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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
WESFIL AUSTRALIA PTY LTD |
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Formerly Known As : |
BOCAGE PTY LIMITED (INITIAL) |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
20.06.1996 |
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Com. Reg. No.: |
074202485 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of aftermarket automotive parts. |
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No. of Employees : |
1,576 employees (GUD Group) |
RATING & COMMENTS
|
MIRAs 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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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 : WESFIL AUSTRALIA PTY LTD
Business address :
Unit 1, 16 Ada Avenue
Town : Brookvale
Province : New South Wales
Zip/postal code : 2100
Country : Australia
Tel : +61 2 99392544
Fax : +61 2 99386547
Email : sales@wesfil.com.au
Website : www.wesfil.com.au
Registered address
: 245 Sunshine Road
Town : Tottenham
Province : Victoria
Zip/postal code : 3012
Country : Australia
Postal address : P.O. Box 677
Town : Brookvale
Province : New South Wales
Zip/postal code : 2100
Country : Australia
Executive Summary
Date founded or
registered : 20/06/1996
Legal form : Australian
Proprietary Company
Chief executive : Terry Leslie Cooper
Issued & paid
up capital : AUD 1,500,000
Sales turnover : AUD
596,427,000 (Group-consolidated 12 months, 30/06/2011)
Net income : AUD 39,656,000
(Group-consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 501,305,000
(Group-consolidated 12 months, 30/06/2011)
Line of business :
Import and
distribution of aftermarket automotive parts.
Staff employed : 1,576 employees (GUD
Group)
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
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
: 20/06/1996
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
074202485
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
57074202485
Registry status : Live/Active
Previous name : BOCAGE PTY LIMITED (initial)
Change of legal
form : None reported.
Key Management
Name : Terry Leslie Cooper
Designation : Managing Director
Appointments
Name : Terry Leslie Cooper
Designation : Director
Appointment date :
17/09/96
Address : Unit 7, 1761 Pittwater Road
Mona Vale, NSW 2103
Australia
Biography : Born on 27-03-1953 in Port
Macquarie, New South Wales, Australia.
Name : Ian Alistair Campbell
Designation : Director
Appointment date : 20/10/98
Address : 14 Fellows Road
Point Lonsdale, VIC 3225
Australia
Biography : Born on 15-04-1950 in
Portsmouth, United Kingdom.
Mr. Ian Alistair Campbell serves as Managing Director and Executive
Director of GUD Holdings Limited. Mr. Campbell was appointed a
Non-Executive Director of Mirrabooka Investments Limited in
November 15, 2007. He is also Vice-President of Ai Group (Vic.) and
former Managing Director of Pacific Dunlop Cables Group. He is a
Member of the Australian Institute of Company Directors.
Name : Martin Andrew Fraser
Designation : Director
Appointment date :
01/01/12
Address : 16 South Road
Brighton, VIC 3186
Australia
Biography : Born on 18-10-1962 in
Melbourne, Victoria, Australia.
Name : Malcolm George Tyler
Designation : Company Secretary
Appointment date :
18/11/05
Address : 11 Pridham Street
Prahran, VIC 3181
Australia
Biography : Born on 30-09-1960 in
Melbourne, Victoria, Australia.
Mr. Malcolm G. Tyler is Company Secretary of GUD Holdings
Limited. He is an associate of Chartered Secretaries Australia, a
former partner with Freehills and general counsel with Southcorp
Limited. He has held a legal practising certificate in Victoria for 25
years. He holds a Bachelor of Law and a Bachelor of Commerce
(Hons) and a Master of Business Administration.
Staff employed : 1,576 employees (GUD Group)
Key Advisors
Auditors : John Etherington
Level 21, 505 Bourke Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital
: AUD 1,500,000
No of shares : 1,500,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,500,000
Paid up capital : AUD 1,500,000
How listed : Full
List
Composition
Shareholder name :
G.U.D. HOLDINGS LIMITED
Address : 245 Sunshine Road
Tottenham, VIC 3012
Australia
No. of shares : 1,500,000 Ordinary Shares
% of shares : 100%
Structure
Name : G.U.D. HOLDINGS LIMITED
Affiliation type :
Parent Company
Address : 245 Sunshine Road
Tottenham, VIC 3012
Australia
Comments : GUD Holdings Limited engages in
the manufacture, importation, distribution, and
sale of cleaning products, household appliances, and automotive products
in
Australia and New Zealand. It offers kitchen products, such as toasters,
kettles,
fry pans, food preparation appliances, snack makers, juicers, water
chillers and
filters, ice cream and milk shake makers, coffee machines and grinders,
and food
preservation systems; household products, including irons and ironing
boards,
electric blankets, and electric heating and cooling products; personal
use
products comprising hairdryers, hair stylers, epilators, body massagers,
and foot
spas; and outdoor entertaining products consisting of wine and beer
chillers,
electric barbeque grills and ovens, and gas barbeques. The company also
provides brushware, mops, buckets, sponges, wipes, and scourers; oil,
air, fuel,
cabin air, and fuel filters; fuel pumps and related parts; water
pumping,
conservation, and treatment products for urban, rural, irrigation, and
commercial
applications; swimming pool products, such as salt water chlorinators,
pumps,
filters, heaters, and other accessories for domestic and commercial pools;
and
spa bath and pool pumps, controllers, heaters, and filtration and
treatment
products. In addition, it manufactures and sells industrial storage and
automation
solutions, including pallet racking, shelving, and automated systems;
commercial
storage and filing solutions comprising cabinets, shelving, lockers, and
mobile
storage; and a range of locking solutions for metal and wooden
furniture, garage
and security doors, commercial and domestic windows, caravans, and
electrical
cabinets. The company serves department stores, mass merchants, hardware
outlets, specialist electrical retailers, automotive aftermarket
wholesalers and
resellers, water systems dealers, swimming pool builders, retail pool
shops, lock
smiths, and original equipment manufacturers. GUD Holdings Limited is
based in
Tottenham, Australia.
Name : LOCK FOCUS PTY LTD
Affiliation type :
Sister Company
Address : 15-17 Futura Road
Keysborough, VIC 3173
Australia
Name : GUD AUTOMOTIVE PTY LTD
Affiliation type :
Sister Company
Address : 245 Sunshine Road
Tottenham, VIC 3012
Australia
Name : DAVEY WATER PRODUCTS
LIMITED
Affiliation type :
Sister Company
Address : 7 Rockridge Avenue
Penrose
Auckland 1061
New Zealand
Name : SUNBEAM CORPORATION LIMITED
Affiliation type :
Sister Company
Address : Unit 3 Building D
26 Vestey Drive
Mount Wellington
Auckland 1060
New Zealand
Name : GUD (NZ) LIMITED
Affiliation type :
Sister Company
Address : 626A Rosebank Road
Avondale
Auckland 1026
New Zealand
Name : DEXION ASIA SDN BHD
Affiliation type :
Sister Company
Address : MR2-01-01 Sri Acappella
Commercial Annex
Jalan Lompat Tinggi 13/33
Section 13, 40100, Shah Alam
Selangor Darul Ehsan
Malaysia
Name : DAVEY WATER PRODUCTS
PTY LTD
Affiliation type :
Sister Company
Address : 6 Lakeview Drive
Scoresby, VIC 3179
Australia
Name : DEXION (AUSTRALIA) PTY
LTD
Affiliation type :
Sister Company
Address : 23 Tattersall Road
Kings Park, NSW 2148
Australia
Name : E.D. OATES PROPRIETARY
LIMITED
Affiliation type :
Sister Company
Address : 1321 Maygar Boulevard
Broadmeadows, VIC 3047
Australia
Related companies
and corporate
affiliations
comments: Other companies of the GUD
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 : Public
Record Sources
Financial
statement date : 30/06/11
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
: 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 : 596,427,000 476,601,000
Gross profit : 240,309,000
204,604,000
Operating profit : 64,776,000 71,571,000
Profit before tax
: 55,869,000
65,155,000
Net income : 39,656,000
46,361,000
Non current assets
: 288,944,000
164,747,000
Current assets : 212,361,000 174,853,000
Inventories : 103,190,000
77,294,000
Total assets : 501,305,000
339,600,000
Current
liabilities : 111,928,000
66,167,000
Non current
liabilities : 131,733,000 55,315,000
Total liabilities
: 243,661,000
121,482,000
Share equity : 257,644,000
218,118,000
Reserve : 43,736,000
28,837,000
Retained earning :
43,845,000
47,052,000
Comments : The groups consolidated financial
information above relates to the Subjects
Ultimate Holding Company G.U.D. Holdings Limited and all its
subsidiaries which
include the Subject.
Main activities : The Subject engages in import and
distribution of aftermarket automotive parts.
The Subject is a wholly owned subsidiary of G.U.D. Holdings Limited. GUD
has been listed on the Australian Stock Exchange for over 50 years and
is
included in the S&P ASX 200 index.
G.U.D. Holdings Limited is engaged in the manufacture and importation,
distribution and sale of cleaning products, household appliances,
warehouse racking, industrial storage solutions, office storage
products,
automotive products, locking devices, pumps, pool and spa systems, and
water pressure systems. It segments include: consumer products, which
includes small electrical appliances and cleaning products; automotive
products, which includes automotive and heavy duty filters for cars,
trucks,
agricultural and mining equipment, fuel pumps and associated products;
water products, which includes pumps and pressure systems for household
and farm water, swimming pool products, spa bath controllers and pumps
and water purification equipment, and industrial products, which is a
manufacturer and provider of industrial storage and automation solutions
plus disc tumbler locks for furniture, doors and safe locking systems.
In
February 2012, it exited its 19.3% interest in Breville Group Limited.
Product &
services : Air filters
Cabin filters
Oil filters
Diesel fuel filters
Efi fuel filters
Plastic fuel filters
Brand : Wesfil
Purchases
International : Germany, Japan, United States,
Taiwan, South Korea, China, Thailand,
Malaysia
Sales
Local : Yes
International :
New Zealand, Pacific Islands
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of administrative office and warehouse.
Branches : In addition, the Subject operates from
branch offices located at:
17-19 South Link
Dandenong South, VIC 3175
Australia
Tel: +61 3 9702 9900
6/5 Pacific Highway
Gateshead, NSW 2290
Australia
Tel: +61 2 4942 5277
26-28 Waldaree Street
Gepps Cross, SA 5094
Australia
Tel: +61 8 8359 5577
6 McDermott Street
Welshpool, WA 6106
Australia
Tel: +61 8 9353 5222
27 Lancashire Street
Acacia Ridge, QLD 4110
Australia
Tel: +61 7 3272 1934
2/32 Carmel Street
Garbutt, QLD 4814
Australia
Tel: +61 7 4728 3977
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$ 1.448
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%
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, Credit 30-90 days
Sales Term
Local :
Prepayment, Bank transfer, Credit 30-90 days
International :
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
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 SCs 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.