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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYLVANIA LIGHTING AUSTRALASIA PTY LTD |
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Formerly Known As : |
GENERAL
TELEPHONE & ELECTRONICS (A'ASIA) PTY LTD (initial) |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2011 (Group Consolidated) |
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Date of Incorporation : |
10.05.1966 |
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Com. Reg. No.: |
000534243 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Design,
manufacturing and distribution of lighting fixtures for architectural,
industrial/commercial, decorative and residential applications. |
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No. of Employees : |
1,600 employees
(Gerard Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1,700,000 |
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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 – 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 |
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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 : SYLVANIA LIGHTING
AUSTRALASIA PTY LTD
Business address :
Sylvania Way
Town : Lisarow
Province : New South Wales
Zip/postal code : 2250
Country : Australia
Tel : +61 2
43280600
Fax : +61 2
43282605
Email : sylvania@sla.net.au
Website : www.sla.net.au
Registered address
: 101 Port Wakefield Road
Town : Cavan
Province : South Australia
Zip/postal code : 5094
Country : Australia
Postal address : Locked Bag 9
Town : Gosford
Province : New South Wales
Zip/postal code : 2250
Country : Australia
Executive Summary
Date founded or
registered : 10/05/1966
Legal form : Australian
Proprietary Company
Chief executive : Simon Charles Gerard
Issued & paid
up capital : AUD 21,060,289
Sales turnover : AUD 404,414,000 (Group consolidated
12 months, 30/06/2011)
Net income : AUD 19,519,000
(Group consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 294,045,000
(Group consolidated 12 months, 30/06/2011)
Line of business :
Design,
manufacturing and distribution of lighting fixtures for architectural,
industrial/commercial, decorative and residential applications.
Staff employed : 1,600 employees (Gerard
Group)
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 : Organizational
structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount
suggestion : USD 1,700,000
Credit amount
asked : Not described.
Comments : Larger credit can
still be considered.
Registry Data
Registration date
: 10/05/1966
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
000534243
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
81000534243
Registry status : Live/Active
Previous name : SYLVANIA LIGHTING INTERNATIONAL PTY
LIMITED (until 17-09-2002)
GTE AUSTRALIA PTY. LIMITED
GENERAL TELEPHONE & ELECTRONICS AUST PTY LTD
SYLVANIA ELECTRIC AUSTRALIA PTY LTD
GTE AUSTRALIA PTY LTD
GENERAL TELEPHONE & ELECTRONICS (A'ASIA) PTY LTD (initial)
Change of legal
form : None reported.
Key Management
Name : Simon Charles Gerard
Designation : Managing Director
Appointments
Name : Simon Charles Gerard
Designation : Director
Appointment date :
18/01/08
Address : 8 Madurta Avenue
Aldgate, SA 5154
Australia
Biography : Born on 22-06-1973 in
Adelaide, South Australia, Australia.
Mr. Simon Gerard serves as Managing Director, Chief Executive
Officer and Executive Director of Gerard Lighting Group Ltd on
December 16, 2009. Prior to his appointment as Gerard Lighting’s
Managing Director in early 2006, he held the position of Executive
General Manager of Clipsal Australia (a manufacturer of electrical
accessories and automation products). He holds a Bachelor of
Management and an Associate Diploma in Business from the
University of South Australia. He is a member of the Board of
Directors of Lighting Council Australia.
Name : Robert Geoffrey Gerard
Designation : Director
Appointment date :
18/01/08
Address : 3 Torrens Avenue
Felixstow, SA 5070
Australia
Biography : Born on 03-01-1945 in
Adelaide, South Australia, Australia.
Mr. Robert Gerard serves as Non-Executive Chairman of the Board
of Gerard Lighting Group Ltd on March 18, 2010. He is the current
Non-executive Chairman of Gerard Corporation and the former
Chairman and Managing Director of Gerard Industries Pty Ltd
(Clipsal) from 1976 to 2003. His affiliations include appointments
such as Director of the Australian Made Campaign, Director of the
Order of Australia Association Foundation Limited, Chairman of the
South Australian State Award Committee and Deputy Chairman of
the World Fellowship Australasian Region of the Duke of Edinburgh
Award. He is the Honorary Consul for Austria in South Australia and
Honorary Consul for the Republic of South Africa in Adelaide.
Name : Benjamin Malcolm Mills
Designation : Director
Appointment date :
18/01/08
Address : 6 Dudley Road
Rose Bay, NSW 2029
Australia
Biography : Born on 15-08-1968 in
Adelaide, South Australia, Australia.
Mr. Ben Mills serves as Executive General Manager Pierlite of Gerard
Lighting Group Ltd on 2001. He has 22 years of experience within the
lighting industry and joined Pierlite in May 1989. During this time, he
has held management positions in product, export, state, national
sales and marketing. He is a member of the Illuminating Engineering
Society of Australia and New Zealand.
Name : Gary Savage
Designation : Director
Appointment date :
21/07/09
Address : Whitehead Road
Mylor, SA 5153
Australia
Biography : Born on 29-09-1960 in Cape
Town, South Africa.
Mr. Gary Savage serves as Executive Director and Joint Company
Secretary of Gerard Lighting Group Ltd on March 17, 2010. He joined
Gerard Lighting at the end of July 2009. He previously spent 30 years
with KPMG, including 13 years as a partner. He has experience in the
provision of advice in the areas of assurance, risk management,
acquisition and vendor due diligence, investigating accountant
reports, corporate governance and general business management.
He holds a Bachelor of Commerce (Honours) Degree from the
University of Pretoria and is a Fellow of the Institute of Chartered
Accountants in Australia.
Name : Graham Craig Ellis
Designation : Director
Appointment date :
18/01/08
Address : 21 Edward Place
Barden Ridge, NSW 2234
Australia
Biography : Born on 28-01-1962 in
Blackwood, South Australia, Australia.
Mr. Graham Ellis serves as Chief Financial Officer of Gerard Lighting
Group Ltd on March 19, 2010. He is Alternate Director to Mr. Savage.
He has 23 years experience in the electrical accessories industry, the
last 17 years in the lighting industry with the Gerard Lighting Group.
His experience includes development of the operational systems and
accounting functions with knowledge of the AS400 system Movex
and previously BPCS, and involvement in business developments of
new markets and strategies of the corporation. He holds a Bachelor
of Arts (Accountancy) Degree and is a member of CPA Australia and
the Australian Institute of Company Directors.
Name : Grant Lee Price
Designation : Company Secretary
Appointment date :
11/02/08
Address : 10 Olive Grove
Hazelwood Park, SA 5066
Australia
Biography : Born on 03-11-1950 in
Adelaide, South Australia, Australia.
Staff employed : 1,600 employees (Gerard Group)
Key Advisors
Auditors : ERNST & YOUNG
321 Kent Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital
: AUD 21,060,289
No of shares : 21,060,289 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 21,060,289
Paid up capital : AUD 21,060,289
How listed : Full
List
Composition
Shareholder name :
LIGHTING CORPORATION PTY LTD
Address : 101 Port Wakefield Road
Cavan, SA 5094
Australia
No. of shares : 21,060,289 Ordinary Shares
% of shares : 100%
Comments : The Subject is indirectly 100%
owned by Gerard Lighting Group Limited which is
a public listed company on the Australian Stock Exchange.
Structure
Name : GERARD LIGHTING GROUP
LIMITED
Affiliation type :
Ultimate Holding Company
Address : 101 Port Wakefield Road
Cavan, SA 5094
Australia
Comments : Gerard Lighting Group Limited
engages in the manufacture and distribution of
lighting products in Australia and New Zealand. It offers commercial,
industrial,
and architectural lighting products, including lamps; mining, road, and
tunnel
lighting products; fluorescent, industrial, exterior, architectural,
medical, adverse,
emergency, energy efficient, and customized lighting products; lighting
instruments and design for commercial, public, and residential
architectural
environments; architectural tubular lighting and extruded aluminum
lighting
systems; and hazardous location lighting products. The company supplies
its
products through electrical wholesalers, retailers, and electrical
contractors under
the Pierlite, Sylvania, Crompton, Moonlighting, Inlite, Austube, and CSE
brand
names. It also distributes its products in East Africa, the United
Kingdom, India,
the Middle East, Indonesia, Malaysia, Pakistan, Mozambique, and Italy.
The
company was founded in 1920 and is based in Cavan, Australia.
Name : LIGHTING CORPORATION
PTY LTD
Affiliation type :
Parent Company
Address : 101 Port Wakefield Road
Cavan, SA 5094
Australia
Name : PIERLITE AUSTRALIA PTY
LIMITED
Affiliation type :
Sister Company
Address : 96-112 Gow Street
Padstow, NSW 2211
Australia
Name : CROMPTON LIGHTING PTY
LIMITED
Affiliation type :
Sister Company
Address : Level 1, 62 Hume Highway
Chullora, NSW 2190
Australia
Name : MOONLIGHTING PTY
LIMITED
Affiliation type : Sister Company
Address : 96-112 Gow Street
Padstow, NSW 2211
Australia
Related companies
and corporate
affiliations
comments: Other companies of the Gerard
Group should be considered affiliates of the
Subject.
Bank Details
Name of bank : Westpac Banking Corporation
Address : Australia
Account details : Current Account
Name of bank : St George Bank
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: 388559
Date Registered: 07-06-1993
Charge type: Both Fixed & Floating
Date Created: 31-05-1993
Chargees Name: BNP PARIBAS
ASIC Charge Number: 773026
Date Registered: 31-10-2000
Charge type: Both Fixed & Floating
Date Created: 26-09-2000
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
Unsatisfied Charges:
ASIC Charge Number: 883829
Date Registered: 16-08-2002
Charge type: Both Fixed & Floating
Date Created: 24-07-2002
Chargees Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 1677796
Date Registered: 11-08-2008
Charge type: Both Fixed & Floating
Date Created: 07-08-2008
Chargees Name: WESTPAC BANKING CORPORATION
Legal Fillings
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 : 30/06/11
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.99 as of
27-06-2012
Summarized Financial Information
Consolidation type
: Group Consolidated Group 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 : 404,414,000 181,291,000
Operating profit :
38,181,000 15,452,000
Profit before tax
: 29,612,000 9,221,000
Net income : 19,519,000 5,668,000
Non current assets
: 123,908,000 109,585,000
Current assets : 170,137,000 166,166,000
Inventories : 68,021,000 67,879,000
Total assets : 294,045,000 275,751,000
Current
liabilities : 91,311,000
89,672,000
Non current
liabilities : 80,590,000 77,581,000
Total liabilities
: 171,901,000 167,253,000
Share equity : 122,144,000 108,498,000
Retained earning :
17,944,000 6,130,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Ultimate Holding Company Gerard Lighting Group Limited and all its
subsidiaries
which include the Subject.
Main activities : The Subject engages in design,
manufacturing and distribution of lighting
fixtures for architectural, industrial/commercial, decorative, and
residential
applications in Australia.
The Subject is ultimately owned by Gerard Lighting Group Limited, a
public
listed company on Australian Stock Exchange.
Gerard Lighting Group Limited (Gerard Lighting) is engaged in
manufacturing, distributing and sale of lighting and allied electrical
products
in Australia and New Zealand. It delivers products to various sectors,
such
as industrial, commercial, residential and government, for use in
infrastructure and architectural projects. Its brand portfolio includes
Pierlite
Australia, Sylvania Lighting Australia (SLA), Crompton Lighting,
Moonlighting, Inlite and Austube.
Product &
services : - Standing/wall luminaries
- Secondary reflectors
- Track and spot, ambient and pendant, exterior, surface, suspended and
floor lighting systems for interior and architectural applications
- Sports, area, building vicinity, amenity, roadway, tunnel, and
industrial
lighting products
- Tungsten halogen, compact fluorescent, pet care and horticulture, high
intensity discharge, LED, special application, and
incandescent/miniature
incandescent lamps
Brand : Sylvania
Concord
CSE
Siteco
Ghidini
Purchases
International :
Worldwide
Sales
Local : Yes
International :
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 facilities located at:
Suite 1C, 69 Waterloo Road
North Ryde, NSW 2113
Australia
page 13 / 17
Tel: +61 2 88730000
25 Donkin Street
West End, QLD 4101
Australia
Tel: +61 7 30348600
Riverview Business Park
87 Moreland Street
Footscray, VIC 3011
Australia
Tel: +61 3 96897833
101 Port Wakefield Road
Cavan, SA 5094
Australia
Tel: +61 8 8139 7378
77 Truganina Road
Malaga, WA 6090
Australia
Tel: +61 8 9249 2890
Intellectual
property : ISO 9001:2008 Certified
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$ 1.586
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%
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%
Purchase Term
International :
L/C, Prepayment, D/P, Telegraphic transfer, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
L/C, Prepayment, D/P, Telegraphic transfer, Credit 30-120 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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.