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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FANTECH PTY. LTD. |
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Registered Office : |
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Country : |
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|
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
10.05.1978 |
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Legal Form : |
Australian
Proprietary Company |
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|
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Line of Business : |
Manufacturing and distribution of ventilation & acoustic
products such as fan, ventilation equipment etc. |
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No. of Employees : |
550 |
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject
name : FANTECH PTY. LTD.
Business
address : 42-62 Pound Road West
Town :
Dandenong South
Province
: Victoria
Zip/postal
code : 3175
Country
: Australia
Tel : +61 3 95547845
Fax : +61 3 95547833
Email
: info@fantech.com.au
Website
: www.fantech.com.au
Registered
address : 42-62 Pound Road West
Town :
Dandenong South
Province
: Victoria
Zip/postal
code : 3175
Country
: Australia
Executive Summary
Date
founded or registered : 10/05/1978
Legal
form : Australian
Proprietary Company
Chief
executive : John
Liston Pirie
Issued
& paid up capital : AUD
2,740,000
Sales
turnover : GBP 80,979,000
(Group-consolidated 12 months, 31/03/2011)
Net
income : GBP
5,492,000 (Group-consolidated 12 months, 31/03/2011)
Total
fixed assets : GBP
50,186,000 (Group-consolidated 12 months, 31/03/2011)
Line
of business : Manufacturing
and distribution of ventilation & acoustic products.
Staff
employed : 550
employees (Elta Group)
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 : Organisational
structure is stable
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 10/05/1978
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 005434024
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian Business Number: 11005434024
Registry
status : Live/Active
Previous
name : AIR
& NOISE ENGINEERING (VIC) PTY. LTD.
YANA PTY. LTD. (initial)
Change
of legal form : None
reported.
Key Management
Name :
John
Liston Pirie
Designation
: Director
Name :
Paul
Debruin
Designation
: Director
Name :
Peter
John Churchill Wingfield
Designation
: Director
Name :
Brady
Martin Ackehurst
Designation
: Director
Name :
Ian
Ripon Haslam
Designation
: Company
Secretary
Appointments
Name :
John
Liston Pirie
Designation
: Director
Appointment
date : 10/05/78
Address
: 5
Sunnyside Avenue
Camberwell, VIC 3124
Australia
Biography
: Born on
08-01-1939 in Thurso, United Kingdom.
Name :
Paul
Debruin
Designation
: Director
Appointment
date : 20/07/00
Address
: 5
Balcombe Park Lane
Beaumaris, VIC 3193
Australia
Biography
: Born on
12-05-1962 in Springvale, Victoria, Australia.
Name :
John
Bent
Designation
: Director
Appointment
date : 20/07/00
Address
: 10 Lyra
Court
Robina, QLD 4226
Australia
Biography
: Born on
12-07-1954 in Manchester, United Kingdom
Name :
David
Leslie Ball
Designation
: Director
Appointment
date : 21/06/10
Address
: Chetton
Grange, Chetton
Bridgnorth, Shropshire, WV16 6UE
United Kingdom
Biography
: Born on
29/09/1967 in United Kingdom.
Name :
Peter
John Churchill Wingfield
Designation
: Director
Appointment
date : 15/12/11
Address
: 6 Gatis
Street
Glen Iris, VIC 3146
Australia
Biography
: Born on
03-11-1953 in Melbourne, Victoria, Australia.
Name :
Brady
Martin Ackehurst
Designation
: Director
Appointment
date : 01/01/12
Address
: 14
Alter Court
Skye, VIC 3977
Australia
Biography
: Born on
30-03-1967 in Frankston, Victoria, Australia.
Name :
Ian
Ripon Haslam
Designation
: Company
Secretary
Appointment
date : 01/12/11
Address
: 3
Martindale Place
Templestowe, VIC 3106
Australia
Biography
: Born on
09-08-1958 in Melbourne, Victoria, Australia.
Staff
employed : 550
employees (Elta Group)
Composition
Authorized
Capital : AUD 2,740,000
No of
shares : 2,740,000
Ordinary Shares
Share
par value : AUD 1
Issued
capital : AUD
2,740,000
Paid
up capital : AUD
2,740,000
How
listed : Full
List
Composition
Shareholder
name : ELTA GROUP (ASIA
PACIFIC) PTY LTD
Address
: 42-62
Pound Road West
Dandenong South, VIC 3175
Australia
No. of
shares : 2,740,000
Ordinary Shares
% of
shares : 100%
Structure
Name :
ELTA GROUP
LIMITED
Affiliation
type : Ultimate Holding
Company
Address
: 6 Third Avenue
Pensnett Trading Estate
Kingswinford
West Midlands DY6 7US
United Kingdom
Comments
: Elta Group Ltd.,
through its subsidiaries, manufactures and supplies fans and
related ventilation equipment. It offers air movement
products, as well as circulating fans for high temperature, heat exchangers,
engine room cooling, oil rigs, and dry cleaning machinery applications. The
company also provides HVAC equipment; fans through a network of franchisees in
Australia and New Zealand; air handling units, heat recovery units, and cabinet
and centrifugal fan sets for building services market in the United Kingdom;
fans, controls, and systems to poultry, livestock ventilation and horticulture,
agricultural, and industrial markets internationally; and filters, air
diffusion products, cooling towers, air conditioners, and evaporative coolers
for the HVAC industry. The company offers air movement products, such as fire
dampers, motors, diffusion, filtration, and duct and ancillary equipment for
resellers market in Australia and New Zealand. In addition, it distributes
ventilation products from various other manufacturers in South Africa and
Ireland. The company distributes its products through a network of
distributors, franchisees, and sales representatives in the United Kingdom and
internationally. Elta Group Ltd. was incorporated in 1995 and is based in Kingswinford,
the United Kingdom. It has operations in Australia, Malaysia, the United
Kingdom, Ireland, New Zealand, and South Africa.
Name :
ELTA GROUP (ASIA
PACIFIC) PTY LTD
Affiliation
type : Parent Company
Address
: 42-62 Pound Road W
Dandenong South, VIC 3175
Australia
Name :
FANTECH (NZ)
LIMITED
Affiliation
type : Sister Company
Address
: 45-47 Paul Matthews
Road
Rosedale, North Shore City, Auckland 0751
New Zealand
Name :
SYSTEMAIRE PTY
LTD
Affiliation
type : Sister Company
Address
: 63-65 Boulder Road
Malaga, WA 6090
Australia
Name :
ELTAFANTECH ASIA
SDN. BHD.
Affiliation
type : Sister Company
Address
: No 147, Jalan TUDM
Kampung Baru Subang
40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Related
companies and corporate
affiliations
comments
: Other companies of the Elta Group should be considered
affiliates of the Subject.
Bank Details
Name
of bank : HSBC Bank 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.
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
: United
Kingdom, Pound (GBP)
Exchange
rate : 1
USD = GBP 0.64 as of 07-06-2012
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 : 31/03/11
31/03/10
Length
of accounts : 12
months 12 months
Sale
turnover / Income : 80,979,000
70,057,000
Gross
profit : 31,187,000
26,293,000
Operating
profit : 8,071,000
5,353,000
Profit
before tax : 8,609,000
5,502,000
Net
income : 5,492,000
3,228,000
Non
current assets : 8,602,000
7,604,000
Current
assets : 41,584,000
36,816,000
Inventories
: 15,499,000
13,758,000
Total
assets : 50,186,000
44,420,000
Current
liabilities : 16,035,000
17,405,000
Non
current liabilities : 4,387,000
4,035,000
Total
liabilities : 20,422,000
21,440,000
Share
equity : 29,764,000 22,980,000
Comments
: The group’s consolidated financial information above relates to the Subject’s
Ultimate Holding Company Elta Group Limited and all its subsidiaries which
include the Subject.
Main activities : The
Subject engages in manufacturing and distribution of ventilation & acoustic
products such as fan, ventilation equipment etc.
The Subject is part of the £80 million Elta Group, a family
of businesses with operations in 6 countries on four continents which, together
with a network of international distributors, provides quality fans and related
air movement equipment to customers worldwide.
Product
& services : Fan
Ventilation
equipment
Sound
control products
Brand
: Fantech
Purchases
International
: Mainly
Asia, Europe
Sales
Local
: Yes
International
: South East
Asia, Oceania
Key
events : 1
December 2010
ELTA
GROUP ACQUIRE AUSTRALIAN BUSINESS BURRA SHEETMETAL
It is
with great pleasure and excitement that we announce the acquisition of the
Burra Sheetmetal business into the Elta Group of companies. The business will
be integrated into Fantech operations under the ongoing management of Brad
Ackehurst, Fantech National Operations Manager. Burra Sheetmetal began
operating in 1986 initially producing mostly ductwork and flashings for its own
air conditioning business. Its facility is still located in its home town of
Korumburra, approximately 120km South East of the Melbourne Central Business
District and 85km from the
Fantech
operation in Dandenong. In late 1995 continual growth and the opportunity to
expand further, saw the need for Burra Sheetmetal to invest in computer
operated machinery. By further strengthening its capabilities the business
gained advantage that was unique for a company outside Melbourne's main
manufacturing hubs and gave them an expanded product offering. The relationship
between Fantech and Burra Sheetmetal has strengthened over many years, with up
to 80% of the existing work volume at Burra coming from Fantech's component
requirements such as brackets, motor mount platforms and mounting feet.
Following the newly formed relationship there are plans to expand the Burra
operation through further fabrication opportunities from the Elta Group of
businesses and other
potential
customers.
David
Ball, Vice Chairman of the Elta Group of companies commented
"The
existing staff of Burra Sheetmetal has been a key to its ongoing
success,
consisting of 17 fulltime staff with most having completed either
Certificate
III or IV in Competitive Manufacturing. The management team at
Burra
will maintain their current responsibilities, and the business is
committed
to Lean manufacturing principles and continual improvement
through
the adoption of Best Practice processes."
Elta
Group is a £80 million family of businesses with operations in six
countries
on four continents which, together with a network of international
distributors,
provides quality fans and related air movement equipment to
customers
worldwide.
Property & Assets
Premises : The Subject
operates from premises located at the verified heading address consisting of
production facilities, warehouse and administrative office.
Branches
: In addition, the Subject
operates from branch offices located at: 8 Healey Circuit
Huntingwood,
NSW 2148
Australia
Phone:
+61 (02) 88110400
52-54
Paringa Avenue
Somerton
Park, SA 5044
Australia
Phone:
+61 (08) 82940530
Unit
2, 74 Winnellie Road
Winnellie,
NT 0820
Australia
Phone:
+61 (08 ) 89470447
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Reserve
Bank of Australia
Reserve
of foreign exchange & gold : US$
41.385 billion
Gross
domestic product - GDP : US$
1.235 trillion
GPP
(Purchasing power parity) : 918.529
billion of International dollars
GDP
per capita - current prices : US$
55,590
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 : Commonwealth
Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio
Tinto (Materials), National Australia Bank (Banking),
ANZ
Banking (Banking), Telstra (Telecommunications)
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 : 2007:
US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI
Outflows : 2007:
US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best
countries for doing business : 10 out of 183 countries
Global
competitiveness ranking : 16 (ranking by country on a basis of 133, 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
: 74.00%
Purchase Term
International
: Prepayment, Bank
transfer, Credit 30-90 days
Sales Term
Local
: Prepayment,
Bank transfer, Credit 30-90 days
International
: L/C, Telegraphic
transfer, 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
|
|
1 |
Rs.85.63 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.