MIRA INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MIDWAY METALS PTY LTD |
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Formerly Known As : |
H & O MARINE PTY LTD |
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Registered Office : |
56 Business Street, Yatala, Queensland , Zip/postal code 4207 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
15.01.1980 |
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Com. Reg. No.: |
001831090 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Sales & distribution of stainless steel, nickel alloy & chromium steel products |
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No. of Employees : |
125 |
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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Maximum Credit Limit : |
USD 3,200,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Identification details
Verified Address
Subject name : MIDWAY METALS PTY LTD
Business address : 56 Business Street
Town : Yatala
Province : Queensland
Zip/postal code : 4207
Country : Australia
Tel : +61 7 33829500
Fax : +61 7 38078150
Email : headoffice@midwaymetals.com.au
Website : www.midwaymetals.com.au
Registered address : 56 Business Street
Town : Yatala
Province : Queensland
Zip/postal code : 4207
Country : Australia
Postal address : P.O. Box 621
Town : Beenleigh
Province : Queensland
Zip/postal code : 4207
Country : Australia
Summary details
Executive Summary
Date founded or registered : 15/01/1980
Legal form : Australian Proprietary Company
Chief executive : Peter Otton
Issued & paid up capital : AUD 2
Sales turnover : AUD 81,984,000 (Non-consolidated 12 months, 30/06/2011)
Net income : AUD 2,996,000 (Non-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 63,125,000 (Non-consolidated 12 months, 30/06/2011)
Line of business : Sales & distribution of stainless steel, nickel alloy & chromium steel products.
Staff employed : 125 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management
experience : Management is adequately experienced
Financial
performance : Financial performance is good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount
suggestion : USD 3,200,000
Credit amount
asked : Not described.
Statutory details
Registry Data
Registration date : 15/01/1980
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 001831090
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business Number: 88001831090
Registry status : Live/Active
Previous name : H & O MARINE PTY LTD
H & O MARINE ENTERPRISES PTY LTD
TRAZOR PTY LTD (initial)
Change of legal form : None reported.
Management / directors
Key Management
Name : Peter Otton
Designation : Managing Director
Name : Paul Batty
Designation : Director
Board of directors / other
appointments
Appointments
Name : Peter Otton
Designation : Director
Appointment date : 15/01/80
Address : 20 Paterson Place
Paradise Point, QLD 4216
Australia
Biography : Born on 05-02-1944 in Sydney, New South Wales, Australia.
Name : Paul Batty
Designation : Director and Company Secretary
Appointment date : 19/12/91
Address : 1 Florence Court
Surfers Paradise, QLD 4217
Australia
Biography : Born on 01-12-1965 in Sydney, New South Wales, Australia.
Staff employed : 125
employees
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
123 Eagle Street
Brisbane, QLD 4001
Australia
Share capital
Composition
Authorized Capital : AUD 2
No of shares : 200 Ordinary Shares
Share par value : AUD 0.01
Issued capital : AUD 2
Paid up capital : AUD 2
ownership / shareholders
How listed : Full List
Composition
Shareholder name Peter Otton
Address 20 Paterson Place
Paradise Point, QLD 4216
Australia
No. of shares 101 Ordinary Shares
Shareholder name Paul Batty
Address 1 Florence Court
Surfers Paradise, QLD 4217
Australia
No. of shares 50 Ordinary Shares
Shareholder name Michelle Belinda Batty
Address 1 Florence Court
Surfers Paradise, QLD 4217
Australia
No. of shares 49 Ordinary Shares
Related companies & corporate Affiliations
Structure
Related
companies and corporate affiliations comments : None reported
Bank & mortgages
Bank Details
Name of bank : National Australia Bank Limited
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
Charegs:
ASIC Charge Number: 359632
Date Registered: 09-10-1992
Charge type: Fixed
Date Created: 24-09-1992
Chargees Name: ESANDA FINANCE CORPORATION LIMITED
ASIC Charge Number: 496206
Date Registered: 05-07-1995
Charge type: Both Fixed & Floating
Date Created: 27-06-1995
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
ASIC Charge Number: 1929979
Date Registered: 17-02-2010
Charge type: Fixed
Date Created: 05-02-2010
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
Satisfied charges:
ASIC Charge Number: 30187
Date Registered: 01-08-1986
Charge type: Both Fixed & Floating
Date Created: 17-07-1986
Chargees Name: COMMONWEALTH BANK OF AUSTRALIA
ASIC Charge Number: 30213
Date Registered: 27-11-1987
Charge type: Both Fixed & Floating
Date Created: 23-10-1987
Chargees Name: STATE BANK OF NEW SOUTH WALES LIMITED
ASIC Charge Number: 443173
Date Registered: 10-06-1994
Charge type: Both Fixed & Floating
Date Created: 31-05-1994
Chargees Name: STATE BANK OF NEW SOUTH WALES LIMITED
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 : 30/06/11
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 0.94 as of 31-01-2012
Summarized Financial Information
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Consolidation
type : |
Non Consolidated |
Non Consolidated |
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Currency : |
Australia Dollar (AUD) |
Australia Dollar (AUD) |
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Denomination : |
(x1) One |
(x1) One |
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Date of
financial year end : |
30/06/11 |
30/06/10 |
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Length of
accounts : |
12 months |
12 months |
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Sale turnover /
Income : |
81,984,000 |
73,298,000 |
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Profit before
tax : |
4,209,000 |
4,583,000 |
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Net income : |
2,996,000 |
3,255,000 |
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Non current
assets : |
18,902,000 |
17,944,000 |
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Current assets : |
44,223,000 |
40,190,000 |
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Inventories : |
28,362,000 |
27,552,000 |
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Total assets : |
63,125,000 |
58,134,000 |
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Current
liabilities : |
23,679,000 |
20,392,000 |
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Non current
liabilities : |
738,000 |
1,190,000 |
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Total
liabilities : |
24,417,000 |
21,582,000 |
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Share equity : |
38,708,000 |
36,552,000 |
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Retained earning : |
38,708,000 |
36,552,000 |
Operation details
Main activities : The Subject is engaged in sales & distribution of stainless steel, nickel alloy & chromium steel
products.
The Subject is also the sole Australian distributor of Avesta welding and Avesta finishing chemicals.
Product &
services
Products:
Stainless steel bars products
Stainless steel flat products
Stainless steel tube products
Stainless steel pipe products
Stainless steel valves
Welding equipments & finishing chemicals
Services:
Stainless steel processing services: Blanking Line, Slitting
Line, Barring
Line, Plasma Cutting, Bandsaw Cutting, Flange Processing
Brand : Midway Metals Avesta
Purchases
International : China, Taiwan, Malaysia, India, Belgium, Sweden, United States, South Africa
Sales
Local : Yes
International : New Zealand
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting
of administrative office and warehouse.
Branches : In addition, the Subject operates from branch offices located at:
Prospero Court
Albury, NSW 2640
Australia
Tel: +61 2 60414000
33 Tatterson Road
Dandenong, VIC 3175
Australia
Tel: +61 3 97915111
12 Sandringham Avenue
Thornton, NSW 2322
Australia
Tel: +61 2 49663800
471 Victoria Road
Malaga, WA 6090
Australia
Tel: +61 8 92486944
24-28 Lockwood Road
Erskine Park, NSW 2759
Australia
Tel: +61 2 96708900
331-335 Woolcock Street
Garbutt, QLD 4814
Australia
Tel: +61 7 47288777
Furthermore, the Subject operates from foreign branch offices located at New Zealand and Vietnam.
Other property : Total NBV of property, plant and equipment as of 30-06-2011 was AUD 11,166,000.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.448 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 64,351
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 :
Westpac Banking Group (Major Banks),
BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major
Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks),
Telstra (Telecommunications services), Wesfarmers (Food Retail)
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$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows 2008: US$32,819 million
2009: US$18,426 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
: 76.00%
Payment history
Purchase Term
International : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Prepayment, Credit 30-90 days
International : L/C, Prepayment, Credit 30-90 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 |
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US Dollar |
1 |
Rs.49.13 |
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UK Pound |
1 |
Rs.77.85 |
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Euro |
1 |
Rs.64.78 |
RATING EXPLANATIONS
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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.