratio of 1.66 to 1
indicating satisfactory liquidity levels.
Net Assets totalled $6,164,720 as at
30 June 2017. At this date, the subject further recorded a Debt to Equity ratio
of 1.48 to 1.
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Michael J
Bowen and Associates P/L |
|||
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As at 30
June 2017 |
As at 30
June 2016 |
Change
(%) |
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Revenue |
$36,936,021.00
|
$33,814,115.00
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9.23% |
|
Profit
b/tax |
$1,867,001.00
|
$1,377,519.00
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35.53% |
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Profit
a/tax |
$1,312,241.00
|
$993,109.00
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32.13% |
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Net
Profit Margin |
3.55% |
2.94% |
0.62% |
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Current
Assets |
$14,921,784.00
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$13,201,540.00
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13.03% |
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Non
Current Assets |
$382,605.00
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$288,577.00
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32.58% |
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Total
Assets |
$15,304,389.00
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$13,490,117.00
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13.45% |
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Current
Liabilities |
$8,967,677.00
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$8,089,959.00
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10.85% |
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Non
Current Liabilities |
$171,992.00
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$188,703.00
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-8.86% |
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Total
Liabilities |
$9,139,669.00
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$8,278,662.00
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10.40% |
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Net
Assets |
$6,164,720.00
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$5,211,455.00
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18.29% |
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Working
Capital |
$5,954,107.00
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$5,111,581.00
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16.48% |
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Current
Ratio |
1.66 |
1.63 |
1.97% |
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Debt to
Equity |
1.48 |
1.59 |
-6.67% |
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.14 |
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1 |
INR 89.50 |
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Euro |
1 |
INR 79.43 |
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AUD |
1 |
INR 50.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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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.