MIRA INFORM REPORT
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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
AUTEX PTY. LTD. |
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Registered Office : |
Level 17,
181 William Street, Melbourne, Victoria, Zip/postal code 3000 |
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Country : |
Australia |
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Date of Incorporation : |
06.01.1992 |
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Com. Reg. No.: |
054713441 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Manufacturing
and distribution of wall coverings, polyester insulation etc. |
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No. of Employees : |
150
employees (Subject) |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 :
AUTEX PTY. LTD.
Business
address : 166 Bamfield Road
Town : Heidelberg West
Province : Victoria
Zip/postal
code : 3081
Country : Australia
Tel : +61 3 94576700
Fax : +61 3 94571020
Email : enquiries@autex.com.au
Website : www.autex.com.au
Registered
address : Level 17, 181 William Street
Town : Melbourne
Province : Victoria
Zip/postal
code : 3000
Country Australia
Postal address
: P.O. Box 5099
Town : Heidelberg West
Province : Victoria
Zip/postal code
: 3081
Country : Australia
Executive Summary
Date founded
or registered : 06/01/1992
Legal form : Australian
Proprietary Company
Chief
executive : Warrick
Bruce Batt
Issued &
paid up capital : AUD 100
Sales turnover
: AUD 27,500,000
(Estimated Non-consolidated 12 months, 31/03/2012)
Line of
business : Manufacturing
and distribution of wall coverings, polyester insulation etc.
Staff employed
: 150 employees
(Subject)
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is declining
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational structure is stable
Detrimental : No
detrimental found
Payment history : No payment delays
Registry Data
Registration
date : 06/01/1992
Legal form : Australian
Proprietary Company
Registration
no Australian Company Number: 054713441
Registered
authority : Australian
Securities and Investments Commissions
Fiscal/ Tax no
: Australian
Business Number: 84495094585
Registry
status : Live/Active
Previous name
: None reported.
Change of
legal form : None reported.
Key Management
Name : Warrick Bruce Batt
Designation : Managing Director
Name : Eddie Yiu
Designation : Accountant
Appointments
Name : William Randolph Cunningham
Designation : Director
Appointment date : 17/03/92
Address : 326 Beach Road
Campbells
Bay, North Shore City 0630
New
Zealand
Biography : Born on 01-05-1940 in United
Kingdom.
Name : Warrick Bruce Batt
Designation : Director and Company Secretary
Appointment date : 01/06/06
Address : 55 Taparoo Road
Templestowe,
VIC 3106
Australia
Biography : Born on 28-12-1965 in
Auckland, New Zealand.
Name : Andrew MacLeod Cunningham
Designation : Director
Appointment date : 01/06/06
Address : 371 Beach Road
Campbells
Bay, North Shore City 0630
New
Zealand
Biography : Born on 22-05-1970 in
Auckland, New Zealand.
Name : David Robinson
Designation : Director
Appointment date : 17/03/92
Address : 290 Jervois Road
Herne
Bay, Auckland 1011
New
Zealand
Biography : Born on 26-03-1937 in Skipton, United Kingdom.
Name : Mark Robinson
Designation : Director
Appointment date : 27/01/00
Address : 10 Birchwood Grove
Greenhithe,
North Shore City 0632
New
Zealand
Biography : Born on 14-11-1964 in United
Kingdom.
Staff employed : 150 employees (Subject)
Composition
Authorized
Capital : AUD 100
No of shares :
100 Ordinary Shares
Share par
value : AUD 1
Issued capital
: AUD 100
Paid up capital : AUD
100
How listed : Full List
Composition
Shareholder
name : AUTEX INDUSTRIES LIMITED
Address : 702-718 Rosebank Road
Avondale 1026, Auckland
New Zealand
No. of shares 100 Ordinary Shares
% of shares : 100%
Structure
Name : AUTEX INTERNATIONAL
LIMITED
Affiliation
type : Ultimate
Holding Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX INDUSTRIES
LIMITED
Affiliation
type : Parent
Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Comments : Manufacturer of carpet, wall
coverings, insulation and bedware,polypropylene
needle-punched carpets, floor mats, carpet tiles, non-slip
flooring, automotive and
outdoor carpets.
Name : AUTEX PROPERTIES
LIMITED
Affiliation
type : Sister
Company
Address : 702-718 Rosebank Road
Avondale,
Auckland 1026
New
Zealand
Name : AUTEX QUEENSLAND PTY
LTD
Affiliation type : Sister Company
Address : 29 Demand Avenue
Arundel,
QLD 4214
Australia
Name : AUTEX INDUSTRIES LTD
(BRANCH)
Affiliation type : Sister Company
Address : Office No. 5Ebg28
Dubai
Airport Free Zone
P.O.
Box 54948
Dubai
United
Arab Emirates
Bank Details
Name of bank :
Westpac Banking
Corporation
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 :
Unsatisfied Charges:
ASIC Charge
Number: 355706
Date
Registered: 09-09-1992
Charge type:
Both Fixed & Floating
Date Created:
12-08-1992
Chargees Name:
WESTPAC BANKING CORPORATION
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 : 31/03/12
Type of
accounts : Estimated
key figures
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 0.95
as of 11-12-2012
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 : 31/03/12 31/03/11
Length of
accounts : 12 months 12 months
Sale turnover
/ Income : 27,500,000 37,000,000
Comments : The estimated
turnover was provided by Mr. Eddie Yiu.
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 $12.5 million,
and
-The company and any entities it controls have fewer than 50
employees at the
end of the financial year.
Main
activities : The
Subject is engaged in manufacturing and distribution of wall coverings,
polyester insulation etc.
The Subject also imports and distributes carpet, wall coverings,
insulation
and bedware, floor mats, carpet tiles, non-slip flooring,
automotive and
outdoor carpets sourced from the Subject's Parent Company in New
Zealand.
The Subject is part of Autex Group. The Autex Group includes
ultimate
holding company Autex International Limited, New Zealand-based
manufacturing Autex Industries Limited, Australian-based
manufacturing
Autex Pty Limited (Subject), and other interests Autex Properties
Limited
and Autex Investments Limited.
Product & services :
Autex Bedware - wool and polyester bedding products
Autex Carpets - commercial carpets
Autex Insulation - thermal and acoustic polyester insulation for
commercial
and residential
Autex Wall Coverings - polypropylene plush and acoustic wall
covering
BaffleBlock - acoustic polyester Composition - acoustic wall
coverings
Decord - marine, commercial and outdoor ribbed carpet
Dream Maker - polyester bedding products
GreenStuf - thermal and acoustic polyester Performer - marine and
automotive carpets and linings
Quietstuf - acoustic polyester
Vertiface - plush wall coverings
Brand : AUTEX
Purchases
International
: China, Taiwan, Indonesia
Sales
Local : Yes
International
: New Zealand
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of a production facility, warehouse and administrative
office.
Branches : In addition, the Subject
operates from branch offices and production facilities located at:
16 Bushells Place
Wetherill Park, NSW 2164
Australia
Tel: +61 2 97563122
195 Bank Street
East Victoria Park
Perth, WA 6101
Australia
Tel: +61 8 93551911
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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% 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 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 2009: 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%
Purchase Term
International
: L/C, Prepayment, Credit
30 days
Sales Term
Local : Credit 30 days
International
: Credit 30 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 |
|
US Dollar |
1 |
Rs.54.32 |
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UK Pound |
1 |
Rs.87.36 |
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Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.