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MIRA
INFORM REPORT
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Report Date : |
11.02.2012 |
IDENTIFICATION DETAILS
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Name : |
FLETCHER INSULATION (VIC) PTY LTD |
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Registered Office : |
161 Arthur Street Homebush New South |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
29.06.1998 |
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Com. Reg. No.: |
083169402 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing, sales & distribution of insulation products. |
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No. of Employees : |
500 employees |
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 1,300,000 |
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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 30, 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 : FLETCHER INSULATION (VIC) PTY LTD
Business address : 161 Arthur Street
Town : Homebush
Province : New South Wales
Zip/postal code : 2140
Country : Australia
Tel : +61 2 97529200
Fax : +61 2 97643175
Website : www.insulation.com.au
Registered address : Level 11, Tower B, Zenith Centre
821 Pacific Highway
Town : Chatswood
Province : New South Wales
Zip/postal code : 2067
Country : Australia
Comments : The provided address 600 Woodstock Avenue, Rooty Hill, NSW 2766, Australia belongs to the Subject's Sydney sales office.
SUMMARY DETAILS
Executive Summary
Date founded or registered : 29/06/1998
Legal form : Australian Proprietary Company
Chief executive : David Isaacs
Issued & paid up capital : AUD 37,180,028
Sales turnover : NZD 7,416,000,000 (Group consolidated 12 months, 30/06/2011)
Net income : NZD 291,000,000 (Group consolidated 12 months, 30/06/2011)
Total fixed assets : NZD 7,492,000,000 (Group consolidated 12 months, 30/06/2011)
Line of business : Manufacturing, sales & distribution of insulation products.
Staff employed : 500 employees (Fletcher Insulation Group); 20,000 employees (Fletcher Building Group)
CREDIT RISK OPINION
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
1,300,000
Credit amount asked : USD 300,000
Comments : Larger credit can still be considered.
The Subject is well positioned in the market and the financial stability of the
group is positive.
STATUTORY DETAILS
Registry Data
Registration date : 29/06/1998
Legal form : Australian Proprietary Company
Registration no Australian Company Number: 083169402
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 15083169402
Registry status : Live/Active
Previous name : INSULATION SOLUTIONS PTY LTD TOWNLUX PTY. LIMITED (initial)
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : David Isaacs
Designation : Chief Executive Officer
Name : Darren Johnston
Designation : General Manager
Name : Craig Wood
Designation : Financial Manager
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Sanderson Ian McKay
Designation : Director
Appointment date : 30/12/11
Address : 42 Gore Avenue
Kirrawee, NSW 2232
Australia
Biography : Born on 17-02-1962 in Gympie, Queensland Australia.
Name : Timothy Charles Richards
Designation : Director
Appointment date : 16/01/12
Address : 114 Benson Road
Remuera, Auckland 1050
New Zealand
Biography : Born on 31-08-1966 in Orange, New South Wales, Australia.
Name : Wendy Khi Tshing Kong
Designation : Company Secretary
Appointment date : 30/04/99
Address : 5 One Bayside Terrace
Cabarita, NSW 2137
Australia
Biography : Born on 24-01-1961 in Sabah, Malaysia.
Staff employed : 500 employees (Fletcher Insulation Group); 20,000 employees (Fletcher Building Group)
SHARE CAPITAL
Composition
Authorized Capital :
AUD 37,180,028
No of shares : 94,500,001 Ordinary Shares
Share par value :
No par value
Issued capital : AUD 37,180,028
Paid up capital : AUD 37,180,028
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : INSULATION SOLUTIONS HOLDINGS PTY LIMITED
Address : Level 11, Tower B Zenith Centre
821 Pacific Highway
Chatswood, NSW 2067
Australia
No. of shares : 94,500,001 Ordinary Shares
% of shares : 100%
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Name : FLETCHER BUILDING LIMITED
Affiliation type : Ultimate Holding Company
Address : 810 Great South Road
Penrose, Auckland, 1061
New Zealand
Comments : Fletcher Building Limited, together with its subsidiaries, manufactures and distributes building products and construction materials in New Zealand, Australia, North America, Asia, and Europe. The company operates through six divisions: Building Products, Crane, Distribution, Infrastructure, Laminates and Panels, and Steel. The Building Products division manufactures and supplies gypsum plasterboards; offers insulation products, ceiling and wall systems,
passive fire protection products, raised access floors, and other specialist building products and accessories; manufactures metal roof tiles; offers aluminum extrusions for windows and doors, and commercial systems; and manufactures stainless steel sinks. The Crane division manufactures and distributes plastic pipeline systems, plumbing and electrical supplies, and non-ferrous products.
This division operates approximately 300 trade and retail outlets. The Distribution division supplies building materials to commercial and residential construction markets in New Zealand. The Infrastructure division supplies aggregates, cement, ready-mix concrete, and various concrete products, as well as concrete pipeline products and aggregate sands. This division also operates as a construction contractor and residential builder. The Laminates and Panels division engages in the manufacture, marketing, and distribution of decorative surface laminates, component products, particleboard, and medium density fibreboard. The Steel division manufactures, processes, and distributes metal coating systems; steel roofing, cladding, structural, and rainwater products, as well as walling, gutters and fascias, purlins, flooring, structural formwork, and roller doors; and wire rods, galvanised wire, reinforcing bars and mesh products, and coil products. The company also offers property management and finance services. Fletcher Building Limited was founded in 1981 and is headquartered in Penrose, New Zealand.
Name : INSULATION SOLUTIONS HOLDINGS PTY LIMITED
Affiliation type : Parent Company
Address : Level 11, Tower B Zenith Centre
821 Pacific Highway
Chatswood, NSW 2067
Australia
Comments : Insulation Solutions Holdings Pty Limited manufactures and distributes glasswool and reflective foil insulation products across Australia and also acts as an investment holding company.
Name : FLETCHER INSULATION PTY LIMITED
Affiliation type : Sister Company
Address : Level 11, Tower B Zenith Centre
821 Pacific Highway
Chatswood, NSW 2067
Australia
Name : TAF BUILDING SYSTEMS PTY LIMITED
Affiliation type : Sister Company
Address : Level 11, Tower B Zenith Centre
821 Pacific Highway
Chatswood, NSW 2067
Australia
Name : FORMICA CORPORATION
Affiliation type : Sister Company
Address : 10155 Reading Road
Cincinnati, OH 45241
United States
Name : CRANE GROUP LIMITED
Affiliation type : Sister Company
Address : Level 11, Tower B Zenith Centre
821 Pacific Highway
Chatswood, NSW 2067
Australia
Name : FLETCHER BUILDING INDUSTRIES LIMITED
Affiliation type : Sister Company
Address : 810 Great South Road
Penrose, Auckland, 1061
New Zealand
Name : FLETCHER BUILDING PRODUCTS LIMITED
Affiliation type : Sister Company
Address : 810 Great South Road
Penrose, Auckland, 1061
New Zealand
Name : FLETCHER RESIDENTIAL LIMITED
Affiliation type : Sister Company
Address : 810 Great South Road
Penrose, Auckland, 1061
New Zealand
Name : THE FLETCHER CONSTRUCTION COMPANY LIMITED
Affiliation type : Sister Company
Address : 810 Great South Road
Penrose, Auckland, 1061
New Zealand
Related companies and corporate affiliations comments : Other companies of the Fletcher Group should be considered affiliates of the Subject. The Fletcher Group had 268 subsidiaries worldwide as of 30 June 2011.
BANK & MORTGAGES
Bank Details
Name of bank : Australia and New Zealand Banking Group 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 : Satisfied Charges:
ASIC Charge Number: 872337
Date Registered: 01-07-2002
Charge type: Both Fixed & Floating
Date Created: 28-06-2002
Chargees Name: ANZ FIDUCIARY SERVICES PTY LTD
ASIC Charge Number: 872338
Date Registered: 01-07-2002
Charge type: Both Fixed & Floating
Date Created: 28-06-2002
Chargees Name: ANZ FIDUCIARY SERVICES PTY LTD
ASIC Charge Number: 872345
Date Registered: 01-07-2002
Charge type: Both Fixed & Floating
Date Created: 28-06-2002
Chargees Name: ANZ FIDUCIARY SERVICES PTY LTD
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 : New Zealand, Dollar (NZD)
Exchange rate : 1 USD = NZD 1.20 as of 09-02-2012
Summarized Financial
Information
Consolidation type : Group Consolidated Group Consolidated
Currency : New Zealand, Dollar (NZD) New Zealand, Dollar(NZD)
Denomination : (x1) One (x1)
One
Date of financial year end : 30/06/11 30/06/10
Length of accounts : 12 months 12
months
Sale turnover / Income : 7,416,000,000 6,799,000,000
Gross profit : 1,850,000,000 1,658,000,000
Operating profit : 492,000,000 521,000,000
Profit before tax : 370,000,000 414,000,000
Net income : 291,000,000 282,000,000
Non current assets : 4,333,000,000 3,348,000,000
Current assets : 3,159,000,000 2,317,000,000
Inventories : 1,527,000,000 1,091,000,000
Total assets : 7,492,000,000 5,665,000,000
Current liabilities : 1,771,000,000 1,384,000,000
Non current liabilities : 2,021,000,000 1,258,000,000
Total liabilities : 3,792,000,000 2,642,000,000
Share equity : 3,700,000,000 3,023,000,000
Comments : The group’s consolidated financial
information above relates to the Subject’s Ultimate Holding Company Fletcher
Building Limited and all its subsidiaries which include the Subject.
OPERATION DETAILS
Main activities : The Subject is engaged in manufacturing, sales & distribution of insulation products.
Insulation products are primarily used for residential and commercial building and industrial applications for their thermal, acoustic and/or condensation control properties. Applications in residential and commercial buildings include roof, ceiling and wall (or partition) insulation. Industrial applications include: original equipment manufacturing; insulating low and high temperature pipes and air-conditioning systems; and cold insulation applications.
Fletcher Insulation is part of the Fletcher Building Group, one of the largest building materials companies in Australasia, with over 20,000 employees worldwide. Fletcher Building has grown from being a New Zealand based building materials company into a major international business with plants and distribution centres in many, far-flung locations.
The companies that make up Fletcher Building manufacture and market a diverse range of products and services, including, but not limited to, the following:
- Concrete
- Aluminium Extrusion
- Sink Ware
- Plasterboard
- Steel Building Products
- Metal Roofing
- Laminates and Panels
- Pre-cast Concrete Products
- Insulation
- Sheds and Metal Buildings
- Residential and Commercial Construction
- Aggregates, Sand and Cement
In Australia, Laminex, Stramit, Rocla, Tasman Sinkware - makers of Oliveri stainless steel sinks, Fair Dinkum Houses and Sheds and Tasman Access Floors are also part of the Fletcher Building group.
Formica, which operates in the USA, Europe and Asia, is also part of the Fletcher Building group, making Fletcher the largest manufacturers of high pressure laminates in the world.
Fletcher Building operates in New Zealand, Australia, Europe, Canada, North and South America, Asia and the South Pacific.
Fletcher Building Limited is also currently the largest listed company in New Zealand, having recently overtaken Telecom New Zealand, with a market capitalisation of over NZ$4.5 billion. The company was split from Fletcher Challenge in 2001, formerly New Zealand's largest business and multinational.
Product & services : Insulation products:
- Residential thermal and acoustic insulation products: glasswool, reflective foil and polyester insulation products for walls, roofs etc
- Commercial acoustic insulation products: building blanket for metal deck roofing, Sisalation reflective foil insulation for roofing and wall application, air conditioning ductwork or partition wall insulation
- Industrial insulation products: pipe lagging, vessel blanket insulation, foil insulation, rubber pipe insulation and high temperature sheet insulation
Brand : FLETCHER INSULATION: Pink Batts, Sisalation, Insulco Fat Batt, Pink Batts Silencer, Poly Batts, SonoBatts, Permastop, Vapa-Chek, Insulco Acousti-Therm Batts and Duroid
Purchases
International : Worldwide
Sales
Local : Yes
International : Pacific Islands
Key events : 13 January 2012
Fletcher Building Ltd. Raises $300 Million in Long Term Debt Through
Private Placement
Fletcher Building Ltd. has raised $300 million in long term debt through a private placement with US debt investors. The private placement has two maturities of ten and twelve years. The proceeds have been used to repay borrowings drawn under Fletcher's principal bank facilities. The funds raised have been swapped into Australian dollars in a mix of fixed and floating interest rates.
Fletcher Building Limited's Formica Acquired Homapal Plattenwerk
Monday, 30 Jan 2012
Fletcher Building Limited announced that its Formica business acquired Homapal Plattenwerk for EUR 30 million (NZD 48 million. The transaction is scheduled to be completed on April 2, 2012.
Fletcher Building Limited's Iplex Pipelines Secures AUD 180 Million Supply
Contracts
Tuesday, 27 Sep 2011
Fletcher Building Limited announced that Iplex Pipelines, recently acquired by the Company as part of the acquisition of Crane Group, has been awarded a contract for the supply of polyethylene (PE) pipe to QGC Pty Limited (QGC) for its Queensland Curtis Island LNG Project. The contract to supply pipe to the Project has an initial value of approximately AUD 120 million. Deliveries are expected to commence in December 2011 and continue over two years, with a smaller three-year optional extension period. The QGC contract follows the award to Iplex Pipelines earlier this year of a contract to supply PE pipe and fittings to Fluor Australia for the Santos Gladstone LNG Upstream Project. The value of the Fluor contract stands at over AUD 60 million.
Fletcher Building Limited's Fletcher Construction Announces Award Of
Contract
Thursday, 18 Aug 2011
Fletcher Building Limited announced that its subsidiary, Fletcher Construction, is part of the consortium that has been awarded the contract for the Waterview connection tunnels and Great North Road interchange in Auckland. The project has an expected design and construction cost of approximately NZD 1.3 billion and is expected to be completed over the next five years. The project involves two parallel tunnels under Avondale Heights that are each 13.1 meters in diameter and 2.4 kilometers (km)
long. The existing interchange at Waterview will be reconfigured with extra connectivity.
Fletcher Building Limited Announces FY 2011 Final Dividend
Tuesday, 16 Aug 2011
Fletcher Building Limited announced a final dividend of NZD 0.17 per share for the fiscal year ended June 30, 2011. The record date is September 30,
2011 and the dividend will be paid on October 19, 2011.
Fletcher Building Limited Completes Compulsory Acquisition Of Crane
Group Limited
Thursday, 5 May 2011
Fletcher Building Limited announced that it has completed the compulsory acquisition of the shares in Crane Group Limited (Crane) and now holds
100% of the shares. Following this acquisition, Crane will be delisted from the Australian Securities Exchange (ASX) with effect from the close of business on May 6, 2011.
Fletcher Building Limited Acquires Additional Stake In Crane Group Limited
Tuesday, 29 Mar 2011
Fletcher Building Limited (FBU) announced that it has secured a 92.7%
interest in Crane Group Limited on March 29, 2011. Previously, FBU had
87.23% stake in Crane Group Limited.
Crane Group Limited Announces Holding Interest Of Fletcher Building
Limited And Related Bodies Corporate
Monday, 28 Mar 2011
Crane Group Limited announced that Fletcher Building Limited and its related bodies corporate have an interest of 69,005,886 ordinary shares, which represents 87.23% of voting power in the Company. Earlier, Fletcher Building Limited and its related bodies corporate had an interest of
60,312,802 ordinary shares, which represents 76.24% of voting power in the Company.
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 14 other branches consisting of production facilities and sales offices located across Australia. The Subject's manufacturing plants is located in Melbourne and Sydney.
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
(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 up to 120 days
Sales Term
Local : Prepayment, Credit up to 120 days
International : L/C, Prepayment, Credit up to 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.49.64 |
|
|
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.79 |
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.