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Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRECISION INTERNATIONAL PTY.
LTD. |
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|
|
|
Registered Office : |
591 Blackburn Road, Notting Hill, Victoria, 3168 |
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|
|
|
Country : |
Australia |
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|
|
Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
28.01.1972 |
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Com. Reg. No.: |
007727102 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Engaged in wholesale and distribution of automotive engine parts. |
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No. of Employees : |
61 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 800,000 |
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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
|
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 |
Verified Address
Subject
name : PRECISION INTERNATIONAL PTY. LTD.
Business
address : 591 Blackburn Road
Town : Notting Hill
Province : Victoria
Zip/postal
code : 3168
Country : Australia
Tel : +61 3 95748400
Fax : +61 3 95619700
Email : enquiry@precisionintl.com
Website : www.precisionintl.com
Registered
address : 591 Blackburn Road
Town : Notting Hill
Province : Victoria
Zip/postal
code : 3168
Country : Australia
Executive Summary
Date
founded or registered : 28/01/1972
Legal
form : Australian Proprietary Company
Chief
executive : William Sidney Nitschke
Issued
& paid up capital : AUD 10,002
Sales
turnover : AUD 11,238,363 (Non-consolidated 12
months, 30/06/2011)
Net
income : AUD 466,929 (Non-consolidated 12
months, 30/06/2011)
Total
fixed assets : AUD 19,960,248 (Non-consolidated 12
months, 30/06/2011)
Line
of business : Wholesaler of engine parts.
Staff employed : 61 employees
Company Analysis
Country
risk : Country risk is minimal
Operation
trend : Operational trend is levelling off
Management
experience : Management is reasonably experienced
Financial
performance : Financial performance is fair
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit amount suggestion : USD 800,000
Credit amount asked : Not described.
Registry Data
Registration
date : 28/01/1972
Legal
form : Australian Proprietary Company
Registration
no Australian Company Number : 007727102
Registered
authority : Australian Securities & Investments
Commission
Fiscal/
Tax no : Australian Business Number: 88007727102
Registry
status : Live/Active
Previous name : The Subject was established under the
name ACTION AGENCIES PTY. LTD. and changed its name to PRECISION ENGINE PARTS
(W.A.) PTY. LTD. on
24-04-1991. PRECISION ENGINE PARTS (W.A.) PTY. LTD. then
changed its name to THE PRECISION ENGINE PARTS GROUP PTY. LTD. on 29-03-1993.
THE PRECISION ENGINE PARTS GROUP PTY. LTD. then adopted to the current style on
16-04-1998.
Change of legal form : None reported.
Key Management
Name : William Sidney Nitschke
Designation : Managing
Director
Name : David Halstead
Designation : National
Business Development Manager
Name : Matthew Clarke
Designation : Product
Manager (America/Asia)
Name : Noel Bell
Designation : Product Manager
(Australia/Europe)
Appointments
Name : William James Nitschke
Designation : Director
Appointment
date : 31/10/02
Address : 29 Woodfull Street
Prahran East, VIC 3181
Australia
Biography : Born on 19-01-1971 in Adelaide, South Australia,
Australia.
Name : Christina Terry Nitschke
Designation : Director and Company Secretary
Appointment
date : 20/12/95
Address : 1 Wallace Avenue
Toorak, VIC 3142
Australia
Biography : Born on 02-03-1953 in Texas, United States.
Name : William Sidney Nitschke
Designation : Director
Appointment
date : 28/01/72
Address : 1 Wallace Avenue
Toorak, VIC 3142
Australia
Biography : Born on 21-12-1941 in Tanunda, South Australia, Australia.
Staff
employed : 61 employees
Key Advisors
Auditors : W A NUTTON & ASSOCIATES
6 Gloucester Avenue
Berwick, VIC 3806
Australia
Composition
Authorized
Capital : AUD 10,002
No
of shares : 4,000 Ordinary Shares / 1,000 Class A
Shares / 1,000 Class B Shares / 1,000
Class C Shares / 1,000 Class D Shares / 1,000 Class E
Shares / 1,000 Class F Shares / 1 Class G Share / 1 Class H Share
Share
par value : AUD 1
Issued
capital : AUD
10,002
Paid up capital : AUD 10,002
How
listed : Full List
Composition
Shareholder
name : William Sidney Nitschke
Address : 1 Wallace Avenue
Toorak, VIC 3142
Australia
No.
of shares : 4,000 Ordinary Shares / 1,000 Class A
Shares / 1,000 Class B Shares / 1,000
Class C Shares / 1,000 Class D Shares / 999 Class E Shares
/ 1,000 Class F Shares / 1 Class G Share
Shareholder
name : Christina Terry Nitschke
Address : 1 Wallace Avenue
Toorak, VIC 3142
Australia
No.
of shares : 1 Class H Share
Shareholder
name : William James Nitschke
Address : 29 Woodfull Street
Prahran East, VIC 3181
Australia
No. of shares : 1 Class E Share
Structure
Related
companies and corporate affiliations comments : None reported.
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: 117856
Date
Registered: 16-12-1981
Date
Created: 23-11-1981
Chargees
Name: BRITISH MARKITEX LTD & MARKITEX (AUSTRALIA) PROPRIETARY LIMITED
Asic
Charge Number: 606753
Date
Registered: 27-08-1997
Charge
Type: Both Fixed & Floating
Date
Created: 19-08-1997
Chargees
Name: COMMONWEALTH BANK OF AUSTRALIA
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax
liens : None reported.
Others : None reported.
Description
Source
of financial statement : Commercial Registry Filings
Financial
statement date : 30/06/11
Currency : Australia Dollar (AUD)
Exchange
rate : 1 USD = AUD 0.93 as of 15-02-2012
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 : |
30/06/11 |
30/06/10 |
|
Length of accounts : |
12 months |
12 months |
|
Sale turnover / Income : |
11,238,363 |
11,852,137 |
|
Profit before tax : |
753,352 |
1,186,411 |
|
Net income : |
466,929 |
984,817 |
|
Non current assets : |
2,868,452 |
2,811,591 |
|
Current assets : |
17,073,387 |
16,708,299 |
|
Inventories : |
11,833,816 |
11,194,742 |
|
Total assets : |
19,960,248 |
19,530,574 |
|
Current liabilities : |
3,353,250 |
2,806,750 |
|
Non current liabilities : |
3,902,505 |
4,486,260 |
|
Total liabilities : |
7,255,755 |
7,293,010 |
|
Share equity : |
12,704,493 |
12,237,564 |
|
Retained earning : |
13,403,226 |
12,936,297 |
Main
activities : The Subject is engaged in wholesale and
distribution of automotive engine parts.
The
Subject customers include engine rebuilder, automotive resellers and to the
retail market via its online store.
Purchases
International : Mainly
from China, Taiwan, Japan, South Korea, Thailand, Malaysia
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 and warehouses located at:
20
Ruse Street
Osborne
Park, WA 6017
Australia
Tel:
+61 8 9444 2600
1
Mais Street
Brompton,
SA 5007
Australia
Tel:
+61 8 8346 6033
104
Derby Street
Silverwater,
NSW 2128
Australia
Tel:
+61 2 9737 9188
111
Gardens Drive
Willawong,
QLD 4110
Australia
Tel: +61 7 3307 8700
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%
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
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 : coal, iron ore, gold, meat, wool,
alumina, wheat
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, Telegraphic transfer,
Credit 30-60 days
Sales Term
Local : Prepayment, Bank transfer, Credit 30-60
days
International : Prepayment, Telegraphic transfer,
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.