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Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ALLOY STEEL AUSTRALIA (INT) PTY LTD |
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Registered Office : |
93 Mulgul Road, Malaga, Western Australia, 6090 |
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|
|
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Country : |
Australia |
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|
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
094428887 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing and distribution of Arcoplate, a
wear-resistant alloy overlay wear plate. |
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No. of Employees : |
63 |
RATING & COMMENTS
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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 400,000 |
|
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 : ALLOY STEEL AUSTRALIA (INT) PTY LTD
Business address : 93 Mulgul Road
Town : Malaga
Province : Western Australia
Zip/postal code : 6090
Country : Australia
Tel : +61 8 92483188
Fax : +61 8 92483166
Email : info@alloysteel.net
Website : www.alloysteel.net
Registered address : 93 Mulgul Road
Town : Malaga
Province : Western Australia
Zip/postal code : 6090
Country : Australia
Postal address : P.O. Box 3087
Town : Malaga
Province : Western Australia
Zip/postal code : 6945
Country : Australia
Comments : The provided address 42 Mercantile Way, Malaga, WA 6090, Australia belongs to the Subject's production facilities.
Executive Summary
Date founded or registered : 08/09/2000
Legal form : Australian Proprietary Company
Chief executive : Gene Kostecki
Issued & paid up capital : AUD 391,312
Sales turnover : USD 21,977,139 (Group-consolidated 12 months, 30/09/2011)
Net income : USD 2,440,138 (Group-consolidated 12 months, 30/09/2011)
Total fixed assets : USD 19,595,423 (Group-consolidated 12 months, 30/09/2011)
Line of business : Manufacturing and distribution of Arcoplate, a wear-resistant alloy overlay wear plate.
Staff employed : 63 employees (Subject)
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably 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 400,000
Credit amount asked : Not described.
Registry Data
Registration date : 08/09/2000
Legal form : Australian Proprietary Company
Registration no Australian Company Number : 094428887
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 98094428887
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Gene Kostecki
Designation : Managing Director
Name : Barry Joseph Woodhouse
Designation : Chief Financial Officer
Appointments
Name : Alan Scott
Designation : Director
Appointment date : 08/08/08
Address : 34 Mill Point Road
South Perth, WA 6151
Australia
Biography : Born on 30-08-1948 in Sydney, New South Wales, Australia.
Name : Gene Kostecki
Designation : Director
Appointment date : 08/09/00
Address : 48 Boddington Circuit
Dianella, WA 6059
Australia
Biography : Born on 20-06-1945 in Germany.
Mr. Gene Kostecki is Director of Alloy Steel International Inc. From July 1995 to July 1997, Mr. Kostecki served as Managing Director of the Collier Unit Trust, an engineering business and distributor based in Western Australia. He was the company's President and Chief Executive Officer on a full-time basis.
Name : Barry Joseph Woodhouse
Designation : Director and Company Secretary
Appointment date : 09/12/11
Address : 60 Lansdowne Road
Kensington, WA 6151
Australia
Biography : Born on 28-01-1966 in Maffra, Victoria, Australia.
Staff employed : 63 employees (Subject)
Auditors : UHY HAINES NORTON
16 Lakeside Corporate
24 Parkland Road
Osborne Park, WA 6017
Australia
Composition
Authorized Capital : AUD 391,312
No of shares : 391,312 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 391,312
Paid up capital : AUD 391,312
How listed : Full List
Composition
Shareholder name : ALLOY STEEL INTERNATIONAL, INC.
Address : 93 Mulgul Road
Malaga, WA 6090
Australia
No. of shares : 391,310 Ordinary Shares
Shareholder name : Alan Charles Winduss
Address : 102 Stanley Street
Scarborough, WA 6019
Australia
No. of shares : 1 Ordinary Share
Shareholder name : Gene Kostecki
Address : 48 Boddington Circuit
Dianella, WA 6059
Australia
No. of shares : 1 Ordinary Share
Structure
Name : ALLOY STEEL INTERNATIONAL, INC.
Affiliation type : Parent Company
Address : 93 Mulgul Road
Malaga, WA 6090
Australia
Comments : The company is registered in Delaware, United States.
Alloy Steel International Inc. is engaged in the manufacture and distribution of Arcoplate, a wear-resistant alloy overlay wear plate. The company offers fused-alloy steel plates for installation and use in structures and machinery that suffer wear and hang-up problems. Its customer base consists of companies involved in the mining industries primarily in Australia, the United States, South America, India, Indonesia, Singapore, South Africa, Japan, China, Canada, and Malaysia. Alloy Steel International markets its Arcoplate products primarily to consultant engineers to incorporate Arcoplate materials into their equipment and plant designs.
Alloy Steel International Inc. is listed on OTCBB since July 2001.
Name : PT ALLOY MANUFACTURING INDONESIA
Affiliation type : Sister Company
Address : Indonesia
Name : MOSSVILLE SECURITIES LLC
Affiliation type : Sister Company
Address : United States
Name : ALLOY STEEL NORTH AMERICA LLC
Affiliation type : Sister Company
Address : United States
Name : ALLOY STEEL MONGOLIA LLC
Affiliation type : Sister Company
Address : Mongolia
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.
Bankruptcy fillings : None
reported.
Court judgements : None
reported.
Tax liens :
None reported.
Others : None reported.
Description
Source of financial statement :Public Record Sources
Financial statement date :
30/09/11
Type of accounts :
Full audited
Currency :
US Dollar (USD)
Consolidation type Group
Consolidated
|
Currency : |
US Dollar (USD) |
US Dollar (USD) |
|
Denomination : |
(x1) One |
(x1) One |
|
Date of financial year end : |
30/09/11 |
30/09/10 |
|
Length of accounts : |
12 months |
12 months |
|
Sale turnover / Income : |
21,977,139 |
24,544,217 |
|
Gross profit : |
8,547,901 |
13,073,693 |
|
Operating profit : |
3,086,219 |
7,439,203 |
|
Profit before tax : |
3,259,507 |
7,372,302 |
|
Net income : |
2,440,138 |
4,873,558 |
|
Non current assets : |
8,605,765 |
6,983,879 |
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Current assets : |
10,989,658 |
12,479,739 |
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Inventories : |
5,187,261 |
3,287,138 |
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Total assets : |
19,595,423 |
19,463,618 |
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Current liabilities : |
4,568,888 |
6,782,009 |
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Non current liabilities : |
583,386 |
770,773 |
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Total liabilities : |
5,152,274 |
7,552,782 |
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Share equity : |
14,443,149 |
11,910,836 |
|
Retained earning : |
10,144,416 |
7,704,279 |
Comments : The group’s consolidated financial information above relates to the Subject’s Parent / Ultimate Holding Company Alloy Steel International, Inc. and all its subsidiaries which include the Subject.
Main activities : The Subject is engaged in manufacturing and distribution of Arcoplate, a wear-resistant alloy overlay wear plate.
In mining processing industries, wear is the primary cause of down time, the period of time where machinery is not in operation because of the necessity of repairs or refurbishment. The Arcoplate product line substantially lowers down time and the resulting lost production. Arcoplate is widely accepted in the mining and mineral processing industries to protect a host of fixed plant and mobile equipment applications.
Arcoplate was first manufactured in 1991 and was the invention of Mr. Gene Kostecki.
The Subject is a subsidiary of Alloy Steel International Inc., a company incorporated in Delaware, USA in September 2000 and listed on the OTCBB in July 2001.
Product & services : Arcoplate, a wear-resistant alloy overlay wear plate
Brand : Arcoplate
Purchases
International : United States, China, Europe
Sales
International : Chile, Indonesia, India, United States, Brazil
Key events : Alloy Steel International Inc Announces Resignation Of Chairman
Tuesday, 6 Sep 2011
Alloy Steel International Inc announced the resignation of Chairman Mr. Michael Minosora. The Company will advise shareholders of the revised organization structure in due course.
Alloy Steel International Inc Announces Resignation Of CEO Wednesday, 8 Jun 2011
Alloy Steel International Inc announced that the departure of CEO John Cleland. Following a review of the Company organization structure CEO John Cleland has departed the Company effective May 27, 2011. The Company will advise shareholders of the revised organization structure in due course.
Alloy Steel International Inc Announces Appointment Of Chief Executive
Officer And Chairman
Friday, 25 Feb 2011
Alloy Steel International Inc announced the appointment of three new Board Members and a new Chief Executive Officer (CEO). The new Board Members are Michael Minosora, David Mofflin and Brian McMaster. Mr. Minosora has been appointed as Chairman and replaces Mr. Gene Kostecki. Mr. Kostecki has resigned as Chairman of the Board and CEO,
but remains as a member of the Board and Technical Director. Mr. John
Cleland has been appointed as CEO.
Alloy Steel International Inc Announces Voluntary Filing Of Form 15 To
Suspend SEC Reporting Obligations
Monday, 27 Sep 2010
Alloy Steel International Inc announced that it intends to file Form 15 with the Securities and Exchange Commission (the SEC) in order to effect a termination of registration of its common stock under the Securities and Exchange Act of 1934. Upon the filing of Form 15, Alloy's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and
8-K, will be immediately suspended. Alloy expects the registration of its common stock will be terminated 90 days after the filing of Form 15 with the SEC.
Property & Assets
Premises : The Subject operates from head office located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from production facilities located at:
42 Mercantile Way
Malaga, WA 6090
Australia
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)
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%
Purchase Term
International : L/C, Prepayment, Credit 30-60 days
Sales Term
Local : Prepayment, Credit 30-60 days
International : L/C, 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.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.