MIRA INFORM REPORT
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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
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Name : |
MULFORD PLASTICS PTY LTD |
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Registered Office : |
Unit 22, Slough Business Park, Holker Street, Silverwater, New South Wales, Zip/postal code 2128 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.10.1946 |
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Com. Reg. No.: |
000057170 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Manufacturing and wholesale distribution of plastic products such as plastic Sheet and films |
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No. of Employees : |
55 |
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 : |
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
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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 : MULFORD PLASTICS PTY LTD
Business address : Unit 22, Slough Business Park
Holker
Street
Town : Silverwater
Province : New South Wales
Zip/postal code : 2128
Country : Australia
Tel : +61 2 99118111
Fax : +61 2 99118112
Email : nfo@mulford.com.au
Website : www.mulfordplastics.com
Registered address : Unit 22, Slough Business Park
Holker
Street
Town : Silverwater
Province : New South Wales
Zip/postal code : 2128
Country : Australia
Executive Summary
Date founded or registered : 10/10/1946
Legal form : Australian
Proprietary Company
Chief executive : Pericles Pericleous
Issued & paid up capital
: AUD 1,480,340
Sales turnover : AUD 33,827,903 (Non-consolidated 12
months, 31/12/2011)
Net income : AUD 433,385
(Non-consolidated 12 months, 31/12/2011)
Total fixed assets : AUD 24,807,217
(Non-consolidated 12 months, 31/12/2011)
Line of business : Manufacturing and
wholesale distribution of plastic products such as plastic
Sheet and films.
Staff employed : 55 employees (Subject)
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 : Organisational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 10/10/1946
Legal form : Australian Proprietary
Company
Registration no Australian Company Number:
000057170
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
86000057170
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Pericles Pericleous
Designation : Managing Director
Appointments
Name : Pericles Pericleous
Designation : Director and Company Secretary
Appointment date : 20/06/05
Address : 25 Agnes Street
Strathfield,
NSW 2135
Australia
Biography : Born on 11-02-1967 in Cyprus,
Greece.
Name : Seg Min Nga
Designation : Director
Appointment date : 04/03/05
Address : Malaysia
Biography : Born on 07-08-1961 in Johor,
Malaysia
Name : Ian Grant
Designation : Director
Appointment date : 29/11/10
Address : 158 Kaniere Place
Half Moon
Bay, Auckland 2012
New
Zealand
Biography : Born on 06-07-1949 in
Christchurch, New Zealand.
Staff employed : 55 employees (Subject)
Key Advisors
Auditors : WESTON WOODLEY &
ROBERTSON
Level 16,
124-130 Pitt Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 1,480,340
No of shares : 740,170 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 1,480,340
Paid up capital : AUD 1,480,340
How listed : Full List
Composition
Shareholder name : MULFORD HOLDINGS PTY LTD
Address : Unit 22, Slough Business
Park
Holker
Street
Silverwater,
NSW 2128
Australia
No. of shares : 740,170 Ordinary Shares
% of shares : 100%
Structure
Name : ROYALPLAST INTERNATIONAL PTE LTD
Affiliation type : Ultimate Holding Company
Address : Keck Seng Tower
#16-01,
133 Cecil Street
Singapore
069535
Singapore
Comments :
Distribution of plastic sheets and high tech films and manufacturing of fiberglass products with operations throughout Australia, New Zealand and Asia.
Name : MULFORD INTERNATIONAL PTE. LTD.
Affiliation type :
Intermediate Holding Company
Address : 133 Cecil Street
#16-01
Keck Seng Tower
Singapore
069535
Singapore
Name : MULFORD HOLDINGS PTY LTD
Affiliation type : Parent
Company
Address : Unit 22, Slough Business Park
Holker
Street
Silverwater,
NSW 2128
Australia
Comments :
Mulford Holdings Pty Ltd is a foreign owned proprietary company that acts as a holding company for the Mulford Plastics business in Australia and New Zealand. Mulford Plastics manufactures and distributes plastic, fibreglass and roofing products and is part of the Mulford International group of companies which operates across Australia, New Zealand and Asia.
Name : PT. MULFORD INDONESIA
Affiliation type : Sister Company
Address : JI. Raya Pegangsaan Dua No. 98A
Jakarta
Utara
14250
Jakarta
Indonesia
Name : MULFORD PLASTICS (N Z) LIMITED
Affiliation type : Sister
Company
Address : 5 Arthur Brown Place
Mount
Wellington, Auckland 1060
New
Zealand
Related companies and
corporate affiliations comments
Other companies of the
Mulford Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank 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 : 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 : 31/12/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.01 as of
08-06-2012
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 : 31/12/11 31/12/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 33,827,903 31,423,463
Gross profit : 8,805,795 8,327,648
Profit before tax : 637,065 590,609
Net income : 433,385 391,962
Non current assets : 1,658,332 1,930,279
Current assets : 23,148,885 20,644,119
Inventories : 6,820,068 6,601,523
Total assets : 24,807,217 22,574,398
Current liabilities : 9,114,697 11,935,039
Non current liabilities : 4,924,657 304,881
Total liabilities : 14,039,354 12,239,920
Share equity : 10,767,863 10,334,478
Reserve : 541,781 541,781
Retained earning : 8,745,742 8,312,357
PERATION DETAILS
Main activities :
The Subject engages in manufacturing and wholesale distribution of plastic products such as plastic sheets and films products use d in building and construction, corporate signage, shop-fitting, engineering, mass transportation, digital printing industries etc
The Subject is ultimately
owned by Royalplast International Pte Ltd based in Singapore.
Royalplast International Pte Ltd engages in distribution of plastic sheets and high tech films and manufacturing of fiberglass products with operations throughout Australia, New Zealand and Asia.
Product &
services :
· Acrylic sheets
· Aluminium Composite Panel
· Fibreglass Roofing Products
· High Impact Polystyrene
· Polyethylene
· Ralloy Pvc
· Pvc Foam
· Nylon
· Foamboards
· Environmental Boards
· Tekra Polyester
· Prismatic Lighting
Brand :
Mulford
Purchases
International : Mainly from Asian countries
Sales
Local : Yes
International : Asia, Oceania
Key events : 1 February 2012
TEKRA : MULFORD PLASTICS AS
NEW HARDCOATED FILM DISTRIBUTOR FOR ASIA PACIFIC
New Berlin WI - Tekra
Corporation is pleased to announce a new distributor for their entire
hardcoated film line in the Asia Pacific region.
Mulford Plastics, Asia
Pacific’s largest plastic sheet and film distributor, will distribute Tekra’s
Marnot®, ProTek®, and Terrapin® lines of hardcoated polyester and polycarbonate
films.
“Tekra and Mulford Plastics are a perfect fit,” according to Carl Sommerstad, Tekra’s Director of Technical and Export Sales. “Tekra has been coating films for over 25 years, and has extensive knowledge of applying hard coats to films that provide scratch, abrasion, and chemical resistance and Mulford has more than 50 years of experience in distributing
plastic sheet and film products. We are confident that this will
not only be a great pairing for both Tekra and Mulford plastics, but most
importantly, it will be a great pairing for our customers.”
Mulford Plastics will initially distribute Tekra’s Marnot, ProTek,
and Terrapin films into Australia, New Zealand, Singapore, and Hong Kong with
the ability to expand further into the Asia Pacific region. History : History
of Royalplast International Pte Ltd (Subject's Ultimate Holding Company)
1990:
RoyalPlast Pte Ltd incorporated in Singapore and acquired leading plastics sheets distributor in Australia and New Zealand, Mulford Plastics with annual turnover of approximately AUD14 million, with 8 branches in all major cities in Australia and New Zealand.
1995:
Acquired a plastic sheet manufacturer in Australia and renamed it to Laserlite. Became the first and only manufacturer of polycarbonate high grade sheets in Australia and New Zealand region.
1999:
Sold Laserlite to Bayer and acquired
Alsynite Roofing Products Pty Ltd,
Australia, a leading
fiberglass and ventilator roofing products manufacturer
in the region.
Acquired and set up Mulford
Plastics, Malaysia. Then expanded to 3
branches in Peninsular
Malaysia - Kuala Lumpur (Head Office), Johor
Bahru, and Penang.
2000:
Set up Alsynite Roofing
Products, Shanghai, China.
2003:
Set up Mulford Plastics
operations in Bangplee, Thailand.
2004:
Alsynite Australia is ISO
certified and won contract to supply BHP/BlueScope Steel.
Mulford Plastics acquired GE
Cadillac's similar businesses in ANZ, Singapore and Malaysia.
Represent GE's polycarbonate
sheet products.
Represent
Mitsubishi-Shinkolite top end acrylic sheet producer.
Represent SKC and Kimoto in
top end polyester film.
Set up Shanghai Mulford,
Mulford Indonesia, and Mulford Singapore.
2005:
Acquired BAYER's
polycarbonate film distribution for S.E.A.
2006:
Acquired King Pacific
Industrial Limited, starting a JV operations by setting up Mulford Hong Kong, with
subsidiaries in China .
Mulford Malaysia sets up its
4th branch in Kuantan.
Mulford Indonesia opens up 3
more branches throughout Indonesia –
Surabaya , Pekan Baru, and
Bandung .
Mulford New Zealand sets up
its 4th branch in Hamilton .
Setting up of Alsynite
manufacturing plant in Shanghai , China.
2007:
Mulford Indonesia opens up
its 5th , 6th and 7th branches
Mulford China opens up its
4th branch
Mulford Australia opens up
its 6th branch
Setting up of Mulford Taiwan
operations
Setting up of Alsynite India
operations
Proposed acquisition of
engineering plastic company in ANZ
Expansion of King
Pacific/Aerospace division to S.E.A. and ANZ
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:
6 – 8
Pambula Street
Regency
Park, SA 5010
Australia
Tel: +61 8
8444 9666
Unit 5 /
65 Balham Road
Archerfield,
QLD 4108
Australia
Tel: +61 7
3717 4700
303
Frankston-Dandenong Road
Dandenong
South, VIC 3175
Australia
Tel: +61 3
8791 8000
30
Broadmeadow Road
Broadmeadow,
NSW 2292
Australia
Tel: +61 2
4940 8922
145
Balcatta Road
Balcatta,
WA 6021
Australia
Tel: +61 8
9240 6655
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%
AYMENT HISTORY
Purchase Term
International : L/C, Prepayment, Telegraphic
transfer, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, Credit 30-90 days
International : L/C, Prepayment, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.36 |
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UK Pound |
1 |
Rs.85.64 |
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Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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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.