MIRA INFORM REPORT
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Report Date : |
31.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AUTEX QUEENSLAND PTY LTD |
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Formerly Known As : |
AUSTEX BONDED WADDINGS PTY LTD |
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Registered Office : |
C/O Crowe Horwath
Level 17, 181 William Street, Melbourne, Victoria, Zip/Postal Code 3000 |
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Country : |
Australia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
16.02.2007 |
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Com. Reg. No.: |
123978790 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Processing of polyester and wool fibres for a wide range of industrial end use |
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No. of Employees : |
15 |
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 350,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : AUTEX QUEENSLAND PTY LTD
Business address : 29
Demand Avenue
Town : Arundel
Province : Queensland
Zip/postal code : 4214
Country : Australia
Tel : +61 7 55525800
Fax : +61 7 55715008
Email : infoqld@autex.com.au
Website : www.autex.com.au
Registered address : C/o
CROWE HORWATH Level 17, 181 William Street
Town : Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
Summary details
Executive Summary
Date founded or registered : 16/02/2007
Legal form : Australian Proprietary Company
Chief executive : Warrick Bruce Batt
Issued & paid up capital : AUD 1,001,000
Sales turnover : AUD 7,189,506 (Non-consolidated 12 months, 31/03/2011)
Net income : AUD -160,853 (Non-consolidated 12 months, 31/03/2011)
Total fixed assets : AUD 7,188,201 (Non-consolidated 12 months, 31/03/2011)
Line of business : Processing of polyester and wool fibres for a wide range of industrial end use.
Staff employed : 15 employees (Subject)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management
experience : Management is reasonably experienced
Financial
performance : Financial performance is good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 350,000
Credit amount asked : USD 100,000
Comments : Larger credit can still be considered.
Statutory details
Registry Data
Registration date : 16/02/2007
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 123978790
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number: 79123978790
Registry status : Live/Active
Previous name : The Subject was established on
16-02-2007 under the AUSTEX BONDED WADDINGS QLD PTY LTD and changed its name to
AUSTEX BONDED WADDINGS PTY LTD on 02-03-2007. AUSTEX BONDED WADDINGS PTY LTD
then changed to the current style on 07-05-2009.
Change of legal form : None reported.
Management / directors
Key Management
Name : Warrick Bruce Batt
Designation : Managing Director
Name : Eddie Yiu
Designation : Financial Controller
Board of directors / other
appointments
Appointments
Name : Andrew
Macleod Cunningham
Designation : Director
Appointment date : 16/02/07
Address :
Biography : Born
on 22-05-1970 in
Name : Warrick
Bruce Batt
Designation : Director and Company Secretary
Appointment date : 16/02/07
Address : 55
Taparoo Road
Templestowe, VIC 3106
Biography : Born
on 28-12-1965 in Auckland, New Zealand.
Name : William John Paton
Designation : Director
Appointment date : 16/02/07
Address : C/o Autex Industries Limited
702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Biography : Born on 12-07-1962 in Auckland, New Zealand.
Name : Mark Robinson
Designation : Director
Appointment date : 16/02/07
Address : 10 Birchwood Grove
Greenhithe, North Shore City 0632
New Zealand
Biography : Born on 14-11-1964 in United Kingdom.
Staff employed : 15 employees (Subject)
Key Advisors
Auditors : CROWE HORWATH
Level 17, 181 William Street
Melbourne, VIC 3000
Australia
Share capital
Composition
Authorized Capital : AUD 1,001,000
No of shares : 1,000,000 Redeemable Preference Shares /
1,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,001,000
Paid up capital : AUD 1,001,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name : AUTEX INTERNATIONAL LIMITED
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
No. of shares : 1,000,000 Redeemable Preference Shares / 900 Ordinary Shares
Shareholder name : Gareth William Jones
Address : 70 Petherbridge Avenue
Carrara, QLD 4211
Australia
No. of shares : 100 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name : AUTEX INTERNATIONAL LIMITED
Affiliation type : Parent Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX PTY. LTD.
Affiliation type : Sister Company
Address : 166 Bamfield Road
Heidelberg West, VIC 3081
Australia
Name : AUTEX INDUSTRIES LIMITED
Affiliation type : Sister Company
Address : 702-718 Rosebank Road
Avondale 1026, Auckland
New Zealand
Name : AUTEX PROPERTIES LIMITED
Affiliation type : Sister Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX INDUSTRIES LTD (BRANCH)
Affiliation type : Sister Company
Address : Office No. 5Ebg28
Dubai Airport Free Zone
P.O. Box 54948
Dubai
United Arab Emirates
Bank & mortgages
Bank Details
Name of
bank :
Commonwealth Bank Of Australia
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
Unsatisfied Charge
Details:
ASIC Charge Number: 1480964
Date Registered: 11-07-2007
Charge type: Fixed
Date Created: 12-06-2007
Chargees Name: CBFC LIMITED
ASIC Charge Number: 1536240
Date Registered: 26-10-2007
Charge type: Both Fixed & Floating
Date Created: 10-10-2007
Chargees Name: ASB BANK LIMITED
ASIC Charge Number: 1662589
Date Registered: 14-07-2008
Charge type: Fixed
Date Created: 07-07-2008
Chargees Name: CBFC LIMITED
ASIC Charge Number: 1867242
Date Registered: 16-10-2009
Charge type: Both Fixed & Floating
Date Created: 21-09-2009
Chargees Name: ASB BANK LIMITED
ASIC Charge Number: 1873541
Date Registered: 30-10-2009
Charge type: Fixed
Date Created: 23-10-2009
Chargees Name: COMMONWEALTH BANK OF AUSTRALIA
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 31/03/11
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.98 as of 30-12-2011
Summarized
Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
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Currency : |
Australia Dollar
(AUD) |
Australia Dollar
(AUD) |
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Denomination : |
(x1) One |
(x1) One |
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Date
of financial year end : |
31/03/11 |
31/03/10 |
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Length
of accounts : |
12 months |
12 months |
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7,189,506 |
15,114,731 |
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Gross profit : |
3,342,568 |
7,373,240 |
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Profit before
tax : |
-216,172 |
3,434,463 |
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Net income : |
-160,853 |
2,472,084 |
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Non current
assets : |
4,737,764 |
5,945,249 |
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Current assets : |
2,450,437 |
3,932,991 |
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Inventories : |
917,344 |
1,794,657 |
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Total assets : |
7,188,201 |
9,878,240 |
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Current
liabilities : |
366,039 |
2,487,290 |
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Non current
liabilities : |
2,740,819 |
3,148,754 |
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Total
liabilities : |
3,106,858 |
5,636,044 |
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Share equity : |
4,081,343 |
4,242,196 |
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Retained earning : |
3,080,343 |
3,241,196 |
Operation details
Main activities : The Subject is engaged in processing of
polyester and wool fibres for a wide range of industrial end use.
Purchases
International : China, Taiwan
Sales
International : New Zealand
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of production facilities,
warehouse and administrative office.
Branches : In addition, the Subject operates from
branch office located at:
Townsville, QLD
Tel: +61 7 5552 5800
Fax: +61 7 5571 5008
Other property : Total NBV of property, plant and equipment as of 31-03-2011 was AUD
3,585,458.
Summarized country risk
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 %
2007:5.2 %
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: Aaa
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)
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 : Prepayment, Credit 30-60 days
Sales Term
Local : Prepayment, 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.53.27 |
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UK Pound |
1 |
Rs.82.09 |
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Euro |
1 |
Rs.68.90 |
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.