MIRA INFORM REPORT
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Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
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Name : |
INDUCTOTHERM GROUP AUSTRALIA PTY LTD |
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Formerly Known As : |
INDUCTOTHERM PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.03.1981 |
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Com. Reg. No.: |
005793911 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Manufacturing and marketing of electrical induction melting and heating equipment |
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No. of Employees : |
48 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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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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 : INDUCTOTHERM GROUP AUSTRALIA PTY
LTD
Business address : 62 Bardia Avenue
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Tel : +61 3 97866000
Fax : +61 3 97853043
Email : furnaces@inductotherm.com.au
Website : www.inductotherm.com.au
Registered address : 62 Bardia Avenue
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Postal address : P.O. Box 171
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Executive Summary
Date founded or registered : 24/03/1981
Legal form : Australian
Proprietary Company
Chief executive : William Angus Mckenzie
Henry
Issued & paid up capital
: AUD 868,358
Sales turnover : AUD 16,982,820
(Non-consolidated 12 months, 31/12/2010)
Net income : AUD -1,687,777
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : AUD 11,144,372
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing and
marketing of electrical induction melting and heating
equipment.
Staff employed : 48 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is reasonably experienced
Financial performance : Financial performance is gradually
declining
Organization structure : Organizational structure is stable
Detrimental records : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 24/03/1981
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
005793911
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
48005793911
Registry status : Live/Active
Previous name : INDUCTOTHERM
PTY LTD
INDUCTOTHERM (MELTING) PROPRIETARY LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : William Angus Mckenzie Henry
Designation : Managing Director
Appointments
Name : Henry Madison Rowan
Designation : Director
Appointment date : 28/04/81
Address : C/o INDUCTOTHERM CORP.
10 Indel
Avenue
Rancocas,
NJ 08073-0157
United
States
Biography : Born on 04-12-1923 in United
States.
Name : Gary Doyon
Designation : Director
Appointment date : 28/04/84
Address : 31 Kerby Court
Grosse
Pointe Farms, MI 48236
United
States
Biography : Born on 13-01-1959 in North
Providence, Rhode Island, United States
Name : William Angus Mckenzie
Henry
Designation : Director
Appointment date : 16/11/05
Address : 20 Prince Edward Avenue
Mckinnon,
VIC 3204
Australia
Biography : Born on 11-05-1965 in
Ballarat, Victoria, Australia
Name : Christopher Gordon
Stone
Designation : Director
Appointment date : 16/11/05
Address : 60 Alicudi Avenue
Frankston,
VIC 3199
Australia
Biography : Born on 06-11-1953 in
Melbourne, Victoria, Australia
Name : Satyen Prabhu
Designation : Director
Appointment date : 16/11/05
Address : C/o INDUCTOTHERM CORP.
10 Indel
Avenue
Rancocas,
NJ 08073-0157
United
States
Biography : Born on 17-10-1961 in Thane,
India.
Name : Colin Stow
Designation : Company Secretary
Appointment date : 15/12/11
Address : 101 Monash Drive
Mulgrave,
VIC 3170
Australia
Biography : Born on 08-03-1959 in Box Hill, Victoria,
Australia
Staff employed : 48 employees
Key Advisors
Auditors : HLB MANN JUDD
Level 1,
160 Queen Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 868,358
No of shares : 868,358 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 868,358
Paid up capital : AUD
868,358
How listed : Full List
Composition
Shareholder name : ROWAN TECHNOLOGIES INC.
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
No. of shares : 868,357 Ordinary shares
Shareholder name : William Angus Mckenzie Henry
Address : 20 Prince Edward Avenue
Mckinnon,
VIC 3204
Australia
No. of shares : 1 Ordinary share
Structure
Name : ROWAN TECHNOLOGIES INC.
Affiliation type : Parent Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Comments :
Rowan Technologies Inc. designs and manufactures melting, heating,
holding, and pouring systems for metal and material processing industries. It
offers induction furnaces, induction power supply systems, coils, computer
control systems, automatic pouring systems, holding systems, strip heating
systems, galvanizing pots, slab heating systems, tube and pipe heating systems,
mill roll and rail hardening systems, vacuum and controlled atmosphere systems,
material handling systems, water cooling systems, and aluminum processing
systems.
The company also provides induction equipment for melting,
heating, coating, galvanizing, and galvanealing for the steel industry. It
serves renewable energies and resources, recycling and processing, automotive
and transportation, aeronautics and aerospace, marine and water transportation,
structural and municipal, government, medical, universities and laboratories,
precious metals, electrical and electronics, agriculture and farming, and
recreation and sports industries. Rowan Technologies Inc. was founded in 2003
and is based in Rancocas, New Jersey with locations in Australia, Belgium,
Brazil, Canada, China, England, France, Germany, India, Indonesia, Japan,
Korea, Mexico, Russia, Spain, Taiwan, Turkey, and the United States.
Name : PT. INDUCTOTHERM INDONESIA
Affiliation type : Subsidiary
Address : Jl. Flores II Blok C7 No.4,
Kawasan
Industri MM2100, Desa Mekarwangi
Cikarang
Barat, Bekasi
Indonesia
Name : INDUCTOTHERM (INDIA) PRIVATE
LIMITED
Affiliation type : Sister
Company
Address : Shri Kishcebhai D.Vyas Building
Bopal,
Ahmedabad 380 058
India
Name : INDUCTOTHERM KOREA CO., LTD.
Affiliation type : Sister
Company
Address : 18B-40L, Banwol Ind. Complex
617-2,
Seonggok-dong
Danwon-gu
Ansan, 425
833
South
Korea
Name : INDUCTOTHERM CORP.
Affiliation type : Sister
Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Name : INDUCTOTHERM DEUTSCHLAND GMBH
Affiliation type : Sister
Company
Address : Hauptstrasse 7
52152
Simmerath
Germany
Name : HI T.E.Q., INC
Affiliation type : Sister
Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Comments :
Furnace manufacturer with
advanced design for a complete line of high quality aluminum processing
furnaces.
Name : INDUCTOTHERM GROUP BRASIL LTDA.
Affiliation type : Sister
Company
Address : Rua Herminio de Mello, 526
CEP
13347-330
Indaiatuba,
SP
Brasil
Name : INDUCTOTHERM JAPAN LTD.
Affiliation type : Sister
Company
Address : 3-10 Minamibefu 1-Chome
Nishi-Ku
Kobe
651-2116
Japan
Name : INDUCTOTHERM TAIWAN LTD.
Affiliation type : Sister
Company
Address : No. 695 Kao Shih Road, Youth Industrial
Park
Yang Mei,
Taoyuan Hsien
Taiwan,
R.O.C.
Related companies and corporate affiliations comments
Other companies of the
Inductotherm Group should be considered affiliates of the Subject.
Bank Details
Name of bank : HSBC Bank Australia 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 : 31/12/10
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.02 as of
19-05-2012
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 : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
Sale turnover / Income : 16,982,820 21,792,792
Profit before tax : -3,062,408 794,533
Net income : -1,687,777 555,681
Non current assets : 3,721,067 2,392,521
Current assets : 7,423,305 10,745,301
Inventories : 2,289,567 3,239,014
Total assets : 11,144,372 13,137,822
Current liabilities : 8,922,453 9,181,655
Non current liabilities : 94,081 56,572
Total liabilities : 9,016,534 9,238,227
Share equity : 2,127,838 3,899,595
Retained earning : 1,320,802 3,050,569
Main activities :
The Subject engages in manufacturing
and marketing of electrical induction melting and heating equipment.
The Subject is part of Inductotherm Group of companies, worldwide leader in induction melting & heating technology and is headquartered in Rancocas, New Jersey. USA. Inductotherm is the largest manufacturer of induction melting furnaces in the world.
Product & services :
Furnace Components
Furnaces
Induction Furnaces
Induction Melting Furnaces
Purchases
International : Worldwide (Mainly from sister companies)
Sales
Local : Yes
International : South East Asia, New Zealand
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading address consisting of
production facilities, warehouse and administrative.
Branches : None reported.
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: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2010:5.2 %
2011: 5.0%
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
2011: 24.1%
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
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.54.68 |
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UK Pound |
1 |
Rs.86.52 |
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Euro |
1 |
Rs.69.86 |
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.