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MIRA INFORM REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
COCA-COLA AMATIL (AUST) PTY LTD |
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Registered Office : |
14/40 Mount Street, North Sydney, New South Wales 2060 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.11.1996 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
manufacture and distribution of a range of carbonated soft drinks and functional beverages |
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 : |
Usually Correct |
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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 |
REGISTERED NAME
COCA-COLA AMATIL
(AUST) PTY LTD
ACN: 076 594 119
ABN: 68 076 594
119
CORPORATE SEARCH
Incorporation Date: 29
Nov 1996
Incorporation State: New South Wales
Registered Office 14/40 MOUNT Street
NORTH SYDNEY, New South Wales 2060 Australia
Number of Shares Issued: 508026071
Paid Capital: 508026071
Shareholders COCA-COLA AMATIL LIMITED
Number of Shares: 508026071
Directors HERBERT, BRUCE ALEXANDER
Appointment Date: 02 Jun 2006
Date of Birth: 10 Oct 1960
Gender: Male
Address: 47 GLENHOPE Road WEST PENNANT HILLS,
New South Wales 2125 Australia
Resident Overseas: No
O'SULLIVAN, NESSA ITA
Appointment Date: 07 Jul 2005
Date of Birth: 29 Nov 1964
Gender: Female
Address: 24 KIRKOSWALD Avenue MOSMAN, New
South Wales 2088 Australia
Resident Overseas: No
WAGSTAFF, ALEC
Appointment Date: 07 Jul 2005
Date of Birth: 17 May 1958
Gender: Male
Address: 31 OSBORNE Road MANLY, New South
Wales 2095 Australia
Resident Overseas: No
WHITE, WARWICK GRAHAM
Appointment Date: 13 Nov 2002
Date of Birth: 08 Apr 1961
Gender: Male
Address: 19 BILLYARD Avenue WAHROONGA, New
South Wales 2076 Australia
Resident Overseas: No
DAVIS, TERRY JAMES
Appointment Date: 20 Nov 2001
Date of Birth: 13 Nov 1957
Gender: Male
Address: 353 EDINBURGH Road CASTLECRAG, New
South Wales 2068 Australia
Resident Overseas: No
MALLOY, PATRICK JOSEPH
Appointment Date: 28 Jul 2000
Date of Birth: 21 Jul 1952
Gender: Male
Address: 11 HASTINGS Road WARRAWEE, New South
Wales 2074 Australia
Resident Overseas: No
Secretary GEORGE THOMAS FORSTER AND OTHERS
Appointment Date: 14 Feb 2007
BUSINESS STRUCTURE
TRADING ADDRESS 40
Mount Street
North Sydney NSW 2060
TELEPHONE (612) 9259 6532
CONTROLLED
ENTITIES APAND P/L
BAYMAR
P/L
BEVERAGE BOTTLERS (NQ) P/L
BEVERAGE BOTTLERS (QLD) P/L
CAN RECYCLING (SA) P/L
COCA COLA AMATIL (HOLDINGS) P/L
CRUSTA FRUIT JUICES P/L
QUENCHA CRUSTA SALES P/L
QUIRKS AUSTRALIA P/L
HOLDING ENTITY COCA COLA AMATIL LTD
BANK Not
determined
EMPLOYEES over
15,000 (group)
BACKGROUND
The subject was incorporated in New South Wales on 29 November 1996 under the current style.
The holding entity Coca Cola
Amatil Ltd was formed following a major re-organisation in 1989 of Amatil
Limited, one of Australia’s oldest corporations.
In 1989/1990 the group sold it’s
interests in poultry, tobacco, communications and packaging, leading to a
concentration on its core businesses of beverages and snack foods.
The involvement of Coca-Cola
Amatil in the beverages industry dates back to 1964 with the company’s
acquisition of Shelleys and Marchant in Australia. In 1965, the company
bought an interest in Coca-Cola Bottlers in Perth. A year later the
company took control of the Perth operation, and acquired Coca-Cola Bottlers in
Melbourne. Over the next 25 years, Amatil acquired Coca-Cola Bottlers in
Geelong, Brisbane, Sydney, Newcastle and Port Macquarie.
In 1982 Amatil made its first
beverages investment overseas with the acquisition of Coca-Cola bottling
franchises in Vienna and Graz, Austria.
In 1993 Coca-Cola Amatil sold its
snack foods interests to United Biscuits and, as a result, now focuses entirely
on beverages.
Today, there are seven bottling
plants in Australia, all owned by the group following the acquisition of the
Northern Territory plant in 2005.
These authorised Bottlers are supported in their marketing activities by
Coca-Cola South Pacific, the local subsidiary of The Coca-Cola Company.
On 5 December 2007, Pacific Beverages, the subjects 50:50 alcohol joint venture with SABMiller plc acquired Bluetongue Brewery.
On 29 January 2008, the subject announced the successful completion of its $170.0 million off-market share buy-back. A total of 21.7 million shares were bought back at a price of $7.84, which represents a 14% discount to the market price.
OPERATIONS
The subject operates in the manufacture and distribution of a range of carbonated soft drinks and functional beverages including:
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of traced the following litigation listed against the subject at that date.
Payment Defaults
Account Number:
21032826
Account Type:
Telecommunication Service
Role in Payment
Default: Principal
Latest Credit
Provider: OPTUS FINANCIAL SERVS NSW
Latest Date: 06 Sep
2007
Latest Amount: 212
Latest Reason to
Report: Payment Default
Original Credit
Provider: OPTUS FINANCIAL SERVS NSW
Original Date: 06
Sep 2007
Original Amount:
212
Original Reason to
Report: Payment Default
Court Actions
Action Date: 10 Jul
2007
Amount: 8208
Creditor: ROBERT
VANOS
Plaint Number:
7358/06/2DWN
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Coca Cola Amatil Limited, a corporation that is listed on the Australian Stock Exchange. 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 2010 the Group recorded consolidated revenue of $4,609,400,000, which resulted in an operating profit before tax of $710,500,000 and an operating profit after tax of $506,600,000 representing a Net Profit Margin of 10.99%.
For the same period the closed group recorded an operating profit before tax of $618,400,000 and an operating profit after tax of $452,700,000.
Below is a summary of the Group’s consolidated income results for the past two financial years.
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Coca-Cola Amatil Ltd - consolidated |
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As at 31 December 2010 |
As at 31 December 2009 |
Change (%) |
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Revenue |
$4,609,400,000 |
$4,560,000,000 |
1.08% |
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Profit b/tax |
$710,500,000 |
$653,400,000 |
8.74% |
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Profit a/tax |
$506,600,000 |
$449,000,000 |
12.83% |
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Net Profit Margin |
10.99% |
9.85% |
1.14% |
During fiscal 2010, the group recorded Net Cashflows from operating activities totalling $585,400,000.
Capital expenditure increased by $65.8 million to $372.8 million for the group during fiscal 2010. The major areas of capital expenditure included Project Zero initiatives in Australia and New Zealand, cold drink coolers and Phase 3 of the OAisys technology platform.
As at 31 December 2010 the Group recorded total consolidated current assets of $1,986,900,000. They included cash of $385,300,000, receivables of $771,800,000 and Inventories of $735,300,000.
Current liabilities at the same date totalled $1,202,100,000 and included payables of $568,700,000 and borrowings of $130,900,000.
As at 31 December 2010 the Group recorded consolidated Working Capital of $784,800,000 and a current ratio of 1.65 to 1 indicating satisfactory liquidity levels.
At the same date the closed group recorded Working Capital of $682.9 million and a current ratio of 1.73 to 1.
Net Assets totalled $1,833,400,000 as at 31 December 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.88 to1.
At the same date the closed group recorded Net Assets of $1,823,300,000.
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Coca-Cola Amatil Ltd - consolidated |
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As at 31 December 2010 |
As at 31 December 2009 |
Change (%) |
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Revenue |
$4,609,400,000 |
$4,560,000,000 |
1.08% |
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Profit b/tax |
$710,500,000 |
$653,400,000 |
8.74% |
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Profit a/tax |
$506,600,000 |
$449,000,000 |
12.83% |
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Net Profit Margin |
10.99% |
9.85% |
1.14% |
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Current Assets |
$1,986,900,000 |
$2,479,900,000 |
-19.88% |
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Non-Current Assets |
$3,290,900,000 |
$3,090,900,000 |
6.47% |
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Total Assets |
$5,277,800,000 |
$5,570,800,000 |
-5.26% |
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Current Liabilities |
$1,202,100,000 |
$1,822,100,000 |
-34.03% |
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Non-Current Liabilities |
$2,242,300,000 |
$2,148,600,000 |
4.36% |
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Total Liabilities |
$3,444,400,000 |
$3,970,700,000 |
-13.25% |
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Net Assets |
$1,833,400,000 |
$1,600,100,000. |
14.58% |
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Working Capital |
$784,800,000 |
$657,800,000 |
19.31% |
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Current Ratio |
1.65 |
1.36 |
21.44% |
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Debt to Equity |
1.88 |
2.48 |
-24.29% |
TRADE SURVEY
During the current investigation, contact with the subject’s 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 New South Wales on 29 November 1996
under the current style.
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Coca Cola Amatil Limited, a
corporation that is listed on the Australian Stock Exchange.
For the financial year ended 31 December 2010 the Group recorded
consolidated revenue of $4,609,400,000, which resulted in an operating profit
before tax of $710,500,000 and an operating profit after tax of $506,600,000
representing a Net Profit Margin of 10.99%.
For the same period the closed group recorded an operating profit before
tax of $618,400,000 and an operating profit after tax of $452,700,000.
During fiscal 2010, the group recorded Net Cashflows from operating
activities totalling $585,400,000.
As at 31 December 2010 the closed group recorded Working Capital of
$682.9 million and a current ratio of 1.73 to 1.
At the same date the closed group recorded Net Assets of $1,823,300,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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UK Pound |
1 |
Rs.71.24 |
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Euro |
1 |
Rs.64.16 |
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.