MIRA INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ATLAS SPECIALTY METALS PTY LTD |
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Formerly Known As : |
ATLAS SPECIALITY METALS PTY LTD |
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Registered Office : |
13-23 Lynch Road,Brooklyn, Victoria , Zip/postal code 3012 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
21.10.1960 |
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Com. Reg. No.: |
Australian Company Number: 004496128 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Distributor of stainless and specialty steel products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD
450,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
---- |
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 : ATLAS SPECIALTY METALS PTY LTD
Other style / Business name : ATLAS SPECIALTY METALS
Business address : 13-23 Lynch Road
Town : Brooklyn
Province : Victoria
Zip/postal code : 3012
Country : Australia
Tel : +61 3 92729999
Fax : +61 3 92729950
Email : vicsales@atlassteels.com.au
Website : www.atlassteels.com.au
Registered address : 13-23 Lynch Road
Town : Brooklyn
Province : Victoria
Zip/postal code : 3012
Country : Australia
Summary details
Executive Summary
Date founded or registered : 21/10/1960
Legal form : Australian Proprietary Company
Chief executive : Steven James Annear
Issued & paid up capital : AUD 380,002
Sales turnover : AUD 200,700,000 (Consolidated 12 months, 30/06/2010)
Net income : AUD -14,470,000 (Consolidated 12 months, 30/06/2010)
Total fixed assets : AUD 154,681,000 (Consolidated 12 months, 30/06/2010)
Line of business : Distributor of stainless and specialty steel products.
Staff employed : 100 employees
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 deteriorating
Organization
structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit
amount suggestion : USD 450,000
Credit amount asked : Not described.
Comments : It is advisable to conduct business
dealing on prepayment or L/C for larger credit transaction than suggested. The
Subject faced huge loss in 2010 and caution is needed as equity balance could
face a deficit if large losses incurred for following financial year end.
Statutory details
Registry Data
Registration date : 21/10/1960
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 004496128
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number: 13004496128
Registry status : Live/Active
Previous name : The Subject was established on
21-10-1960 under the name ATLAS STEELS (AUSTRALIA) PTY. LIMITED and changed its
name to ATLAS SPECIALITY METALS PTY LTD on 01-12-2007. ATLAS SPECIALITY METALS
PTY LTD then changed to the current style on 01-03-2008.
Change of legal form : None reported.
Other registration : ATLAS SPECIALTY METALS is a business
name owned by the Subject registered in 6 different provinces in
Management / directors
Key Management
Name : Steven James Annear
Designation : Managing Director
Name : Gregory Lennox Fox
Designation : Chief Financial Officer
Board of directors / other
appointments
Appointments
Name : Peter Kevin Smaller Designation : Director Appointment date : 05/11/08
Address :
Bellevue Hill, NSW 2023
Biography : Born
on 14-11-1947 in
Name : Kevin Cecil Smaller Designation : Director Appointment date : 05/11/08
Address :
Biography : Born
on 29-08-1977 in
Name : David Mark Balkin Designation : Director Appointment date : 05/11/08
Address :
Biography : Born on 06-12-1953 in Johannesburg, South Africa. Name : Andrew Thomas Taylor
Designation : Director
Appointment date : 05/11/08
Address : Thorndon,
Biography : Born
on 29-12-1962 in Wellington, New Zealand.
Name : Scott Leith Malcolm Designation : Director Appointment date : 05/11/08
Address :
Edgecliff, NSW 2027
Biography : Born
on 29-02-1964 in
Name : Heath Robert Kerr Designation : Director Appointment date : 05/11/08
Address :
Seaforth, NSW 2092
Biography : Born
on 31-12-1970 in
Name : Steven
James Annear
Designation : Director
Appointment date : 05/11/08
Address : 20
May Street
Hampton, VIC 3188
Biography : Born
on 18-03-1961 in
Name : Gregory Lennox Fox Designation : Company Secretary Appointment date : 05/11/08
Address :
Biography : Born on 25-01-1965 in
Key Advisors
Auditors : HLB
MANN JUDD
Melbourne, VIC 3000
Share capital
Composition
Authorized Capital : AUD 380,002
No of shares : 190,001 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 380,002
Paid up capital : AUD 380,002
ownership / shareholders
How listed : Full List
Composition
Shareholder name : BALRON NOMINEES PTY LIMITED
Address : 19-29 Martin Place
Sydney, NSW 2000
Australia
No. of shares : 91,848 Ordinary Shares
Shareholder name :GREENSTONE
PARTNERS PRIVATE CAPITAL (CAYMAN) LTD Address : Walker House, 87 Mary Street
George Town, Grand Cayman
KY1-9001
Cayman Islands
No. of shares :
49,710 Ordinary Shares
Shareholder name :
Steven James Annear
Address : 20 May Street
Hampton, VIC 3188
Australia
No. of shares : 4,203 Ordinary Shares
Shareholder name : Gregory Lennox Fox
Address : 10 Collingwood Road
Australia
No. of shares : 1,682 Ordinary Shares
Shareholder name : Kim Fox
Address : 10 Collingwood Road
Newport, VIC 3015
Australia
No. of shares : 420 Ordinary Shares
Shareholder name : GREENSTONE PARTNERS PTY LIMITED
Address : 56 Pitt Street
Sydney, NSW 2000
Australia
No. of shares : 3,237 Ordinary Shares
Shareholder name : GREENSTONE PARTNERS PRIVATE CAPITAL PTY LIMITED
Address : 56 Pitt Street
Sydney, NSW 2000
Australia
No. of shares : 4,820 Ordinary Shares
Shareholder name : ATT TRUSTEE LIMITED
Address : C/o THE WHYTE GROUP LTD
Level 10, 2 Hunter Street
Wellington 6011
New Zealand
No. of shares : 11,361 Ordinary Shares
Shareholder name : BMT TRUSTEE LIMITED
Address : C/o THE WHYTE GROUP LTD
Level 10, 2 Hunter Street
Wellington 6011
New Zealand
No. of shares : 11,360 Ordinary Shares
Shareholder name : RANGITIKEI NZ LIMITED
Address : C/o THE WHYTE GROUP LTD
Level 10, 2 Hunter Street
Wellington 6011
New Zealand
No. of shares : 11,360 Ordinary Shares
Structure
Name : ATLAS SPECIALTY METALS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 66 Harris Road
East Tamaki, 2013 Auckland
New Zealand
Name : ATLAS METAL PROCESSORS PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 13-23 Lynch Road
Brooklyn, VIC 3012
Australia
Name : GILBERT LODGE (N.Z.) LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 66 Harris Road
East Tamaki, 2013 Auckland
New Zealand
Bank & mortgages
Bank Details
Name of bank : Australia And New Zealand Banking Group
Limited
Address :
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: 65034
Date Registered: 29-09-1981
Date Created: 16-09-1981
Chargee Name: CBC HOLDINGS LTD
ASIC Charge Number: 307359
Date Registered: 08-08-1991
Charge type: Both Fixed & Floating
Date Created: 09-07-1991
Chargee Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 371232
Date Registered: 06-01-1993
Charge type: Both Fixed & Floating
Date Created: 30-12-1992
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 371257
Date Registered: 06-01-1993
Charge type: Both Fixed & Floating
Date Created: 23-12-1992
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 371275
Date Registered: 06-01-1993
Charge type: Both Fixed & Floating
Date Created: 23-12-1992
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 371280
Date Registered: 06-01-1993
Charge type: Both Fixed & Floating
Date Created: 23-12-1992
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 371291
Date Registered: 06-01-1993
Charge type: Both Fixed & Floating
Date Created: 23-12-1992
Chargee Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
ASIC Charge Number: 838827
Date Registered: 28-12-2001
Charge type: Both Fixed & Floating
Date Created: 27-12-2001
Chargee Name: GE CAPITAL FINANCE PTY LTD & GE CAPITAL NZ LIMITED
ASIC Charge Number: 840193
Date Registered: 08-01-2002
Charge type: Both Fixed & Floating
Date Created: 27-12-2001
Chargees Name: PERPETUAL TRUSTEE COMPANY LIMITED
ASIC Charge Number: 996482
Date Registered: 18-11-2003
Charge type: Both Fixed & Floating
Date Created: 23-10-2003
Chargees Name: GE COMMERCIAL CORPORATION (AUSTRALIA) PTY LTD
ASIC Charge Number: 1049978
Date Registered: 07-06-2004
Charge type: Both Fixed & Floating
Date Created: 01-06-2004
Chargees Name: LESCO LIMITED COMPANY NO. 9975
ASIC Charge Number: 1169746
Date Registered: 14-06-2005
Charge type: Both Fixed & Floating
Date Created: 10-06-2005
Chargees Name: COMMONWEALTH BANK OF AUSTRALIA Unsatisfied Charges:
ASIC Charge Number: 1319809
Date Registered: 30-06-2006
Charge type: Both Fixed & Floating
Date Created: 30-06-2006
Chargees Name: GE COMMERCIAL CORPORATION (AUSTRALIA) PTY LTD & GE COMMERCIAL FINANCE NZ
Legal Fillings
Bankruptcy fillings :
None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
financials
Description
Source of financial
statement : Commercial Registry Filings
Financial statement date : 30/06/10
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = AUD 0.96 as of 19/09/2011
Summarized Financial Information
Consolidation type : Consolidated Consolidated
Currency :
Date of financial year end : 30/06/10 30/06/09
Length of accounts : 12 months 12 months
Gross profit : 38,931,000 25,231,000
Profit before tax : -14,453,000 75,475,000
Net income : -14,470,000 80,228,000
Non current assets : 19,061,000 22,326,000
Current assets : 135,620,000 129,487,000
Inventories : 94,423,000 90,433,000
Total assets : 154,681,000 151,813,000
Current liabilities : 52,571,000 31,909,000
Non current liabilities : 84,563,000 87,887,000
Total liabilities : 137,134,000 119,796,000
Share equity : 17,547,000 32,017,000
Reserve : -3,646,000 -3,703,000
Retained earning : 20,813,000 35,340,000
Comments : The consolidated group generated
revenue of $200.5 million in 2010, which was a decrease of $56.9 million, or
22.7% over 2009. The decrease in revenue was due primarily to lower sales
volumes and a lower average selling price. The number of tonnes of product sold
in the financial year was 10.9% lower than 2009. The average selling price per
tonne in the financial year was 13.2% lower than in
2009. The
reduction in sales volumes and the average selling price were a consequence of
lower economic activity in
During the
course of 2010, the consolidated group experienced improved performance and
market conditions. The fourth quarter volumes and revenue were 29% and 10%
above the corresponding period in 2009 respectively, which resulted in the
second half of 2010 producing a substantially improved financial performance.
The consolidated group’s operating profit before tax for 2010 declined from 2009, as a consequence of once off income generated in 2009, directly related to significant debt forgiveness undertakings arising from the change in ownership
The
consolidated group generated an EBIT loss of $10.5 million, an improvement of
$27.7 million, or 72.4%, over the prior year. Along with the strategic
initiatives already stated, the improvement in EBIT was attributable to an
Increase in gross margin and a reduction in operating costs. Excluding adverse
inventory price movements, the consolidated group’s underlying EBIT was at
approximately breakeven level in 2010.
In 2010, operating costs were $42.0 million representing a
decrease of 25% over
2010. The
significant reduction in overheads is primarily the result of head count rationalisation
and the reconfiguration or exiting of excess warehouse capacity.
These
improvements coupled with further continuing performance strategies, as well as
improved market conditions is expected to generate significant improvements in
performance and profitability for the coming year.
The principal
activities of the consolidated group during the financial year were the primary
processing and distribution of specialty metals products. The consolidated
group sells and processes stainless steel, engineering steel, carbon tube pipe
and fittings and aluminium rolled products and is a leader in the Australasian
market, trading for more than 70 years, and has over 9,000 customers across a
range of Industries including food processing, construction, transportation and
domestic appliances.
Operation details
Main activities : The Subject distributes stainless
steel, aluminum, engineering
steel bars and carbon tubes,
and pipes and fittings. It offers stainless steel flat products, including
sheets, coils, and plates; stainless steel tubular products, including tubes,
tube fittings, pipes, and pipe fittings; aluminum sheets, coils, plates, and
tread plates; and quenched and tempered steel plates. The company also provides
engineering steel bars, including carbon steel, alloy steel, chrome, hollow,
cast iron, and stainless steel bars; and carbon steel tubular products,
including welded pipes, pipes, fittings, flanges, tubes, and RHS and pipes. In
addition, it offers processing services, including length based processing,
plasma processing, and sheet and coil processing; and project services,
including supply, logistics, warehousing and management, and support services.
The company serves oil and gas, pulp and paper manufacturing, energy
generation, water and waste control, pharmaceutical processing, construction,
food and beverage, petrochemical processing, mining, minerals processing,
transportation, and defense sectors.
Product & services : 1) Stainless steel flat products:
sheet, coil, and plate
2) Stainless
steel/aluminum tubular products: tubes, tube fittings, pipes and pipe fittings;
aluminum sheets, coils, plates and tread plates
3) Engineering
Steel Bars Products: carbon steel, alloy steel, chrome, hollow, cast iron and
stainless steel bars
4) Carbon steel
tubular products: welded pipes, pipes, fittings, flanges and tubes
5) Processing
services including length based processing, plasma processing and sheet and
coil processing
Purchases
International :
Sales
Local : Yes
International : Inter company exports to
Property & Assets
Premises : The Subject operates from headquarters
located at the verified heading address consisting of warehouse and
administrative office.
Branches : In addition, the Subject operates from
branch offices located at:
Shepparton, VIC 3630
Australia
Tel: +61 3 58315499
16 Moloney Drive
Wodonga, VIC 3690
Tel: +61 2 60567211
41 Lyn Parade
Prestons, NSW 2170
Tel: +61 2 98257500
12 Pippita Close
Beresfield, NSW 2322
Tel: +61 2 49225566
Wacol, QLD 4076
Tel: +61 7 32469999
Gladstone, QLD 4680
Tel: +61 7 49769088
42A
Paget, QLD 4740
Tel: +61 7 49523455
Bohle, QLD 4818
Tel: +61 7 47747316
Wingfield, SA 5013
Tel: +61 8 83591100
Mowbray, TAS 7248
Tel: +61 3 63266055
Tel: +61 8 92099699
Lot
Tel:
+61 8 89472717
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%,
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 up to 120 days
Sales Term
Local : Credit 30-90 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.47.81 |
|
UK Pound |
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
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.