MIRA INFORM REPORT

 

 

Report Date :

28.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BLUECHIP INFOTECH PTY LTD

 

 

 

 

Formerly Known As :

SERVEX AUSTRALIA PTY LTD

 

 

 

 

Registered Office :

97 Derby Street Silverwater New South Wales 2128

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.12.1996

 

 

Com. Reg. No.:

076483808

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

Distributor of IT & AV products.

 

 

No. of Employees :

76 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

(31.03.2011)

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 :              BLUECHIP INFOTECH PTY LTD

Business address :        97 Derby Street

Town :                          Silverwater

Province :                     New South Wales

Zip/postal code :           2128

Country :                       Australia

Tel :                              +61 2 87458400

Fax :                             +61 2 87458499

Email :                          cair@bluechipit.com.au

Website :                      www.bluechipit.com.au

 

Registered address :     97 Derby Street

Town :                          Silverwater

Province :                     New South Wales

Zip/postal code :           2128

Country :                       Australia

 

SUMMARY DETAILS

 

Executive Summary

Date founded or registered :      13/12/1996

Legal form :                              Australian Proprietary Company

Chief executive :                       Chiang Sheng Hsiung

Issued & paid up capital :          AUD 6,266,457

Sales turnover :                         AUD 74,044,412 (Non-consolidated 12 months, 31/12/2011)

Net income :                             AUD 1,069,434 (Non-consolidated 12 months,31/12/2011)

Total fixed assets :                    AUD 19,001,058 (Non-consolidated 12 months, 31/12/2011)

Line of business :                      Distributor of IT & AV products.

Staff employed :                       76 employees

 

CREDIT RISK OPINION

 

Company Analysis

Country risk :                 Country risk is minimal

Operation trend :           Operational trend is declining

Management experience : Management is reasonably experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is consistent

Detrimental       :          No detrimental found

Payment history :          No payment delays noted

STATUTORY DETAILS

 

Registry Data

Registration date :         13/12/1996

Legal form :                  Australian Proprietary Company

Registration no              Australian Company number: 076483808

Registered authority :    Australian Securities and Investments Commission

Fiscal/ Tax no :                         Australian Business Number: 32076483808

Registry status :            Live/Active

Previous name :            SERVEX AUSTRALIA PTY LTD (initial)

Change of legal form :   None reported.

 

MANAGEMENT / DIRECTORS

 

Key Management

Name :              Chiang Sheng Hsiung

Designation :    Managing Director

 

Name :              Ronald Keith Jarvis

Designation :    Sales Director

 

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

 

Appointments

Name :                          Chiang Sheng Hsiung

Designation :                Director

Appointment date :        09/12/97

Address :                      36 Sherwood Place

North Ryde, NSW 2113

Australia

Biography :                   Born on 07/08/1959 in Tainan City, Taiwan.

 

Name :                          Bernie Tsai

Designation :                Director

Appointment date :        12/03/02

Address :                      Taiwan

Biography :                   Born on 21/10/1955 in Taiwan.

 

Name :                          Teddy Lu

Designation :                Director

Appointment date :        12/03/02

Address :                      Taiwan

Biography :                   Born on 09/08/1950 in Taiwan.

 

Name :                          Ronald Keith Jarvis

Designation :                Director

Appointment date :        05/11/08

Address :                      11 Braemar Street

Essendon, VIC 3040

Australia

Biography :                   Born on 02/07/1963 in Melbourne, Victoria, Australia.

Staff employed :           76 employees

 

Key Advisors

Auditors :                      BILL LI & CO

Suite 451, Level 5

311-315 Castlereagh Street

Sydney, NSW 2000

Australia

 

SHARE CAPITAL

 

Composition

Authorized Capital :       AUD 6,266,457

No of shares :               3,150,000 Ordinary Shares

Share par value :           No par value

Issued capital :              AUD 6,266,457

Paid up capital :            AUD 6,266,457

 

OWNERSHIP / SHAREHOLDERS

How listed : Full List

 

Composition

Shareholder name :       Pin Fang Jin

Address :                      231 Caroline Chisholm Drive

Winston Hills, NSW 2153

Australia

No. of shares :              37,500 Ordinary Shares

 

Shareholder name :       Huei Tang Chung

Address :                      42 Terowi Street

Sunnybank Hills, QLD 4109

Australia

No. of shares :              60,000 Ordinary Shares

 

Shareholder name :       AOPEN INCORPORATED

Address :                      No. 68,Ruiguang Road

Neihu District

Taipei 114

Taiwan

No. of shares :              570,000 Ordinary Shares

 

Shareholder name :       Michael Alexander Lenart

Address :                      7 Alysse Close

Baulkham Hills, NSW 2153

Australia

No. of shares :              15,000 Ordinary Shares

 

Shareholder name :       ACER INCORPORATED

Address :                      8F, 88, Sec. 1, Xintai 5th Road

Xizhi, New Taipei City 221

Taiwan

No. of shares :              1,072,500 Ordinary Shares

 

Shareholder name :       APACER TECHNOLOGY INC.

Address :                      4F, 75, Sec. 1, Xintai 5th Road

Xizhi, New Taipei City 221

Taiwan

No. of shares :              300,000 Ordinary Shares

 

Shareholder name :       COMPUWORLD PTY LTD

Address :                      91 Wellington Road

East Brisbane, QLD 4169

Australia

No. of shares :              60,000 Ordinary Shares

 

Shareholder name :       Robin Lee Chihchun

Address :                      Unit 446, 83-93 Dalmeny Avenue

Rosebery, NSW 2018

Australia

No. of shares :              5,000 Ordinary Shares

 

Shareholder name :       Jie Yang

Address :                      Unit 7, 23-25 Bellevue Parade

Hurstville, NSW 2220

Australia

No. of shares :              20,000 Ordinary Shares

 

Shareholder name :       Ronald Keith Jarvis

Address :                      11 Braemar Street

Essendon, VIC 3040

Australia

No. of shares :              100,000 Ordinary Shares

Comments :                  Other shareholders include:

 

 

Shareholders name:       Su Fen Lee

Address:                       Unit 10, 14-16 Freeman Place, Carlingford, NSW 2118, Australia

Number of shares:         152,500 Ordinary Shares

 

Shareholders name:       Thang Binh Lai

Address:                       27 Hopp Street, Auburn, NSW 2144, Australia

Number of shares:         15,000 Ordinary Shares

Shareholders name:       Boa Hong Zhao

Address:                       3 Mobbs Lane, Carlingford, NSW 2118, Australia

Number of shares:         50,000 Ordinary Shares

 

Shareholders name:       Jointly held by Chiang Sheng Hsiung & Jane Lee

Address:                       36 Sherwood Place, North Ryde, NSW 2113, Australia

Number of shares:         692,500 Ordinary Shares

 

RELATED COMPANIES & CORPORATE AFFILIATIONS

 

Structure

Related companies and corporate

affiliations comments : None reported.

 

BANK & MORTGAGES

 

Bank Details

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.

 

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 :                  Non Consolidated Non 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 :             74,044,412                    87,196,265

Gross profit :                            9,761,784                      9,262,425

Profit before tax :                      1,539,804                      1,053,954

Net income :                             1,069,434                     733,183

Non current assets :                  1,191,728                      1,158,801

Current assets :                         17,809,330                    17,751,219

Inventories :                              8,342,271                      8,038,836

Total assets :                            19,001,058                    18,910,020

Current liabilities :                      10,620,980                    11,123,133

Non current liabilities :               1,920                            2,805

Total liabilities :                                     10,622,900                    11,125,938

Share equity :                            8,378,158                      7,784,082

Retained earning :                     5,145,483                      4,551,407

 

OPERATION DETAILS

 

Main activities : The Subject is engaged as a distributor of IT & AV products.

Product & services : Notebooks, Server and PCs

Storage solutions and Power protection, networking solutions, AV

Solutions, IP Surveillance

Brand : Acer, Adata, AOpen, Apacer, ASUS, Aver, BenQ, Brickcom, Cherry,

CyberPower, Cyberoam, Crucial, D-Link, Eaton, Fujitsu, HP, Infortrend,

intel, iosafe, LG, Lexar,

Manli Graphics, Microsoft, Nikon, OKI, Pioneer, QNAP, Seagate, Redleaf,

Sony, Synology, Targus, Trolley Dollies, Yodn

 

Purchases

Local : Yes

International : Taiwan, United States, New Zealand, Asia

 

Sales

Local : Yes

International : Pacific Islands

 

Property & Assets

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

address consisting of an administrative office and warehouse.

Branches : In addition, the Subject operates from the following branches located at:

4 Nicole Close

Bayswater, VIC 3153

Australia

Tel: +61 3 87209800

21 Smallwood Street

Underwood, QLD 4119

Australia

Tel: +61 7 34218400

5A Carbon Court

Osborne Park, WA 6017

Australia

Tel: +61 8 94928500

16A Kensington Road

Rose Park, SA 5067

Australia

Tel: +61 8 83337100

 

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

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.54.84

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.