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MIRA INFORM REPORT
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Report No. : |
505971 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TVSN CHANNEL PTY LTD |
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Registered Office : |
431 Warringah Rd, Frenchs Forest, NSW 2086 |
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Country : |
Australia |
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Date of Incorporation : |
15.11.2004 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
·
The subject operates in the retail of merchandise
through a television home shopping network and the internet. ·
Products include jewellery, health products,
beauty supplies, fashion, Manchester, kitchenware, homewares, collectables
and electronics. |
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No. of Employees : |
673 (Group) |
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 TVSN CHANNEL PTY LTD
ACN: 111 806 958
ABN: 96 111 806 958
Summary
Panel
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Established |
1995 |
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Incorporated |
2004 |
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Status |
Trading |
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Line of Business |
Direct merchandising and retail sales using multimedia platforms |
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Chief Executive Officer |
Christopher Shaw |
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EXECUTIVE
SUMMARY
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Direct Group Investments P/L - consolidated |
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
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Sales |
$275,482,000.00 |
$249,978,000.00 |
10.20% |
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Profit b/tax |
$8,858,000.00 |
$13,076,000.00 |
-32.26% |
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Profit a/tax |
$6,202,000.00 |
$9,114,000.00 |
-31.95% |
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Net Profit Margin |
2.25% |
3.65% |
-1.39% |
The subject is noted to have entered into a Deed of Cross Guarantee pursuant
to a Class Order with its Holding entity Direct Group Investments Pty Limited
and some associates.
For the same period the closed group recorded an operating profit before
tax of $8,396,000 and an operating Profit after tax of $5,781,000.
As at 30 June 2017 the closed group recorded Working capital of
$15,133,000 and a current ratio of 1.34 to 1.
At this time the closed group recorded Net Assets of $37,528,000. After
deducting intangibles of $14,492,000 this results in a Net Worth of $23,036,000.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
INCORPORATED 15
November 2004
REGISTERED ADDRESS 431
Warringah Rd
Frenchs
Forest, NSW 2086
SHARECAPITAL $11,765
SHAREHOLDERS DIRECT
GROUP P/L Holds 11,765
DIRECTORS SHAW, Christopher,
Robert
73 Muston St
MOSMAN, NSW 2088
SECRETARY HODGSON,
Steven John
EWING,
Robert Thane
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 431
Warringah Rd
FRENCHS
FOREST, NSW 2086
TELEPHONE (612)
8198 6000
FACSIMLE (612)
8198 6012
WEBSITE www.itvsn.com.au
EMAIL comments@tvsn.com.au
POSTAL ADDRESS Locked
Bag 5012
FRENCHS
FOREST, NSW 2086
ASSOCIATED ENTITIES INNOVATIONS
DIRECT P/L - Australia
HOMECARE DIRECT SHOPPING P/L- Australia
DAMART AUSTRALIA P/L- Australia
CLEARANCE OUTLET P/L- Australia
HOMECARE DIRECT SHOPPING P/L- New Zealand
PETER WATTS DESIGNS LTD - UK
EXPO NETWORK P/L- Australia
INNOVATIONS PARK STUDIOS P/L- Australia
EIJV P/L- Australia
DG123 P/L- Australia
LEGENDS GENUINE MEMORABILIA P/L- Australia
DIRECT VENTURES P/L- Australia
INTERLINE SPORTS & ENTERTAINMENT P/L-
Australia
HOLDING ENTITY DIRECT
GROUP P/L – Australia
ULTIMATE HOLDING
ENTITY DIRECT
GROUP INVESTMENTS P/L
BANK COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES 673
(Group)
BACKGROUND
The subject was incorporated in New South Wales on 15 November 2004
under the current style.
TVSN was founded in Sydney in 1995 and listed on the Australian Stock
Exchange in August 1999. In November 2004, the TVSN business was
acquired by Direct Group (formerly Innovations Group). The Group
comprises of a number of trading brands and operating companies including
Innovations, Homecare, Damart, Engin, The Fox Collection, Hamper King, Expo
Channel, Gaiam, Early Learning World, Entertainment Masters, ESP and Legends
Genuine Memorabilia.
Group operations were established in 1981 and have it’s origins as a direct
marketing specialist to develop into a comprehensive multi-channel retailer
offering a wide variety of products directly to a loyal customer base in
Australia and New Zealand.
OPERATIONS
The subject operates in the retail of merchandise through a television
home shopping network and the internet.
Products include jewellery, health products, beauty supplies, fashion,
Manchester, kitchenware, homewares, collectables and electronics.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 26 April 2018 failed
to trace
any litigation listed against the subject at that date.
FINANCES
During the current investigation contact with Financial Controller
Steven Hodgson was unable to be established.
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Direct Group Investments P/L - consolidated |
|||
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
|
Sales |
$275,482,000.00 |
$249,978,000.00 |
10.20% |
|
Profit b/tax |
$8,858,000.00 |
$13,076,000.00 |
-32.26% |
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Profit a/tax |
$6,202,000.00 |
$9,114,000.00 |
-31.95% |
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Net Profit Margin |
2.25% |
3.65% |
-1.39% |
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Direct Group Investments Pty
Limited and some associates. The effect of the Deed is that each party that
forms part of the closed group guarantee the debts of each other.
For the same period the closed group recorded an operating profit before
tax of $8,396,000 and an operating Profit after tax of $5,781,000.
During fiscal 2017, the Group recorded Net Cashflows from operating activities
totalling $10,986,000.
As at 30 June 2016 the Group recorded total current assets of
$65,736,000. They included cash of $8,781,000, receivables of $16,589,000 and
inventories of $33,355,000.
Current liabilities at the same date totalled $45,635,000 and included
payables of $38,094,000 and provisions of $4,491,000.
As at 30 June 2017 the Group recorded Working Capital of $20,101,000 and
a current ratio of 1.44 to 1 indicating satisfactory liquidity levels.
At the same date the closed group recorded Working capital of
$15,133,000 and a current ratio of 1.34 to 1.
Group Net Assets totalled $42,751,000 as at 30 June 2017. At this date,
the Group further recorded a Debt to Equity ratio of 1.17 to 1.
At this time the closed group recorded Net Assets of $37,528,000. After
deducting intangibles of $14,492,000 this results in a Net Worth of
$23,036,000.
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Direct Group Investments P/L - consolidated |
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As at 30 June 2017 |
As at 30 June 2016 |
Change (%) |
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Sales |
$275,482,000.00 |
$249,978,000.00 |
10.20% |
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Profit b/tax |
$8,858,000.00 |
$13,076,000.00 |
-32.26% |
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Profit a/tax |
$6,202,000.00 |
$9,114,000.00 |
-31.95% |
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Net Profit Margin |
2.25% |
3.65% |
-1.39% |
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Current Assets |
$65,736,000.00 |
$59,083,000.00 |
11.26% |
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Non Current Assets |
$27,041,000.00 |
$23,996,000.00 |
12.69% |
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Total Assets |
$92,777,000.00 |
$83,079,000.00 |
11.67% |
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Current Liabilities |
$45,635,000.00 |
$35,418,000.00 |
28.85% |
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Non Current Liabilities |
$4,391,000.00 |
$2,810,000.00 |
56.26% |
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Total Liabilities |
$50,026,000.00 |
$38,228,000.00 |
30.86% |
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Net Assets |
$42,751,000.00 |
$44,851,000.00 |
-4.68% |
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Working Capital |
$20,101,000.00 |
$23,665,000.00 |
-15.06% |
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Current Ratio |
1.44 |
1.67 |
-13.65% |
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Debt to Equity |
1.17 |
0.85 |
37.29% |
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 66.66 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 80.00 |
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AUD |
1 |
INR 50.13 |
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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NIY |
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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.