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MIRA INFORM REPORT
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Report No. : |
498427 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CATHAY INDUSTRIES AUSTRALASIA PTY LTD |
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Registered Office : |
1/103 Vanessa Street, Kingsgrove, New South Wales 2208 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
05.01.1998 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the manufacture of synthetic iron oxides for
the colour industry |
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No. of Employees : |
33 |
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 : |
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
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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 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 |
CORPORATE
REPORT
REGISTERED NAME CATHAY INDUSTRIES AUSTRALASIA PTY LTD
ACN: 081 186 174
ABN: 23 081 186 174
Summary
Panel
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Established |
1998 |
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Incorporated |
1998 |
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Line of Business |
manufacture of synthetic iron oxides |
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Status |
Trading |
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Chief Executive Officer |
SPACKMAN, STEVEN LEO |
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EXECUTIVE
SUMMARY
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Cathay Industries Australasia P/L |
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As at 31 Dec 2016 |
As at 31 Dec 2015 |
Change (%) |
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Revenue |
$32,700,791.00 |
$37,243,030.00 |
-12.20% |
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Profit b/tax |
$132,122.00 |
$300,135.00 |
-55.98% |
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Profit a/tax |
$89,754.00 |
$201,612.00 |
-55.48% |
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Net Profit Margin |
0.27% |
0.54% |
-0.27% |
During fiscal 2016, the subject recorded a deficiency in Net Cashflows from
operating activities totalling $1,119,406.
As at 31 December 2016 the subject recorded Working Capital of
$7,916,793 and a current ratio of 1.91 to 1 indicating satisfactory liquidity
levels.
Net Assets totalled $8,201,901 as at 31 December 2016. At Nil
intangibles were recorded at this time.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Incorporation Date: 05
Jan 1998
Incorporation State: Victoria
Registered Office 1/103 Vanessa Street
Kingsgrove,
New South Wales 2208 Australia
Number of Shares Issued: 5573
Paid Capital: $4,681,320
Shareholders CATHAY PIGMENTS
HOLDINGS LIMITED –
Number
of Shares: 5573
Directors YU, KWAN PING
Appointment Date: 01 Jul 2008
Date of Birth: 26 Dec 1953
Gender: Unknown
Address:
Resident Overseas: Yes
SPACKMAN, STEVEN LEO
Appointment Date: 01 Jul 2008
Date of Birth: 19 Jun 1964
Gender: Male
Address: 30 NORMA Avenue EASTWOOD, New South Wales 2122 Australia
Resident Overseas: No
YU, KWAN YAU
Appointment Date: 27 Apr 2006
Date of Birth: 07 Aug 1952
Gender: Unknown
Address:
Resident Overseas: Yes
Secretary DANNY SUCCAR
Appointment
Date: 01 Jul 2008
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 103
Vanessa St
KINGSGROVE,
NSW 2208
TELEPHONE (612)
9150 6666
FACSIMILE (612)
9150 6677
WEBSITE www.cathayindustries.com.au
EMAIL dannys@cathayindustries.com.au
BRANCHES DANDENONG
SOUTH, VIC
LOGANHOLME,
QLD
CONTROLLED ENTITY CATHAY
INDUSTRIES NZ P/L
HOLDING ENTITY CATHAY
PIGMENTS HOLDINGS LIMITED – British Virgin Islands
ULTIMATE HOLDING
ENTITY CATHAY
PIGMENTS (HOLDINGS) LTD – Hong Kong
BANK ANZ
BANKING GROUP
EMPLOYEES 33
BACKGROUND
The subject was incorporated in Victoria on 5 January 1998 to commence
operations under the current style as a new venture.
OPERATIONS
The subject operates in the manufacture of synthetic iron oxides for the
colour industry
The Group was originally formed from an amalgamation of four
international Iron Oxides companies and has since grown through acquisitions and
new members joining the group.
The group also manufactures Organic Pigments and Dyestuffs by joint
ventures, toll manufacturing and technological agreements with producers spread
out in the Shanghai, Zhejiang, Jiansu, Hebei and Shenyang provinces, with
state-of-the-art plants for the manufacturing of Food Dyes and Pigment
Dispersions in Jia Ding (Shanghai province) and Shekou (Shenzhen).
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of records of on 16 March 2018 failed to trace any litigation
listed against the subject at that date.
FINANCES
During the current investigation contact with the subjects financial
controller was unable to be established. Despite messages being left, no reply has
been received.
Below is a summary of the subject’s income results for the past two
financial years.
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Cathay Industries Australasia P/L |
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As at 31 Dec 2016 |
As at 31 Dec 2015 |
Change (%) |
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Revenue |
$32,700,791.00 |
$37,243,030.00 |
-12.20% |
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Profit b/tax |
$132,122.00 |
$300,135.00 |
-55.98% |
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Profit a/tax |
$89,754.00 |
$201,612.00 |
-55.48% |
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Net Profit Margin |
0.27% |
0.54% |
-0.27% |
Changes in market demand and competition have
seen a decrease in sales of 12.2% to $32,700,791. The decrease in sales has
contributed to a decrease in the company’s gross profit of 7.3% to $7,240,490
During fiscal 2016, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $1,119,406.
As at 31 December 2016 the subject recorded total current assets of
$16,613,085. They included cash of $2,333,865, receivables of $6,737,025 and
inventories of $7,168,240.
Current liabilities at the same date totalled $8,696,292 and included
payables of $6,030,461 and borrowings of $2,415,992.
As at 31 December 2016 the subject recorded Working Capital of
$7,916,793 and a current ratio of 1.91 to 1 indicating satisfactory liquidity
levels.
Net Assets totalled $8,201,901 as at 31 December 2016. At this date, the
subject further recorded a debt to equity ratio of 1.07 to 1. Nil intangibles were recorded at this time.
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Cathay Industries Australasia P/L |
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As at 31 Dec 2016 |
As at 31 Dec 2015 |
Change (%) |
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Revenue |
$32,700,791.00 |
$37,243,030.00 |
-12.20% |
|
Profit b/tax |
$132,122.00 |
$300,135.00 |
-55.98% |
|
Profit a/tax |
$89,754.00 |
$201,612.00 |
-55.48% |
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Net Profit Margin |
0.27% |
0.54% |
-0.27% |
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Current Assets |
$16,613,085.00 |
$15,626,383.00 |
6.31% |
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Non Current Assets |
$400,121.00 |
$445,426.00 |
-10.17% |
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Total Assets |
$17,013,206.00 |
$16,071,809.00 |
5.86% |
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Current Liabilities |
$8,696,292.00 |
$8,352,696.00 |
4.11% |
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Non Current Liabilities |
$115,013.00 |
$196,646.00 |
-41.51% |
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Total Liabilities |
$8,811,305.00 |
$8,549,342.00 |
3.06% |
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Net Assets |
$8,201,901.00 |
$7,522,467.00 |
9.03% |
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Working Capital |
$7,916,793.00 |
$7,273,687.00 |
8.84% |
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Current Ratio |
1.91 |
1.87 |
2.11% |
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Debt to Equity |
1.07 |
1.14 |
-5.47% |
TRADE
SURVEY
During the current investigation, details pertaining to the subject’s suppliers were not
provided.
A trade survey on the subject was subsequently unable to be conducted.
Trade payment records from further sources in the past 4 months have
traced the following data for the subject.
Total Owing:
$14,300
Total Past Due:
$6,069
Average Late
Payment Days: 11
All Industries
Late Payment Days: 9
Within terms: $8,211
1 – 30 days past due: $5,876
31 – 60 days past due: $213
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 65.22 |
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1 |
INR 91.33 |
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Euro |
1 |
INR 79.96 |
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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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VAR |
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Report Prepared
by : |
TPT |
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.