MIRA INFORM REPORT
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Report Date : |
25.07.2012 |
IDENTIFICATION DETAILS
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Name : |
IPOH PTY LIMITED |
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Registered Office : |
C/O Thomsons Lawyers, Level 25, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
03.06.1982 |
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Com. Reg. No.: |
002443316 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Retail property, investment
and management company |
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No. of Employees : |
35 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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Status : |
Good |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name IPOH PTY LIMITED
Business address : Level 4, South End Queen Victoria
Building
455 George Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 92656800
Fax : +61 2 92648862
Website : www.ipoh.com.au
Registered address : C/o THOMSONS LAWYERS
Level 25, 1 O'Connell Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Postal address : P.O. Box Q292, QVB Post Shop
Town : Sydney
Province : New South Wales
Zip/postal code : 1230
Country : Australia
Executive Summary
Date founded or registered : 03/06/1982
Legal form : Australian
Proprietary Company
Chief executive : Victor Gasper
Issued & paid up capital
: AUD 36,349,000
Sales turnover : AUD 91,192,000 (Consolidated 12
months, 31/03/2011)
Net income : AUD 36,085,000
(Consolidated 12 months, 31/03/2011)
Total fixed assets : AUD 756,487,000 (Consolidated
12 months, 31/03/2011)
Line of business : Retail property,
investment and management company.
Staff employed : 35 employees
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 very good
Organization structure : Organizational
structure is consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered.
Registry Data
Registration date : 03/06/1982
Legal form : Australian Proprietary Company
Registration no Australian Company number: 002443316
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
57002443316
Registry status : Live/Active
Previous name : IPOH LIMITED
IPOH
GARDEN (AUST) LIMITED
IPOH
GARDEN (AUST) PTY LTD
IPOH
GARDEN BERHAD (AUST) PTY LTD
NIHOME PTY
LTD (initial)
Change of legal form : None
reported.
Key Management
Name : Victor Gasper
Designation : Managing Director
Appointments
Name : Victor Gasper
Designation : Director
Appointment date : 24/10/05
Address : 56 Stewart Street
Paddington,
NSW 2021
Australia
Biography : Born on 29-05-1964 in
Plessis, France.
Name : Richard Goh
Designation : Director
Appointment date : 05/01/09
Address : Johor Bahru
Malaysia
Biography : Born on 11-07-1966 in Johor,
Malaysia.
Name : Nyuk Chong Ho
Designation : Director
Appointment date : 15/10/09
Address : Singapore
Biography : Born on 20-03-1957 in
Malaysia.
Staff employed : 35 employees
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 1,
201 Sussex Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 36,349,000
No of shares : 148,869,666 Ordinary Shares
Share par value : No par value
Issued capital : AUD 36,349,000
Paid up capital : AUD
36,349,000
How listed : Full List
Composition
Shareholder name : RECO BAY NSW PTY LTD
Address : Level 4, South
End Queen Victoria Building
455 George
Street
Sydney
2000
Australia
No. of shares : 148,869,666 Ordinary
Shares
% of shares : 100%
Structure
Name : GOVERNMENT OF SINGAPORE
INVESTMENT CORPORATION PRIVATE LIMITED
Affiliation type : Ultimate Holding Company
Address : 1 Robinson Road
Singapore
068912
Singapore
Comments : Government of Singapore
Investment Corporation Pte Ltd. (GIC) is a sovereign
wealth
fund of the Government of Singapore. The firm manages foreign exchange
reserves
of the Government of Singapore. It invests in the public and private
equity,
real estate, fixed income, and alternative markets including foreign
exchange,
commodity, and money markets across the globe. The firm invests
through
its subsidiaries GIC Asset Management Pte Ltd., GIC Real Estate Pte
Ltd., and
GIC Special Investments Pte Ltd. Government of Singapore Investment
Corporation
was founded in 1981 and is based in Singapore with additional
across
Asia, North America, and Europe.
Name : RECOSIA PTE LTD
Affiliation type : Superior Holding Company
Address : 1 Robinson Road
Singapore
068912
Singapore
Name : RECO BAY PTE LTD
Affiliation type : Intermediate Holding Company
Address : 1 Robinson Road
Singapore
068912
Singapore
Name : RECO BAY AUSTRALIA PTY LTD
Affiliation type : Inferior Holding Company
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : RECO BAY NSW PTY LTD
Affiliation type : Parent Company
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : QVB LIQUOR SERVICES PTY
LTD
Affiliation type : Wholly-owned Subsidiary
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : IPOH STRAND PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : IPOH PARK STREET PTY
LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : IPOH MANAGEMENT
SERVICES PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Level 4, South End Queen
Victoria Building
455 George
Street
Sydney
2000
Australia
Name : IPOH GARDEN DEVELOPMENTS (AUST) PTY
Affiliation type : Wholly-owned Subsidiary
Address : Level 4, South End Queen Victoria Building
455 George Street
Sydney 2000
Australia
Related
companies and corporate affiliations comments
Other companies of the Government of
Singapore Investment Corporation Pte Ltd. (GIC) Group should be considered
affiliates of the Subject.
Bank Details
Name of bank : BNP Paribas
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.
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 : 31/03/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
24-07-2012
Summarized
Financial Information
Consolidation type : Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/03/11 31/03/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 91,192,000
87,284,000
Profit before tax : 51,432,000 5,715,000
Net income : 36,085,000 7,254,000
Non current assets : 718,634,000 686,145,000
Current assets : 37,853,000 50,876,000
Total assets : 756,487,000 737,021,000
Current liabilities : 375,165,000 13,739,000
Non current liabilities : 57,267,000 412,312,000
Total liabilities : 432,432,000 426,051,000
Share equity 324,055,000 310,970,000
Retained earning : 287,706,000 274,621,000
Comments The consolidated financial information above
relates to the Subject and its subsidiaries.
Main activities : The Subject is engaged as a retail
property, investment and management company.
The Subject's major assets are Sydney CBD shopping centres including
Queen Victoria Building, The Strand Arcade, Chifley Plaza, The Galeries
and the retail division of No. 1 Martin Place.
Subject is indirectly owned by GIC Real Estate Pte Ltd.
GIC Real Estate Group is among one of the top 10 global real estate
investment firms in the world. With over 200 investments across more than
30 countries, investing a
multi-billion US$ portfolio. Direct property
investments include: offices, retail
stores, residential, hotels, senior and
student housing, and sports and
medical facilities. Indirect property
investments include: funds, public
and private corporate entities, real estate
investment trusts (REITs), and real
estate debt.
Notable investments include:
· Seoul Finance Centre, Seoul, South Korea
· Azia Centre, Shanghai, China
· Shiodome City Centre, Tokyo, Japan
· Queen Victoria Building, Sydney, Australia
· Uptown Munich Tower, Munich, Germany
· Westin Paris, Paris, France
· Bluewater Shopping Centre, Kent, UK
· 30 Gresham Street, London, UK
· Franklin Centre, Chicago, US
The Subject is ultimately owned by
The Government of Singapore Investment
Corporation.
Government of Singapore Investment
Corporation Pte Ltd. (GIC) is a
sovereign wealth fund of the
Government of Singapore. The firm manages
foreign exchange reserves of the
Government of Singapore. It invests in
the public and private equity, real
estate, fixed income, and alternative
markets including foreign exchange,
commodity, and money markets
across the globe.
Government of Singapore Investment
Corporation was founded in 1981
and is based in Singapore with
additional across Asia, North America, and
Europe. Government of Singapore
Investment Corporation has over USD
200 billion under management and is 1
of the world's largest sovereign
wealth funds.
Purchases
Local : None reported.
International : None reported.
Sales
Local : Yes
International : None reported.
Key events : 14 September 2011
RECO BAY PTE LTD OFFERS $1.65 A SHARE FOR IPOH LIMITED
Sydney, 14 September 2001 -- Reco Bay Pte Ltd ("Reco Bay"), a wholly
owned subsidiary of Recosia Pte Ltd, today announced its intention to
make a conditional cash offer of $1.65 per share (the “Offer”) to acquire all
the ordinary shares in Ipoh Limited (“Ipoh”). The Offer values Ipoh at
approximately $260 million.
Based on Ipoh’s weighted average share price of $1.51 for the week
ended 7 September 2001, the Offer represents a:
- premium of 14.0% to Ipoh’s weighted average share price for the week
ended 7 September 2001 ie. before the offer was announced; and
- premium of 16.2% to Ipoh’s weighted average share price during the 3
months preceding 7 September 2001
Reco Bay, through its associate Reco Park Pte Ltd, currently has a
relevant interest in 31,842,941 shares in Ipoh, representing a 20.24%
shareholding in Ipoh.
Richard Teo, Director of Reco Bay, said: “Our Offer represents an
opportunity for all Ipoh shareholders to realise a cash premium over recent
market prices for their shares and grants them an opportunity to exit their
holdings in an illiquid stock. The Offer is in the form of a straightforward
and available cash consideration, being made at a full and fair price.”
Reco Bay is a company incorporated in Singapore as an investment
vehicle and registered as a foreign company in Australia. The principal
activity of Reco Bay is to hold real estate investments. The shares in Reco
Bay are wholly held by Recosia Pte Ltd (also incorporated in Singapore)
which is an asset holding company managed by GIC Real Estate Pte Ltd, a
wholly-owned subsidiary of Government of Singapore Investment
Corporation Pte Ltd.
Dr Seek Ngee Huat, President of GIC Real Estate Pte Ltd, said: “We see
this as an exciting opportunity to recognise greater value in the assets held
by Ipoh. These assets will sit well within our global portfolio of real estate
holdings. If our Offer is successful, we will work with management to
maximise the potential of the key assets.”
Ipoh’s core assets include the Queen Victoria Building, The Strand retail
arcade and The Galeries Victoria, all in Sydney’s Central Business District.
Other significant assets include a portfolio of ten properties in Leigh Street,
Adelaide and The Old Bank Buildings in Wellington, New Zealand. Ipoh
has announced a program to divest other non-core assets.
Property &
Assets
Premises : The Subject operates from premises located at the verified heading
consisting of an administrative office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4.0% industry: 25.6% services: 70.4%
Inflation :
2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
2009: 5.6 %
2010: 5.2 %
2011: 5.1%
Public debt
(General Government gross
debt as a % GDP)
2009: 16.9%
2010: 20.4
%
2011: 22.9 %
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$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 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%
Sales Term
Local : Bank transfer, Cheque,
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
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UK Pound |
1 |
Rs.86.89 |
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Euro |
1 |
Rs.67.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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.