MIRA INFORM REPORT

 

 

Report Date :

28.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BEAVER BRANDS PTY LIMITED

 

 

 

 

Formerly Known As :

NETWORK PACKAGING PTY LIMITED (initial)

 

 

 

 

Registered Office :

Level 20, 68 Pitt Street Sydney New South Wales 2000

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.05.2009

 

 

Com. Reg. No.:

137134457

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Shelf Company

 

 

No. of Employees :

Not vailable

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Dormant

Payment Behaviour :

--

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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

IDENTIFICATION DETAILS

 

Verified Address

Subject name :              BEAVER BRANDS PTY LIMITED

Business address :        Unit 1, 55 Sarah Andrews Close

Town :                          Erskine Park

Province :                     New South Wales

Zip/postal code :           2759

Country :                       Australia

Tel :                              +61 2 88825700

Fax :                             +61 2 88825899

Email :                          info@beaver.com.au

Website :                      www.beaver.com.au

 

Registered address :     Level 20, 68 Pitt Street

Town :                          Sydney

Province :                     New South Wales

Zip/postal code :           2000

Country :                       Australia

Comments :                  The Subject is a shelf company. The main trading entity is JEMINEX BRANDS &

OPERATIONS PTY LIMITED which is engaged in import and wholesale of

lifting, rigging, moorings, load restraints, fall prevention, rescue equipment and

personal safety products.

 

SUMMARY DETAILS

 

Executive Summary

Date founded or registered :      15/05/2009

Legal form :                              Australian Proprietary Company

Chief executive :                       Kevin Jacobson

Issued & paid up capital :          AUD 10

Sales turnover :                         AUD 278,735,000 (Group-consolidated 12 months, 31/12/2011)

Net income :                             AUD -12,968,000 (Group-consolidated 12 months, 31/12/2011)

Total fixed assets :                    AUD 230,141,000 (Group-consolidated 12 months, 31/12/2011)

Line of business :                      Shelf company.

Staff employed :                       Nil (Subject); 6,000 employees (AMP Group)

 

CREDIT RISK OPINION

 

Company Analysis

Country risk :                             Country risk is minimal

Operation trend :                       Operational trend is stalled (dormant)

Management experience :          Management is experience is undetermined

Financial performance :             Financial performance is poor

Organization structure :              Organizational structure is flawed

Detrimental :                             Some detrimental found

Payment history :                      No payment delays noted

 

STATUTORY DETAILS

 

Registry Data

Registration date :                     15/05/2009

Legal form :                              Australian Proprietary Company

Registration no                          Australia Company Number: 137134457

Registered authority :                Australian Securities and Investments Commission

Fiscal/ Tax no :                                     Australia Business Number: 16137134457

Registry status :                        Dormant

Previous name :                        A.C.N. 137 134 457 PTY LIMITED

NETWORK PACKAGING PTY LIMITED (initial)

Change of legal form :               None reported.

 

MANAGEMENT / DIRECTORS

 

Key Management

Name :              Kevin Jacobson

Designation :    General Manager

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

Name :                          Dean Andrew Taylor

Designation :                Director and Company Secretary

Appointment date :        15/05/09

Address :                      19 Beaconsfield Road

Chatswood, NSW 2067

Australia

Biography :                   Born on 04-01-1963 in Launceston, Tasmania, Australia.

Staff employed :           Nil (Subject); 6,000 employees (AMP Group)

 

SHARE CAPITAL

 

Composition

Authorized Capital :       AUD 10

No of shares :               10 Ordinary Shares

Share par value :           AUD 1

Issued capital :              AUD 10

Paid up capital :            AUD 10

OWNERSHIP / SHAREHOLDERS

How listed : Full List

 

Composition

Shareholder name :       JEMINEX LIMITED

Address :                      Level 20, 68 Pitt Street

Sydney, NSW 2000

Australia

No. of shares :              10 Ordinary Shares

% of shares :                100%

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

Name :                          AMP LIMITED

Affiliation type :            Ultimate Holding Company

Address :                      Level 24, 33 Alfred Street

Sydney, NSW 2000

Australia

Comments : AMP Limited, an independent wealth management company, engages in retail

banking and investment managing businesses worldwide. The company offers

financial planning and advice; superannuation, retirement income, and other

investment products for individuals; superannuation services for businesses and

employer-sponsored schemes; income protection, disability, general, and life

insurance; and banking products. It manages investments in equities, fixed

interest, infrastructure, property, diversified funds, and multi-manager funds; and

provides commercial, industrial, and retail property management services. The

company serves its customers through advisers, planners, in-house investment

professionals, and investment partners. AMP Limited was founded in 1849 and is

based in Sydney, Australia.

 

Name :              JEMINEX LIMITED

Affiliation type : Parent Company

Address :          Level 20, 68 Pitt Street

Sydney, NSW 2000

Australia

Comments : Jeminex is an Australian Industrial and Safety company, specialising in the

distribution of a range of consumables and components to the fast growing

resources, energy, construction and manufacturing sectors.

Jeminex began life in 2005 with the acquisition of Heatley Sales by AMP (Private

Equity Fund III). This acquisition and those of Beaver Brands and Australian

Safety followed shortly afterwards as part of a vision to grow a dominant Industrial

and Safety group in the Australian market place. Since then multiple acquisitions

have created the current Jeminex group which now generates sales revenue

close to $300 million, owns some of Australia’s leading brands and has a

distribution network of more than 50 branches throughout Australia particularly in

the resource rich states of Western Australia and Queensland.

 

Name :              JEMINEX BRANDS & OPERATIONS PTY LIMITED

Affiliation type : Sister Company

Address :          Unit 1, 55 Sarah Andrews Close

Erskine Park, NSW 2759

Australia

 

Name :              JEMINEX LIFTING & RIGGING PTY LIMITED

Affiliation type : Sister Company

Address :          33 Firebrick Drive

Thornton, NSW 2322

Australia

 

Name :              JEMINEX WORK WEAR AND SAFETY PTY LIMITED

Affiliation type : Sister Company

Address :          Unit 1, 55 Sarah Andrews Close

Erskine Park, NSW 2759

Australia

Related companies and corporate

affiliations comments: Other companies of the Jeminex Group and AMP Group should be considered

affiliates of the Subject.

 

BANK & MORTGAGES

 

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 : None reported.

 

Legal Fillings

Bankruptcy fillings :       None reported.

Court judgements :        None reported.

Tax liens :                     None reported.

Others :                        None reported.

 

FINANCIAL DATA

 

Description

Source of financial statement :   Commercial Registry Filings

Financial statement date :          31/12/11

Type of accounts :                    Full audited

Currency :                                 Australia Dollar (AUD)

Exchange rate :                         1 USD = AUD 0.96 as of 28-12-2012

 

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 :        31/12/11                        31/12/10

Length of accounts :                 12 months                     12 months

Sale turnover / Income :             278,735,000                  263,195,000

Gross profit :                            114,764,000                  104,700,000

Profit before tax :                      -12,272,000                   -11,837,000

Net income :                             -12,968,000                   -10,828,000

Non current assets :                  129,426,000                  136,766,000

Current assets :                         100,715,000                  92,313,000

Inventories :                              52,645,000                    47,128,000

Total assets :                            230,141,000                  229,079,000

Current liabilities :                      61,037,000                    164,866,000

Non current liabilities :               198,049,000                  80,505,000

Total liabilities :                                     259,086,000                  245,371,000

Share equity :                            -28,945,000                   -16,292,000

Retained earning :                     -86,186,000                   -73,218,000

Comments : The group’s consolidated financial information above relates to the Subject’s

Parent Company Jeminex Limited and all its subsidiaries which include the

Subject.

 

OPERATION DETAILS

 

Main activities : The Subject is a shelf company. The main trading entity is JEMINEX

BRANDS & OPERATIONS PTY LIMITED which is engaged in import and

wholesale of lifting, rigging, moorings, load restraints, fall prevention,

rescue equipment and personal safety products.

 

Purchases

Local : None reported.

International : None reported.

 

Sales

Local : None reported.

International : None reported.

 

Property & Assets

Premises : The Subject operates from premises located at the verified heading

address consisting of an administrative office.

Branches : None reported.

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) & Economic Overview

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 :                             2008: 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%

 

PAYMENT HISTORY

 

Purchase Term

Local : None

International : None

 

Sales Term

Local : None

International : None

 

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.54.84

UK Pound

1

Rs.88.55

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.