MIRA INFORM REPORT
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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR GROUP ( |
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Formerly Known As : |
THE CRAFTSMAN PRESS PTY. LIMITED |
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Registered Office : |
C/O Blue Star Group Australia Pty Limited, 81 Derby 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 : |
08.05.1926 |
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Com. Reg. No.: |
004125231 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Provider of commercial and general printing services and print management Services |
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No. of Employees : |
450 employees (Blue Star Group) |
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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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 : BLUE STAR GROUP (VICTORIA)
PTY LIMITED
Other style / Business name :
BLUE STAR PRINT / BLUE STAR DM / BLUE
STAR GO
Business address : 3 Nursery Avenue
Clayton Business Park
Town : Clayton
Province : Victoria
Zip/postal code : 3168
Country : Australia
Tel : +61 3 85146000
Email : print@bluestargroup.com.au
Website : www.bluestargroup.com.au
Registered address : C/O BLUE STAR GROUP AUSTRALIA
PTY LIMITED
81 Derby Street
Town : Silverwater
Province : New South Wales
Zip/postal code : 2128
Country : Australia
Comments : The provided
address Building B, 350 Parramatta Road, Homebush, NSW 2140,
Australia is the Australian head office for Blue Star Group.
Executive Summary
Date founded or registered : 08/05/1926
Legal form : Australian
Proprietary Company
Chief executive : Phillip Michael Bower
Issued & paid up capital
: AUD 200,000
Sales turnover : NZD
569,760,000 (Group consolidated 12 months, 30/06/2011)
Net income : NZD -84,894,000
(Group consolidated 12 months, 30/06/2011)
Total fixed assets : NZD 467,414,000 (Group
consolidated 12 months, 30/06/2011)
Line of business : Provider of commercial and
general printing services and print management
services.
Staff employed : 450 employees (Blue Star
Group)
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
acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : The group has been
facing huge amount of losses for two consecutive years in
2011 and 2010. Credit amount requested can be considered if guarantees are
obtained
Registry Data
Registration date : 08/05/1926
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 004125231
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 53004125231
Registry status : Live/Active
Previous name : THE CRAFTSMAN PRESS PTY.
LIMITED
PENFOLD
PRINTERS (VIC) PTY.LIMITED
W.C.
PENFOLD (VIC.) PTY. LIMITED
THE
CRAFTSMAN PRESS (initial)
Change of legal form : None reported.
Key Management
Name : Phillip Michael Bower
Designation : Managing Director
Appointments
Name : Nathaniel Childres
Designation : Director
Appointment date : 17/11/08
Address : 5 Hyderabad Road
Singapore
119575
Singapore
Biography : Born on 08-07-1967 in New
York, United States.
Name : Phillip Michael Bower
Designation : Director
Appointment date : 28/11/11
Address : 12 Bourmac Avenue
Northbridge,
NSW 2063
Australia
Biography : Born on 12-07-1955 in Hong
Kong, China.
Name : Barry Zuckerman
Designation : Alternate Director
Appointment date : 17/11/08
Address : 27 Latimer Road
Bellevue
Hill, NSW 2023
Australia
Biography : Born on 17-09-1965 in Pinelands,
South Africa.
Name : Darren John Dunkley
Designation : Company Secretary
Appointment date : 06/04/10
Address : 17 Lewis Street
Lapstone,
NSW 2773
Australia
Biography : Born on 18-10-1968 in
Northampton, United Kingdom.
Staff employed : 450 employees (Blue Star
Group)
Key Advisors
Auditors : DELOITTE TOUCHE TOHMATSU
505 Bourke
Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 200,000
No of shares : 100,000 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 200,000
Paid up capital : AUD
200,000
How listed : Full List
Composition
Shareholder name : BLUE STAR GROUP AUSTRALIA PTY LIMITED
Address : 81 Derby Street
Silverwater,
NSW 2128
Australia
No. of shares : 100,000 Ordinary Shares
% of shares : 100%
Structure
Name : BLUE STAR GROUP HOLDINGS LIMITED
Affiliation type : Ultimate Holding Company
Address : 30 Constellation Drive
Mairangi
Bay
Auckland
0632
New
Zealand
Comments :
Blue Star Group Holdings Limited, together with its subsidiaries,
provides commercial printing and print management services to corporations,
government departments, and small to medium-sized businesses in Australia and
New Zealand. The company’s solutions comprise commercial and general print,
digital print, Web printing, creative and design, warehousing and logistics,
direct mail and fulfillment, full color digital variable printing, and labels.
It also owns real estate properties. The company is majority owned by CHAMP
Private Equity, a buy out funds manager based in Australia.
Name : BLUE STAR GROUP AUSTRALIA PTY
LIMITED
Affiliation type : Parent Company
Address : 81 Derby Street
Silverwater,
NSW 2128
Australia
Comments :
Blue Star Group Australia Pty Limited provides commercial printing
and print management services. The company was formerly known as Blue Star
Print Group Australia Pty Limited. The company was incorporated in 1957 and is
based in Clayton, Australia.
Name : BLUE STAR GROUP LIMITED
Affiliation type : Sister Company
Address 30 Constellation Drive
Mairangi
Bay
Auckland
0632
New
Zealand
Name : BLUE STAR GROUP (NEW ZEALAND)
LIMITED
Affiliation type : Sister
Company
Address : 30 Constellation Drive
Mairangi
Bay
Auckland
0632
New
Zealand
Name : BLUE STAR GROUP INVESTMENTS LIMITED
Affiliation type : Sister
Company
Address : 30 Constellation Drive
Mairangi
Bay
Auckland
0632
New
Zealand
Name : BLUE STAR GROUP PTY LIMITED
Affiliation type : Sister
Company
Address : 81 Derby Street
Silverwater,
NSW 2128
Australia
Name : PIRION DIGITAL PTY LIMITED
Affiliation type : Sister
Company
Address : 81 Derby Street
Silverwater,
NSW 2128
Australia
Comments : Under external administration.
Name : PIRION LOGISTICS PTY LIMITED
Affiliation type : Sister
Company
Address : 81 Derby Street
Silverwater,
NSW 2128
Australia
Comments : Under external administration.
Name : PIRION
PRINTING PTY LIMITED
Affiliation type : Sister Company
Address :
81 Derby Street
Silverwater, NSW 2128
Australia
Comments : Under external administration.
Name : AUSINFOSHOP.COM
PTY LIMITED
Affiliation type : Sister Company
Address : 81 Derby Street
Silverwater, NSW 2128
Australia
Comments : Under external administration.
Related companies
and corporate affiliations comments
Other companies of the Blue Star Group
should be considered affiliates of the Group.
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.
FINANCIAL DATA
Description
Source of financial statement
: Public Record Sources
Financial statement date : 30/06/11
Type of accounts : Full audited
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.32 as of
20-05-2012
Summarized
Financial Information
Consolidation type : Group Consolidated Group Consolidated Group Consolidated
Currency : New Zealand, Dollar (NZD) New Zealand, Dollar (NZD) New Zealand, Dollar
(NZD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end :
31/12/11 30/06/11
30/06/10
Length of accounts : 6 months 12
months 12
months
Sale turnover / Income :
280,306,000 569,760,000
569,242,000
Gross profit : 45,468,000 96,078,000 100,007,000
Operating profit : -15,600,000 -24,880,000 -15,491,000
Profit before tax : 22,629,000 -84,640,000 -76,135,000
Net income : 12,494,000 -84,894,000 -75,613,000
Non current assets : 268,916,000 342,155,000 383,239,000
Current assets : 134,592,000 125,259,000 112,881,000
Inventories : 39,601,000 33,137,000 31,249,000
Total assets : 403,508,000 467,414,000 496,120,000
Current liabilities : 158,949,000 278,717,000 117,004,000
Non current liabilities : 227,877,000
184,385,000 291,214,000
Total liabilities : 386,826,000 463,102,000 408,218,000
Share equity : 16,682,000 4,312,000 87,902,000
Retained earning : -179,285,000 -191,779,000 -106,885,000
Comments :
The group’s consolidated financial information
above relates to the Subject’s Ultimate Holding Company Blue Star Group
Holdings Limited and all its subsidiaries which include the Subject.
Main
activities :
The Subject provides commercial printing
services.
The
Subject operates from 3 divisions:
Blue
Star PRINT - Sheet fed printing division offering production of printed
materials from brochures, booklets, flyers and posters to point-of-sale
marketing and business stationery.
Blue
Star DM - Mailing and e-communications operation offering a range of solutions
Blue
Star GO - Digital print services
The
Subject is ultimately owned by Blue Star Group Holdings Limited. Blue Star
Group Holdings Limited, together with its subsidiaries, provides commercial printing
and print management services to corporations, government departments, and
small to medium-sized businesses in Australia and New Zealand. The company’s
solutions comprise commercial and general print, digital print, Web printing,
creative and design, warehousing and logistics, direct mail and fulfillment,
full color digital variable printing, and labels. It also owns real estate
properties.
Product & services :
Blue
Star PRINT
-Commercial
and general print
-Annual
reports
-Publications
-Books
-Brochures
-Impact and self-mailers
-Corporate communications
-Marketing print collateral
-Forms
-Point of sale
Blue Star GO
-Colour digital printing
-Short-run general print
-Brochures
-Forms
-Business cards
-Onsite print solutions
Blue Star DM
-Mailing services
-Data management and sorting
-Personalisation - laser and inkjet
-Envelope insertion
-Plastic wrapping
-Full colour digital variable printing
Brand : Blue Star PRINT
Blue Star DM
Blue Star GO
Purchases
International : Asian countries
Sales
Local : Yes
International : New Zealand, Pacific Islands
Key events : 1 December 2011
Blue Star Group Holdings appoints new Managing Director The Board of Blue Star Group Holdings Limited is pleased to announce the appointment of Mr. Phillip Bower as Managing Director and Chief Executive Officer of Blue Star Group Holdings.
Mr. Bower has previously performed the role of Managing Director at three substantial organisations: Goodman Fielder, MCK Group (a diversified industrial products manufacturer) and most recently Unitas Capital (a leading Asia Pacific private equity firm).
Blue Star Chairman, Mr. Nick Greiner, said, “Phillip Bower is an astute businessman who has been tested across a range of industries and challenging commercial situations. He has proven operational skills and a record of achieving results. The Board looks forward to working with Phillip as he executes the strategy recently presented to Bondholders.”
Mr. Bower will take up his
appointment on 28 November 2011.
10 August 2011
Blue Star Bondholders Approve Amendment Offer The Board of Blue
Star is pleased to announce that Bondholders have approved the revised
Amendment Offer. At a meeting in Auckland today Bondholders voted 76.9% in
favour of the refinancing proposal, surpassing the required 75% approval.
Bondholder approval of the Amendment Offer was the final
requirement to give effect to the proposed refinancing package, which is
essential to the group’s future. The package includes the extension by senior
lenders of existing funding lines, the provision of further liquidity and the
easing of covenants, plus the provision of $15 million in new funding by the
group’s principal shareholder.
Blue Star managing director Chris Mitchell acknowledged that the
decision had been difficult for Bondholders.
“The Board appreciates the decision of Bondholders to give this
company time to demonstrate that it can deliver on the repositioning and
restructuring that it is undertaking to drive higher levels of earnings.
Improved performance is the key to Bondholders receiving some or
all of their investment back.”
“The Company remains confident in its plan.”
Under the terms of the Amendment Offer Bondholders will receive
their first interest payment in October 2013.
Mr Mitchell said “the approval of the refinancing package means that a cloud has been lifted from the company. We now have the financial confidence to be able to move forward and deliver on our strategies. Our staff, suppliers and customers have been hugely patient through these difficult times and I thank them for their support.”
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading address consisting of
printing facilities, warehouse and administrative office.
Branches : In addition, the Subject
operates from group head office located at:
81 Derby
Street
Silverwater,
NSW 2128
Australia
Tel: +61 2
97483411
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 : Prepayment, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : Prepayment, Telegraphic
transfer, D/P, 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.54.88 |
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UK Pound |
1 |
Rs.86.84 |
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Euro |
1 |
Rs.70.21 |
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.