MIRA INFORM REPORT
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Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
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Name : |
PENRICE SODA PRODUCTS PTY. LTD. |
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Formerly Known As : |
MOLIT
(NO.52) PTY. LTD. |
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Registered Office : |
Solvay Road,
Osborne, Australia, Zip/postal code : 5017 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 (Group Consolidated) |
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Date of Incorporation : |
27.02.1989 |
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Com. Reg. No.: |
008206942 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Manufacturer
of soda ash, sodium bicarbonate & limestone. |
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No. of Employees : |
243
employees (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
|
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 :
PENRICE SODA PRODUCTS PTY.
LTD.
Business
address : Solvay Road
Town : Osborne
Province : South Australia
Zip/postal
code : 5017
Country : Australia
Tel : +61 8 84027000
Fax : +61 8 84027266
Email : enquiries@penrice.com.au
Website : www.penrice.com.au
Registered
address : Solvay Road
Town : Osborne
Province : South Australia
Zip/postal
code : 5017
Country : Australia
Executive Summary
Date founded
or registered : 27/02/1989
Legal form : Australian
Proprietary Company
Chief
executive : Guy
Redvers Roberts
Issued &
paid up capital : AUD 2
Sales turnover
: AUD 149,869,000
(Group-consolidated 12 months, 30/06/2012)
Net income : AUD -63,552,000
(Group-consolidated 12 months, 30/06/2012)
Total fixed
assets : AUD
139,487,000 (Group-consolidated 12 months, 30/06/2012)
Line of
business : Manufacturer
of soda ash, sodium bicarbonate & limestone.
Staff employed
: 243 employees
(Group)
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is declining
Management
experience : Management is
modestly experienced
Financial
performance : Group financial
performance is deteriorating
Organization
structure : Organizational structure is
acceptable
Detrimental : No
detrimental found
Payment history
: No payment delays
noted
Registry Data
Registration
date : 27/02/1989
Legal form : Australian Proprietary Company
Registration
no Australian Company Number:
008206942
Registered
authority : Australian Securities and Investments
Commission
Fiscal/ Tax no
: Australian Business Number:
62008206942
Registry
status : Live/Active
Previous name
: MOLIT (NO.52) PTY. LTD.
(initial)
Change of
legal form : None reported.
Key Management
Name : Guy Redvers Roberts
Designation : Chief
Executive Officer
Name : Rob Webb
Designation : Chief Financial Officer
Appointments
Name : Andrew Fletcher
Designation : Director
Appointment
date : 28/10/05
Address : 26 Scott Creek Road
Heathfield, SA 5153
Australia
Biography : Born on 18/12/1948 in
Adelaide, South Australia, Australia.
Mr. Andrew V. Fletcher serves as Non-Executive Independent Deputy
Chairman of the Board of Penrice Soda Holdings Limited since April
1, 2005. He holds a Bachelor of Engineering in Civil Engineering
from
University of Adelaide, is a Fellow of the Institution of
Engineers
Australia, Fellow of American Society of Civil Engineers and a
Foundation Fellow of Australian Institute of Company Directors. He
is
the Chief Executive Officer of Defence SA and serves on the board
of
SA Environment Protection Authority Board. He was Senior Vice
President for Global Infrastructure and Asia Pacific of Kellogg
Brown
& Root Services from 1998 to 2000. He is the Chairman of Audit
and
Risk committee and a member of Nomination committee.
Name : Guy Redvers Roberts
Designation : Director
Appointment
date : 19/12/06
Address : 5 Hatherley Avenue
Hyde Park, SA 5061
Australia
Biography : Born on 22/07/1962 in
Adelaide, South Australia, Australia.
Mr. Guy R. Roberts serves as Chief Executive Officer, Managing
Director and Executive Director of Penrice Soda Holdings Limited
since December 19, 2006. He holds a Bachelor of Law (LLB) from
University of Adelaidea and a Graduate Diploma in Legal Practice
from University of Adelaide. He was with the Orica Australia group
(formerly ICI Australia) for 15 years. He has experience in chemical,
plastics and consumer markets in Australia, New Zealand, Asia and
the
United States. He was General Manager of Orica Watercare,
Solicitor
with Minter Ellison Lawyers and Senior Legal Counsel with
Orica.
He also serves on the Board of Adelaide Festival Centre
Foundation,
Business SA, Committee for Economic Development of
Australia
sA (CEDA) and National Lime Association of Australia.
Name : David Trebeck
Designation : Director
Appointment date : 15/12/09
Address : 9 Rous Crescent
Forrest,
ACT 2603
Australia
Biography : Born on 05/06/1947 in Sydney,
New South Wales, Australia.
Mr.
David B. Trebeck serves as Non-Executive Independent
Chairman
of the Board of Penrice Soda Holdings Limited since
October
29, 2009. He was Non-Executive Independent Director from
September
20, 2007 until October 29, 2009. He holds Bachelor of
Science
in Agriculture from University of Sydney and Master of
Economics
from University of England. He is a Director of Graincorp
Limited,
PrimeAg Australia Ltd and Maersk Australia Pty Ltd. He was
a
Director of Institute of Public Affairs, National Water Commissioner
and
Brumbies Rugby - Audit and Risk committee. He was the
Managing
Director of ACIL Consulting Pty Ltd, Director of Incitec
Pivot
Limited, Incitec Limited and Pipers Brook Vineyard Limited. He
is a
member of Audit and Risk committee, Chairman of Nomination
committee
and member of Remuneration committee.
Name : Marnie Brokenshire
Designation : Company Secretary
Appointment date : 18/09/12
Address : 28 East Terrace
Henley
Beach, SA 5022
Australia
Biography : Born on 17/07/1971 in
Adelaide, South Australia, Australia.
Ms.
Marnie Brokenshire, BBus, Grad Dip, HRM/IR (RMIT), Grad Cert,
Change
Mgmt (AGSM), serves as Company Secretary of Penrice
Soda
Holdings Limited since September 18, 2012. She was
previously
the General Manager of Human Resources of Penrice
Soda
Holdings Limited. She is a Human Resource Specialist with
more
than 15 years experience in senior generalist roles. She has
worked
with GM Holden, Sensis, Deloitte Consulting and Monsanto.
Staff employed : 243 employees (Group)
Key Advisors
Auditors : ERNST & YOUNG
Level 12, Ernst & Young Building
121 King William Street
Adelaide, SA 5000
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 : PENRICE HOLDINGS PTY LTD
Address : Solvay Road
Osborne, SA 5017
Australia
No. of shares
: 2 Ordinary Shares
% of shares : 100%
Structure
Name : PENRICE SODA HOLDINGS LIMITED
Affiliation
type : Ultimate Holding Company
Address : Solvay Road
Osborne, SA 5017
Australia
Comments : Penrice Soda Holdings Limited engages in
the manufacture, distribution, and sale
of soda ash and sodium bicarbonate in Australia and
internationally. Its soda ash
is used as ingredient in products, such as glass containers, flat
glass for building
and construction, and washing powders, as well as used in the
mining and water
treatment industries. The company’s sodium bicarbonate is used in
various
applications, including pharmaceutical, food, stock feed, medical,
and personal
care products, as well as in industrial applications, such as
detergents, cleaning
products, and flue gas treatment. It is also involved in the
mining, distribution, and
sale of quarry and mineral products. The company owns and operates
a marble
and limestone mine in the Barossa Valley in South Australia that
supplies
limestone into the chemical process, as well as supplies
aggregates and other
materials to various end uses, such as civil and construction,
roads, landfill, glass,
mineral processing, agriculture, stock feed, and landscaping.
Penrice Soda
Holdings Limited was founded in 1935 and is based in
Osborne, Australia.
Name : PENRICE HOLDINGS PTY LTD
Affiliation
type : Parent Company
Address : Solvay Road
Osborne, SA 5017
Australia
Name : PSP SPV PTY LTD
Affiliation
type : Sister Company
Address : Solvay Road
Osborne, SA 5017
Australia
Name : PENRICE FINANCE PTY LTD
Affiliation
type : Sister Company
Address : Solvay Road
Osborne, SA 5017
Australia
Name : PENRICE PTY LTD
Affiliation type
: Sister Company
Address : Solvay Road
Osborne, SA 5017
Australia
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 : Public Record
Sources
Financial
statement date : 30/06/12
Type of
accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 0.95
as of 13-12-2012
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 : 149,869,000 153,923,000
Gross profit :
31,965,000 38,879,000
Profit before
tax : -60,376,000 -33,063,000
Net income : -63,552,000 -26,206,000
Non current
assets : 91,219,000 143,682,000
Current assets
: 48,268,000 51,642,000
Inventories : 25,944,000 26,161,000
Total assets :
139,487,000 195,324,000
Current
liabilities :
44,106,000 46,362,000
Non current
liabilities : 93,661,000 81,139,000
Total
liabilities : 137,767,000 127,501,000
Share equity :
1,720,000 67,823,000
Retained
earning : -78,731,000 -13,039,000
Comments : The group’s consolidated financial
information above relates to the Subject’s
Ultimate Holding Company Penrice Soda Holdings Limited and all its
subsidiaries
which include the Subject.
Main
activities : The Subject
engages as a manufacturer of soda ash, sodium bicarbonate
& limestone, vital ingredient in products ranging from wine
bottles, washing
powder & stock feed.
The Subject is part of Penrice Soda Holdings Ltd an Australian
public
company, headquartered in Adelaide, South Australia, Penrice is
listed on
the Australian Securities Exchange, with the Company’s origins
dating
back to 1935. Penrice Soda Holdings Limited is engaged in the
manufacture, distribution and sale of soda ash and sodium
bicarbonate. It
is also engaged in mining, distribution and sale of quarry and
mineral
products. The Company operates in two segments: Chemicals business
and Quarry and Mineral business. Its Chemicals business includes
soda
ash and sodium bicarbonate. Soda Ash produced is sold in the
Australian
market as an ingredient in products ranging from glass containers,
which
include wine and beer bottles; flat glass for building and
construction and
washing powder. It is also used in the mining and water treatment
industries. Sodium bicarbonate is used in pharmaceuticals, food,
stock
feed, personal care products and industrial applications, such as
detergents, cleaning products and flue gas treatment. Its Quarry
and
Mineral business owns and operates a marble and limestone mine in
South
Australia.
Product & services :
Chemicals
Manufactures
soda ash and sodium bicarbonate using the Solvay process.
Quarry &
Mineral
The mine
supplies limestone into the chemical process at Penrice’s
Osborne Chemicals
business. It is also a supplier of functional inputs to
glass and
cement manufacture, mineral processing and stock feed, and a
supplier of
aggregates and other materials to a variety of end-uses, such
as civil and
construction, roading, landfill, and landscaping.
Purchases
International
: Mainly from Asia
Sales
Local : Yes
International
: Worldwide
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of a production facility, warehouse and
administrative
office.
Branches : None reported.
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
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
International
: L/C, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
UK Pound |
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.