MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIMS GROUP LIMITED |
|
|
|
|
Registered Office : |
Simsmetal House, 6/41 Mclaren Street, North Sydney, NSW 2060 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
20 June 2005 |
|
|
|
|
Legal Form : |
Australian Public Company, Limited By Shares |
|
|
|
|
Line of Business : |
Metal Recycler. Processor and supplier of
scrap metal. Secondary
aluminium and plastics recycling operations |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
REGISTERED NAME: |
SIMS GROUP
LIMITED |
|
|
|
|
AUSTRALIAN
COMPANY NUMBER: |
114 838 630 |
|
|
|
|
AUSTRALIAN
BUSINESS NUMBER: |
69 114 838 630 |
|
|
|
|
OPERATING
ADDRESS: |
SIMSMETAL HOUSE 6/41 MCLAREN STREET NORTH SYDNEY,
NSW 2060 |
|
|
|
|
REGISTERED
ADDRESS: |
SIMSMETAL HOUSE 6/41 MCLAREN STREET NORTH SYDNEY,
NSW 2060 |
|
|
|
|
OTHER TRADING
NAMES: |
Nil |
|
|
|
|
TELEPHONE
NUMBER: |
(02) 9956 9100 |
|
|
|
|
WEB SITE
ADDRESS: |
www.sims-group.com |
|
|
|
|
DATE OF
INCORPORATION: |
20 June 2005 – Incorporated in Victoria. |
|
|
|
|
CHANGE OF NAME: |
20 October 2005 - To present name. |
|
|
|
|
PAID CAPITAL: |
$125,398,963 in $1 shares. |
|
|
|
|
DIRECTORS: |
JOHN NEU Overseas resident PAUL JOSEPH
VARELLO Overseas resident ROBERT LINDSAY
EVERY 6/28 Billyard Avenue, ELIZABETH BAY, NSW 2011 GEOFFREY NORMAN
BRUNSDON 35 Coolawin Road, NORTHBRIDGE, NSW 2063 JOHN MICHAEL
FEENEY 76 Claremont Avenue, MALVERN, VIC 3144 PAUL KEITH
MAZOUDIER 31 Kurrawang Street, LEURA, NSW 2780 JEREMY LEIGH
SUTCLIFFE 26 Prince Albert Street, MOSMAN, NSW 2088 ROSS BRODIE
CUNNINGHAM 22A Upper Avenue Road, MOSMAN, NSW 2088 |
|
|
|
|
SHAREHOLDERS: |
Refer HISTORY |
|
|
|
|
SECRETARY: |
FRANCIS MARTIN
MORATTI |
|
|
|
|
AUDITORS: |
Not shown |
|
|
|
|
REGISTERED
CHARGES: |
Nil |
|
|
|
|
PAYMENTS: |
Refer TRADING |
|
|
|
|
LEGAL ACTIONS /
DEFAULTS: |
Nil |
|
|
|
|
EMPLOYEES: |
Not ascertained, however would be several thousand. |
PARENT COMPANY
NIL – Publicly listed company
ACTIVITIES
Sims Metal is the largest metal
recycler in the southern hemisphere and has operations in Australasia, UK and
USA. As a buyer, processor and supplier of scrap metal, Sims Metal provides a
consistent and reliable supply of all grades of recycled ferrous and non
ferrous metals to industrial customers around the world. Sims has operations in
the following areas listed below:
I.
Ferrous metals
II.
Non Ferrous metals
III.
Processing and operations
Sims
Manufacturing includes the secondary aluminium and plastics recycling operations
of Sims Group. Located principally in Australia, the division provides a number
of innovative recycling solutions, including the recovery of aluminium and salt
from salt slag, a by-product of primary aluminium production, and the recycling
of agricultural plastics.
The
commodities trading division distributes a wide array of semi-finished raw
material products, through the Sims Metal network, to a range of industries.
This division
also includes Sims Group's 33.3% interest in Consolidated Extrusions (Conex),
our copper and brass alloy extrusions joint venture with Crane Group, and Sims
Group's 50% interest in Australian Refined Alloys (ARA), Australia's only
secondary lead manufacturer, a joint venture with Pasminco.
Sims Aluminium is Australia's largest producer of specification grade aluminium for the automotive industry in Australia and South East Asia. It is also a major processor of aluminium dross and salt slag generated by the primary aluminium industry.
The Company's manufacturing facilities located in Melbourne and Geelong,
Australia, source secondary raw materials from a number of industrial and
domestic sources. Output includes molten aluminium, which may be supplied
direct to customers for further processing into engine parts, alloy wheels and
other aluminium products, and specification grade ingots.
Sims Energy is the energy division of Sims Group. It comprises Sims Group's 25% (with the right to move to 50%) interest in Landfill Management Services Pty Limited ('LMS'). LMS is a specialist landfill gas and renewable energy company. Australian owned and operated, LMS pioneered the use of landfill gas to energy in Australia over two decades ago, and continues to research, install and develop gas systems, renewable energy and power generation technologies.
Sims International's
mission is to identify and maximise value creation opportunities for the
products and services of Sims Group Limited. Sims International currently has a
network of offices in Australia, China, Malaysia and India.
Sims International handles all international
transactions and brokerage of ferrous and non-ferrous metals on behalf of Sims
Group and deals with customers and suppliers in over 20 countries. It regularly
and actively manages relationships with a large percentage of Sims Group's
overseas client base in regions as diverse as Asia, Africa, Eastern Europe and
South America. It is also involved in the global trading of numerous metal
related commodities and provides a valuable service to its customer base through
its in-depth market and product knowledge, financial strength as well as its
expertise in shipping and banking.
Sims Steel is the steel processing and distribution arm of Sims Group and has operations in Australasia, Papua New Guinea and the USA. Sims Steel sells a wide range of steel tubing, plate and construction materials as well as a range of other commonly used steel products.
Sims Plastics has operations in Sydney and Melbourne, Australia and recycles a number of high value plastics, including High and Low Density PolyEthylene (HPE and LPE) and PolyPropylene (PP). The division is a major recycler of post consumer plastics and plastics from the automotive industry as well as a recycler of environmentally sensitive plastics such as agricultural films.
Sims Industrial is the industrial services division of Sims Group. The Division provides industrial services, including blending, furnace loading and stockpile management, to a number of clients. Depending on your needs, Sims Industrial can assist you in your area of secondary materials handling and processing.
Sims Recycling Solutions is the division of Sims Group created specifically in response to the increasing social and political pressures to prevent undesirable and often hazardous materials being disposed of in an environmentally unsound manner. Post consumer products such as TVs, radios, computers and other electronic and electrical consumer goods have very little residual value, and the safe processing of their content generally costs more than the material value that can be recovered. This has led to fee-for-service business opportunities, to which Sims Group brings a comprehensive infrastructure and nearly a century of collection and processing expertise.
Head office of the company is situated at the heading address.
HISTORY
The subject was incorporated in Victoria on 20 June 2005 as Sims Co
Limited, adopting the present name on 20 October 2005, being an Australian
Public Company, Limited By Shares.
Australian Company Number: 114 838 630.
Paid capital $125,398,963 in 125,398,963 shares paid to $1 each.
Shares are held by: (top 10)
HUGO NEU CORPORATION 32,263,924
J.P. MORGAN NOMINEES AUSTRALIA LIMITED 14,399,959
WESTPAC CUSTODIAN NOMINEES LIMITED 11,341,693
RBC DEXIA INVESTOR SERVICES AUSTRALIA 9,821,067
NATIONAL NOMINEES LIMITED 5,233,562
CITICORP NOMINEES PTY LTD 2,606,516
UBS NOMINEES PTY LTD 2,300,000
ANZ NOMINEES LIMITED 2,297,064
COGENT NOMINEES PTY LIMITED 1,119,649
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 867,877
The above information is in accordance with the last Company Statement
Annual lodged with the Australian Securities and Investments Commission and
compiled at report date.
Operations of the company were commenced many years ago.
DIRECTORS
JOHN NEU was born on 28
March 1938 and was appointed to the board of directors on 31 October 2005.
PAUL JOSEPH
VARELLO was born on 9 October 1943 and was appointed to the board of directors
on 31 October 2005.
ROBERT LINDSAY
EVERY was born on 18 June 1945 and was appointed to the board of directors on
24 October 2005.
GEOFFREY NORMAN
BRUNSDON was born on 3 January 1958 and was appointed to the board of directors
on 28 July 2005.
JOHN MICHAEL
FEENEY was born on 23 July 1946 and was appointed to the board of directors on
28 July 2005.
PAUL KEITH
MAZOUDIER was born on 30 October 1941 and was appointed to the board of directors
on 28 July 2005.
JEREMY SUTCLIFFE was born on 13
August 1957 and was appointed to the board of directors on 22 June 2005.
ROSS BRODIE CUNNINGHAM B.Sc. (Metallurgy), MBA
Director since
1984. Member Board Audit & Compliance Committee and Board Finance &
Investment Committee. Fellow of the Australian Institute of Company Directors
and Member of the Financial Executives Institute of Australia. Joined Sims
Group in 1967 and has held various line and support management positions in
Australia and South East Asia including the positions of General Manager NSW
and General Manager Finance & Administration. Director of other Sims Group
subsidiaries and associated companies.
BANK
Details pertaining to the subject’s banking facilities have not been
ascertained.
TRADING
Trade references in relation to the subject could not be provided, it
being stated that trading is undertaken through the individual operating
divisions of the group.
FINANCE
The subject has lodged financial accounts with
the Australian Securities and Investments Commission.
disclose the following inquiries in relation
to finance applications:
On 29 January 2007 to GE Capital Fleet Services for Leasing.
On 14 December 2006 to GE Capital Fleet Services for Lending Proposal.
REGISTERED CHARGES
There are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with a spokesperson from the subject in April
2007. At this time he confirmed operational details, however was unable to
provide trading and financial information.
It was stated the subject is a publicly listed company on the Australian
Stock Exchange and is a well established company.
Enquiries made with trade sources failed to trace any additional
information in relation to the subject.
A Land Titles Search has not been undertaken to ascertain what land, if
any, stands in the subject’s name. This
can be undertaken on request.
CONCLUSION
The subject was incorporated in Victoria on 20 June 2005 as Sims Co
Limited, adopting the present name on 20 October 2005, being an Australian
Public Company, Limited By Shares.
Paid capital $125,398,963 in 125,398,963 shares paid to $1 each.
The subject is a
well established company and is considered safe for normal trade engagements.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)