MIRA INFORM REPORT

 

 

Report Date :           

18.11.2011

 

IDENTIFICATION DETAILS

 

Name :

LEGRAND AUSTRALIA PTY LTD

 

 

Formerly Known As :

H.P.M. INDUSTRIES PTY LTD

 

 

Registered Office :

Unit 99, 77-99 St Hilliers Road,   Auburn,   New South Wales, Zip/postal code   2144

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

14.12.1951

 

 

Com. Reg. No.:

000102661

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Manufacturer and distributor of products and systems for electrical installations, and their components used in residential, commercial and industrial buildings

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 350,000

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

Identification details  Bottom of Form

 

 

 

Verified Address

Subject name                :   LEGRAND AUSTRALIA PTY LTD

 

Business address         :   Unit 99, 77-99 St Hilliers Road

Town                             :   Auburn

Province                        :   New South Wales

Zip/postal code              :   2144

Country                         :   Australia

Tel                                :   +61 2 87480333

Fax                               :   +61 2 87480398

Website                        :   www.legrand.com.au  

 

Registered address      :   Unit 99, 77-99 St Hilliers Road

Town                             :   Auburn

Province                        :   New South Wales

Zip/postal code              :   2144

Country                         :   Australia

 

Postal address             :   P.O. Box 6245

Town                             :   Silverwater

Province                        :   New South Wales

Zip/postal code              :   1811

Country                                                           :   Australia

 

 

Summary details

 

Executive Summary

Date founded or registered          :   14/12/1951

Legal form                                 :   Australian Proprietary Company

Chief executive                          :   Giuseppe Parola

Issued & paid up capital             :   AUD 834,721,400

Sales turnover                            :   AUD 98,422,000 (Non-consolidated 12 months, 31/12/2008)

Net income                                :   AUD -7,736,000 (Non-consolidated 12 months, 31/12/2008)

Total fixed assets                       :   AUD 71,657,000 (Non-consolidated 12 months, 31/12/2008)

Line of business             :   Manufacturer and distributor of products and systems for electrical

installations, and their components used in residential, commercial and industrial buildings.

Staff employed                                                                        :   585 (Subject) 31,500 (Group)

 

Credit risk opinion

 

Company Analysis

Country risk                               :   Country risk is minimal

Operation trend                          :   Operational trend is declining

Management experience :   Management is reasonably experienced

Financial performance                :   Financial performance is fair

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. The Subject is well positioned in the

market and the financial stability of the group is positive.

 

 

Statutory details

 

Registry Data

Registration date                                   :   14/12/1951

Legal form                                            :   Australian Proprietary Company

Registration no                                         Australian Company Number: 000102661

Registered authority                              :   Australian Securities & Investments Commission

Fiscal/ Tax no                                       :   Australian Business Number: 31000102661

Registry status                                     :   Live/Active

Previous name                                      :   The Subject was previously known as H.P.M. INDUSTRIES PTY LTD and changed to the current style on 01-11-2009.

Change of legal form                                                                                   :   None reported.

 

 

Management / directors

 

Key Management

 

Name                :           Giuseppe Parola

Designation       :           Managing Director

 

Name                :           Madhu Chand

Designation       :           Payroll Manager

 

Name                :           Graham Hindley

Designation    :                       National Manufacturing Manager

 

 

 

 

 

 

Board of directors / other appointments

 

Appointments

Name                            :           Olivier Bazil

Designation                   :           Director

Appointment date           :           16/02/07

Address                        :           Paris 75016

France

 

Biography                      :           Born on 22-09-1946 in Bordeaux, France.

 

Mr. Olivier Bazil serves as Director of Legrand Snc as of 2000 and served as Vice Chairman of the Board, Deputy Chief Executive Officer and Member of the Executive Committee of Legrand SA from

2000 until May 26, 2011. He is also Member of the Company’s Strategy Committee. He graduated from Hautes Etudes Commerciales (HEC) and Harvard Business School. He joined Legrand SA in 1973 as Assistant to the Company Secretary, and successively held the positions of Financial Director of Legrand France (1979), Deputy Managing Director (1993). He currently holds several other mandates, including Chairman of Desmag, Chairman of

the Board of Directors of TCL Legrand Electrical Technology, Director of Anam, Bticino SpA, Legrand Colombia, Legrand Electrica and Member of the Supervisory Board of Legrand Polska and Legrand ZRT.

 

 

Name                            :           Giuseppe Parola

Designation                   :           Director

Appointment date           :           16/02/07

Address                        :           13 Lancelot Street

Concord, NSW 2137

Australia

 

Biography                               :                       Born on 07-03-1965 in Angera, Italy.

 

 

Name                            :           Gilles Schnepp

Designation                   :           Director

Appointment date           :           16/02/07

Address                        :           9 Rue du Dobropol

75017 Paris

France

 

Biography          :           Born on 16-10-1958 in Lyon, France.

 

Mr. Gilles Schnepp is the Chairman of the Board and Chief Executive Officer, and a Member of the Executive Committee of Legrand SA as of March 17, 2006. He served as Vice Chairman of the Board of the Company from December 10, 2002 until March 17, 2006. He is also Member of the Company’s Strategy Committee. He graduated from Hautes Etudes Commerciales (HEC). He began his career at Merrill Lynch France, where he became Vice President. He joined Legrand in 1989 as Assistant Finance Director, and then took the post of General Secretary, before serving as Finance Director from 1996 until 2000 and Deputy CEO from 2000 until March 17, 2006, serving also as a Director and Member of the Executive Committee of the Company from 2001. He currently holds several other mandates, within Legrand SA subsidiaries, including Chairman and CEO of Legrand France, Chairman of TCL Legrand International Electrical and Leten, among others.

 

Name                            :           Patrice Soudan

Designation                   :           Director

Appointment date           :           16/02/07

Address                        :           Panazol 87350

France

 

Biography                      :           Born on 29-09-1958 in Aix Eu Provence, France.

 

Mr. Patrice Soudan is Member of Executive Committee of Legrand SA. He is also Vice President-Wiring Devices & Home Systems Division, Deputy Chief Operating Officer of the Company. Mr. Soudan joined Legrand in 1990 as Finance Controller for international subsidiaries. He held successively the positions of Head of Finance Control, Vice-President Group Finance Control and Group Chief Financial Officer from 2001 to 2008, before taking over the management of the Wiring Devices and Home Systems Division.

 

 

Staff employed            :      585 (Subject) 31,500 (Group)

 

 

Key Advisors

 

Auditors            :           PRICEWATERHOUSECOOPERS Darling Park Tower 2

201 Sussex St

Sydney, NSW 2000

Australia

 

 

Share capital

 

Composition

 

Authorized Capital                                 :   AUD 834,721,400

 

No of shares                                         :   1,042,000 Ordinary Shares

 

Share par value                                     :   No par value

 

Issued capital                                       :   AUD 834,721,400

 

Paid up capital                                                                                              :   AUD 834,721,400

 

 

 

 

ownership / shareholders

 

How listed                                           :   Full List

 

Composition

Shareholder name          :   LEGRAND GROUP PTY LTD

Address                        :   Unit 99, 77-99 St Hilliers Road

Auburn NSW 2144

Australia

 

No. of shares                 :   1,042,000 Ordinary Shares

 

% of shares                            :   100%

 

 

Related companies & corporate Affiliations

 

Structure

 

 

Name                :   LEGRAND SA

Affiliation type    :   Ultimate Holding Company

Address            :   128 avenue du Maréchal de Lattre de Tassigny

87045 Limoges

France

 

Comments        :   Legrand S.A., together with its subsidiaries, manufactures and sells products and systems for electrical installations, and their components used in residential, commercial, and industrial buildings worldwide. The company offers a range of control and command, cable management, and energy distribution, as well as voice, data, and image products primarily under the Legrand and Bticino brand names. Its control and command products comprise electrical on-off switches and wall sockets, thermostats, dimmers, switches activated by infrared presence detectors, electro-mechanical and electronic timer switches, and other building automated products that enable lighting, climate control, sound diffusion, and automated shutter closing functions; and communication systems for video, telephone, or IT networks, as well as security products, such as fire and intruder alarm systems; smoke, water, heat, and motion detectors; and emergency lighting equipment for homes, offices, and other commercial properties. The company’s cable management products include trunking and ducting, mini columns, cable routing systems, floor boxes, busbars, wire cable trays, and other products for electricity and data distribution in buildings. Its energy distribution products consists of circuit breakers, surge protection, and electrical measuring elements, as well as the distribution panels and mechanisms for connecting this equipment; and energy distribution and protection products. Its voice, data, and image products comprise pre-wiring systems for computer, telephone, and video networks, such as high transmission rate RJ45 multimedia socket for data communication applications; fiber optic jacks; fiber optic and copper patch panels; VDI cabinets, enclosures and cable management accessories; and copper and fiber optic VDI cables, to facilitate the organization of telephone and data networks. The company, formerly known as Legrand Holding SA, was founded in 1860 and is headquartered in Limoges, France.

 

Name                :   LEGRAND GROUP PTY LTD

Affiliation type    :   Parent Company

Address            :   Unit 99, 77-99 St Hilliers Road

Auburn NSW 2144

Australia

 

Name                :   LEGRAND NEDERLAND B.V.

Affiliation type    :   Sister Company

Address            :   Van Salmstraat 76

5281 RS Boxtel

Netherlands

 

Name                :   LEGRAND - BTICINO GMBH

Affiliation type    :   Sister Company

Address            :   Am Silberg 14

59494 Soest

Germany

 

Name                :   LEGRAND (INDIA) PVT. LTD.

Affiliation type    :   Sister Company

Address            :   61/62, Kalpataru Square, 6th Floor

Off Andheri-Kurla Road - Andheri (East)

400 059 Mumbai

India

 

Name                :   LEGRAND (SUISSE) S.A.

Affiliation type    :   Sister Company

Address            :   Industriestrasse, 3

5242, Birr

Switzerland

 

Name                :   LEGRAND (S) PTE LTD

Affiliation type    :   Sister Company

Address            :   15 Jalan Kilang Barat

# 07-05 Frontech Centre

159357 Singapore

Singapore

 

Name                                      :   LEGRAND (HK) LTD

Affiliation type    :   Sister Company

Address            :   12/F., Wearbest Building Phase II

66 To Kwa Wan Road

Kowloon

Hong Kong

 

Name                :   LEGRAND ELECTRIC LIMITED

Affiliation type    :   Sister Company

Address            :   Dial Lane

West Bromwich

B70 0EB

 

 

 

Name                :   PT LEGRAND INDONESIA

Affiliation type    :   Sister Company

Address            :   Setiabudi Building II 6th floor, Suite 603

Jalan HR Rasuna Said Kav.62

Jakarta 12920

 

 

Related companies and corporate affiliations comments

Other companies of the Legrand Group should be considered affiliates of the Subject.

 

 

Bank & mortgages

 

Bank Details

Name of bank    :   National Australia Bank Limited

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         

 

Satisfied Charges:

ASIC Charge Number: 30811

Date Registered: 12-12-1974

Date Created: 03-12-1974

Chargees Name: MCPHERSON'S LIMITED

 

ASIC Charge Number: 30823

Date Registered: 10-07-1975

Charge type: Fixed

Date Created: 01-05-1975

Chargees Name: CBC HOLDINGS LTD

 

ASIC Charge Number: 299807

Date Registered: 02-07-1991

Charge type: Both Fixed & Floating

Date Created: 20-05-1991

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

 

ASIC Charge Number: 299811

Date Registered: 02-07-1991

Charge type: Both Fixed & Floating

Date Created: 20-05-1991

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

 

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                       :   31/12/08

Type of accounts                                  :   Full audited

Currency                                             :   Australia Dollar (AUD)

Exchange rate                                     :   1 USD = AUD as of 0.99 as of 17-11-2011

 

 

Summarized Financial Information

Consolidation type                                                                                       :   Non Consolidated                Non Consolidated               Group Consolidated Currency                                                                                                      :   Australia Dollar (AUD)          Australia Dollar (AUD)         Euro

                                                                                                                                                (EUR)

Denomination                                                                                               :   (x1) One                             (x1) One                            (x1) One

Date of financial year end                                                                            :   31/12/08                             31/12/07                            31/12/10

 

Length of accounts                                                                                      :   12 months                           18 months                         12 months

 

Sale turnover / Income                                                                                 :   98,422,000                          188,266,000                       3,890,500,000

 

Operating profit                                                                                           :                                                                                                                                                                        757,600,000

 

Profit before tax                                                                                            :   -12,474,000                         11,672,000                        646,600,000

 

Net income                                                                                                   :   -7,736,000                           10,790,000                        419,500,000

 

Non current assets                                                                                      :   25,928,000                          27,792,000                        4,640,600,000

 

Current assets                                                                                             :   45,729,000                          44,527,000                        1,424,100,000

 

Inventories                                                                                                    :   25,217,000                          22,165,000                        549,100,000

 

Total assets                                                                                                 :   71,657,000                          72,319,000                        6,064,700,000

 

Current liabilities                                                                                         :   20,469,000                          17,998,000                        1,253,000,000

 

Non current liabilities                                                                                  :   6,197,000                            1,788,000                          2,075,700,000

 

Total liabilities                                                                                             :   26,666,000                          19,786,000                        3,328,700,000

 

Share equity                                                                                                 :   44,991,000                          52,533,000                        2,736,000,000

 

Reserve                                                                                                        :   15,557,000                          15,363,000

 

Retained earning                                                                                         :   21,087,000                          28,823,000                        1,810,700,000

 

 

Comments                                         In 2007, the Subject changed its financial year end reporting date from

30 June to 31 December therefore figures shown for year end 31-12-2007 is for 18 months. The non-consolidated financial information above relates to the Subject only.

 

The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Legrand SA and all its subsidiaries which include the Subject.

 

 

Operation details

 

 

Main activities                                    :   The Subject is engaged in manufacturing and distribution of products and systems for electrical installations, and their components used in residential, commercial and industrial buildings.

The Subject is part of Legrand SA (formerly Legrand Holding SA), which is a France-based company that specializes in the design, manufacture and distribution of products and systems for electrical installations and information networks. Its portfolio of products is divided into four groups, such as management of electrical installations, cable management systems, power and Voice Data Image distribution. The Company offers wiring devices and accessories, distribution boxes and sockets, flush mounting, control and connection devices and safety systems for people and property, among others, for use in residential, commercial and industrial buildings. The Company operates through brand names like Legrand, Arnould, Cablofil, Ortronics, Planet Watthom, Cofrel, Zucchini,

 

URA and Alpes Technologies, among others. Legrand SA operates in more than 180 countries with over 178,000 products in its catalogues, divided

into 98 product families. As of March 31, 2011, Wendel held a 11.1% stake in the Company's shareholdings.

 

Brand                                                    HPM, BTicino, Cablofil and Nelson

 

Purchases

International                                          :   Asian countries, Europe

 

Sales

Local                                                    :   Yes

International                                          :   Pacific Island

 

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 offices and warehouse

located at:

 

Nexus Industry Park

Unit 5, 43-47 Lyn Parade

Prestons, NSW 2170

Australia

Tel: +61 2 8719 4333

 

Unit 5, 45 Alexandra Place

Murrarie, NSW 4172

Australia

Tel: +61 7 3292 000

 

4 Forbes Close

Knoxfield, NSW 3180

Australia

Tel: +61 3 9764 8537

 

1038 Port Road

Albert Park, SA 5014

Australia

Tel: +61 8 8348 5533

 

49A Mercantile Way

Malaga, WA 6090

Australia

Tel: +61 8 92092610

 

150 Coonawarra Road

Winnellie, NT 0820

Australia

Tel: +61 8 8984 3067

 

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                                          :   L/C, Prepayment, Credit up to 90 days

 

Sales Term

Local                                                    :   Prepayment, Credit up to 90 days

International                                          :   L/C, Credit up to 90 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.72

UK Pound

1

Rs.79.88

Euro

1

Rs.68.64

 

 

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.