MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
GARDNER SMITH PTY LTD |
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Registered Office : |
Level 14, 61 Lavender Street, Milsons Point, NSW 2061 |
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Country : |
Australia |
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Date of Incorporation : |
12 February 2004 |
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Legal Form : |
Proprietary Company, Limited By Shares |
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Line of Business : |
Trading and supply chain company. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REGISTERED NAME: |
GARDNER SMITH
PTY LTD |
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AUSTRALIAN
COMPANY NUMBER: |
107 971 095 |
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AUSTRALIAN
BUSINESS NUMBER: |
73 107 971 095 |
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OPERATING
ADDRESS: |
Level 14, 61 Lavender Street, MILSONS
POINT, NSW 2061 |
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REGISTERED
ADDRESS: |
Level 14, 61 Lavender Street, MILSONS POINT,
NSW 2061 |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(02) 9965 5900 |
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FAX NUMBER: |
(02) 9959 3347 |
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WEB SITE
ADDRESS: |
www.gardnersmith.com |
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DATE OF
INCORPORATION: |
12 February 2004 – Incorporated in New South Wales. |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$10,000,000 in $1 shares. |
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DIRECTORS: |
WILLIAM GLEN
MCMILLAN 10 Doyle Street, BARDEN RIDGE, NSW 2234 PETER JOHN
SHEARMAN 5B Wharf Road, LONGUEVILLE, NSW 2066 CHRISTOPHER
CHARLES MORKANE Overseas resident DONALD CAMERON
SEATON 2 Wyong Road, MOSMAN, NSW 2088 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
WILLIAM GLEN
MCMILLAN |
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AUDITORS: |
Not shown |
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REGISTERED
CHARGES: |
Refer REGISTERED CHARGES |
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PAYMENTS: |
Pay to agreed terms |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
25 |
PARENT COMPANY
GARDNER SMITH (HOLDINGS) PTY LTD
ACTIVITIES
Gardner Smith Pty
Ltd is a commodity trading and supply chain company.
Gardner Smith (Holdings)
encompasses subsidiary operations that are market leaders in the fields of:
Storage, Packaging, Transport and Logistics.
Pacific Terminals is involved in the handling and storage of bulk flammable and combustible liquids including chemicals, petroleum, edible oils and fats. The company is a wholly owned subsidiary of one of Australia's largest privately owned distribution companies.
Pacific Terminals' facilities cover bulk liquid storage in mild
steel, stainless steel and insulated tanks ranging from 50 to 2,500 cubic
metres in capacity, with the provision for heating, blending and nitrogen
blanketing.
Oilseed processing and refining
Riverland Oilseeds' Australian canola seed crushing plants supply oil and meal to both the domestic and international markets.
Trade and energy services for the fuel and agribusiness industries
Gardner Smith Trade and Energy businesses form part of the Gardner Smith Group of Companies which includes Riverland Oilseeds, Pacific Terminals and Auscol.
The business is based on the proven supply of tallow, vegetable
oils, molasses, bio diesel feedstock and bio diesel blended fuel direct to
the market.
Recycling used vegetable oils and animal fats
As specialists in the environmentally responsible collection and recycling of used cooking oils and fats for over 40 years Auscol can proudly claim to be "The Right Way" to dispose of Used Cooking Oils and Fats from restaurants, food chains, takeaway outlets, shopping malls and food manufacturers.
Operations are strategically located with facilities throughout Australia and New Zealand, and in China and South Africa.
Head office for the company is situated at the heading address.
The subject employs 25 in activities.
HISTORY
The subject was incorporated in New South Wales on 12 February 2004 as Gardner Smith Pty Ltd, being an Australian
Proprietary Company, Limited By Shares.
Australian Company Number: 107 971 095.
Paid capital $10,000,000 in 10,000,000 shares paid to $1 each.
Shares are held by:
GARDNER SMITH (HOLDINGS) PTY LTD 10,000,000
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.
By virtue of the shareholding the subject is a wholly owned subsidiary
of Gardner Smith (Holdings) Pty Ltd. This company was incorporated on 18 June
1923 as Gardner Smith Pty Ltd,
subsequently adopting the present name, being an Australian Proprietary
Company, Limited By shares. Australian Company Number: 000 013 123. Australian
Business Number: 32 000 013 123.
The Gardner Smith Group was founded in Australia in
1920. Initially a partnership between Charles S Gardner and Henry B
Smith, then incorporated as Gardner Smith Pty Limited in 1923.
During the early days its operations focused on trading animal products.
Over the years the parent company, now known as Gardner Smith
(Holdings) Pty Limited, has continuously grown and diversified and
today has subsidiaries located throughout Australia and overseas,
offering a range of products and services in markets around the world.
Future opportunities for the Group include further
expansion of it’s storage and processing business, the oilseeds processing
business and new emerging markets for it’s trade and energy services.
Key milestones in the development and growth of the Group
are listed below.
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1920 |
C S Gardner and H B Smith
form partnership. |
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1923 |
Gardner Smith
incorporated as a proprietary company, becoming one of Australia's leading
tallow exporters. |
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1972 |
Gardner Smith builds Australia's
first shoreside pipeline terminal in Melbourne, dedicated to handling
tallow. Terminals at Fremantle and Brisbane soon follow. |
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1977 |
First tallow shipments
begin from New Zealand. |
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1979 |
Gardner Mair established
in New Zealand. |
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1980 |
Pipeline terminals built
in Adelaide and Auckland, and first imports of bulk vegetable oils commenced. |
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1984 |
Auckland office opens. |
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1985 |
Timaru, New Zealand
terminal facility commences operations. |
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1988 |
Gardner Mair changes its name
to Pacific Terminals NZ Limited |
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1989 |
New terminal and
processing complex opens in Brisbane. |
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Purchase of Riverland
Oilseed Processors, Victoria, Australia. |
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1990 |
Joint venture to build a shoreside
terminal and distribution centre near Guangzhou, China. |
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1991 |
Gardner Smith (Africa)
established in Durban, South Africa. |
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Acquisition of additional
shoreside terminals in Brisbane, Melbourne, Adelaide and Fremantle. |
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1993 |
Representative office
opens in Shanghai, China. |
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1994 |
Acquisition of terminal
facilities in Napier and Bluff, New Zealand. |
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Auscol established as a
standalone waste oil and fat collection and recycling business in Australia. |
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1996 |
Riverland Oilseed
Processors expands capacity with the upgrade to solvent extraction. |
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1999 |
Shanghai terminal
commissioned. |
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Pacific Terminals
commences handling hazardous chemicals. |
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2001 |
Riverland Oilseed
Processors acquires its second processing plant in Pinjarra,
Western Australia. |
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2002 |
Durban bleaching plant
commissioned. |
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2003 |
Four Seasons Molasses
established in New Zealand for supply direct to farmers. |
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2004 |
Gardner Smith (Holdings)
established. |
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2006 |
Riverland Oilseed
Processors expands with the acquisition of its third plant located at
Millicent in South Australia. |
DIRECTORS
William Glen McMillan, Finance Director
Glen joined the Group in 2000 as Chief Financial
Officer and was appointed Finance Director in 2002. From a background in
international organisations, his skills include strong financial and corporate
governance; strategic planning, excellent systems expertise, banking,
foreign exchange and treasury. He has a strong customer focus, balanced
with strong business sense. He was appointed to the board of directors on 12
February 2004.
Peter J Shearman, Director
Peter
commenced with the Company in 1978 as a trader moving on to manage the
Australian and New Zealand Vegetable Oils Trading (1986 to 1992). He has held
senior management positions throughout the network of companies. Appointed
director of Gardner Smith (Holdings) Pty Limited in 1991 and currently General
Manager of Gardner Smith Pty Limited. He was appointed to the subject’s board
on 12 February 2004.
Christopher C Morkane, B.Sc., Chief Executive Officer and
Group Managing Director
Associated with Gardner Smith since 1974; Chris
became Managing Director of Gardner Smith NZ Ltd in 1991 and was appointed the
Group Managing Director of Gardner Smith (Holdings) Pty Limited in 1999.
He has over 30 years experience in trading and senior management roles in
agricultural commodities, and in the management of bulk liquid portside storage
terminals. He was appointed to the board of directors on 12 February 2004.
Donald C Seaton, Chairman
Don Seaton has been associated with the Gardner
Smith Group for over 50 years from his employment in the early 1950's. He
became the Managing Director in 1964 and was instrumental in the development of
the international trading operations, and in building the storage and oilseed
processing businesses. Don is a true visionary with an unyielding focus
on building strong customer relationships, and providing exceptional
quality. Don resigned the Managing Director's position
in 1994 and has continued his involvement as Chairman of Board.
He was appointed to the subject’s board on 12 February 2004.
BANK
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
CORPORATE OFFICE
SYDNEY, NSW 2000
TRADING
Following are details of a trade survey undertaken in April 2007:
- This is a
large account, being in the hundreds of thousands of dollars per month.
The subject pays in accordance with agreed terms. There are no problems
with the account.
Further references were not provided during the current investigation.
FINANCE
Due to amendments to the Corporations Law by
the First Corporate Law Simplification Act 1995, subject is not required to lodge
financial statements with the Australian Securities & Investment
Commission.
disclose the following inquiries in relation
to finance applications:
On 6 June 2005 to Canon Finance Aust Ltd NSW for Leasing.
REGISTERED CHARGES
The following Registered Charges has been recorded over the subject’s
assets:
On 22 June 2004, Fixed and Floating Charge to ANZ Fiduciary Services,
ASIC Charge No. 1053925.
On 22 June 2004, Fixed and Floating Charge to ANZ Fiduciary Services,
ASIC Charge No. 1053923.
On 22 June 2004, Fixed and Floating Charge to ANZ Fiduciary Services,
ASIC Charge No. 1053921.
On 22 June 2004, Fixed and Floating Charge to ANZ Fiduciary Services,
ASIC Charge No. 1053919.
On 22 June 2004, Fixed and Floating Charge to ANZ Fiduciary Services, ASIC
Charge No. 1053918.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with the Financial Controller in April 2007. At
this time she confirmed operational and trading details, however declined all
financial information as a matter of company policy.
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 New South Wales on 12 February 2004 as Gardner Smith Pty Ltd, being an
Australian Proprietary Company, Limited By Shares.
Paid capital $10,000,000 in 10,000,000 shares paid to $1 each.
Gardner Smith Pty
Ltd is a commodity trading and supply chain company.
One supplier contacted has reported very large monthly commitments being
met within terms and is a no problem account.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)