MIRA INFORM REPORT
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Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AMCOR
LTD |
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Formerly Known As : |
APM Ltd |
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Registered Office : |
109 to 133 Burwood
Rd, Hawthorn, VIC 3122 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
27.11.1926 |
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Legal Form : |
Limited Company |
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Line of Business : |
providing a range of packaging solutions including |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 |
REGISTERED NAME
AMCOR LTD
ACN: 000 017 372
ABN: 62 000 017 372
ADDRESS GIVEN 679
Victoria St
ABBOTSFORD,
VIC 3067
SPECIAL NOTE We
were unable to trace an address for the subject at the address provided.
CORPORATE SEARCH
INCORPORATED 27
November 1926
REGISTERED ADDRESS 109 to 133 Burwood Rd
HAWTHORN,
VIC 3122
SHARECAPITAL $4,062,306,373
SHAREHOLDERS Not shown
DIRECTORS GUERRA,
Karen Jane
Resident
overseas
MEYER,
Armin
Resident
overseas
SUTCLIFFE,
Jeremy Leigh
26
Prince Albert St
MOSMAN,
NSW 2088
POPE,
Ernest John
36
The Scarp
CASTLECRAG,
NSW 2068
MACKENZIE,
Kenneth Morgan
164
Mont Albert Rd
CANTERBURY,
VIC 3126
THORN,
John Gordon
17
Thyra Rd
PALM
BEACH, NSW 2108
PIZZEY,
George John
2902, 368 St Kilda Rd
MELBOURNE, VIC 3004
ROBERTS, Christopher Ivan
26
Julian St
MOSMAN,
NSW 2088
SECRETARY MCPHERSON,
Julie Francis
REGISTERED CHARGES None on record
BUSINESS STRUCTURE
HEAD OFFICE 133 Burwood Rd
HAWTHORN,
VIC 3122
TELEPHONE (613) 9226 9000
FACSIMILE (613)
9811 7111
PRIMARY
CONTROLLED ENTITIES Amcor Packaging (Australia) Pty Ltd
Amcor Fibre Packaging – Asia Pte Ltd
Amcor Packaging (New Zealand) Ltd
Amcor Rigid Plastics USA, Inc.
Amcor Packaging Distribution, Inc
Amcor Rigid Plastics de Mexico S.A.
Amcor PET Packaging de Venezuela SA
Amcor Flexibles Inc
Vinisa Fuegina S.A.
Amcor Rigid Plastics do Brasil
Amcor Flexibles Transpac S.A.
Amcor Flexibles Helio Folien GmbH
Amcor Flexibles UK Ltd
Amcor Flexibles Denmark
Amcor Flexibles France SA
Amcor Flexibles Italia S.r.l.
Amcor Flexibles Singen GmbH–
Amcor Rentsch Novgorod
Amcor Rentsch Polska Spolka z.o.o.
Grupo Amcor Flexibles Hispania SL
Amcor Pharmaceutical Packaging USA Inc
Amcor Flexibles Schupbach AG
Amcor Tobacco Packaging Americas Inc.
Amcor Flexibles Europa Sur S.A.
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 35,000
BACKGROUND
The subject was incorporated in New South Wales on 27 November 1926 as Australian Paper Manufacturers Ltd, changing name on 1 November 1984 to APM Ltd, adopting the current style on 1 May 1986.
The subject has origins, which date back to the 1860’s.
Through much of its history, the group was known as Australian Paper Manufacturers. On 1 May 1986, the subject became Amcor.
The subject was listed on the Australian Stock Exchange on 28 August 1969.
In April 2000, Amcor demerged its paper manufacturing and distribution group (formerly known as Amcor Printing Papers Group), which has been separately listed on the Australian Stock Exchange.
OPERATIONS
The subject operates as one of the worlds three largest packaging companies providing a range of packaging solutions including:
· Corrugated boxes
· Cartons
· Aluminium and steel cans
· Flexible plastic packaging
· PET plastic bottles and jars
· Closures
· Multi-wall sacks
ADVERSE
A search of failed to trace any litigation listed against the subject at that date.
FINANCES
From the most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the subject recorded a 3.29% increase in consolidated revenue to $9,849,500,000, which resulted in an operating profit before tax of $320,400,000 and an operating profit after tax of $201,600,000 representing a Net Profit Margin of 2.05%.
Below is a summary of the Group’s consolidated income results for the past two financial years.
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Amcor Limited - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$9,849,500,000 |
$9,535,400,000 |
3.29% |
|
Profit b/tax |
$320,400,000 |
$251,200,000 |
27.55% |
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Profit a/tax |
$201,600,000 |
$217,800,000 |
-7.44% |
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Net Profit Margin |
2.05% |
2.28% |
-0.24% |
During fiscal 2010 the subject recorded Net cashflows from Operating Activities totalling $784,100,000.
Effective 2 February 2010 the subject acquired the Alcan Packaging business for US$1,948 million.
On 1 July, 2010, the consolidated entity successfully completed the acquisition of the Alcan Medical Flexibles operations for consideration of US$65.2 million as part of the Alcan Packaging acquisition that was completed on 2 February 2010.
On 3 August 2010 the subject completed the purchase of the Ball Plastics Packaging Americas Assets. The business has five plants in North America and sales of US$600 million.
As at 30 June 2010 the subject recorded total consolidated current assets of $3,545,700,000. They included cash of $267,100,000, inventories of $1,469,000,000 and receivables of $1,786,800,000.
Current liabilities at the same date totalled $4,214,900,000 and included payables of $2,464,600,000, interest bearing liabilities of $1,378,700,000 and provisions of $271,700,000.
As at 30 June 2010 the subject recorded a deficiency in consolidated Working Capital of $669,200,000 and a current ratio of 0.84 to 1.
In December 2009, the Company approached the US Private placement market for US$200 million in debt financing. Bids for over US$1 billion were received and US$850 million was accepted at interest rates averaging 5.7% for seven, nine and 12 years.
The Company has successfully refinanced the following interest bearing liabilities subsequent to 30 June 2010:
• US$1.25 billion global syndicated revolving facility due to mature in June 2011 of which the Company on 23 August 2010 has received US$600 million in commitments from Mandated Lead Arrangers and Bookrunners.
• $150 million bilateral facility due to mature in September 2010 has been refinanced by a three year $100 million facility with an effective date of 26 August 2010.
Group consolidated Net Assets totalled $4,123,900,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.74 to 1.
For the six months ended 31 December 2010 the subject recorded consolidated revenue of $6,175.3 million which resulted in an operating profit before tax of $327.8 million and an operating profit after tax of $236.3 million.
Other Financial
Information
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Amcor Limited - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$9,849,500,000 |
$9,535,400,000 |
3.29% |
|
Profit b/tax |
$320,400,000 |
$251,200,000 |
27.55% |
|
Profit a/tax |
$201,600,000 |
$217,800,000 |
-7.44% |
|
Net Profit Margin |
2.05% |
2.28% |
-0.24% |
|
Current Assets |
$3,545,700,000 |
$2,317,900,000 |
52.97% |
|
Non Current Assets |
$7,764,500,000 |
$6,128,100,000 |
26.70% |
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Total Assets |
$11,310,200,000 |
$8,446,000,000 |
33.91% |
|
Current Liabilities |
$4,214,900,000 |
$2,952,300,000 |
42.77% |
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Non Current Liabilities |
$2,971,400,000 |
$2,418,100,000 |
22.88% |
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Total Liabilities |
$7,186,300,000 |
$5,370,400,000 |
33.81% |
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Net Assets |
$4,123,900,000 |
$3,075,600,000 |
34.08% |
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Working Capital |
($669,200,000) |
($634,400,000) |
5.49% |
|
Current Ratio |
0.84 |
0.79 |
7.15% |
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Debt to Equity |
1.74 |
1.75 |
-0.20% |
TRADE SURVEY
During the current investigation, details pertaining to the subject’s trade suppliers were not provided.
A trade survey on
the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in New South Wales on 27 November 1926 as Australian Paper Manufacturers Ltd, changing name on 1 November 1984 to APM Ltd, adopting the current style on 1 May 1986.
The subject has origins, which date back to the 1860’s. It was listed on the Australian Stock Exchange on 28 August 1969.
for the financial year ended 30 June 2010 the subject recorded a 3.29% increase in consolidated revenue to $9,849,500,000, which resulted in an operating profit before tax of $320,400,000 and an operating profit after tax of $201,600,000 representing a Net Profit Margin of 2.05%.
During fiscal 2010 the subject recorded Net cashflows from Operating Activities totalling $784,100,000.
As at 30 June 2010 the subject recorded a deficiency in consolidated Working Capital of $669,200,000 and a current ratio of 0.84 to 1.
Group consolidated Net Assets totalled $4,123,900,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.74 to 1.
For the six months ended 31 December 2010 the subject recorded consolidated revenue of $6,175.3 million which resulted in an operating profit before tax of $327.8 million and an operating profit after tax of $236.3 million.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
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UK Pound |
1 |
Rs.71.91 |
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Euro |
1 |
Rs.62.98 |
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.