|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COLRAIN
PTY LTD |
|
|
|
|
Registered Office : |
346
Boundary Road, Derrimut, Victoria 3030 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
02.09.2004 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Import and distribution of truck and trailer components,
parts and accessories. |
|
|
|
|
No. of Employees : |
786 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
AUSTRALIA - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of
foreign investment and include extensive reserves of coal, iron ore, copper,
gold, natural gas, uranium, and renewable energy sources. A series of major
investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will
significantly expand the resources sector. Australia also has a large services
sector and is a significant exporter of natural resources, energy, and food.
Key tenets of Australia''s trade policy include support for open trade and the
successful culmination of the Doha Round of multilateral trade negotiations,
particularly for agriculture and services. The Australian economy grew for 17
consecutive years before the global financial crisis. Subsequently, the former
RUDD government introduced a fiscal stimulus package worth over US$50 billion
to offset the effect of the slowing world economy, while the Reserve Bank of
Australia cut interest rates to historic lows. These policies - and continued
demand for commodities, especially from China - helped the Australian economy
rebound after just one quarter of negative growth. The economy grew by 1.4%
during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8%
in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in
late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the
budget deficit is expected to peak below 4.2% of GDP and the government could
return to budget surpluses as early as 2015. Australia was one of the first
advanced economies to raise interest rates, with seven rate hikes between
October 2009 and November 2010. The GILLARD government is focused on raising
Australia''s economic productivity to ensure the sustainability of growth, and
continues to manage the symbiotic, but sometimes tense, economic relationship
with China. Australia is engaged in the Trans-Pacific Partnership talks and
ongoing free trade agreement negotiations with China, Japan, and Korea.
Source : CIA
Verified Address
Subject
name : COLRAIN PTY LTD
Business
address : 137 Swann Drive
Town :
Derrimut
Province
: Victoria
Zip/postal
code : 3030
Country
: Australia
Tel : +61 3 93687000
Fax : +61 3 83682164
Email
: sales@colrain.com.au
Website
: www.colrain.com.au
Registered
address : 346 Boundary Road
Town :
Derrimut
Province
: Victoria
Zip/postal
code : 3030
Country
: Australia
Executive Summary
Date
founded or registered : 02/09/2004
Legal
form : Australian
Proprietary Company
Chief
executive : P.
Loimaranta
Issued
& paid up capital : AUD
13,500,000
Sales
turnover : AUD
276,767,000 (Group-consolidated 12 months, 30/06/2012)
Net
income : AUD
12,522,000 (Group-consolidated 12 months, 30/06/2012)
Total
fixed assets : AUD
184,237,000 (Group-consolidated 12 months, 30/06/2012)
Line of business : Import
and distribution of truck and trailer components, parts and accessories.
Staff
employed : 786
employees (Maxitrans Group)
Credit Risk Interpretation
Credit
risk rating : SATISFACTORY
Credit risk theory : Reasonable
financial and operational base for the group. Small credits may be considered
with some confidence that commitments will be sustained under normal
circumstances. This is based on criterions such as years of establishment, number
of employees, sales turnover, profit after tax, total assets, reserve, and
others. A cautious credit control policy applies.
Company Analysis
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
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
Registry Data
Registration
date : 02/09/2004
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 110786215
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian Business Number: 76110786215
Registry
status : Live/Active
Previous
name : None
reported.
Change
of legal form : None
reported.
Key Management
Name :
P. Loimaranta
Designation
: General Manager
Appointments
Name :
Michael Alan
Brockhoff
Designation
: Director
Appointment
date : 02/09/04
Address
: 16 Newbay Crescent
Brighton,
VIC 3186
Australia
Biography
: Born on 24-05-1953 in
Melbourne, Victoria, Australia.
Mr. Michael Alan Brockhoff is Managing Director - Not
Independent and Executive Director of MaxiTrans Industries Limited. He has
thirty one years experience in the road transport industry. He is member of
Remuneration Committee.
Name :
Marcello Mattia
Designation
: Director
Appointment
date : 26/05/08
Address
: 10 Castle Street
Eaglemont, VIC 3084
Australia
Biography
: Born on 14-05-1965 in
Melbourne, Victoria, Australia.
Mr. Marcello Mattia is Chief Financial Officer and Company
Secretary of MaxiTRANS Industries Limited. He is a qualified accountant and
Associate of the Institute of Chartered Accountants of
Australia. He joined the Company in May 2008 following 15 years in general and
senior management in listed, international and private companies. He has
experience in financial, operational and business development fields, including
strategy and acquisitions.
Name :
Aaron Mark Harvey
Designation
: Company Secretary
Appointment
date : 05/02/10
Address
: 81 Castleton Road
Viewbank, VIC 3084
Australia
Biography
: Born on 08-06-1977 in
Ivanhoe, Victoria, Australia.
Staff
employed : 786 employees
(Maxitrans Group)
Key Advisors
Auditors
: KPMG
147 Collins Street
Melbourne, VIC 3000
Australia
Composition
Authorized
Capital : AUD
13,500,000
No of
shares : 13,500,000
Ordinary Shares
Share
par value : AUD 1
Issued
capital : AUD
13,500,000
Paid
up capital : AUD
13,500,000
How
listed : Full List
Composition
Shareholder
name : MAXITRANS INDUSTRIES LIMITED
Address
: 346 Boundary Road
Derrimut, VIC 3030
Australia
No. of
shares : 13,500,000 Ordinary
Shares
% of
shares : 100%
Structure
Name :
MAXITRANS
INDUSTRIES LIMITED
Affiliation
type : Parent Company
Address
: 346 Boundary Road
Derrimut, VIC 3030
Australia
Comments : MaxiTRANS
Industries Limited, together with its subsidiaries, engages in the design,
manufacture, sale, service, and repair of transport equipment and related
components and spare parts in Australia. The company manufactures various
trailer brands, and urethane foam and body panels; supplies and distributes
parts; provides service and repair support; and sells and finances new and used
trailing equipment. Its products include curtain sided trailers, flat top
semis, and skeletal trailers; steel and aluminum semi tippers, B-doubles, side
opening tippers, walking floors, and flat top trailers; temperature controlled
and dry freight vans, and rigid truck bodies; fiberglass panels and body kits;
doors and insulation foam products; and brakes, axles, suspensions, and other parts
and components. The company sells its products under the Freighter, Maxi-CUBE,
Hamelex White, Lusty EMS, Peki, Colrain, Maxus, and PanelMasta brand names. It
serves transport and logistics, fresh produce, food and beverage, building and
construction, agriculture, and natural resources industries. MaxiTRANS
Industries Limited was founded in 1946 and is headquartered in Derrimut,
Australia.
Name :
COLRAIN
(BALLARAT) PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address
: 264 Park Street
Ballarat, VIC 3350
Australia
Name :
COLRAIN
QUEENSLAND PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address
: 20 Postle Street
Coopers Plains, QLD 4108
Australia
Name :
COLRAIN (ALBURY)
PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address
: 439 Wagga Road
Lavington, NSW 2641
Australia
Name :
COLRAIN (GEELONG)
PTY LTD
Affiliation
type : Wholly-owned
Subsidiary
Address
: 95 Douro Street
Geelong North, VIC 3215
Australia
Related
companies and corporate affiliations comments
:
Other companies of the Maxitrans Group should be considered affiliates of the
Subject.
Bank Details
Name
of bank : Commonwealth Bank
of Australia
Address
: Australia
Account
details : Current Account
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
: 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 : 30/06/12
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1
USD = AUD 0.97 as of 29-08-2012
Summarized Financial Information
Consolidation
type : Group
Consolidated Group
Consolidated
Currency
: Australia
Dollar (AUD) Australia
Dollar (AUD)
Denomination
: (x1)
One (x1)
One
Date
of financial year end : 30/06/12
30/06/11
Length
of accounts : 12
months 12
months
Sale
turnover / Income : 276,767,000
202,476,000
Profit
before tax : 16,795,000
4,341,000
Net
income : 12,522,000
4,171,000
Non
current assets : 97,906,000
78,800,000
Current
assets : 86,331,000
67,899,000
Inventories
: 46,726,000
34,428,000
Total
assets : 184,237,000
146,699,000
Current
liabilities : 53,638,000
35,272,000
Non
current liabilities : 31,904,000
19,705,000
Total
liabilities : 85,542,000
54,977,000
Share
equity : 98,695,000
91,722,000
Reserve
: 7,071,000
8,316,000
Retained
earning : 34,137,000
27,020,000
Comments
: The group’s consolidated financial
information above relates to the Subject’s
Parent
/ Ultimate Holding Company Maxitrans Industries Limited and all its
subsidiaries which include the Subject.
Main
activities : The Subject
engages in import and distribution of truck and trailer
components, parts and accessories.
The Subject operates out of 11 wholly owned sites around
Australia with wholesale distribution centres in Melbourne, Perth, Sydney and 8
retail stores located throughout Australia.
The Subject is a wholly owned subsidiary of Maxitrans
Industries Limited, a public listed company on Australia Stock Exchange.
Maxitrans Industries Limited, together with its subsidiaries, engages in the
design, manufacture, sale, service, and repair of transport equipment and
related components and spare parts in Australia.
The company manufactures various trailer brands, and
urethane foam and body panels; supplies and distributes parts; provides service
and repair support; and sells and finances new and used trailing equipment.
Its products include curtain sided trailers, flat top semis,
and skeletal trailers; steel and aluminum semi tippers, B-doubles, side opening
tippers, walking floors, and flat top trailers; temperature controlled and dry
freight vans, and rigid truck bodies; fiberglass panels and body kits; doors
and insulation foam products; and brakes, axles, suspensions, and other parts
and components.
The company sells its products under the Freighter,
Maxi-CUBE, Hamelex White, Lusty EMS, Peki, Colrain, Maxus, and PanelMasta brand
names. It serves transport and logistics, fresh produce, food and beverage,
building and construction, agriculture, and natural resources industries.
Maxitrans Industries Limited was founded in 1946 and is headquartered in
Derrimut, Australia.
Brand
: Maxus
V.Orlandi
Arvin Meritor
Wheels
Castrol
Hendrickson
Gaff
Herman Peters
Tyres
Lucidity
Purchases
International
: Worldwide
Sales
Local
: Yes
International
: No exports.
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 retail outlets and distribution centre
located
at:
Retail
Outlets:
141 Charleston Road
Bendigo, VIC 3550
Australia
Tel: +61 3 54417666
1/324 South Gippsland Highway
Dandenong South, VIC 3175
Australia
Tel: +61 3 97997788
95 Douro Street
Geelong North, VIC 3215
Australia
Tel: +61 3 52405200
Unit 4, 150 - 152 Francis Road
Wingfield, SA 5013
Australia
Tel: +61 8 84458788
Distribution Centres:
2/8 Ballantyne Road
Kewdale, WA 6105
Australia
Tel: +61 8 93532599
6/30 Heathcote Road
Moorebank, NSW 2170
Australia
Tel: +61 408 355836
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)
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
: Prepayment, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local
: Cash, Prepayment, Bank transfer, D/P, Credit 30-120 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.55.64 |
|
|
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.83 |
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.