MIRA INFORM REPORT

 

 

Report Date :           

13.07.2011

 

IDENTIFICATION DETAILS

 

Name :

VISY PAPER PTY LTD

 

 

Formerly Known As :

Southern Paper Converters P/L

 

 

Registered Office :

11/2 Southbank Boulevard, Outhbank, Victoria 3006

 

 

Country :

Australia

 

 

Date of Incorporation :

07.04.1981

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

collection and processing of waste paper to recycled paper and cardboard

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

REGISTERED NAME 

 

VISY PAPER PTY LTD

ACN: 005 803 234

ABN: 49 984 541 896

 

 

CORPORATE SEARCH

 

Incorporation Date:                     07 Apr 1981

 

Incorporation State:                    Victoria

 

Registered Office                       11/2 SOUTHBANK Boulevard

OUTHBANK, Victoria 3006 Australia

 

Charges                                    Date Registered: 09 Feb 1991

Chargee Name: 072 103 532 CBA CORPORATE SERV

Charge Type: Fixed and floating charge

ASIC Charge No: 209132

 

Date Registered: 09 Feb 1991

Chargee Name: 072 103 532 CBA CORPORATE SERV

Charge Type: Fixed and floating charge

ASIC Charge No: 209131

 

Date Registered: 09 Feb 1991

Chargee Name: 072 103 532 CBA CORPORATE SERV

Charge Type: Fixed and floating charge

ASIC Charge No: 209130

 

Number of Shares Issued:           2

 

Paid Capital:                              2

 

Shareholders                             APPLEBAY PROPRIETARY LIMITED

Number of Shares: 1

 

A.B.L. FINANCE PROPRIETARY LIMITED

Number of Shares: 1

 

Directors                                   PRATT, Anthony Joseph

Appointment Date: 01.02.2011

Date of Birth: 11.04.1960

Gender: Male

Address: 94 STUDLEY PARK Road KEW, Victoria 3101 Australia

Resident Overseas: No

 

PRATT, JEANNE

Appointment Date: 28 Apr 1981

Date of Birth: 01 Feb 1936

Gender: Female

Address: 94 STUDLEY PARK Road KEW, Victoria 3101 Australia

Resident Overseas: No

 

Secretary                                  ROBERT ANDREW KAYE AND OTHERS

Appointment Date: 23 Oct 1995

 

Proprietor of Business                REGEN

Registered State: Victoria

Business Registration Number: B1600192N

Australian Business Number:

Appointment Date: 25 Oct 2001

 

VISY GLASS

Registered State: Victoria

Business Registration Number: 1301324C

Australian Business Number:

Appointment Date: 04 Nov 1996

 

 VISY RECYCLING

Registered State: South Australia

Business Registration Number: 0388786P

Australian Business Number:

Appointment Date: 24 Aug 1995

 

VISY KERBSIDE RECYCLING

Registered State: Victoria

Business Registration Number: 1232868F

Australian Business Number:

Appointment Date: 22 Aug 1995

 

VISY RECYCLING

Registered State: Victoria

Business Registration Number: 1012156H

Australian Business Number:

Appointment Date: 15 Jul 1991

 

 VISY RECYCLING

Registered State: Queensland

Business Registration Number: BN4252652

Australian Business Number:

Appointment Date: 01 May 1991

BUSINESS STRUCTURE

 

TRADING ADDRESS                 13 Reo Cres

                                                CAMPBELLFIELD, VIC 3061

 

GROUP HEADQUARTERS                                            

                                                2 Southbank Blvd

                                                SOUTHBANK, VIC 3006

 

TELEPHONE                             (613) 9247 4500

 

FACSIMILE                               (613) 9247 4540

 

HOLDING ENTITIES                   APPLEBAY P/L

                                                ABL FINANCE P/L

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 7 April 1981 as Letchworth P/L changing name on 5 June 1987 to Southern Paper Converters P/L before adopting the current style on 7 February 1991.

 

The Visy Industries Group was established in Melbourne, Australia in 1948 and has grown to become one of the world’s largest privately-owned paper recycling and packaging companies.

 

In 1979 the company built its first paper recycling mill.

 

In February 2001, Visy acquired Southcorp Packaging, now named VisyPak, adding new products such as PET bottles and jars, aluminium and tinplate cans, paperboard cartons and rigid plastic packaging to its core corrugated packaging business. The acquisition effectively doubled the size of Visy’s packaging operations in Australasia.

 

 

OPERATIONS

 

The subject operates in the collection and processing of waste paper to recycled paper and cardboard.

 

In 2008 the group manufactured more than 700,000 tonnes of 100% recycled packaging paper and 300,000 tonnes of plantation-sourced kraft paper , produced more than 850,000 tonnes of packaging products  and collected, sorted or processed more than 2 million tonnes of used industrial and post-consumer materials

 

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: 219377030

Account Type: Telecommunication Service

Role in Payment Default: Principal

Latest Credit Provider: VODAFONE COLLECTIONS

Latest Date: 17 Apr 2009

Latest Amount: 3162

Latest Reason to Report: Payment Default

Original Credit Provider: VODAFONE COLLECTIONS

Original Date: 17 Apr 2009

Original Amount: 3162

Original Reason to Report: Payment Default

 

 

FINANCES

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

During the current investigation contact with the subjects financial controller James Gem was unable to be established. Despite messages being left, no reply has been received.

 

As a result, details pertaining to the subjects operating trading and financial position were unable to be obtained for the current enquiry.

 

The subject forms part of Visy Industries, a privately owned corporation that employs over 5,500 staff and recorded revenue of $2.2 million for fiscal 2008.

 

At 30 June 2008 the group recorded consolidated Net assets of $894 million.

 

The subject is noted to operate in its capacity on behalf of the The Trustee for SOUTHERN PAPER CONVERTERS TRUST. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

 

TRADE SURVEY

 

Details pertaining to the subjects suppliers were unable to be obtained for the current enquiry.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

 

 

 

SUMMARY

 

The subject was incorporated in Victoria on 7 April 1981 as Letchworth P/L changing name on 5 June 1987 to Southern Paper Converters P/L before adopting the current style on 7 February 1991.

 

The Visy Industries Group was established in Melbourne, Australia in 1948 and has grown to become one of the world’s largest privately-owned paper recycling and packaging companies.

 

Details pertaining to the subject’s financial and trading position were unable to be obtained for the current enquiry.

 

The subject forms part of Visy Industries, a privately owned corporation that employs over 5,500 staff and recorded revenue of $2.2 million for fiscal 2008.

 

At 30 June 2008 the group recorded consolidated Net assets of $894 million.

 

The subject is noted to operate in its capacity on behalf of the The Trustee for SOUTHERN PAPER CONVERTERS TRUST. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

           

           

                                               


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.69

UK Pound

1

Rs.70.87

Euro

1

Rs.62.26

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.