MIRA INFORM REPORT
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Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SPANSET AUSTRALIA LTD |
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Formerly Known As : |
DYLVET LTD |
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Registered Office : |
13 Pullman Place, Emu Plains,
New South Wales, Zip/postal code 2750 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.05.1987 |
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Com. Reg. No.: |
003298459 |
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Legal Form : |
Non Listed Australian Public
Company |
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Line of Business : |
Import, distribution and services for height safety products |
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No. of Employees : |
55 employees (Subject) |
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 – 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 : SPANSET AUSTRALIA LTD
Business address : 13 Pullman Place
Town : Emu Plains
Province : New South Wales
Zip/postal code : 2750
Country : Australia
Tel : +61 2 47353955
Fax : +61 2 47353630
Email : sales@spanset.com.au
Website : www.spanset.com.au
Registered address : 13 Pullman Place
Town : Emu Plains
Province : New South Wales
Zip/postal code : 2750
Country : Australia
Executive Summary
Date founded or registered : 21/05/1987
Legal form : Non Listed
Australian Public Company
Chief executive : Gary Neil Gill
Issued & paid up capital
: AUD 1,450,000
Sales turnover : AUD 12,144,128 (Non-consolidated 12
months, 31/12/2011)
Net income : AUD 540,432
(Non-consolidated 12 months, 31/12/2011)
Total fixed assets : AUD 6,469,015
(Non-consolidated 12 months, 31/12/2011)
Line of business : Import, distribution and
services for height safety products.
Staff employed : 55 employees (Subject)
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 fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 21/05/1987
Legal form : Non Listed Australian Public
Company
Registration no Australian Company number:
003298459
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number:
75003298459
Registry status : Live/Active
Previous name : DYLVET LTD (initial)
Change of legal form : None reported.
Key Management
Name : Gary Neil Gill
Designation : General Manager
Appointments
Name : David Ehnimb
Designation : Director
Appointment date : 18/11/87
Address : Switzerland
Biography : Born on 14-09-1957 in Malmo,
Sweden.
Name : Anthony John Eaden
Designation : Director
Appointment date : 11/09/02
Address : 35 Chapel Lane
Hale
Barns, Altrincham WA15 0AG
United
Kingdom
Biography : Born on 22-05-1950 in
Roscommon, Ireland.
Name : Jonathan Charles Gatt
Designation : Director and Company Secretary
Appointment date : 01/04/04
Address : 48 Jones Street
Kingswood,
NSW 2747
Australia
Biography : Born on 04-05-1966 in
Portsmouth, United Kingdom.
Name : Kenneth Milligan
Designation : Director
Appointment date : 04/12/03
Address : 103 Otter Drive
Seven
Lakes, NC 27376
United
States
Biography : Born on 28-07-1968 in
Melbourne, Victoria, Australia.
Name : Gary Neil Gill
Designation : Director
Appointment date : 15/05/06
Address : 18B David Crescent
Fairy
Meadow, NSW 2519
Australia
Biography : Born on 10-04-1965 in
Calista, Western Australia, Australia.
Staff employed : 55 employees (Subject)
Key Advisors
Auditors : GRANT THORNTON
Level 17,
383 Kent Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 1,450,000
No of shares : 28,100,001 Ordinary Shares
Share par value : No par value
Issued capital : AUD 1,450,000
Paid up capital : AUD
1,450,000
How listed : Full List
Composition
Shareholder name : SPANSET LIMITED
Address : Telford Way
Middlewich,
Cheshire CW10 0HX
United
Kingdom
No. of shares : 28,100,001 Ordinary Shares
% of shares : 100%
Structure
Name : SPANSET INTER AG
Affiliation type : Ultimate Holding Company
Address : Samstagernstrasse 45
8832
Wollerau
Switzerland
Comments : Spanset Inter AG through its
subsidiaries manufactures lifting, load control and
height
safety equipments. The company’s products include round slings, rescue
equipment,
load suspension devices, fall protection systems and personal safety
equipments.
Spanset Inter AG was founded in 1966 and is based in Wollerau,
Switzerland.
Name : SPANSET LIMITED
Affiliation type : Parent Company
Address : Telford Way
Middlewich,
Cheshire CW10 0HX
United
Kingdom
Name : SPANSET (MANAGEMENT)
PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 13 Pullman Place
Emu
Plains, NSW 2750
Australia
Name : SPANSET, INC.
Affiliation type : Sister Company
Address : 3125 Industrial Drive
PO Box
2828
Sanford,
Nc 27331-2828
United
States
Name : SPANSET GMBH & CO.
KG
Affiliation
type : Sister Company
Address :
Jülicher Str. 49-51
52531
Übach-Palenberg
Germany
Related companies and corporate affiliations comments : Other companies of the Spanset Group should be
considered affiliates
of the Subject.
Bank Details
Name of bank : HSBC Bank 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 : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/11
Type of accounts : Full audited
Currency Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD 0.95 as of 31-07-2012
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 : 31/12/11 31/12/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 12,144,128
11,253,862
Gross profit : 6,399,726 5,575,380
Profit before tax : 754,667 763,807
Net income : 540,432 491,496
Non current assets : 2,513,632 1,486,860
Current assets : 3,955,383 3,539,579
Inventories : 2,176,569 1,706,360
Total assets : 6,469,015 5,026,439
Current liabilities : 2,666,382 2,496,513
Non current liabilities : 857,484 125,209
Total liabilities : 3,523,866 2,621,722
Share equity : 2,945,149 2,404,717
Retained earning : 1,495,149 954,717
Main activities : The Subject is engaged in import
and distribution for height safety products
such as
fall arrest protection harness systems combined with a
comprehensive
range of services such as height safety and confined space
training
courses, safety system design inspection and consultancy.
Product & services :
Products:
· Fall Protection
· Lifting
· Load Restraint
· Recovery and Towing
· Secutex
Service:
· Height Safety training courses
Brand : SpanSet, SRTE, Ergo, Gotcha,
Latchways
Purchases
International : Europe, Asia, United States
Sales
Local : Yes
International : Asia
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading
address consisting of an administrative office and warehouse.
Branches : In addition, the Subject
operates from offices located at:
Unit 7, 4
Henry Street
Loganholme,
QLD 4129
Australia
Tel: +61 7
32099033
Unit 1
& 2, 37 Tulloch Way
Canning
Vale, WA 6155
Australia
Tel: +61 8 94557404
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%
Purchase Term
International : L/C, Prepayment, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : L/C, Prepayment, Telegraphic
transfer, D/P, 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
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Currency |
Unit
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Indian Rupees |
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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
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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.