MIRA INFORM REPORT
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Report Date : |
30.08.2012 |
IDENTIFICATION DETAILS
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Name : |
MAXITRANS AUSTRALIA PTY LTD |
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Formerly Known As : |
FREIGHTER INDUSTRIES PTY
LTD |
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Registered Office : |
346 Boundary Road,
Derrimut, Victoria, Zip/postal code 3030 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
24.12.1997 |
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Com. Reg. No.: |
081151699 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacture and distribution of trailing transport equipment and solutions |
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No. of Employees : |
786 employees (Maxitrans 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 |
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.
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Source
: CIA |
Verified Address
Subject name : MAXITRANS AUSTRALIA PTY LTD
Business address : 346 Boundary Road
Town : Derrimut
Province : Victoria
Zip/postal code : 3030
Country : Australia
Tel : +61 3 83681100
Fax : +61 3 83681112
Email : enquiries@maxitrans.com.au
Website : www.maxitrans.com.au
Registered address : 346 Boundary Road
Town : Derrimut
Province : Victoria
Zip/postal code : 3030
Country : Australia
Executive Summary
Date founded or registered : 24/12/1997
Legal form : Australian
Proprietary Company
Chief executive : Michael Alan Brockhoff
Issued & paid up capital
: AUD 2
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 Manufacture and distribution of trailing
transport equipment and solutions.
Staff employed : 786
employees (Maxitrans Group)
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 : 24/12/1997
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
081151699
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
95081151699
Registry status : Live/Active
Previous name : FREIGHTER INDUSTRIES PTY LTD
MAXI-CUBE BUSINESS HOLDINGS PTY LTD (initial)
Change of legal form : None reported.
Key Management
Name : Michael Alan Brockhoff
Designation Managing Director
Name : Marcello Mattia
Designation : Chief Financial Officer
Name : Ian Else
Designation : Group Human Resources Manager
Appointments
Name : Michael Alan Brockhoff
Designation : Director
Appointment date : 07/07/00
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 : C. W. STIRLING & CO
499 St
Kilda Road
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD
2
How listed : Full List
Composition
Shareholder name : MAXITRANS INDUSTRIES LIMITED
Address : 346 Boundary Road
Derrimut,
VIC 3030
Australia
No. of shares : 2 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 PTY LTD
Affiliation type : Sister Company
Address : 137 Swann Drive
Derrimut,
VIC 3030
Australia
Name : MAXITRANS INDUSTRIES
(N.Z.) PTY LTD
Affiliation type : Sister Company
Address : 61 Spartan Road
Takanini,
Auckland 2105
New
Zealand
Comments : Registered in Australia.
Name : TRAIL TRUCK PARTS PTY
LTD
Affiliation type : Sister Company
Address :
31 Hallam South Road
Hallam,
VIC 3803
Australia
Name : MAXITRANS SERVICES PTY
LTD
Affiliation type : Sister Company
Address : 346 Boundary Road
Derrimut,
VIC 3030
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 : Australia and New Zealand Banking
Group Limited
Address : Australia
Account details : Current Account
Name of bank : Commonwealth Bank of 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
: 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
manufacturing and distribution of trailing transport
equipment and solutions.
The Subject is a wholly owned
subsidiary of Maxitrans Industries Limited, a
public listed company on the
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 : MAXITRANS
LUSTY EMS
HAMELEX
WHITE
Purchases
International : Asia, Europe, United States
Sales
Local : Yes
International : New Zealand
Property &
Assets
Premises : The Subject operates from
head office located at the verified heading
address
consisting of production facilities, warehouse and administrative
office.
Branches : In addition, the Subject
operates from branch production facilities and offices located at:
MaxiTRANS
Manufacturing Ballarat
233 - 243 Learmonth
Road
Wendouree, VIC 3355
Australia
Tel: +61 3 53390300
Dandenong Repairs and
Service
175 South Gippsland
Highway
Dandenong, VIC 3175
Australia
Tel: +61 3 92154361
MaxiTRANS Used
Equipment
270 Hume Highway
Craigieburn, VIC 3064
Australia
Tel: +61 3 93055422
Hamelex White
175 South Gippsland
Highway
Dandenong, VIC 3175
Australia
Tel: +61 3 87862100
PanelMasta and Hallam
Panel Plant
31 Hallam South Road
Hallam, VIC 3803
Australia
Tel: +61 3 92154389
Lusty EMS
787 Boundary Road
Richlands, QLD 4077
Australia
Tel: +61 7 33750000
MaxiTRANS Western Australia
PO Box 1057
Morley, WA 6054
Australia
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 : Prepayment, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
International : Prepayment, Telegraphic
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.65 |
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UK Pound |
1 |
Rs.88.10 |
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Euro |
1 |
Rs.69.84 |
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.