MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
AVERY DENNISON MATERIALS PTY LTD |
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Formerly Known As : |
FASSON PTY LTD |
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Registered Office : |
16, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.07.1970 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
Manufacture of A |
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 : |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
REGISTERED NAME
AVERY DENNISON MATERIALS PTY LTD
ACN: 007 706 934
ABN: 92 007 706 934
ADDRESS GIVEN
16 Hewittson Rd, ELIZABETH WEST, SA 5113
SPECIAL
NOTE
Please note the address provided is a branch of the subject.
CORPORATE SEARCH
INCORPORATED 22
July 1970
REGISTERED ADDRESS 16,
225 George St SYDNEY, NSW 2000
SHARECAPITAL $9,000,000
SHAREHOLDERS Avery
Dennison Australia Group Holdings Holds
9,000,000
DIRECTORS GRAVANIS, Georges
Resident
overseas
MOIZ, Azima
Resident overseas
ARORA, Vikas
276 Galston Rd
GALSTON, NSW 2159
MARTIN, David Roland
1 Carrington Grove
BRIGHTON EAST, VIC 3187
RODRIGUEZ,
Karyn Elizabeth
Resident
overseas
SECRETARY Not shown
REGISTERED
CHARGES None on
record
BUSINESS STRUCTURE
HEAD OFFICE 1104 to 1124 Centre Rd
OAKLEIGH SOUTH, VIC 3167
TELEPHONE (613)
9271 0300
FACSIMILE (613)
9271 0301
OFFICES NORTH
ROCKS, NSW
MALAGA,
WA
WEST
HEIDELBERG, VIC
ELIZABETHWEST,
SA
ASSOCIATED ENTITIES AVERY
DENNISON AUSTRALIA INTERNATIONAL
HOLDINGS
P/L
AVERY
DENNISON HOLDINGS P/L
AVERY
DENNISON OFFICE PRODUCTS P/L
STIMSONITE
P/L
PAXAR
CORPORATION P/L
HOLDING ENTITY AVERY
DENNISON AUSTRALIA GROUP HOLDINGS
AUSTRALIAN
HOLDING ENTITY AVERY
DENNISON AUSTRALIA P/L
ULTIMATE HOLDING
ENTITY AVERY
DENNISON CORPORATION - USA
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 323
(Australian group)
BACKGROUND
The subject was incorporated in South Australia on 22 July 1970
as Fasson Pty Ltd, before adopting the current style on 28 August 1998.
Operations were established in Australia in 1970.
The subject is ultimately owned by Avery Dennison
Corporation, a global entity that was founded in the USA in 1935.
On 1 January 2008 Avery Denison Australia acquired Paxar
Corporation P/L for consideration of $17,200,000.
OPERATIONS
The subject operates in the manufacture of a range of
standard and specialty self-adhesive products and non-adhesive roll stock
materials
Activities are conducted from premises located at the above
listed trading address.
ADVERSE
A search of the of Baycorp Advantage Limited failed to trace
any litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements
with the Australian Securities and Investments Commission.
During the current investigation contact with Financial
Controller Ian Brown was unable to be established. Despite messages being left,
a reply is yet to be received.
The subject is noted to have entered into a Deed of Cross
Guarantee pursuant to a Class Order with its Australian Holding entity Avery
Dennison Australia Pty Limited and other associated entities. The effect of the
Deed is that each party that forms part of the closed group guarantee the debts
of each other.
From the most recently lodged financial statements, it is
noted that for the financial year ended 31 December 2009 the Australian Group
recorded revenue of $203,694,000, which resulted in an operating profit before
tax of $6,464,000 and an operating profit after tax of $2,681,000 representing
a Net Profit Margin of 1.32%.
For the same period, the parties which make up the closed
group recorded an operating profit before tax of $6,464,000 and an operating
profit after tax of $2,681,000.
Below is a summary of the s Australian Group’s income
results for the past two financial years.
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|
As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
|
Revenue |
$203,694,000 |
$222,512,000 |
-8.46% |
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Profit
b/tax |
$6,464,000 |
$4,547,000 |
42.16% |
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Profit
a/tax |
$2,681,000 |
$12,309,000 |
-78.22% |
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Net Profit Margin |
1.32% |
5.53% |
-4.22% |
During fiscal 2009, the Australian Group recorded Net
Cashflows from operating activities totalling $71,235,000.
As at 31 December 2009, the Australian Group recorded total
current assets of $104,986,000. They included receivables of $61,053,000 and
inventories of $23,496,000.
Current liabilities at the same date totalled $122,616,000
and included payables of $35,789,000 and interest bearing liabilities of
$81,483,000.
As at 31 December 2009, the Australian Group recorded a
deficiency in Working Capital of $17,630,000 and a current ratio of 0.86 to 1
indicating some tightness in liquidity levels.
At the same date, the parties which make up the closed group
recorded a deficiency in Working capital of $17,630,000 and a current ratio of
0.86 to 1.
Despite the deficiency in working capital, the group’s
accounts have been prepared on a Going Concern basis. The deficiency in working
capital was impacted by intercompany promissory loan notes of $58,475,000 which
were classified as current at 31 December 2009. Subsequent to the 2009, the
promissory notes have been reissued with expiry dates of 8 December 2014 and
are now classified as Non-Current Liabilities.
Net Assets totalled $76,604,000 as at 31 December 2009. At
this date, the Australian Group further recorded a Debt to Equity ratio of 1.6
to 1.
At the same date, the parties which make up the closed group
recorded Net Assets of $76,604,000. After deducting Intangibles of $41,741,000
this results in a Net Worth of $34,863,000.
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Avery Dennison Australia Pty Ltd |
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As at 31 December 2009 |
As at 31 December 2008 |
Change (%) |
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Revenue |
$203,694,000 |
$222,512,000 |
-8.46% |
|
Profit
b/tax |
$6,464,000 |
$4,547,000 |
42.16% |
|
Profit
a/tax |
$2,681,000 |
$12,309,000 |
-78.22% |
|
Net Profit Margin |
1.32% |
5.53% |
-4.22% |
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Current
Assets |
$104,986,000 |
$131,854,000 |
-20.38% |
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Non-Current
Assets |
$96,360,000 |
$100,990,000 |
-4.58% |
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Total Assets |
$201,346,000
|
$232,844,000
|
-13.53% |
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Current
Liabilities |
$122,616,000 |
$77,193,000 |
58.84% |
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Non-Current
Liabilities |
$2,126,000 |
$81,728,000 |
-97.40% |
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Total Liabilities |
$124,742,000
|
$158,921,000
|
-21.51% |
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Net Assets |
$76,604,000
|
$73,923,000
|
3.63% |
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Working
Capital |
($17,630,000) |
$54,661,000 |
-132.25% |
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Current
Ratio |
0.86 |
1.71 |
-49.87% |
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Debt
to Equity |
1.63 |
2.15 |
-24.25% |
The subject is ultimately owned by Avery Dennison Corporation,
which is listed on the New York Stock Exchange and employs 35,700 staff
globally.
For the last financial year ended 31 December 2009, the
group recorded consolidated revenue of US$6,512.7 million, which resulted in a
Net Income of US$316.9 million.
TRADE SURVEY
During the current investigation, details pertaining to the
subject’s suppliers were unable to be obtained.
A trade survey on the subject was subsequently unable to be
conducted.
SUMMARY
The subject was incorporated in South Australia on 22 July
1970 as Fasson Pty Ltd, before adopting the current style on 28 August 1998.
Operations were established in Australia in 1970.
The subject is noted to have entered into a Deed of Cross
Guarantee pursuant to a Class Order with its Australian Holding entity Avery
Dennison Australia Pty Limited and other associated entities.
For the financial year ended 31 December 2009 the Australian
Group recorded revenue of $203,694,000, which resulted in an operating profit
before tax of $6,464,000 and an operating profit after tax of $2,681,000
representing a Net Profit Margin of 1.32%.
For the same period, the parties which make up the closed
group recorded an operating profit before tax of $6,464,000 and an operating
profit after tax of $2,681,000.
As at 31 December 2009, the parties which make up the closed
group recorded a deficiency in Working capital of $17,630,000 and a current
ratio of 0.86 to 1.
At this date, the parties which make up the closed group
recorded Net Assets of $76,604,000. After deducting Intangibles of $41,741,000
this results in a Net Worth of $34,863,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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|
1 |
Rs.73.54 |
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Euro |
1 |
Rs.62.39 |
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.