MIRA INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
EQUINOX SPECIAL STEELS PTY. LIMITED |
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Registered Office : |
1 Oban Street, South Yarra, Victoria, Zip/postal code 3141 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.05.1990 |
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Com. Reg. No.: |
007414217 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Importation and wholesale of stainless steel |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Identification details
Verified Address
Subject name : EQUINOX SPECIAL STEELS PTY. LIMITED
Business address : 1 Oban Street
Town : South Yarra
Province : Victoria
Zip/postal code : 3141
Country : Australia
Tel : +61 3 98266899
Fax : +61 3 98268583
Registered address : 1 Oban Street
Town : South Yarra
Province : Victoria
Zip/postal code : 3141
Country : Australia
Summary details
Executive Summary
Date founded or registered : 29/05/1990
Legal form : Australian Proprietary Company
Chief executive : Douglas Vyvyan Graham
Issued & paid up capital : AUD 2
Sales turnover : AUD 3,895,603 (Non consolidated 12 months, 31/12/2010)
Net income : AUD 111,673 (Non consolidated 12 months, 31/12/2010)
Total fixed assets : AUD 1,064,882 (Non consolidated 12 months, 31/12/2010)
Line of business : Importation and wholesale of stainless steel.
Staff employed : 2 (Subject) 1,426 (Amari Group)
Credit risk opinion
Company Analysis
Country risk :
Country risk is minimal
Operation trend :
Operational trend is declining
Management
experience : Management is modestly experienced
Financial
performance : Financial
performance is poor
Organization
structure : Organizational
structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : Fully secured terms.
Credit amount asked : Not described.
Comments : Financial stability of the group is positive therefore credit can be granted if
guaranteed
by Parent Company.
Statutory details
Registry Data
Registration date : 29/05/1990
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 007414217
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business Number: 38007414217
Registry status : Live/Active
Previous name : THORNRAY PTY. LIMITED (initial)
Change of legal form : None reported.
Management / directors
Key Management
Name : Douglas
Vyvyan Graham
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : Douglas Vyvyan Graham
Designation : Director
Appointment
date : 27/06/90
Address : 106 Southbank Blvde
South Melbourne, VIC 3205
Australia
Biography : Born on 05-02-1949 in Glenelg, South
Australia, Australia.
Name : Barry Andrew King
Designation : Director
Appointment
date : 01/12/06
Address : Working, Surrey
United Kingdom
Biography : Born on 07-06-1957 in Windsor, United
Kingdom.
Name : Corina
Neilson
Designation : Company
Secretary
Appointment date : 03/03/03
Address : 3
Kilrush Street
Brighton, VIC 3186
Australia
Biography : Born on 29-07-1951 in Aden, Yemen.
Staff employed : 2
(Subject) 1,426 (Amari Group)
Key Advisors
Auditors GRANT THORNTON AUDIT PTY LTD
215 Spring Street
Melbourne, VIC 3000
Australia
Share capital
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD 2
ownership / shareholders
How listed : Full List
Composition
Shareholder
name : AMARI METALS LIMITED
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
No. of
shares : 2
Ordinary Shares
%
of shares : 100%
Related companies & corporate Affiliations
Structure
Name : HENLEY MANAGEMENT COMPANY
Affiliation type : Ultimate Holding Company
Address : 555 Skokie Blvd #555
Northbrook, IL 60062
United States
Name : AMARI METALS LIMITED
Affiliation type : Parent Company
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : The company distributes stainless steel, aluminum, brass, copper, and high value
metals. The company is said to be one of Europe's largest independent multi-metals stockholders. The company was incorporated in 1986 and is based in Cobham, United Kingdom.
The company also acts as a holding company.
Name : AALCO METALS LIMITED
Affiliation type : Sister Company
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : Aalco is a independent metal stockholders with an extensive inventory of aluminium,
stainless Steel, copper, brass and bronze in all semi-finished forms.
The company was incorporated in 1998 and is based in Cobham, United Kingdom. Aalco Metals Ltd. operates as a subsidiary of Amari Metals Limited.
Name : AMARI COPPER ALLOYS LIMITED
Affiliation type : Sister Company
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : Dormant.
Name : DALSTEEL METALS PTY LIMITED
Affiliation type : Sister Company
Address : Suite 1503, Level 15
1 Alfred Street
Sydney, NSW 2000
Australia
Comments : Independent stockist/distributor of stainless steel & aluminium products in Australia.
Name : AMARI AEROSPACE LTD
Affiliation type : Sister Company
Address : Unit 1, Mauretania Road Nursling, Southampton SO16 OYS
United Kingdom
Comments : Amari Aerospace, a division of Amari
Metals, specialises in the supply of semi finished metal products such as bar,
sheet, plate and forgings to the Aerospace, Defence, Motorsport and High Tech
industries.
Name : AMARI METALS CHINA LIMITED
Affiliation type : Sister Company
Address :
25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments :
Dormant.
Name : AMARI METALS DC PENSION TRUSTEES
LIMITED
Affiliation type :
Sister Company
Address :
25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : Dormant.
Name : AMARI METALS PENSION TRUSTEES LIMITED
Affiliation type : Sister Company
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : Dormant.
Name : CASHMORES METAL LIMITED
Affiliation type : Sister Company
Address : 25 High Street
Cobham
Surrey KT11 3DH United Kingdom
Comments : Metal stockholding.
Related companies
and corporate affiliations comments
Other companies of the Amari Group should be considered affiliates of the Subject. We are unable to list all the associated companies within the group therefore we have enclosed an attachment to this report.
Bank & mortgages
Bank Details
Name of
bank :
Westpac Banking Corporation
Address :
Australia
Account
details :
Curent 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
Short-term borrowing: AUD 38,128
as of 31/12/2010.
Satisfied Charges:
ASIC Charge Number: 644422
Date Registered: 22-05-1998
Charge type: Both Fixed & Floating
Date Created: 23-04-1998
Chargees Name: SCOTTISH PACIFIC BUSINESS FINANCE PTY. LIMITED
Unsatisfied
Charges:
ASIC Charge Number: 1653210
Date Registered: 25-06-2008
Charge type: Both Fixed & Floating
Date Created: 17-06-2008
Chargees Name: WESTPAC BANKING CORPORATION
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 : 31/12/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = AUD 0.97 as of 22-10-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency :
(GBP) Denomination : (x1) One (x1) One (x1) One Date
of financial year end : 31/12/10 31/12/09 31/12/10
Length of accounts : 12 months 12 months 12
months
Operating profit : 17,072,118
Profit before tax : 111,673 -200,895 14,514,795
Net income : 111,673 -222,324 9,328,532
Non current assets : 17,774 21,191 18,792,447
Current assets : 1,047,108 1,308,257 206,474,125
Inventories : 448,066 658,203 84,546,560
Total assets : 1,064,882 1,329,448 225,266,572
Current liabilities : 903,522 1,279,761 159,777,963
Non current liabilities : 0 0 16,665
Total liabilities : 903,522 1,279,761 175,498,351
Share equity : 161,360 49,687 49,768,221
Retained earning : 161,358 49,685
Comments : The non-consolidated financial information above relates to the Subject only.
The group’s consolidated financial information above relates to the Subject’s Parent Company Amari Metals Limited and all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject is engaged in import and wholesale of stainless steel.
Purchases
International : Mainly from India, China
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of
administrative office and warehouse.
Branches : None reported.
Other property : Total NBV of property, plant and equipment as of 31-12-2010 was AUD 17,774.
Summarized country risk
Gross Domestic Products (GDP) & Economic Overview
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%
2010 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 : Credit 30-60 days
Sales Term
Local : Prepayment, Credit 30-60 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
Associated
Companies
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.18 |
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UK Pound |
1 |
Rs.76.65 |
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Euro |
1 |
Rs.66.63 |
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.