FCA Holdings, formerly Ford Credit Australia Limited, has reported a lacklustre net profit of $24.8 million, down a quarter from the previous year.The 2007 calendar year profit is the lowest in five years, due to falling receivables, a trend that has existed for three years in a row. Total receivables fell to $2.4 billion in 2007 from $2.8 billion a year earlier, with 2005 $3.1 billion and 2004 $3.3 billion.Potentially more financially alarming is the total debt to shareholders equity, which has fallen four years in a row, with the ratio now 6.1:1, or double the 2003 figure.Total debt was $2.2 billion for 2007, down from $2.6 billion a year earlier and included $1.6 billion (2006: $643 million) from the parent, with special purpose borrowings of $552 million (2006: $1.1 billion) which have been securitised.The allowance for doubtful debts, (including both a loan loss allowance and specific allowances) amounted to $20.1 million. The loan loss allowance of $17.8 million was 0.7 per cent of gross receivables outstanding compared with a 2006 loan loss allowance provision of $19.3 million - representing 0.66 per cent of gross receivables.Standard & Poor's maintained the Australian debt placements by the Company at B3 for short term guaranteed and B for long term guaranteed. Volvo Car Credit Australia transferred all assets and liabilities to FCA Holdings in March 2008, with the company no longer operating, until it is officially liquidated.