|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS
SPECIALTY METALS PTY LTD |
|
|
|
|
Registered Office : |
13-23 Lynch Road, Brooklyn, Victoria 3012 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
21.10.1960 |
|
|
|
|
Date of Incorporation : |
21.10.1960 |
|
|
|
|
Com. Reg. No.: |
004496128 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Processing and distributor of stainless and specialty
steel products. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
Executive Summary
Date
founded or registered : 21/10/1960
Legal
form : Australian
Proprietary Company
Chief
executive : Steven
James Annear
Issued
& paid up capital : AUD
12,042,001
Sales
turnover : AUD
214,833,000 (Consolidated 12 months, 30/06/2011)
Net
income : AUD
-13,069,000 (Consolidated 12 months, 30/06/2011)
Total
fixed assets : AUD
127,647,000 (Consolidated 12 months, 30/06/2011)
Line of business :
Processing and distributor of stainless and specialty steel products.
Staff
employed : 100
employees
Credit Risk Interpretation
Credit
risk rating : PASSABLE
Credit risk theory : Some
indications of financial and operational stress. More caution is recommended
when considering granting credit. Smaller credits plus loan guarantees is an
advantage. A strict credit control policy applies.
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
Organisation
structure : Organisational
structure is acceptable
Detrimental
: No detrimental found
Payment
history : No payment
delays noted
Comments : It
is advisable to conduct business dealing on prepayment or L/C for larger credit
transaction than suggested. The Subject faced losses in 2010 & 2011 and
caution is needed as equity balance could face a deficit if large losses
incurred for following financial year end.
Registry Data
Registration
date : 21/10/1960
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 004496128
Registered
authority : Australian
Securities and 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 Australia under business registration no: VIC
B1692235D, TAS BN01384650, SA BN04182730, WA BN09758318, NT
BN00946990 and QLD BN18539907.
Key Management
Name :
Steven
James Annear
Designation
: Managing
Director
Name :
Malcolm
Charles Innes Mitchell
Designation
: Chief
Financial Officer
Appointments
Name :
Steven James
Annear
Designation
: Director
Appointment
date : 05/11/08
Address
: 20 May Street
Hampton, VIC 3188
Australia
Biography
: Born on 18/03/1961 in
Rosebery, Tasmania, Australia.
Name :
Barry King
Designation
: Director
Appointment
date : 30/03/12
Address
: 6 Pyrford Woods
Close
Woking GU22 8QN
United Kingdom
Biography
: Born on 07/06/1957 in
United Kingdom.
Name :
Stuart Robinson
Designation
: Director
Appointment
date : 30/03/12
Address
: 110 Main Street
Kinoulton, Nottingham NG12 3EN
United Kingdom
Biography
: Born on 09/04/1950 in
Sheffield, United Kingdom.
Name :
Malcolm Charles
Innes Mitchell
Designation
: Company Secretary
Appointment
date : 24/01/12
Address
: 221 Church Street
Brighton, VIC 3186
Australia
Biography
: Born on 02/10/1956
Lagos, Nigeria.
Staff
employed : 100 employees
Key Advisors
Auditors
: HLB MANN JUDD
160 Queen Street
Melbourne, VIC 3000
Australia
Composition
Authorized
Capital : AUD
12,042,001
No of
shares : 11,852,000
Ordinary Shares
Share
par value : No par
value
Issued
capital : AUD
12,042,001
Paid
up capital : AUD
12,042,001
How
listed : Full
List
Composition
Shareholder
name : AMARI METALS
AUSTRALIA LTD
Address
: Suite
555, 555 Skokie Boulevard
Northbrook, Illinois 60062
United States
No. of
shares : 11,852,000
Ordinary Shares
% of shares : 100%
Structure
Name :
HENLEY
MANAGEMENT COMPANY
Affiliation
type : Ultimate
Holding Company
Address
: Suite
555, 555 Skokie Boulevard
Northbrook, Illinois 60062
United States
Name :
AMARI
METALS LIMITED
Affiliation
type : Intermediate
Holding 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 :
AMARI
METALS AUSTRALIA LTD
Affiliation
type : Parent
Company
Address
: Suite
555, 555 Skokie Boulevard
Northbrook, Illinois 60062
United States
Name :
GILBERT
LODGE (N.Z.) LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 66
Harris Road
East Tamaki, 2013 Auckland
New Zealand
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 :
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.
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 :
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.
Bank Details
Name
of bank : Australia
And New Zealand Banking Group Limited
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: 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.
Description
Source
of financial statement : Commercial
Registry Filings
Financial
statement date : 30/06/11
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1
USD = AUD 0.95 as of 14-08-2012
Summarized Financial Information
Consolidation
type : Consolidated
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
Sale
turnover / Income : 214,833,000
200,700,000
Gross
profit : 37,425,000
38,931,000
Profit
before tax : -15,765,000
-14,453,000
Net
income : -13,069,000
-14,470,000
Non
current assets : 14,784,000
19,061,000
Current
assets : 112,863,000
135,620,000
Inventories
: 74,115,000
94,423,000
Total
assets : 127,647,000
154,681,000
Current
liabilities : 94,949,000
111,225,000
Non
current liabilities : 28,832,000
25,909,000
Total
liabilities : 123,781,000
137,134,000
Share
equity : 3,866,000
17,547,000
Reserve
: -3,952,000
-3,646,000
Retained
earning : 7,438,000
20,813,000
Comments : The
consolidated financial information above relates to the Subject and its
subsidiaries.
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 : China, Taiwan, Korea, India, Germany
Sales
Local : Yes
International : Inter company exports to New Zealand
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:
14
Mcharry Place
Shepparton,
VIC 3630
Australia
Tel:
+61 3 58315499
page
14 / 18
16
Moloney Drive
Wodonga,
VIC 3690
Australia
Tel:
+61 2 60567211
41 Lyn
Parade
Prestons,
NSW 2170
Australia
Tel:
+61 2 98257500
12
Pippita Close
Beresfield,
NSW 2322
Australia
Tel:
+61 2 49225566
40 Coulson
Street
Wacol,
QLD 4076
Australia
Tel:
+61 7 32469999
15
Bassett Street
Gladstone,
QLD 4680
Australia
Tel:
+61 7 49769088
42A
Commercial Avenue
Paget,
QLD 4740
Australia
Tel:
+61 7 49523455
27-41
Toll Street
Bohle,
QLD 4818
Australia
Tel:
+61 7 47747316
9
Capelli Road
Wingfield,
SA 5013
Australia
Tel:
+61 8 83591100
2-4
Derby Street
Mowbray,
TAS 7248
Australia
Tel:
+61 3 63266055
407
Victoria Road
Malaga,
WA 6090
Australia
Tel:
+61 8 92099699
Lot
2847 Pruen Road
Berrimah,
NT 0828
Australia
Tel: +61
8 89472717
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%
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.55.98 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
NB |
New Business |
-- |
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.