MIRA INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
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Name : |
REITSEMA PACKAGING PTY LTD |
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Formerly Known As : |
REITSEMA
PACKAGING (TAS) PTY LTD |
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Registered Office : |
46 Cameron Street, Launceston,
Tasmania, Zip/postal code 7250 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
22.03.1977 |
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Com. Reg. No.: |
009508392 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Supplier of packaging products. |
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 : |
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
|
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 |
IDENTIFICATION DETAILS
Verified Address
Subject name : REITSEMA PACKAGING PTY LTD
Business address : 6 Trotters Lane
Town : Prospect
Province : Tasmania
Zip/postal code : 7250
Country : Australia
Tel : +61 3 63444001
Fax : +61 3 63445001
Email : info@reitsema.com.au
Website : www.reitsema.com.au
Registered address : 46 Cameron Street
Town : Launceston
Province : Tasmania
Zip/postal code :
7250
Country :
Australia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 22/03/1977
Legal form : Australian Proprietary
Company Chief executive : Lukas Alexander Reitsema
Issued & paid up capital : AUD 4
Sales turnover : AUD 23,500,000 (Non-consolidated 12 months, 30/06/2011)
Net income :
AUD 1,330,000 (Non-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 12,200,000 (Non-consolidated 12 months, 30/06/2011)
Line of business : Supplier of packaging products.
Staff employed : 24 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is good
Organisation structure : Organisational structure is stable
Detrimental records : No detrimental records found
Payment history : No payment delays noted
STATUTORY DETAILS
Registry Data
Registration
date : 22/03/1977
Legal
form : Australian Proprietary Company
Registration
no Australian Company Number: 009508392
Registered
authority : Australian Securities & Investments
Commission
Fiscal/
Tax no : Australian Business Number: 96009508392
Registry
status : Live/Active
Previous
name : The Subject was established on 22-03-1977
under the name G.E. & E.M.
RANSON NOMINEES PTY. LTD. and changed its name to
REITSEMA HOLDINGS PTY LTD on
29-04-1998. REITSEMA HOLDINGS PTY LTD changed its name to REITSEMA PACKAGING
(TAS) PTY LTD on 30-06-1998.
REITSEMA PACKAGING (TAS) PTY LTD finally adopted to the
current style on 21 Jun 2004.
Change
of legal form : None reported.
Other registration : REITSEMA PACKAGING is a
business name owned by the Subject registered
on 15/12/1994 under the business registration no: TAS
101120B.
MANAGEMENT / DIRECTORS
Key Management
Name : Frans
Reginald Reitsema
Designation : Director
Name : Lukas
Alexander Reitsema
Designation : Director
Name : Tony
Demeijer
Designation : Manager
Name : Linda
Mckenzie
Designation : Accountant
Name : Allan Lund
Designation : General Manager, Western Australia
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Frans Reginald Reitsema
Designation : Director and Company
Secretary
Appointment
date : 26/05/03
Address : 34 Frensham Place
Martin,
Western Australia 6110 Australia
Biography : Birth details: Born on 21-08-1961
in Melbourne, Australia.
Name : Lukas Alexander
Reitsema
Designation : Director
Appointment
date : 02/04/98
Address : 204 Freshwater Point
Road
Legana,
Tasmania 7277
Australia
Biography : Birth details: Born on
06-09-1967 in Launceston, Tasmania, Australia.
Staff
employed :
24 employees
SHARE CAPITAL
Composition
Authorized Capital : AUD 4
No of shares : 4 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 4
Paid up capital : AUD 4
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : Frans Reginald Reitsema
Address : 34 Frensham Place
Martin, Western Australia 6110
Australia
No. of shares : 2 Ordinary Shares
% of shares : 50%
Shareholder name : Lukas Alexander Reitsema
Address : 204
Freshwater Point Road
Legana, Tasmania 7277
Australia
No. of shares : 2 Ordinary Shares
% of shares : 50%
RELATED COMPANIES & CORPORATE
AFFILIATIONS
Structure
Name : REITSEMA HOLDINGS PTY LTD
Affiliation
type :
Associate
Address :
Australia
Name : REITSEMA PACKAGING EMPLOYEE BENEFITS
PTY. LTD.
Affiliation
type :
Associate
Address :
Australia
BANK & MORTGAGES
Bank Details
Name of
bank :
Commonwealth Bank Of Australia
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: 150176
Date Registered: 03-11-1989
Charge type: Fixed
Date Created: 23-10-1989
Chargee Name: COMMONWEALTH DEVELOPMENT BANK OF AUSTRALIA PTY LIMITED
ASIC Charge Number: 379269
Date Registered: 23-03-1993
Charge type: Fixed
Date Created: 17-03-1993
Chargee Name: CBFC LIMITED
ASIC Charge Number: 380499
Date Registered: 01-04-1993
Charge type: Fixed
Date Created: 25-03-1993
Chargee Name: CBFC LIMITED
ASIC Charge Number: 679863
Date Registered: 19-01-1999
Charge type: Both Fixed & Floating
Date Created: 04-12-1998
Chargee Name: GE FINANCE AUSTRALASIA PTY LTD
ASIC Charge Number: 716193
Date Registered: 23-09-1999
Charge type: Fixed
Date Created: 17-09-1999
Chargee Name: CBFC LIMITED
ASIC Charge Number: 750587
Date Registered: 01-06-2000
Charge type: Fixed
Date Created: 25-05-2000
Chargee Name: CBFC LIMITED
ASIC Charge Number: 814650
Date Registered: 07-08-2001
Charge type: Fixed
Date Created: 26-07-2001
Chargee Name: CBFC LIMITED
ASIC Charge Number: 816944
Date Registered: 20-08-2001
Charge type: Fixed
Date Created: 10-08-2001
Chargee Name: CBFC LIMITED
ASIC Charge Number: 864747
Date Registered: 24-05-2002
Charge type: Fixed
Date Created: 14-05-2002
Chargee Name: CBFC LIMITED
ASIC Charge Number: 933131
Date Registered: 01-04-2003
Charge type: Fixed
Date Created: 26-03-2003
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1025167
Date Registered: 03-03-2004
Charge type: Fixed
Date Created: 17-02-2004
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1125772
Date Registered: 27-01-2005
Charge type: Fixed
Date Created: 12-01-2005
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1223800
Date Registered: 18-10-2005
Charge type: Fixed
Date Created: 23-09-2005
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1288866
Date Registered: 13-04-2006
Charge type: Fixed
Date Created: 08-03-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1293784
Date Registered: 27-04-2006
Charge type: Fixed
Date Created: 01-04-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1299553
Date Registered: 12-05-2006
Charge type: Fixed
Date Created: 23-04-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1303336
Date Registered: 23-05-2006
Charge type: Fixed
Date Created: 10-05-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1467973
Date Registered: 18-06-2007
Charge type: Fixed
Date Created: 29-05-2007
Chargee Name:
CBFC LIMITED Unsatisfied charges:
ASIC Charge Number: 691208
Date Registered: 15-04-1999
Charge type: Both Fixed & Floating
Date Created: 02-03-1999
Chargee Name: COMMONWEALTH BANK OF AUSTRALIA
ASIC Charge Number: 782213
Date Registered: 09-01-2001
Charge type: Fixed
Date Created: 29-12-2000
Chargee Name: CBFC LIMITED
ASIC Charge Number: 804346
Date Registered: 13-06-2001
Charge type: Fixed
Date Created: 04-06-2001
Chargee Name: CBFC LIMITED
ASIC Charge Number: 900336
Date Registered: 31-10-2002
Charge type: Fixed
Date Created: 16-10-2002
Chargee Name: CBFC LIMITED
ASIC Charge Number: 931667
Date Registered: 26-03-2003
Charge type: Fixed
Date Created: 20-03-2003
Chargee Name: CBFC LIMITED
ASIC Charge Number: 976876
Date Registered: 12-09-2003
Charge type: Fixed
Date Created: 01-09-2003
Chargee Name: CBFC LIMITED
ASIC Charge Number: 976885
Date Registered: 12-09-2003
Charge type: Both Fixed & Floating
Date Created: 01-08-2003
Chargee Name: COMMONWEALTH BANK OF AUSTRALIA
ASIC Charge Number: 1063351
Date Registered: 20-07-2004
Charge type: Fixed
Date Created: 29-06-2004
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1152486
Date Registered: 21-04-2005
Charge type: Fixed
Date Created: 30-03-2005
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1244656
Date Registered: 12-12-2005
Charge type: Fixed
Date Created: 23-11-2005
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1295317
Date Registered: 01-05-2006
Charge type: Fixed
Date Created: 04-04-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1346422
Date Registered: 25-08-2006
Charge type: Fixed
Date Created: 18-08-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1395343
Date Registered: 21-12-2006
Charge type: Fixed
Date Created: 27-11-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1395344
Date Registered: 21-12-2006
Charge type: Fixed
Date Created: 27-11-2006
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1654401
Date Registered: 27-06-2008
Charge type: Fixed
Date Created: 20-06-2008
Chargee Name: CBFC LIMITED
ASIC Charge Number: 1672262
Date
Registered: 01-08-2008
Charge type: Fixed
Date Created: 09-07-2008
Chargee Name: ESANDA FINANCE CORPORATION LIMITED
ASIC Charge Number: 1864981
Date Registered: 13-10-2009
Charge type: Fixed
Date Created: 27-08-2009
Chargee Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 1994163
Date Registered: 16-06-2010
Charge type: Fixed
Date Created: 13-05-2010
Chargee Name: COMMONWEALTH BANK OF AUSTRALIA
Legal Fillings
Bankruptcy
fillings None reported.
Court
judgements None reported.
Tax
liens None reported.
Others None
reported.
Financial data
Description
Source of financial
statement : Provided by the Subject
Financial statement date : 30/06/11
Type of accounts : Key figures
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.93 as of 31-08-2011
Summarized Financial Information
Consolidation type : Non Consolidated Non Consolidated Currency : Australia Dollar (AUD) Australia Dollar (AUD) Denomination : (x1) One (x1) One
Date of financial year end : 30/06/11 30/06/10
Length of accounts : 12 months 12 months
Profit before tax : 1,900,000 2,180,000
Net income : 1,330,000 1,500,000
Total assets : 12,200,000 13,700,000
Total liabilities : 6,200,000 8,400,000
Share equity : 6,000,000 5,300,000
Comments : The audited
financial information was provided by Ms. Linda Mckenzie
Main activities :
The Subject is a supplier of packaging
products throughout
Subject's
packaging products are used in industries such as agriculture, fishing &
aquaculture, food processing, industrial, retail and wholesale.
Product & services : LDPE and HDPE Bags
Wicketted Bags for automatic packing
Pallet Liners and Covers
Mulch Films – Plain and Co-Extruded
Pallet Wrap and Pallet Netting
Multi Wall Paper Sacks
Gel Packs
Absorbent Pads – Air Freight Approved Vacuum Pouches – Plain and Printed Vacuum and Stand-Up Pouches Laminated Films and Bags
Thermoformed Fruit and Salad Containers
Zip Lock Bags
Checkout Bags – Plain and Printed
Produce Rolls
Carton Liners
Patch Handle Fashion Bags Soft Loop Handle Bags Paper Fashion Bags
Car Litter Bags
Purchases
International : Mainly from Thailand, Malaysia, China
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of warehouse and
administrative office.
Branches : In addition the Subject operates from
branch office and warehouse
located
at:
17 Orchard Road
Maddington, Western Australia 6109
Australia
Tel: +61 8 92516900
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 Services)
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 term
Purchase Term
International Prepayment,
Credit up to 60 days
Sales Term
Local Prepayment,
Credit up to 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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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 |
|
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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.