MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MACQUARIE BANK PTY LTD |
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Registered Office : |
3/25 National Circuit Forrest, Australian Capital Territory 2603 |
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Country : |
Australia |
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Date of Incorporation : |
26.04.1983 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Operates as a
Holding Entity for the group which is involved as a provider of Financial Services,
offering a complete range of Investing, Commercial Banking and Retail
Financial Services in Australia and selected Financial Services Offshore. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
MACQUARIE BANK PTY LTD
ACN: 008 583 542
ABN: 46 008 583 542
CORPORATE SEARCH
Incorporation
Date: 26 Apr 1983
Incorporation
State: Australian
Capital Territory
Registered Office 3/25 NATIONAL
Circuit
FORREST,
Australian Capital Territory 2603 Australia
Charges Date Registered:
06 Jan 2006
Chargee Name: 117 773 207 MACQUARIE INTERNAT
Charge Type: Fixed charge
ASIC Charge No: 1250421
Date Registered: 06 Jan 2006
Chargee Name: 099 219 048 ONTARIO INC
Charge Type: Fixed charge
ASIC Charge No: 1250420
Date Registered: 02 Nov 2005
Chargee Name: 105 768 849 GOLDMAN SACHS INTE
Charge Type: Fixed and floating charge
ASIC Charge No: 1226211
Date Registered: 05 Aug 2005
Chargee Name: 105 506 401 LEHMAN COMMERCIAL
Charge Type: Fixed charge
ASIC Charge No: 1191471
Date Registered: 02 Sep 2004
Chargee Name: 095 857 408 EUROCLEAR BANK S.A
Charge Type: Floating charge
ASIC Charge No: 1078902
Date Registered: 07 Jul 2000
Chargee Name: 093 699 480 BAYERISCHE HYPO-UN
Charge Type: Fixed charge
ASIC Charge No: 756382
Date Registered: 22 Jun 2000
Chargee Name: 050 086 256 DEUTSCHE BANK AG
Charge Type: Fixed charge
ASIC Charge No: 753733
Number of Shares
Issued: 220650191
Paid Capital: 14522361945
Top 10 Shareholders
(from last annual report) HSBC
Custody Nominees (Australia) Limited
J P Morgan Nominees Australia Limited
National Nominees Limited
ANZ Nominees Limited Cash Income A/C
Citicorp Nominees Pty Limited
HSBC Custody Nominees (Australia) Limited
Queensland Investment Corporation
Cogent Nominees Pty Limited
Argo Investments Limited
RBC Dexia Investor Services Australia Nominees Pty Limited
Directors MOORE,
Nicholas W
WARNE,
Peter H
SHEPPARD,
W Richard
LIVINGSTONE,
CATHERINE BRIGHID
Appointment Date: 19 Nov 2003
Date of Birth: 17 Sep 1955
Gender: Female
Address: 248 LONGUEVILLE Road LANE COVE, New South Wales 2066 Australia
Resident Overseas: No
KIRBY, PETER MAXWELL
Appointment Date: 28 Jun 2003
Date of Birth: 02 Aug 1947
Gender: Male
Address: 13 FREEMANS Road MOUNT ELIZA, Victoria 3930 Australia
Resident Overseas: No
NILAND, JOHN RODNEY
Appointment Date: 21 Feb 2003
Date of Birth: 10 Sep 1940
Gender: Male
Address: 70 BERESFORD Road ROSE BAY, New South Wales 2029 Australia
Resident Overseas: No
NUGENT, HELEN MARION
Appointment Date: 01 Jun 1999
Date of Birth: 13 Feb 1949
Gender: Female
Address: 81 VICTORIA Road BELLEVUE HILL, New South Wales 2023 Australia
Resident Overseas: No
MCCANN, HARRY KEVIN
Appointment Date: 23 Dec 1996
Date of Birth: 26 Dec 1940
Gender: Male
Address: 14 MIDDLE HEAD Road MOSMAN, New South Wales 2088 Australia
Resident Overseas: No
COX, LAURENCE GRIMES
Appointment Date: 02 Jan 1996
Date of Birth: 09 Dec 1938
Gender: Male
Address: 25/101 COLLINS Street MELBOURNE, Victoria 3000 Australia
Resident Overseas: No
CLARKE, DAVID STUART
Appointment Date: 08 Mar 1984
Date of Birth: 03 Jan 1942
Gender: Male
Address: 15/1 MARTIN Place SYDNEY, New South Wales 2000 Australia
Resident Overseas: No
BUSINESS STRUCTURE
TRADING ADDRESS 1
Martin Place
SYDNEY,
NSW 2000
TELEPHONE (612) 8232 3333
FACSIMILE (612) 8232
4330
CONTROLLED
ENTITIES ConnectEast
Management Limited
Diversified CMBS Australia Holdings Pty Limited
M&I Debt Investments Pty Limited
Macquarie Acceptances Limited
Macquarie Africa (Proprietary) Limited (South Africa)
Macquarie Airports Management Limited
Macquarie Alternative Assets Management Limited
Macquarie Asia Real Estate Management Limited
Macquarie Australia Securities Limited
Macquarie B.H. Pty Limited
Macquarie Bank Limited
Macquarie Capital Advisers Limited
Macquarie Capital Alliance Management Limited
Macquarie Capital Funding L.P. (United Kingdom)
Macquarie Capital Funds Limited
Macquarie Capital Funds (Europe) Limited (formerly Macquarie
Investment Management (UK) Limited) (United Kingdom)
Macquarie Capital Group Limited
Macquarie Capital International Holdings Pty Limited
Macquarie Capital Korea Co Limited (Korea)
Macquarie Capital Loans Management Limited (formerly
Macquarie Infrastructure Debt Management Limited)
Macquarie Capital Securities (Australia) Limited (formerly
Macquarie Securities (Australia) Limited)
Macquarie CLO Investments No.1 Pty Limited
Macquarie Communications Infrastructure Management Limited
Macquarie Corporate Finance Limited
Macquarie Countrywide Management Limited
Macquarie Direct Property Management Limited
Macquarie Equities (US) Holdings Pty. Limited
Macquarie Equity Capital Markets Limited
Macquarie Finance Limited
Macquarie Financial Holdings Limited
Macquarie Financial Products Management Limited
Macquarie Funds Management Holdings Pty Limited
Macquarie Global Debt Investment No.1 Pty Limited
Macquarie Global Finance Services (Mauritius) Limited
(Mauritius)
Macquarie Group Services Australia Pty Limited
Macquarie Holdings (U.S.A.) Inc (United States)
Macquarie Hong Kong Finance Limited (Cayman Islands) *
Macquarie Inc (United States)
Macquarie Infrastructure Investment Management Limited
Macquarie Infrastructure Management (Asia) Pty Limited
Macquarie Infrastructure Management (USA) Inc (United
States)
Macquarie International Finance Limited
Macquarie Investment Holdings No.2 Pty Limited
Macquarie Investment Management (UK) Limited (United
Kingdom)
Macquarie Investment Management Limited
Macquarie Investment Services Limited
Macquarie Investments (UK) Limited (United Kingdom)
Macquarie Investments Australia Pty Limited
Macquarie Leisure Management Health Clubs Pty Limited
Macquarie Leisure Management Limited
Macquarie Office Investments Pty Limited
Macquarie Office Management Limited
Macquarie Pastoral Management Limited
Macquarie Property Investment Management 2 Limited
Macquarie Property Investment Management 5 Limited
Macquarie Property Investment Management 6 Limited
Macquarie Real Estate Korea Limited (formerly Macquarie
Property Advisors Korea Limited) (Korea)
Macquarie Securities South Africa (Proprietary) Limited
(South Africa)
Macquarie Securitisation Limited
Macquarie Specialised Asset Management (Bermuda) Limited
(Bermuda)
Macquarie Specialised Asset Management 2 Limited
Macquarie
Specialised Asset Management Limited
ASSOCIATED
&JOINT
VENTURES Macquarie
Airports 20%
Macquarie Infrastructure Group 8%
Diversified CMBS Investments Inc 57%
Macquarie Communications Infrastructure Group 17%
Redford Australian Investment Trust 27%
Macquarie MEAG Prime REIT 26%
Macquarie Countrywide Trust 10%
Macquarie Media Group 22%
Macquarie Capital Alliance Group 18%
Macquarie Diversified 19%
European Directories SA 13
Macquarie Office Trust 7%
Macquarie AirFinance Limited 34%
Macquarie European Infrastructure Fund 5%
Macquarie Goodman Japan Limited 50%
Euro Gaming
Limited 50%
BANK Not
determined
EMPLOYEES 13,898
BACKGROUND
The subject was incorporated in the ACT on 29 January 1985 as Plena Ltd,
changing name on 3 October 1983 to Bond St Associates Ltd, changing name on 8 March
1984 to Macquarie Associates Ltd, before adopting the current style on 15 March
2006.
The subject has origins from
the merchant bank Hill Samuel Australia (HSA), a wholly-owned subsidiary of
Hill Samuel & Co. Limited, London. Established in Australia in 1969,
it began operations in Sydney in January 1970 with only three staff.
In 1981, HSA commenced work
on a proposal to become a trading bank. Authority for HSA to become Macquarie
Bank Limited (MBL) was received from the Federal Treasurer on 28 February 1985,
making it only the second private trading bank to be established in Australia
this century.
Macquarie Bank took over all
the existing activities of HSA and opened its doors for business on 1 March
1985 with a retail branch in Sydney. A trading bank branch was opened in
Melbourne a few months later and in Brisbane in November 1986.
On 29 July 1996, Macquarie
Bank Limited listed its fully paid ordinary shares on the Australian Stock
Exchange (ASX) and on 30 October 1996 entered the ASX's All Ordinaries Index,
with a market capitalisation of approximately $1.3 billion.
In October 2007, MBL
securityholders and optionholders and the Federal Court of Australia approved
the restructure of the Macquarie group into a non-operating holding company
(“NOHC”) structure. The NOHC and ultimate parent of the Macquarie group,
Macquarie Group Limited, is listed on the Australian Securities Exchange (ASX:
MQG).
OPERATIONS
The subject
operates as a holding entity for the group which is involved as a provider of
financial services, offering a complete range of investing, commercial banking
and retail financial services in Australia and selected financial services
offshore.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited failed to trace any
litigation listed against the subject at that date.
Court Writs
Action Date: 02
Jun 2006
Amount: 10086886
Creditor:
QUESTBAND P/L
Plaint Number:
4596/06/QBNE
Court Type:
Supreme court
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 31 March 2008 the subject recorded
consolidated Total Net operating income of $8,248 million which resulted in an
operating profit before tax of $2,205 million and operating profit after tax of
$1,888 million representing a Net Profit Margin of 22.9%.
For the six months ended 30 September 2008 the subject recorded
consolidated net income of $2,970 million which resulted in an operating profit
before tax of $727 million and after tax of $648 million.
Total operating income for the first half of 2009 represented a 37%
decline on the prior corresponding period.
Below is a summary of the subject’s income results for the past two
financial years.
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Macquarie Bank Limited - consolidated |
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As at 31 March 2008 |
As at 31 March 2007 |
Change (%) |
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Total Net Income |
$8,248,000,000 |
$7,181,000,000 |
14.86% |
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Profit b/tax |
$2,205,000,000 |
$1,928,000,000 |
14.37% |
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Profit a/tax |
$1,888,000,000 |
$1,551,000,000 |
21.73% |
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Net Profit Margin |
22.89% |
21.60% |
1.29% |
During fiscal 2008, the subject recorded Net Cashflows from operating
activities totalling $18,611,000.
As at 30 September 2008 the subject recorded total assets of $$167,435
million. They included Loan assets held at amortised cost of $51,783 million,
derivative financial instruments of $22,508 million and investments in
securities held for sale of $18,025 million.
Liabilities at the same date (excluding loan capital) totalled $154,503
million and included derivative financial instruments of $24,430,000, debt
issued at amortised cost of $52,485 million and deposits of $16,955 million.
Furthermore at 30 September 2008 the subject recorded Net Assets of
$10,281 million.
On 10 December 2008 it was reported that the subject may slash an
addition 600 jobs adding to the 200 it has cut in recent times. This comes as
Australia’s finance industry shrinks for the first time in 13 years, according
to the Finance sector Union of Australia.
TRADE SURVEY
During the current investigation, contact with the subjects 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.
SUMMARY
The subject was incorporated in the ACT on 29 January 1985 as Plena Ltd,
before adopting the current style on 15 March 2006.
The subject has origins from the merchant bank Hill Samuel Australia (HSA), a wholly-owned subsidiary of Hill Samuel & Co. Limited, London. Established in Australia in 1969, it began operations in Sydney in January 1970 with only three staff.
for the financial year ended 31 March 2008 the subject recorded consolidated Total Net operating income of $8,248 million which resulted in an operating profit before tax of $2,205 million and operating profit after tax of $1,888 million representing a Net Profit Margin of 22.9%.
During fiscal 2008,
the subject recorded Net Cashflows from operating activities totalling
$18,611,000.
As at 30 September
2008 the subject recorded Net Assets of $10,281 million.
On 10 December 2008
it was reported that the subject may slash an addition 600 jobs adding to the
200 it has cut in recent times. This comes as Australia’s finance industry
shrinks for the first time in 13 years, according to the Finance sector Union
of Australia.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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. |
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%)