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Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SUNGROW AUSTRALIA PTY LTD |
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Registered Office : |
'Bourne House' Suite 3 12 Short Street Port Macquarie New South Wales 2444 |
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Country : |
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Date of Incorporation : |
14.04.2011 |
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Com. Reg. No.: |
150446085 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing, processing, import and distribution of dairy products. |
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No. of Employees : |
22 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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) |
|
|
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 |
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Source : CIA |
Verified Address
Subject name : SUNGROW AUSTRALIA PTY
LTD
Business address :
2 Randall Street
Town : Wauchope
Province : New South Wales
Zip/postal code : 2446
Country : Australia
Tel : +61 2
65853599
Fax : +61 2
65853519
Registered address
: 'Bourne House' Suite 3
12 Short Street
Town : Port
Macquarie
Province : New South Wales
Zip/postal code : 2444
Country : Australia
Executive Summary
Date founded or
registered : 14/04/2011
Legal form : Australian
Proprietary Company
Chief executive : Girish
Chitrasen Gulave
Issued & paid
up capital : AUD
2,392,390
Sales turnover : AUD 3,500,000
(Estimated Non-consolidated 6 months, 30/06/2012)
Line of business :
Manufacturing,
processing, import and distribution of dairy products.
Staff employed : 22 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is in
start-up phase
Management
experience : Management is
modestly experienced
Financial
performance : Financial
performance is fair
Organization
structure : Organizational
structure is acceptable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 14/04/2011
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
150446085
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
38150446085
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Comments : The Subject started commercial
production on 16-12-2011.
Key Management
Name : Girish Chitrasen Gulave
Designation : Managing Director
Appointments
Name : Ralph Lawrence Clissold
Designation : Director
Appointment date :
14/04/11
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
Biography : Born on 27-03-1950 in Alice
Springs, Northern Territory, Australia.
Name : Surekha Chitrasen
Gulave
Designation : Director
Appointment date :
14/04/11
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
Biography : Born on 02-07-1954 in India.
Name : Girish Chitrasen Gulave
Designation : Director and Company Secretary
Appointment date :
14/04/11
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
Biography : Born on 25-06-1982 in India.
Staff employed : 22 employees
Composition
Authorized Capital
: AUD 2,392,390
No of shares : 2,392,390 Ordinary
Shares
Share par value : AUD 1
Issued capital : AUD 2,392,390
Paid up capital : AUD 2,392,390
How listed : Full
List
Composition
Shareholder name :
Ralph Lawrence Clissold
Address : 315
Mount Seaview Road
Wauchope, NSW 2446
Australia
No. of shares : 100 Ordinary Shares
Shareholder name :
Surekha Chitrasen Gulave
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
No. of shares : 300 Ordinary Shares
Shareholder name : Chitrasen Naganath Gulave
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
No. of shares : 300 Ordinary Shares
Shareholder name :
Girish Chitrasen Gulave
Address : 315 Mount Seaview Road
Wauchope, NSW 2446
Australia
No. of shares : 300 Ordinary Shares
Shareholder name :
IMAGE INDUSTRIES (INDIA) PRIVATE
LIMITED
Address : Gokul Shirgaon, MIDC, Near
Karver
Kolhapur 416234
Maharashtra
India
No. of shares : 1,005,990 Ordinary Shares
Shareholder name :
WARANA INDUSTRIES LIMITED
Address : T.K. Nagar, Post- Warana
Nagar
Tal-Panhala
Dist- Kolhapur- 416113
Maharashtra
India
No. of shares : 381,000 Ordinary Shares
Shareholder name :
GANDHARV FARMS AND RESORTS PRIVATE
LIMITED
Address : Poona - Bangalore High-Way
Beside Chinmay Ashram,
Toap-Sambhapur, Dist. Kolhapur
India
No. of shares : 1,004,400 Ordinary Shares
Structure
Name : IMAGE INDUSTRIES
(INDIA) PRIVATE LIMITED
Affiliation type :
Shareholder
Address : Gokul Shirgaon, MIDC, Near
Karver
Kolhapur 416234
Maharashtra
India
Name : GANDHARV FARMS AND
RESORTS PRIVATE LIMITED
Affiliation type :
Shareholder
Address : Poona - Bangalore High-Way
Beside Chinmay Ashram,
Toap-Sambhapur, Dist. Kolhapur
India
Name : WARANA INDUSTRIES
LIMITED
Affiliation type :
Shareholder
Address : T.K. Nagar, Post- Warana
Nagar
Tal-Panhala
Dist- Kolhapur- 416113
Maharashtra
India
Bank Details
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 : Provided
by the Subject
Financial
statement date : 30/06/12
Type of accounts :
Estimated
key figures
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
0.96 as of 22-08-2012
Summarized Financial Information
Consolidation type
: Non
Consolidated
Currency : Australia Dollar
(AUD)
Denomination : (x1) One
Date of financial
year end : 30/06/12
Length of accounts
: 6 months
Sale turnover /
Income : 3,500,000
Comments : The estimated
turnover was provided by Mr. Girish Chitrasen Gulave. The
provided turnover was for 6 months as the Subject started commercial
production
on 16-12-2011.
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.
Main activities : The Subject engages in
manufacturing, processing, import and distribution
of dairy products.
Subject purchased a dairy factory from the Hastings Co-operative in the
town of Wauchope, Australia in September 2011. The purchase price was
estimated to be AUD 2.95 million.
Product &
services : Dairy products: Milk,
cheese, yoghurt
Purchases
International : India
Sales
Local : Yes
International : Middle East, Asian countries
Key events : 16 November 2011
Sungrow to add Indian flavour
ABOUT $2 million worth of milk processing equipment is now being
shipped to the small Mid North Coast rural town of Wauchope, with new
owners expected to take over managing the town’s 96-year-old dairy
factory on December 1.
Shareholders of Hastings Co-operative – which was founded as a milk
business but today owns supermarkets, a boutique department store,
liquor
stores, fuel outlets and a rural store – have voted (92 per cent) to sell
the
struggling dairy factory to Indian-based agribusiness, Sungrow
Australia.
Sungrow will pay $2.95 million, which includes $2 million for the plant
and
equipment, land and buildings and $950,000 for the value of stock on
hand.
The factory will be leased for two months, with the final exchange due
in
January.
Sungrow, which has overseas markets lined up, plans to add Indian
products such as ghee, paneer and khove to its production line and has
indicated it could be taking up to seven times the volume of milk
currently
going through the factory by the time it finishes planned extensions,
which
include a powdered milk factory.
It is expected Wauchope-produced Indian dairy products will also be sold
domestically, filling markets currently serviced by imports.
Sungrow shareholder, Ralph Clissold, said contract negotiations with
Hasting’s current milk suppliers, whose numbers have dwindled to just
11,
had just begun.
Those producers took a two cents a litre price cut last month (OCT),
when
a deal with Casino-based Richmond Dairies to take excess Wauchope milk
finished up.
Hastings suppliers are now receiving an average 43c/l, but were promised
in June (when the initial purchase bid was made) that farmgate prices
would be 45c/l, and rise by another five cents once the powdered milk
factory is in.
Mr Clissold said the company was confident it would be able to source
all
the milk it needed.
Milk producers believe the sale, providing Sungrow remains true to its
promises, is a huge boost for the State’s dairy industry, providing the
opportunity for NSW farmers to tap into fast-growing overseas dairy
markets.
For Bellimbopinni suppliers, Harold and Ethel Hooper, “Haro”, the sale
represents light at the end of the tunnel after three years of
rock-bottom
returns that have seen them almost halve their milking herd.
Their farmgate price bottomed at just 28c/l as the small Wauchope
factory,
one of few co-operative owned milk processing factories left in NSW,
struggled to stay afloat during the global financial crisis.
“It will be sad to see it go out of local hands – my mother supplied
that
factory all her life – but it had to happen if dairying was going to
continue
around here,” he said.
“The factory just wasn’t profitable for the co-op but the potential is
obviously there to make money from milk, or a company like this would
not
be interested.”
20 July 2011
Dairy farmers support factory sale
THIS will certainly be great for us and the community.
That is the opinion of Long Flat dairy farmer Terry Coombes, on the
proposed sale of the Hastings Co-operative milk factory to Sungrow
Australia Pty Ltd.
Terry and Jenny Coombes, are second generation farmers, who with sons
Anthony and Steve, have continued to supply the Co-op with milk since
dairy industry deregulation.
"We stuck with the Co-op, despite the falling prices, and we
certainly want
to stick with them," Mr Coombes said.
"But the way things have been going, we were looking to go elsewhere."
Mr Coombes said was very satisfied with the assurances given by Sungrow
at its recent (June 21) meeting with dairy suppliers.
"Sungrow and Mr Clissold assured us that any new factory expansion
would be in the 2446 area, and that existing staff would be
retained," he
said.
"We are aware that they will need to employ two or three
specialists from
India, but we are assured that the remaining new staff will be sourced
locally."
Mr Coombes said the Sungrow milk price offer of 45c per litre for the
first
12 months is 'level with other manufacturers'.
"Sungrow have assured us they will deal through existing suppliers
first,
and we appreciate that loyalty," he said.
"There has been the promise of a 5c per litre increase once the
powdered
milk factory established, and that will certainly draw others back to
dealing
through the local factory," he said.
"This could mean the return of a flourishing local dairy industry,
and we are
very excited about that.
"There is enormous dairy potential in this area - from Taree to
Kempsey
and especially in the Comboyne area.
"There has been no interest in dairying from young farmers, but
this could
change all that."
23rd June 2011
Indian company buys Hastings Valley Dairy
A co-operative on the NSW Mid North Coast has accepted an offer to sell
its dairy factory to Indian company Sungrow Australia.
The company has plans to increase milk production, build a milk powder
plant and also add Indian dairy products to the current range of
Hastings
Valley Dairy products.
Sungrow chairman Chiprasean Gulave says it will export more than 50 per
cent of the product.
"This is a manufacturing company wanting to start dairy business
here in
dairy cattle and dairy processing making liquid milk and milk powder,
all
dairy product to be exported to Gulf countries. We want cheeses also to
be
exported to Dubai." The sale is subject to the approval of the
Hasting
Co-op's shareholders.
22nd June 2011
Coop accepts offer for factory
THE Hastings Cooperative board has taken the next positive step in
accepting an offer tabled by Sungrow Australia Pty Ltd for the purchase
of
the Hastings Valley Dairy Factory in Wauchope.
The Co-op Board is now waiting on the completion of an independent
accountant's report, and then the shareholders will be asked to complete
a
postal vote on this issue.
The sale does not include the important brand names, trademarks and
recipes developed by factory staff and management.
These significant resources will be licensed to the purchaser for
continuing
manufacturing.
Licensing allows the Hastings Co-op to retain the ownership of these
important assets and the continuation of quality controlled production.
Sungrow Australia chairman Mr Gulave said Sungrow is 'delighted to have
this golden opportunity to work with the successful Hastings
Cooperative'.
"We look forward to working with local farmers and the community of
the
area into the future," Mr Gulave said.
"We will go on providing all the existing Hastings Valley products,
and we
have a plan to increase that four-fold, and increase milk volume to
400,000
litres per day in the future, to accommodate the new milk powder plant.
"Soon we will start the introduction of Indian product production
and the
beginning of the plans for building a milk powder plant.
"The sale will also include the honouring of all existing suppliers
and and
distribution contracts, and looks at creating ongoing further
employment,
product and marketing opportunities.
"On Tuesday 21 June, Sungrow Australia held an initial meeting with
dairy
farmers to introduce our proposal directly.
"Naturally price per litre for milk is a key issue for dairy
farmers, and
Sungrow Australia is committed to these discussions," Mr Gulave
said.
Hastings Cooperative Chairperson Julie Muller said that once the due
diligence and legal processes have been completed the Board will make a
recommendation to Shareholders.
"Shareholders will then be asked to complete a postal vote,"
Mrs Muller
said.
"Until then we will keep our dairy suppliers and our shareholders
informed
of all developments as we move through these stages.
"The board continues to strive for the best outcome for all
stakeholders and
the community as a whole," she said.
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of production facilities, warehouse and
administrative office.
Branches : None reported.
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 :
Prepayment, Telegraphic transfer, Credit 30-60 days
Sales Term
Local :
Prepayment, Bank transfer, Credit 30-60 days
International : Prepayment,
Telegraphic transfer, Credit 30-60 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.54.56 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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 |
|
<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.