MIRA INFORM REPORT
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Report Date : |
21.03.2012 |
IDENTIFICATION DETAILS
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Name : |
CABLE ACCESSORIES (AUSTRALIA) PTY LTD |
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Registered Office : |
1 Butler Drive, Hendon, South
Australia, Zip/postal code 5014 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
17.06.1981 |
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Com. Reg. No.: |
002184616 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturer, Import & Distribution of electrical and data communication products |
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No. of Employees : |
250 |
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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Maximum Credit Limit : |
USD 1,500,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : CABLE ACCESSORIES (AUSTRALIA) PTY
LTD
Business address : 8 Distribution Place
Town : Seven Hills
Province : New South Wales
Zip/postal code : 2147
Country : Australia
Tel : +61 2 96785055
Fax : +61 2 96785084
Email : sales@cabac.com.au
Website : www.cabac.com.au
Registered address : 1 Butler Drive
Town : Hendon
Province : South Australia
Zip/postal code : 5014
Country : Australia
Postal address : P.O. Box 107
Town : Silverwater
Province : New South Wales
Zip/postal code : 1811
Country : Australia
Executive Summary
Date founded or registered : 17/06/1981
Legal form : Australian
Proprietary Company
Chief executive : Bradley Robert Dowe
Issued & paid up capital
: AUD 200
Sales turnover : AUD 87,338,000 (Group-consolidated
12 months, 30/06/2011)
Net income : AUD 7,985,000
(Group-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 78,870,000
(Group-consolidated 12 months, 30/06/2011)
Line of business : Manufacturer, import
& distribution of electrical and data communication
products.
Staff employed : 250 employees (Subject)
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 good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 1,500,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the market
and the financial stability of the group is positive.
Registry Data
Registration date : 17/06/1981
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 002184616
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 71002184616
Registry status : Live/Active
Previous name : SYKAY PTY LTD (initial)
Change of legal form : None reported.
Other registration : CABAC is a business name
owned by the Subject under business registration
no: NSW BN97911245 and TAS BN01604077.
Key Management
Name : Bradley Robert Dowe
Designation : Managing Director
Name : Robert Watters
Designation : General Manager
Name : Andrew Hartley
Designation : National Sales Manager
Name : Laurance Dahdah
Designation : Engineering Manager
Name : Bruce Ogden
Designation : R & D Manager
Appointments
Name : Bruce Higgins
Designation : Director
Appointment date : 11/01/08
Address : 12 Mullins Court
Williamstown,
VIC 3016
Australia
Biography : Born on 10-12-1959 in Geelong, Victoria, Australia.
Mr. Bruce E. Higgins has been Independent Non-Executive Chairman
of the Board of Legend Corp Ltd since December 3, 2007. He has been on the
Company's Board since October 22, 2007. He is Chairman of the Remuneration
Committee and Nominations Committee and Member of the Audit and Risk Management
Committee. Mr. Higgins is an experienced non-executive director, chairman and
former chief executive of both private and listed companies within Australia
and internationally, spanning 25 years in diverse companies ranging from
engineering, manufacturing and professional services to larger contracting
businesses. He was the recipient of the Ernst & Young “Entrepreneur of the
Year” award in the Southern California region in June 2005. He has been
Chairman of Q Technology Group (appointed December 2010) and was Chairman of
XTEK Limited (appointed May 2006, retired November 2008), Chairman of TSV
Holdings Limited (appointed July 2007, resigned August 2010) and Director of
Global Heath Limited (appointed January 2010, retired November 20 0). He holds
a Bachelor of Engineering and a Masters of Business Administration. He is a
Chartered Professional Engineer and is Fellow of the Australian Institute of
Company Directors
Name : Bradley
Robert Dowe
Designation : Director
Appointment date : 03/07/06
Address : C/o CABLE ACCESSORIES (AUSTRALIA) PTY LTD
8 Distribution Place
Seven Hills, NSW 2147
Australia
Biography : Born on 26-03-1960 in Melbourne, Victoria,
Australia.
Mr.
Bradley R. Dowe is Chief Executive Officer, Managing Director and Executive
Director of Legend Corp Ltd. He has been on the Company's Board since October
2002. He is Member of the Nominations Committee. Mr. Dowe is the founder and
Chief Executive Officer of Legend and has been working in the field of
engineering and computing for over 25 years. His experience covers all facets
of engineering, electronics, manufacturing processes, software system development
and international business operations.
He
holds a Bachelor of Science in Computer Science.
Name
: Graham Allan Seppelt
Designation
: Company Secretary
Appointment date : 28/11/07
Address : 11 Surrey Road
Aldgate, SA 5154
Australia
Biography
: Born on 10-10-1942 in Angaston, South Australia, Australia. Mr. Graham Allan
Seppelt, CPA, has been Group Company Secretary of Legend Corp Ltd since January
18, 2005. He is a Certified Practicing Accountant (CPA) with 40 years of
experience and an exposure to a range of industries as a senior manager and
contract accountant in corporate advisory roles. He is also company secretary
for ASX listed companies BSA Limited, Mesbon China Nylon Limited, UXA Resources
Limited and My ATM Holdings Limited. He graduated from the University of South
Australia.
Staff employed : 250 employees (Subject)
Key Advisors
Auditors : GRANT THORNTON AUDIT PTY
LTD
383 Kent
Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 200
No of shares : 90 Class A Shares / 10 Class B
Shares / 100 Class D Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 200
Paid up capital : AUD
200
How listed : Full List
Composition
Shareholder name : CABLE ACCESSORIES (HOLDINGS) PTY. LIMITED
Address : 1 Butler Drive
Hendon, SA
5014
Australia
No. of shares : 90 Class A Shares / 10 Class B
Shares / 100 Class D Ordinary Shares
% of shares : 100%
Structure
Name : LEGEND CORPORATION LIMITED
Affiliation type : Ultimate
Holding Company
Address : 1 Butler Drive
Hendon, SA
5014
Australia
Comments : Legend Corporation Limited, an engineering solutions
provider, operates in the electrical, information technology, semiconductor,
medical, and power utility industries primarily in Australia, New Zealand,
China, and the United States. The company’s Memory Modules and Semiconductors
segment manufactures application specific memory for information technology
applications, as well as designs and manufactures integrated circuits, thick
film hybrids, and ceramic printed circuit boards for use in various industries,
including medical, telecommunications, lighting, automotive, and consumer
electrical. This segment also supplies a range of digital products, computer
peripherals, and accessories.
Its Electrical, Data and Communications segment distributes a
range of house branded electrical connectivity products and tools, cable
assemblies, data, and computer room products principally to electrical
wholesale or power distribution industries, as well as manufactures a range of
specialized electrical connectors.
The company was founded in 1947 and is
based in Hendon, Australia.
Name : CABLE
ACCESSORIES (HOLDINGS) PTY. LIMITED
Affiliation type : Parent Company
Address :
1 Butler Drive
Hendon,
SA 5014
Australia
Name : LEGEND
CORPORATE SERVICES PTY LIMITED
Affiliation type : Sister Company
Address : 1 Butler Drive
Hendon, SA 5014
Australia
Name : IES
INVESTMENTS PTY LTD
Affiliation type : Sister Company
Address : 1 Butler Drive
Hendon,
SA 5014
Australia
Name : LEGEND
(PACIFIC) PTY. LTD.
Affiliation type : Sister Company
Address : 1 Butler Drive
Hendon, SA 5014
Australia
Name : LEGEND
TECH (SINGAPORE) PTE. LTD.
Affiliation type : Sister Company
Address : 1003 Bukit Merah Central
Inno Centre #06-26
Singapore 159836
Singapore
Name : LEGEND
PERFORMANCE TECHNOLOGY (THAILAND) COMPANY LTD
Affiliation type : Sister Company
Address : Thailand
Name : HENDON
SEMICONDUCTORS PTY LTD
Affiliation type : Sister Company
Address : 1 Butler Drive
Hendon, SA 5014
Australia
Name : CABAC
PROJECTS PTY LIMITED
Affiliation type : Sister Company
Address : 1 Butler Drive
Hendon, SA 5014
Australia
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 :
Satisfied Charges:
ASIC Charge Number: 4773
Date Registered: 09-08-1984
Charge type: Both Fixed & Floating
Date Created: 28-07-1984
Chargees Name: CARRINGTON CONFIRMERS PTY. LTD.
ASIC Charge Number: 4790
Date Registered: 15-12-1986
Charge type: Both Fixed & Floating
Date Created: 27-11-1986
Chargees Name: NZI CAPITAL CORPORATION LIMITED
ASIC Charge Number: 4818
Date Registered: 20-11-1989
Charge type: Both Fixed & Floating
Date Created: 27-10-1989
Chargees Name: NZI SECURITIES AUSTRALIA LIMITED
ASIC Charge Number: 4845
Date Registered: 26-03-1990
Charge type: Both Fixed & Floating
Date Created: 26-02-1990
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported
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 0.94 as of
19-03-2012
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 : 87,338,000 86,752,000
Profit before tax : 11,496,000 9,736,000
Net income : 7,985,000 6,610,000
Non current assets : 40,389,000 38,753,000
Current assets : 38,481,000 35,839,000
Inventories : 15,356,000 15,279,000
Total assets : 78,870,000 74,592,000
Current liabilities : 16,513,000 11,780,000
Non current liabilities : 9,408,000 14,039,000
Total liabilities : 25,921,000 25,819,000
Share equity : 52,949,000 48,773,000
Reserve : 115,000 110,000
Retained earning : -21,301,000 -25,381,000
Comments : The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Legend Corporation Limited and all its subsidiaries which include the Subject.
Main activities : The Subject is engaged in import, manufacturing &
distribution of electrical, power and
data
communication products.
The
Subject sells its products through distributors and online sales.
The
Subject is wholly owned subsidiary of Cable Accessories Holdings Pty. Ltd.
Cable
Accessories Holdings Pty. Ltd. is a wholly owned subsidiary of Legend
Corporation Limited, a public listed company on Australian Stock Exchange and
is engaged in the distribution of cable accessories and tools servicing the
electrical wholesale industry; the design and sale of integrated circuits
(semiconductors) for consumer electrical products, medical devices and
industrial electronic components; the manufacture and sales of computer
memory-based products; the distribution of computer room accessories; and the
design and sale of specialized connectors and cable assemblies to power
utilities. The Company operates in two segments: Memory Modules and
Semiconductors, and Electrical, Data and Communications.
Product
& services :
· Data products:
· Cables Audio Computers Video
· Connectors
· Data Tools
· Networking Cabling
· Networking Hardware
· Power Board and Cord
· Server Racks and Cabinets
· Electrical Products:
· Cable Management
· Cable Ties and Mounts
· CABTRAY Cable Support Systems
· Crimping Tools
· Heatshrink
· Safety Equipment
· Solvents and Sprays
· Test and Measurement
· Power products:
· Earthing Rods
· Electrical Insulation
· Photo Electric Cells
· Live Line Tooling
· Low Voltage Terminations and Joints
· Medium Voltage Terminations and Joints
· Overhead Line Equipment
· Underground Pits and Accessories
Brand : Cabac
Purchases
International : Asian countries
Sales
Local : Yes
International : New Zealand, Pacific Islands,
Asian countries
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:
Unit 2 / 4
Garden Road
Clayton,
VIC 3168
Australia
1 Butler
Drive
Hendon, SA
5014
Australia
Unit 2, 50
Howe Street
Osborne
Park, WA 6017
Australia
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: 4.0% 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 :
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$46,722 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
Local : Prepayment, Bank
transfer, Credit up to 90 days
International : L/C, Prepayment, Telegraphic
transfer, Credit up to 90 days
Sales Term
Local : Prepayment, Bank
transfer, Credit up to 90 days
International : L/C, Prepayment, Telegraphic
transfer, Credit up to 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.50.25 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
RATING EXPLANATIONS
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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 |
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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.