MIRA INFORM REPORT
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Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
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Name : |
HUNTER DOUGLAS LIMITED |
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Formerly Known As : |
MEYERS TAYLOR LIMITED |
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Registered Office : |
338 Victoria Road,
Rydalmere, New South Wales, Zip/postal code 2116 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.10.1955 |
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Com. Reg. No.: |
009675709 |
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Legal Form : |
Non Listed Australian Public
Company |
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Line of Business : |
Design, manufacturing and sales of internal and external shading solutions, fabrics, and components. |
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No. of Employees : |
500 employees (Subject);
16,492 (Hunter Douglas Group) |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : HUNTER DOUGLAS LIMITED
Business address : 338 Victoria Road
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Tel : +61 2 96388000
Fax : +61 2 96388832
Website : www.hunterdouglas.com.au
Registered address : 338 Victoria Road
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Postal address : P.O. Box 31
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Executive Summary
Date founded or registered : 28/10/1955
Legal form : Non Listed
Australian Public Company
Chief executive : Brian Joseph Lynch
Issued & paid up capital
: AUD 3,500,000
Sales turnover : USD 2,573,000,000 (Group
Consolidated 12 months, 31/12/2011)
Net income : USD 78,000,000
(Group Consolidated 12 months, 31/12/2011)
Total fixed assets : USD 2,451,000,000 (Group
Consolidated 12 months, 31/12/2011)
Line of business : Design, manufacturing and
sales of internal and external shading solutions,
fabrics,
and components.
Staff employed : 500 employees (Subject);
16,492 (Hunter Douglas Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered. The Subject is well positioned in the market
and the
financial stability of the group is positive.
Registry Data
Registration date : 28/10/1955
Legal form : Non Listed Australian Public Company
Registration no Australian Company Number:
009675709
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number:
98009675709
Registry status : Live/Active
Previous name : MEYERS TAYLOR LIMITED
MEYERS TAYLOR PTY. LTD. (initial)
Change of legal form : None reported.
Key Management
Name : Brian Joseph Lynch
Designation : Managing Director
Name : Aleksander Gvozdenovic
Designation : Director
Name : Anthony Nicolas Politis
Designation : Marketing Director
Name : Peter William Hughes
Designation : Financial Director
Name : Warren Boyd
Designation : Group Financial Controller
Appointments
Name : Aleksander Gvozdenovic
Designation : Director
Appointment date : 08/02/01
Address : 56 Boronia Road
Bellevue
Hill, NSW 2023
Australia
Biography : Born on 28-10-1965 in Sydney,
New South Wales, Australia.
Name : Brian Joseph Lynch
Designation : Director
and Company Secretary
Appointment date : 30/06/06
Address : 3 Le Vesinet Drive
Hunters
Hill, NSW 2110
Australia
Biography : Born on 06-03-1959 in
Melbourne, Victoria, Australia.
Name : Anthony Nicolas Politis
Designation : Director
Appointment date : 19/05/97
Address : 125 Darley St W
Mona Vale,
NSW 2103
Australia
Biography : Born on 26-01-1956 in
Alexandria, Egypt.
Name : Peter William Hughes
Designation : Director
Appointment date : 21/07/08
Address : 1 Waragal Avenue
Rozelle,
NSW 2039
Australia
Biography : Born on 21-12-1970 in Derby,
United Kingdom.
Staff employed : 500 employees (Subject); 16,492
(Hunter Douglas Group)
Key Advisors
Auditors : ARTHUR ANDERSEN
141 Walker
Street
North
Sydney, NSW 2060
Australia
Composition
Authorized Capital : AUD 3,500,000
No of shares : 1,750,000 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 3,500,000
Paid up capital : AUD
3,500,000
How listed : Full List
Composition
Shareholder
name : HUNTER DOUGLAS HOLDINGS
LIMITED
Address : 338 Victoria Road
Rydalmere,
NSW 2116
Australia
No. of shares : 1,750,000 Ordinary Shares
% of shares : 100%
SHARE CAPITAL
RELATED COMPANIES & CORPORATE
AFFILIATIONS
Structure
Name : HUNTER DOUGLAS N.V.
Affiliation type : Ultimate
Holding Company
Address : 2, Piekstraat
3071 EL
Rotterdam
The
Netherlands
Comments : The company is listed on the AMS Stock
Exchange.
Hunter Douglas NV (the Company) is
the holding company of Hunter Douglas
Group (The Group or Hunter Douglas).
Hunter Douglas manufactures window
coverings and architectural products.
The Group is comprised of 150 companies
with 66 manufacturing and 84 assembly
plants and marketing organizations in
more than 100 countries. Hunter
Douglas' activities include: Window Coverings
and Architectural Products.
Manufactured and marketed in 5 geographic markets:
Europe, North America, Latin America,
Asia and Australia. Entrepreneurial
management: dynamic and performance
oriented. Decentralized organization
structure. Global federation of small
and medium-sized companies. Strong
brands: HunterDouglas® in North
America and Luxaflex® and Luxalon® in the
rest of the world. Window Coverings
Hunter Douglas markets window
coverings.The
Company's strength is its ability to develop and market innovative,
high
quality, proprietary products, targeted primarily at upscale consumers. The
Company's brand names around the
world include HunterDouglas®, Luxaflex®,
Flexalum®, Sunway®, Sunflex®, and
Comfortex®. The Company's proprietary
fabric shades are consistently
recognized for excellence in design, styling,
features, quality and breadth of
selection: Duette® Honeycomb Shades,
Silhouette® Window Shadings,
Luminette® Privacy Sheers, and Vignette®
Window Shadings. In addition to its
fabric shades, the company offers a fully
integrated line of fashion and color
coordinated window coverings at all price
points. These include horizontal and vertical
blinds, roman, roller and woven
wood shades, pleated 1 shades, wood
and alternative wood blinds; custom
shutters and Topar® light-reflecting
fabrics. And exterior venetian blinds, screen
products, shutters and awnings. The
Company's proprietary operating systems
are equally innovative and unique.
They offer ease of use, reliable performance,
convenience and improved safety
features, identified by its Designed with Safety
in Mind logo. They include the EOS®
modular hardware system, the UltraGlide(r)
lift system, the PowerRise®
battery-operated, remote-control lift system, the
LiteRise® cordless system, as well as
the PowerGlide® Luminette® Privacy
Sheers and Duette® VertiglideTM
honeycomb shades. Architectural Products
The company manufactures architectural
products, sold under the Luxalon®
name. The Company's product line
demonstrates its innovative design
capabilities and its expertise in
metal fabrication, coil coating, roll forming and
insulation. The company develops
linear aluminium ceilings, foam-filled sandwich
walls, cladding systems and sun
louvres. Acoustical and decorative metal ceilings
are appealing in the design and
development of distinctive spaces. The
Company's curved metal panel system
is ideal for spaces such as elevator
lobbies and conference rooms, where
domed ceilings and upward lighting create
a sense of space and volume. Sandwich
walls are manufactured from pre-painted
aluminium or steel panels with
insulation between the layers. These panels can
be quickly assembled and provide a
strong weather-resistant exterior that needs
no painting. Facade cladding systems
are ideally suited for exterior renovations.
Quadroclad, the Big Flat Facade Panel
in the Luxalon® line, uses lightweight
aluminium skins attached to an
expanded aluminium core, giving it the flexibility to
be used on both flat or curved
surfaces. Sun Louvres include a complete and
versatile range of products to
enhance facades and provide sun protection.
Name : HUNTER DOUGLAS HOLDINGS LIMITED
Affiliation type : Parent Company
Address : 338 Victoria Road
Rydalmere,
NSW 2116
Australia
Name : HUNTER DOUGLAS (M) SDN BHD
Affiliation type : Sister
Company
Address : Lot 493, Persiaran Kuala Selangor,
Section 26
40400 Shah
Alam
Selangor
Darul Ehsan
Malaysia
Name : HUNTER DOUGLAS INDIA PVT. LTD.
Affiliation type : Sister Company
Address : C-102 Mangalya
Marol Maroshi Road
Andheri East
Mumbai-400 059
Maharashta
India
Name : HUNTER
DOUGLAS SINGAPORE PTE LTD
Affiliation type : Sister Company
Address : 21 Jalan Buroh
#02-02
Singapore 619478
Singapore
Related
companies and corporate affiliations comments
Other companies of the Hunter Douglas Group
should be considered affiliates of the Subject. The Group is comprised
of 167 companies with 68 manufacturing and 99 assembly operations and marketing
organizations in over 100 countries.
Bank Details
Name of bank : Royal Bank of Scotland
Address : Australia
Account details : Current Account
Name of bank : National Australia Bank
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 : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported
Description
Source of financial statement
: Public Record Sources
Financial statement date : 31/12/11
Type of accounts : Full audited
Currency : US Dollar (USD)
Consolidation type : Group Consolidated Group Consolidated
Currency : US Dollar (USD) US Dollar (USD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/11 31/12/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 2,573,000,000
2,445,000,000
Gross profit : 997,000,000 953,000,000
Operating profit : 112,000,000 150,000,000
Profit before tax : 72,000,000 156,000,000
Net income : 78,000,000 154,000,000
Non current assets : 1,002,000,000 965,000,000
Current assets : 1,449,000,000 1,469,000,000
Inventories : 641,000,000 627,000,000
Total assets : 2,451,000,000 2,434,000,000
Current liabilities : 933,000,000 710,000,000
Non current liabilities : 378,000,000 561,000,000
Total liabilities : 1,311,000,000 1,271,000,000
Share equity : 1,140,000,000 1,163,000,000
Retained earning : 1,098,000,000 1,079,000,000
Comments : The Subject is classified as a
small proprietary company by the Australian
Securities
& Investments Commission hence is not required to disclose their
financial
statement.
A proprietary company is defined as small for a financial year if
it satisfies at least two of the following:
- The consolidated revenue
for the financial year of the company and any entities it controls is less than
$25 million;
-The value of the
consolidated gross assets at the end of the financial year of the company and
any entities it controls is less than $12.5 million, and
-The company and any entities
it controls have fewer than 50 employees at the end of the financial year.
The Subject does not publish non-consolidated financial statement as the Subject’s Parent Company files group consolidated financials. The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Hunter Douglas N.V. and all its subsidiaries which include the Subject.
On a separate note, the
Subject non consolidated estimated annual turnover is between AUD 110,000,000
to 120,000,000.
Main activities : The Subject is engaged in designs
and manufacturing of internal and
external shading solutions, fabrics,
and components. It offers blinds and
window coverings for the home;
non-curtain window coverings; and
venetian blinds, roller blinds,
shades, shutters, fabric awnings, metal
awnings, sunscreens, roman shades,
panel glide, shadings, and privacy
sheers.
The Subject is part of Hunter Douglas
NV which is a Netherlands-based
company engaged in the manufacturing
and marketing of window
coverings and architectural products.
The Company’s product portfolio
includes fabric shades, woven wood
shades, pleated shades, wood blinds
and custom shutters, as well as
suspended ceilings, ventilated façade
systems and sun control systems such
as louvers. Its marketing brands
include Hunter Douglas, Luxaflex,
Duette, Silhoutte, Pirouette, Luminette,
Vignette, Alouette and Facette. The
Company is active in five geographic
markets: Europe, North America, Latin
America, Asia and Australia. The
Group is comprised of 167 companies
with 68 manufacturing and 99
assembly operations and marketing
organizations in over 100 countries.
Purchases
International : Asian countries
Sales
Local : Yes
International : Pacific Islands
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of warehouse, production facilities and
administrative
office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4.0% industry: 25.6% services: 70.4%
Inflation :
2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
2009: 5.6 %
2010: 5.2 %
2011: 5.1%
Public debt
(General Government gross
debt as a % GDP)
2009: 16.9%
2010: 20.4 %
2011: 22.9 %
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 :
Westpac Banking Group (Major Banks),
BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major
Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks),
Telstra (Telecommunications services), Wesfarmers (Food Retail)
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 : 2008:
US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, 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
: 76.00%
PAYMENT HISTORY
Purchase Term
International : L/C, Prepayment, Telegraphic
transfer, Credit up to 90 days
Sales Term
Local : Prepayment, Bank
transfer, Cash against document, Credit up to 90 days
International : L/C, Prepayment, Telegraphic
transfer, 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
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UK Pound |
1 |
Rs.87.67 |
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Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.