MIRA
INFORM REPORT
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Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
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Name : |
POWERS FASTENERS AUSTRALASIA PTY LTD |
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Formerly Known As : |
RAWL AUSTRALASIA PTY LTD |
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Registered Office : |
Factory 3, 205 Abbotts Road Dandenong South Victoria 3175 |
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Country : |
Australia |
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Date of Incorporation : |
16.11.1993 |
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Com. Reg. No.: |
062405378 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Distributors of anchoring and fastening products for concrete masonry, and steel. Staff |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
IDENTIFICATION DETAILS
Verified Address
Subject name : POWERS FASTENERS AUSTRALASIA PTY LTD
Business address : Factory
3, 205 Abbotts Road
Town : Dandenong South
Province : Victoria
Zip/postal code : 3175
Country : Australia
Tel : +61 3 87954600
Fax : +61 3 87875899
Email : info@powers.com.au
Website : www.powers.com.au
Registered address : Factory
3, 205 Abbotts Road
Town : Dandenong South
Province : Victoria
Zip/postal code : 3175
Country : Australia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 16/11/1993
Legal form : Australian Proprietary Company
Chief executive :
Philip Thomas Rose
Issued & paid up capital : AUD 4
Sales turnover :
AUD 12,000,000 (Estimated
Non-consolidated 12 months, 30/06/2010)
Line of business : Distributors of anchoring and fastening
products for concrete, masonry, and steel. Staff employed : 70 employees (Subject)
CREDIT RISK OPINION
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonablyexperienced
Financial performance : Financial performance is fair
Organisation structure : Organisational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 150,000
Credit amount asked : USD 150,000
Comments : We believe the Subject would be able to
uphold the credit amount asked based on the years of establishment, employees,
nature of business and turnover.
STATUTORY DETAILS
Registry Data
Registration date :
16/11/1993
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
062405378
Registered authority : Australian
Securities & Investments Commission
Fiscal/ Tax no :
Australian Business Number: 41212423119
Registry status :
Live/Active
Previous name : The Subject was established under the
name ELECTROTEC INDUSTRIES PTY LTD on 16-11-1993 and changed its name to
RAWLPLUG AUSTRALIA PTY. LTD. on 28-01-1994. RAWLPLUG AUSTRALIA PTY. LTD. then
changed its name to RAWL AUSTRALASIA PTY LTD on 20-07-1995.
RAWL AUSTRALASIA PTY LTD then adopted to the current style on
29-07-1998.
Change of legal form : None reported
MANAGEMENT / DIRECTORS
Key Management
Name : Philip Thomas Rose Designation : Managing Director Name : Stephen Louis
Dowling Designation : Director
Name : Brett Brett Grocock Designation : Purchasing Manager Name : Brad Howarth
Designation : Sales Manager
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Christopher Powers Designation : Director Appointment date : 14/07/95
Address : Harrison, New York 10528
United States
Biography : Birth details: Born on 01-01-1957 in Camp
Lejeuna, North Carolina, United States.
Name : Jeffrey Powers Designation : Director Appointment date : 14/07/95
Address : Larchmont, New York 10538
United States
Biography : Birth details: Born on 18-03-1959 in New
Rochelle, New York, United
States.
Name : Philip Thomas Rose
Designation : Director and Company Secretary
Appointment date : 16/11/93
Address : 54 Dominion Road
Mount Martha, VIC 3934
Australia
Biography : Birth details: Born on 31-12-1966 in
Melbourne, Australia.
Name : Stephen Louis Dowling
Designation : Director and Company Secretary
Appointment date : 14/05/10
Address : 79 Pleasant Road
Hawthorn East, VIC 3123
Australia
Biography : Birth details: Born on 01-12-1964 in Melbourne, Australia
Staff employed : 70 employees (Subject)
SHARE CAPITAL
Composition
Authorized Capital :
AUD 4
No of shares : 2 Class A Ordinary Shares / 2 Class B
Ordinary Shares
Share par value :
AUD 1
Issued capital : AUD 4
Paid up capital : AUD 4
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : POWER PRODUCTS II LLC
Address : 2 Powers Lane
Brewster, NY 10509
United States
No. of shares : 1 Class A Ordinary Share / 2 Class B Ordinary Shares
Shareholder name : Jeffrey Powers
Address : Larchmont, New York 10538
United States
No. of shares : 1 Class A Ordinary Share
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Name : POWERS FASTENERS, INC.
Affiliation type : Ultimate Holding
Company Address : 2 Powers Lane
Brewster, NY 10509
United States
Name : POWER PRODUCTS II LLC
Affiliation type : Parent Company
Address : 2 Powers Lane
Brewster, NY 10509
United States
Name : POWERS FASTENERS (NZ) LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 229 Bush Road
Albany, Auckland 0751
New Zealand
Name : POWERS FASTENERS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 229 Bush Road
Albany, Auckland 0751
New Zealand
Name : POWERS FASTENERS EUROPE B.V.
Affiliation type : Associate
Address : Westrak 208
1771 SV Wieringerwerf
Netherlands
Name : POWERS FASTENERS (THAILAND) CO., LTD.
Affiliation type : Associate
Address : 80/88 Moo 4 Phetkasaem Road
Bangkhae, Bangkok
10160 Thailand
Name : POWERS INDUSTRIES LTD.
Affiliation type : Associate
Address : 6950 Edwards Blvd.
Mississauga, Ontario
Canada
Related companies and corporate affiliations comments: Other companies of the Powers Fasteners, Inc. Group should be considered affiliates of the Subject.
BANK & MORTGAGES
Bank Details
Name of bank : Australia And New Zealand Banking Group Limited
Address : Australia
Account details : Current Account
Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.
Mortgages : ASIC Charge Number: 459657
Date Registered: 28-09-1994
Charge type: Both Fixed & Floating
Date Created: 24-08-1994
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP
ASIC Charge Number: 913597
Date Registered: 02-01-2003
Charge type: Both Fixed & Floating
Date Created: 19-12-2002
Chargee Name: NATIONAL AUSTRALIA BANK LIMITED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
FINANCIAL DATA
Description
Source of financial statement :
Provided by the Subject
Financial statement date : 30/06/10
Type of accounts :
Estimated key figures
Currency : Australia Dollar (AUD)
Exchange rate :
1 AUD = USD 0.94 as of 29-08-2011
Summarized Financial
Information
Consolidation
type : Non Consolidated Currency : Australia Dollar (AUD) Denomination : (x1) One
Date of financial year end : 30/06/10
Length of accounts : 12 months
Sale turnover / Income : 12,000,000
Comments : The estimated turnover was provided by
Mr. Brad Howarth.
The Subject is classified as
a small proprietary company by the Australian Securities & Investments
Commission hence is not required to disclose their financial statement.
A proprietary company is
defined as small for a financial year if it satisfies at least two of the
following:
- The consolidated revenue
for the financial year of the company and any entities it controls is less than
$25 million;
-The value of the
consolidated gross assets at the end of the financial year of the company and
any entities it controls is less than $12.5 million, and
-The company and any
entities it controls have fewer than 50 employees at the end of the financial
year.
OPERATION DETAILS
Main activities : The Subject's main activities are distribution of anchoring and fastening products for concrete, masonry, and steel.
Product & services :
Bolt fixings
Cavity, plasterboard and hollow fixings
High load bolt fixings
Light duty fixings
Masonry nails / purlin clips / wedge nuts
Rubber nuts Spike fixings Through bolt Screws and rivets
Powder and gas actuated fastening systems
Adhesive fastening solution
Purchases
International : Mainly from Taiwan, China, Japan, South Africa, Germany.
Sales
Local : Yes
International : Pacific Islands
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of administrative office and warehouse.
Branches : In addition, the Subject operates from branch offices located at:
11 Smeaton Grange Road
Smeaton Grange NSW 2567
Australia
Tel: +61 2 46347600
Unit 2, 67 Colebard Street West
Acacia Ridge QLD 4110
Australia
Tel: +61 7 3712 2600
U14/36-38 Tikalara Street
Regency Park SA 5010
Australia
Tel: +61 8 83465611
27 Creative Street
Wangara WA 6065
Australia
Tel: +61 8 94089600
SUMMARIZED COUNTRY RISK
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product - GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate : 2008: 4.2%
2009: 5.6%
2010: 5.2%
Public debt
(General Government gross debt as a % GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
Government bond ratings : Standard & Poor's: AAA/Stable/A-1+ Moody's rating: Ana
Moody's
outlook: STA
Market value of publicly traded shares : US$1.258 trillion
Largest companies in the country : Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications Services)
Trade & Competitiveness Overview
Total exports : US$210.7 billion
Exports commodities : coal, iron ore, gold, meat, wool, alumina, wheat
Total imports : US$187.2 billion
Imports commodities : machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Export - major partners : Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners : China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows : 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows : 2007: US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best countries for doing business: 10 out of 183 countries
Global competitiveness ranking : 16 (ranking by country on a basis of 133, the first is the best)
Country and Population
Overview
Total population :
22.23 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users as % of total population:
74.00%
PAYMENT HISTORY
Purchase Term
International : Credit 30-60 days
Sales Term
Local : Cash against document, Credit 30-60
days
International : Prepayment, Credit 30-60 days
Trade Reference/ Payment
Behaviour
Comments : As local and international trade references
were not supplied, the Subject's payment track record history cannot be
appropriately determined but based on our research, payments are believed to be
met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other official and local
business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.87 |
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1 |
Rs.75.14 |
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Euro |
1 |
Rs.66.68 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.