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MIRA
INFORM REPORT
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Report No. : |
489835 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VILLAGE CINEMAS AUSTRALIA P/L |
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Registered Office : |
Level 1, 500 Chapel Street South Yarra Vic, 3141 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
06.04.1987 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the as a provider of cinema exhibition
and film distribution activities and is continuing to expand and develop
multiplex cinemas in Australia. |
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No. of Employees : |
126 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs 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. Australias 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
VILLAGE CINEMAS AUSTRALIA
P/L
ACN 006735002
ABN 36006735002
Summary Panel
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Established |
1954 |
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Incorporated |
1987 |
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Line of Business |
Cinema exhibition and film distribution |
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Status |
Trading |
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Adverse Listings |
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EXECUTIVE SUMMARY
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Village Cinemas Australia P/L |
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
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Revenue |
$296,312,950.00 |
$259,433,203.00 |
14.22% |
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Profit b/tax |
$88,527,214.00 |
$49,985,447.00 |
77.11% |
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Profit a/tax |
$76,727,138.00 |
$37,196,969.00 |
106.27% |
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Net Profit Margin |
25.89% |
14.34% |
11.56% |
During fiscal 2017, the subject recorded Net Cashflows from
operating activities totaling $74,261,844.
As at 30 June 2017the subject recorded a deficiency in Working Capital
of $26,979,814 and a current ratio of 0.52 to 1 indicating tight liquidity
levels.
Net Assets totalled $82,305,432 as at 30 June 2017. After
deducting intangibles of $48,111,697 this results in a Net Worth of
$34,193,735.
CORPORATE SEARCH
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 06 Apr 1987
Incorporation State VIC
Registered Office LEVEL
1, 500 CHAPEL STREET
SOUTH YARRA
VIC, 3141
Current Directors Total: 6
Director Name KIRBY, CLARK JOHNATHAN
Appointment Date 17 Oct 2011
Date of Birth 25 Mar 1979
Place of Birth MELBOURNE VIC
Gender MALE
Resident Overseas N
Address 69 SUTHERLAND RD, ARMADALE
VIC 3143
Director Name EDWARDS, KIRK PAUL
Appointment Date 01 Jun 2011
Date of Birth 22 Feb 1968
Place of Birth LONDON UNITED KINGDOM
Gender MALE
Resident Overseas N
Address 21 CRISP ST, HAMPTON VIC 3188
Director Name RAFFE, JULIE ELAINE
Appointment Date 29 Apr 2011
Date of Birth 16 Jan 1962
Place of Birth ASHTON UNDER LYNE UNITED
KINGDOM
Gender FEMALE
Resident Overseas N
Address 6 AMBERLEY WAY, LOWER
PLENTY VIC 3093
Director Name PHILLIPSON, SIMON THOMAS
Appointment Date 22 Jan 2009
Date of Birth 06 Apr 1962
Place of Birth SALE VIC
Gender MALE
Resident Overseas N
Address 60 POWER ST, HAWTHORN VIC3122
Director Name DRISCOLL, SHAUN LEWIS
Appointment Date 28 Apr 2006
Date of Birth 24 Mar 1955
Place of Birth SWANAGE UNITED KINGDOM
Gender MALE
Resident Overseas N
Address 3A HAMBLEDON RD, HAWTHORN
VIC 3122
Director Name BURKE, GRAHAM WILLIAM
Appointment Date 22 Jun 1987
Date of Birth 10 Jun 1942
Place of Birth ARARAT VIC
Gender MALE
Resident Overseas N
Address 6, 45 MARNE ST, SOUTH YARRA
VIC 3141
Current Secretaries Total: 2
Secretary Name DRISCOLL, SHAUN LEWIS
Appointment Date 01 Jul 1997
Date of Birth 24 Mar 1955
Place of Birth SWANAGE UNITED KINGDOM
Address 3A HAMBLEDON ROAD
HAWTHORN VIC, 3122
Secretary Name COSENTINO, RAFFAELA
Appointment Date 03 Jul 2017
Date of Birth 06 Aug 1967
Place of Birth PRESTON VIC
Address 23 SILVERDALE ROAD
EAGLEMONT VIC, 3084
Company Shares Total: 14000005 Amount:$14,000,005
Class ORDINARY SHARES [ ORD1 ]
Number of Shares Issued 14000005
Paid Capital $14,000,005.00
Total Amount Due and Payable $0.00
Current Shareholders
Shareholder Name VILLAGE ROADSHOW LIMITED
ACN 010672054
ABN 43010672054
Address LEVEL 1, 500 CHAPEL STREET
SOUTH YARRA VIC, 3141
Class ORD1
Number Held 14000005
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).
Please contact us should you require a search of the PPSR.
BUSINESS STRUCTURE
TRADING ADDRESS LEVEL 1, 500 CHAPEL STREET
SOUTH YARRA
VIC, 3141
POSTAL ADDRESS GPO LOCKED BAG 20025
MELBUORNE
VIC 3001
TELEPHONE (613) 9281 1000
WEBSITE http://villagecinemas.com.au
CONTROLLED ENTTIES VILLAGE
ROADSHOW THEATRES P/L
VILLAGE
THEATRES (MORWELL) P/L
VILLAGE
ROADSHOW EXHIBITION P/L
ENTERTAINMENT
OF THE FUTURE P/L
VILLAGE
ROADSHOW (FIJ) LTD
HOLDING ENTITY VILLAGE
ROADSHOW LIMITED
ULTIMATE HOLDING
ENTITY POSITVE INVESTMENTS P/L - AUSTRALIA
BANK Not
determined
EMPLOYEES 126
BACKGROUND
The subject was incorporated in Victoria on 6 April 1987 before
adopting the current style on 9 March 1999.
The subject was
established in 1954 through the origins of Village Roadshow and Village Cinemas
one of Australia's first drive-in theatre operations in Croydon, an outer
Eastern suburb of Melbourne established by Roc Kirby.
Kirby rapidly expanded
Village Drive-In Pty Limited through the late 1950s, with the circuit opening
in the Melbourne suburbs of Rowville and Essendon; Victorian regional areas of
Hamilton, Wangaratta and Stawell; and regional Tasmania in Launceston. Village
also went into its first partnership with Greater Union to build a Geelong
drive-in, and by the beginning of the 1960s, operated 27 drive-in theatres
throughout the states of Victoria and Tasmania. Village Drive-In Pty Limited
then began to expand throughout the rest of Australia, particularly after the
company began adding so-called "hard-top" (enclosed) cinemas in the
1960s.
The advent of home video
in the late-1970 spelled the end of the drive-in theatres. Although Village
Roadshow continued to operate a number of drive-ins until the 1990s, the format
itself faded quickly with the growing availability of videocassettes and VCRs
(the original Croydon drive-in closed in 1990).
video rental operations in 1985.[7][8]
Village Roadshow responded
to another expanding trend, that of the multiplex cinema in the 1980s and '90s.
Multiplexes were a reaction by the movie exhibition industry to the rise of
video; the multiplex offered a choice of screenings in a single building, some
containing up to 20 screens. Village Roadshow became a pioneer in building and
converting its existing single or 'twin' screen cinemas into the multiplex
concept, investing in new sound and projection technologies and introducing new
features, such as stadium-style seating.
In 1988, Village Roadshow
sold two-thirds in Village Cinemas and entered into an equal joint-venture
partnership with Warner Bros. and Greater Union to develop a new chain of
multiplex cinemas throughout Australia. The partnership, called the Australian
Multiplex Joint Venture, grew quickly through the 1990s, establishing a chain
of nearly 30 theatres with nearly 320 screens.
Since 2003, the subjects
Australian sites became a joint venture between Village Roadshow and
Amalgamated Holdings Limited (AHL), forming Australian Theatres. Previous to
this, Village Cinemas was the founding entity of parent company, Village
Roadshow from 1954 when the first drive-in theatre was established, and from
1988 Warner Bros. owned a third share in the chain. The Village Cinemas brand
also operates in various forms within some international markets, either as a
joint venture with Village Roadshow, or under licence, operated by other
companies. Village Cinemas also pioneered and fostered concept screen brands
such as, Gold Class, Cinema Europa, Vmax (Vmax was inspired by IMAX),where they
also operate within AHL's Event Cinemas/Greater Union/Birch Carroll &
Coyle, and many international cinema chains and V jr.Village Cinemas has
OPERATIONS
The subject operates in the as a provider of cinema exhibition and
film distribution activities and is continuing to expand and develop multiplex
cinemas in Australia.
The subject mainly shows blockbuster, mainstream, children and
family films and some arthouse, foreign language and documentary films.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of records of on 2 February 2018 failed to trace any
litigation listed against the subject at that date.
FINANCES
Below is a summary of the subjects income results for the past
two financial years.
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Village Cinemas Australia P/L |
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
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Revenue |
$296,312,950.00 |
$259,433,203.00 |
14.22% |
|
Profit b/tax |
$88,527,214.00 |
$49,985,447.00 |
77.11% |
|
Profit a/tax |
$76,727,138.00 |
$37,196,969.00 |
106.27% |
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Net Profit Margin |
25.89% |
14.34% |
11.56% |
During fiscal 2017, the subject recorded Net Cashflows from
operating activities totaling $74,261,844.
As at 30 June 2017 the subject recorded total current assets of
$28,947,904. They included cash of $11,478,533, receivables of $11,381,273 an
assets for sale of $3,069,860.
Current liabilities at the same date totaled $55,927,718 and
included payables of $24,874,028 and other of $26,749,471.
As at 30 June 2017the subject recorded a deficiency in Working
Capital of $26,979,814 and a current ratio of 0.52 to 1 indicating tight
liquidity levels.
Net Assets totalled $82,305,432 as at 30 June 2017. At this date,
the subject further recorded a Debt to Equity ratio of 1.65 to 1.After
deducting intangibles of $48,111,697 this results in a Net Worth of
$34,193,735.
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Village Cinemas Australia P/L |
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
|
Revenue |
$296,312,950.00 |
$259,433,203.00 |
14.22% |
|
Profit b/tax |
$88,527,214.00 |
$49,985,447.00 |
77.11% |
|
Profit a/tax |
$76,727,138.00 |
$37,196,969.00 |
106.27% |
|
Net Profit Margin |
25.89% |
14.34% |
11.56% |
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Current Assets |
$28,947,904.00 |
$24,647,604.00 |
17.45% |
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Non Current Assets |
$188,915,052.00 |
$270,214,238.00 |
-30.09% |
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Total Assets |
$217,862,956.00 |
$294,861,842.00 |
-26.11% |
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Current Liabilities |
$55,927,718.00 |
$67,333,875.00 |
-16.94% |
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Non Current Liabilities |
$79,629,806.00 |
$86,949,673.00 |
-8.42% |
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Total Liabilities |
$135,557,524.00 |
$154,283,548.00 |
-12.14% |
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Net Assets |
$82,305,432.00 |
$140,578,294.00 |
-41.45% |
|
Working Capital |
($26,979,814.00) |
($42,686,271.00) |
-36.80% |
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Current Ratio |
0.52 |
0.37 |
41.40% |
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Debt to Equity |
1.65 |
1.10 |
50.07% |
TRADE SURVEY
Trade payment records from further sources in the past 4 months
have traced the following data for the subject.
Total Owing: $31,783
Total Past Due: $7,385
Average Late Payment
Days:7
Industry average late
payment days: 9
Within terms: $24,399
1 30 days past due: $6,320
31 60 days past due: $502
61 90 days past due: $110
91+ days: $452
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 50.18 |
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 : |
TRU |
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
SCs 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.