MIRA
INFORM REPORT
|
Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
OLAER
AUSTRALIA PTY LTD |
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|
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|
Registered Office : |
13 Boola Place, Cromer, New
South Wales, 2099 |
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|
|
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Country : |
Australia |
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|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
08.03.1972 |
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Com. Reg. No.: |
000983915 |
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Legal Form : |
Australian Proprietary Company |
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|
|
|
Line of Business : |
Import & distribution of
hydraulic equipments. |
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|
|
|
No. of Employees : |
18 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 |
|
Maximum Credit Limit : |
USD 300,000 |
|
Status : |
Satisfactory |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION DETAILS
Verified Address
Subject
name : OLAER AUSTRALIA PTY LTD
Business
address : 13 Boola Place
Town : Cromer
Province : New South Wales
Zip/postal
code : 2099
Country : Australia
Tel : +61 2 99816888
Fax : +61 2 99816144
Email : info@olaer.com.au
Website : www.olaer.com.au
Registered
address : 13 Boola Place
Town : Cromer
Province : New South Wales
Zip/postal
code : 2099
Country : Australia
SUMMARY DETAILS
Executive Summary
Date
founded or registered : 08/03/1972
Legal
form : Australian
Proprietary Company
Chief
executive : Thomas
Frank Mudie
Issued
& paid up capital :
AUD 10,000
Sales
turnover : GBP
112,175,000 (Group consolidated 12 months, 31/12/2010)
Net
income : GBP
1,199,000 (Group consolidated 12 months,
31/12/2010)
Total
fixed assets :
GBP 83,166,000 (Group consolidated 12
months, 31/12/2010)
Line
of business : Import
& distribution of hydraulic equipments.
Staff employed : 18 employees
Company Analysis
Country
risk : Country
risk is minimal
Operation
trend : Operational trend is steady
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 300,000
Credit
amount asked : Not
described.
Comments : Larger credit can be considered if
guaranteed by Ultimate Holding Company.
STATUTORY DETAILS
Registry Data
Registration
date : 08/03/1972
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 000983915
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian Business Number: 89000983915
Registry
status : Live/Active
Previous name : OLAER FAWCETT CHRISTIE PTY LTD FAWCETT
CHRISTIE HYDRAULICS PTY LTD CHRISTIE HYDRAULICS AUSTRALIA PTY LTD TOMMAN ISLAND
PTY LTD (initial)
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : Thomas Frank Mudie
Designation : General
Manager
Name : Ray Butcher
Designation : Sales
Manager
Name : Rodney So
Designation : Operations Manager
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Michael Blenkinsop
Designation : Director
Appointment
date : 15/07/04
Address : Kings Norton Birmingham B38 8BT
United Kingdom
Biography : Born on 13-07-1955 in Sunderland,
United Kingdom. Mike
Blenkinsop serves as Chief
Executive Officer of Olaer Group Limited.
Name : Christophe Rigaudie
Designation : Director
Appointment
date : 15/06/04
Address : 1 Garnet Street
Coogee, NSW 2034
Australia
Biography : Born on 12-03-1964 in Saintes (17),
France.
Name : John Aspinall Mottram
Designation : Director and Company Secretary
Appointment
date : 27/04/95
Address : 20 Shirley Road
Roseville, NSW 2069
Australia
Biography : Born on 23-04-1944 in Sydney, New
South Wales, Australia.
Name : Thomas Frank Mudie
Designation : Company Secretary
Appointment date : 16/03/09
Address : 56 Idaline Street
Collaroy, NSW 2097
Australia
Biography : Born on 19-06-1955 in Durban, South
Africa.
Staff employed : 18 employees
Share capital
Composition
Authorized
Capital : AUD 10,000
No
of shares : 10,000
Ordinary Shares
Share
par value : AUD 1
Issued
capital : AUD
10,000
Paid up capital : AUD 10,000
OWNERSHIP / SHAREHOLDERS
How
listed : Full
List
Composition
Shareholder
name : OLAER INTERNATIONAL LIMITED
Address : Glendale Avenue
Sandycroft Industrial Estate
Deeside CH5 2QP Flintshire
United Kingdom
No.
of shares : 10,000
Ordinary Shares
% of shares : 100%
Related companies & corporate affiliations
Structure
Name : OLAER GROUP LIMITED
Affiliation
type :
Ultimate Holding Company
Address :
Glendale Avenue
Sandycroft Industrial Estate
Deeside CH5 2QP Flintshire
United Kingdom
Comments :
Olaer Group Limited manufactures and
distributes accumulators, oil coolers, and filters. Its products include high
pressure bladder accumulators, diaphragm accumulators, piston accumulators,
silicone accumulators, stainless steel accumulators, hydracushions, pulsation dampers,
heat exchangers, plate heat exchangers, air blast coolers, oil filters, screw
pumps, water valves, chillers,
anti-waterhammers,
and high pressure units. The company serves industry field, mobile, energy, and
oil and gas sectors. Its products are used in heavy industry,
machine
tools, injection moulding machines, laser cutting and welding machines, textile
machines, aerospace, and mechatronics. The company has locations in
the
United States, South Africa, India, Australia, Korea, Spain, France, the United
Kingdom, Belgium, the Netherlands, Italy, Switzerland, Germany, Denmark,
Austria, the Czech Republic, Poland, Norway, Sweden, and Finland. Olaer Group
Limited was founded in 1936 and is headquartered in Flintshire, United Kingdom.
Name : OLAER INTERNATIONAL LIMITED
Affiliation
type :
Parent Company
Address :
Glendale Avenue
Sandycroft Industrial Estate
Deeside CH5 2QP
Flintshire
United Kingdom
Name : OILTECH HYDRAULIC MANUFACTURING
(SUZHOU) CO, LTD
Affiliation
type :
Sister Company
Address :
No. 2 workshop, 95 WeiXin Road
Weiting, Suzhou 215121
Jlangsu
China
Name : OLAER INDUSTRIES S.A.
Affiliation
type :
Sister Company
Address :
16 rue de Seine
F-92704 Colombes Cedex
France
Name : OLAER INDUSTRIES GMBH
Affiliation
type :
Sister Company
Address :
Zum Gunterstal 4
D-66440 Blieskastel
Germany
Name : S.A. OLAER BENELUX N.V.
Affiliation
type :
Sister Company
Address :
Z3, Doornveld 21
B-1731 Zellik
Belgium
Name : OLAER ITALIANA S.P.A.
Affiliation
type :
Sister Company
Address :
Strada Fantasia 83
I-10040 Leini (Torino) Italy
Name : OLAER USA INC.
Affiliation
type :
Sister Company
Address :
15102 Sommermeyer St., Suite 125
Houston, TX 77041
United States of America
Name : OLAER BENELUX B.V.
Affiliation
type :
Sister Company
Address :
De Lind 10, Postbus 75
NL-4840 AB Prinsenbeek
Netherlands
Name : OLAER IBERICA, S.A.U.
Affiliation
type :
Sister Company
Address
Travesia
Industrial no 29
08907 L'Hospitalet de Llobregat
E-Barcelona
Spain
Related companies and corporate
affiliations comments : Other companies
of the Olaer Group should be considered affiliates of theSubject
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 : Satisfied
Charges:
Asic
Charge Number: 1883757
Date
Registered: 20-11-2009
Charge
Type: Both Fixed & Floating
Date
Created: 21-10-2009
Chargees
Name: COMMONWEALTH BANK OF AUSTRALIA
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 : 31/12/10
Type
of accounts :
Full audited
Currency : United Kingdom, Pound (GBP)
Exchange
rate : 1 USD = GBP 0.63 as of 06-02-2012
Summarized Financial
Information
Consolidation
type : Group
Consolidated Group Consolidated
Currency : United
Kingdom, Pound (GBP)
United Kingdom, Pound (GBP)
Denomination : (x1)
One (x1) One
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12
months 12 months
Sale turnover / Income : 112,175,000 106,493,000
Profit
before tax : 2,709,000 1,830,000
|
Net income : |
1,199,000 |
3,005,000 |
|
Non current assets : |
24,079,000 |
24,351,000 |
|
Current assets : |
59,087,000 |
51,286,000 |
|
Inventories : |
17,825,000 |
15,038,000 |
|
Total assets : |
83,166,000 |
75,637,000 |
|
Current liabilities : |
31,661,000 |
25,684,000 |
|
Non current liabilities : |
45,666,000 |
46,126,000 |
|
Total liabilities : |
77,327,000 |
71,810,000 |
|
Share equity : |
5,839,000 |
3,827,000 |
Comments : The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Olaer Group Limited and all its subsidiaries which include the Subject.
OPERATION DETAILS
Main activities : The Subject is engaged in import &
distribution of hydraulic equipments such as accumulators, heat exchangers,
cooler units, air conditioners, screw pumps, filters, actuators and boosters.
Subject
is ultimately owned by Olaer Group Limited, incorporated in United Kingdom.
Olaer
Group Limited manufactures and distributes accumulators, oil coolers, and
filters etc. The company has locations in the United States, South Africa,
India, Australia, Korea, Spain, France, the United Kingdom, Belgium, the
Netherlands, Italy, Switzerland, Germany, Denmark, Austria, the Czech Republic,
Poland, Norway, Sweden, and Finland. Olaer Group Limited was founded in 1936
and is headquartered in Flintshire, United Kingdom.
Product & services : High pressure bladder accumulators,
diaphragm accumulators, piston accumulators, pulsation dampers, heat
exchangers, plate heat exchangers, air blast coolers, oil filters, screw pumps,
water valves, chillers,
anti-waterhammers, and high pressure units
Purchases
International : Mainly
from United Kingdom, China, Germany, Denmark, Norway, United
States
Sales
Local : Yes
International : Pacific
Islands
Property & Assets
Premises :
The Subject operates from premises
located at the verified heading address consisting of warehouse and
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$ 1.448 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 2008:
11.6%
(General
Government gross debt as a % GDP) : 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 : Prepayment,
Credit 30-60 days
Sales Term
Local : Prepayment, Credit 30-60 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.48.91 |
|
|
1 |
Rs.77.30 |
|
Euro |
1 |
Rs.64.11 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.