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MIRA INFORM REPORT
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Report No. : |
485463 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
WAX CONVERTERS TEXTILES PTY LTD |
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Registered Office : |
Unit 19, 35 Old Northern Rd Baulkham Hills NSW 2153 |
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Country : |
Australia |
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Date of Incorporation : |
01.08.1989 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the manufacture of industrial and
outdoor fabrics. |
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No. of Employees : |
70 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 2017 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
WAX CONVERTERS TEXTILES PTY LTD
ACN: 003 851 330
ABN: 20 003 851 330
ADDRESS GIVEN 21
James St
LIDCOMBE
NSW 2141
Summary
Panel
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Established |
1992 |
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Incorporated |
1989 |
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Line of Business |
Manufacture of fabrics |
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Status |
Trading |
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Adverse Listings |
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EXECUTIVE
SUMMARY
For the last financial year ended 30 June 2017 the subject traded
profitably and recorded revenue in the order of $20,000,000.
On a projected basis, some trading growth is forecast
for the current financial year ending 30 June 2017.
In regards to asset backing, the subject is noted to own the
premises located at the above listed trading address.
In view of the above, the subject has been assigned with a rating
of ‘NA 4’.
CORPORATE SEARCH
Company Type Australian
Proprietary Company
INCORPORATED 1
Aug 1989
REGISTERED ADDRESS Unit
19, 35 Old Northern Rd
BAULKHAM
HILLS NSW 2153
SHARECAPITAL $4
SHAREHOLDERS KELMAN,
Helen Joy Holds 2 shares
KELMAN,
Robert James Holds 2 shares
DIRECTORS KELMAN,
James
106,
2 Messines St
SHOAL
BAY NSW 2315
KELMAN,
Robert James
904,
26 Pacific St
NEWCASTLE,
NSW 2300
KELMAN,
Helen Joy
904,
26 Pacific St
NEWCASTLE,
NSW 2300
SECRETARY MCCAFFREY,
Amy Elizabeth
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 77 Racecourse Road
RUTHERFORD NSW 2320
HEAD OFFICE Suite 5, 398 CHAPEL ROAD
BANKSTOWN NSW 2200
TELEPHONE (612)
9709 4052
(612) 4932 6338
FACSIMILE (612)
4932 5895
WEBSITE http://www.waxcon.com.au/
BANK ANZ
BANKING GROUP
EMPLOYEES 70
BACKGROUND
The subject was incorporated in New South Wales on 1 August 1989
as Queenscene Pty Ltd, changing name on 7 April 1990 to Wax Converters Pty Ltd,
before adopting the current style on 24 January 1992.
Operations were established as a new venture in 1992.
OPERATIONS
The subject operates in the manufacture of industrial and outdoor
fabrics.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 11 January 2017 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.
During the current
interview conducted with the subjects Financial Controller, David Llewellyn he
advised that for the last financial year ended 30 June 2017 the subject traded
profitably and recorded revenue in the order of $20,000,000.
On a projected basis, some trading growth
is forecast for the current financial year ending 30 June 2017.
For the year ended 30 June 2016 the
subject recorded revenue of $18,285,665.
For the financial year
ended 30 June 2011 the subject traded profitably and recorded revenue of
$20,400,000. This compares with $20,000,000 for the previous corresponding period.
For the financial year
ended 30 June 2005 the subject recorded revenue of $18,170,472, which resulted
in an operating profit before tax of $750,819 and an operating profit after tax
of $688,209 representing a Net Profit Margin of 3.79%.
The subject maintains a financing facility with the
In regards to asset backing, the subject is noted to own the
premises located at the above listed trading address. A property search can be
conducted at your request to confirm ownership.
Further details pertaining to the subject’s financial position
were unable to be obtained for the current enquiry.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Dow Chemical’s) Nominated supplier failed to respond to
correspondence despite chasing.
(Lencrow) Nominated supplier failed to respond to correspondence
despite chasing.
Trade payment records from further sources in the past 4 months
have traced the following data for the subject.
Total Owing: $5,080
Total Past Due: $963
Average Late Payment Days: N/A
All Industries Late Payment Days: 15
Within terms: $4,117
1 – 30 days past due: $963
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 |
INR 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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AUD |
1 |
INR 50.95 |
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
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.