|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
VITERRA LTD |
|
|
|
|
Registered Office : |
124-130
South Terrace, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.10.2011 |
|
|
|
|
Date of Incorporation : |
30.10.1998 |
|
|
|
|
Legal Form : |
Unlisted Australian Public Company |
|
|
|
|
Line of Business : |
Engaged in marketing & trading of food grains and
commodities, animal feed, seed and agricultural chemicals |
|
|
|
|
No. of Employees : |
6,927 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
AUSTRALIA - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources
attract high levels of foreign investment and include extensive reserves of
coal, iron ore, copper, gold, natural gas, uranium, and renewable energy
sources. A series of major investments, such as the US$40 billion Gorgon Liquid
Natural Gas project, will significantly expand the resources sector. Australia
also has a large services sector and is a significant exporter of natural
resources, energy, and food. Key tenets of Australia''s trade policy include
support for open trade and the successful culmination of the Doha Round of
multilateral trade negotiations, particularly for agriculture and services. The
Australian economy grew for 17 consecutive years before the global financial
crisis. Subsequently, the former RUDD government introduced a fiscal stimulus
package worth over US$50 billion to offset the effect of the slowing world
economy, while the Reserve Bank of Australia cut interest rates to historic
lows. These policies - and continued demand for commodities, especially from
China - helped the Australian economy rebound after just one quarter of
negative growth. The economy grew by 1.4% during 2009 - the best performance in
the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally
expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011.
As a result of an improved economy, the budget deficit is expected to peak
below 4.2% of GDP and the government could return to budget surpluses as early
as 2015. Australia was one of the first advanced economies to raise interest
rates, with seven rate hikes between October 2009 and November 2010. The
GILLARD government is focused on raising Australia''s economic productivity to
ensure the sustainability of growth, and continues to manage the symbiotic, but
sometimes tense, economic relationship with China. Australia is engaged in the
Trans-Pacific Partnership talks and ongoing free trade agreement negotiations
with China, Japan, and Korea
|
Source
: CIA |
Verified Address
Subject
name : VITERRA LTD
Business
address : 124-130 South Terrace
Town :
Adelaide
Province
: South Australia
Zip/postal
code : 5000
Country
: Australia
Tel : +61 8 82117199
Fax : +61 8 82311249
Website
: www.viterra.com
Registered
address : 124-130 South Terrace
Town :
Adelaide
Province
: South Australia
Zip/postal
code : 5000
Country
: Australia
Postal
address : P.O. Box 1169
Town :
Adelaide
Province
: South Australia
Zip/postal
code : 5001
Country
: Australia
Executive Summary
Date
founded or registered : 30/10/1998
Legal
form : Unlisted
Australian Public Company
Chief
executive : Jason
Frank William Rees
Issued
& paid up capital : AUD
1,242,969,384.89
Sales
turnover : CAD 11,790,458,000
(Group consolidated 12 months, 31/10/2011)
Net
income : CAD
265,409,000 (Group consolidated 12 months, 31/10/2011)
Total
fixed assets : CAD
7,012,631,000 (Group consolidated 12 months, 31/10/2011)
Line of business : Marketing
& trading of food grains and commodities, animal feed, seed and
agricultural chemicals, handling & storage of grain and other bulk
commodities, provision of rural services & products to growers and malt
manufacturing and marketing.
Staff
employed : 6,927
employees (Viterra Group)
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 found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 30/10/1998
Legal
form : Unlisted
Australian Public Company
Registration
no Australian Company Number: 084962130
Registered
authority : Australian
Securities & Investments Commission
Fiscal/
Tax no : Australian
Business Number: 59084962130
Registry
status : Live/Active
Previous
name : ABB
GRAIN LTD (initial)
Change
of legal form : None
reported.
Key Management
Name :
Dean Edward
McQueen
Designation
: Executive Manager of
Grain
Name :
Gareth Peter
Hughes
Designation
: Executive Manager of
Malt
Name :
Peter Davey
Designation
: Executive Manager of
AgriProducts
Name :
Jason Frank
William Rees
Designation
: Financial Director
Name :
Damian Gerard
Edwards Fitzgerald
Designation
: Legal Director
Appointments
Name :
Dean Edward
McQueen
Designation
: Director
Appointment
date : 08/11/11
Address
: Unit 10, 9 Holdfast
Promenade
Glenelg, SA 5045
Australia
Biography
: Born on 18-01-1973 in
Rosetown, Canada.
Name :
Gareth Peter
Hughes
Designation
: Director
Appointment
date : 24/11/11
Address
: 14 Sandy Crescent
Salisbury Park, SA 5109
Australia
Biography
: Born on 03-11-1964 in
Christchurch, New Zealand.
Name :
Peter Davey
Designation
: Director
Appointment
date : 24/11/11
Address
: 25A Church Street
Highgate, SA 5063
Australia
Biography
: Born on 06-02-1964 in
Melbourne, Victoria, Australia.
Name :
Jason Frank
William Rees
Designation
: Director
Appointment
date : 23/03/12
Address
: 18 Torrens Street
Linden Park, SA 5065
Australia
Biography
: Born on 09-03-1975 in
Mount Gambier, South Australia, Australia.
Name :
Damian Gerard
Edwards Fitzgerald
Designation
: Company Secretary
Appointment
date : 27/09/04
Address
: 87 First Avenue
St Peters, SA 5069
Australia
Biography
: Born on 26-11-1968 in
Cummins, South Australia, Australia.
Staff
employed : 6,927 employees
(Viterra Group)
Key Advisors
Auditors
: PRICEWATERHOUSECOOPERS
Level 14, 91 King William Street
Adelaide, SA 5000
Australia
Composition
Authorized
Capital : AUD 1,242,969,384.89
No of
shares : 218,763,777
Ordinary Shares
Share
par value : No par value
Issued
capital : AUD
1,242,969,384.89
Paid
up capital : AUD
1,242,969,384.89
How
listed : Full List
Composition
Shareholder
name : VITERRA INC.
Address
: 2625 Victoria
Avenue
Regina, Saskatchewan S4T 7T9
Canada
No. of
shares : 218,763,777
Ordinary Shares
% of shares : 100%
Structure
Name :
VITERRA INC.
Affiliation
type : Parent Company
Address
: 2625 Victoria
Avenue
Regina, Saskatchewan S4T 7T9
Canada
Comments
: Viterra Inc. operates as an integrated agri-business company in Canada and
internationally. The company’s Grain Handling and Marketing segment sells
commodities comprising grains, oilseeds, and special crops; and provides
related ancillary services, such as grain handling, blending, cleaning, and
storage. Its Agri-Products segment manufactures, distributes, and retails
fertilizers, crop protection products, and seed and seed treatments; and sells
private label and third-party crop protection products, including herbicides,
insecticides, and fungicides, as well as general merchandise, small
agricultural equipment, general merchandise, and wool through a network of retail
locations. This segment also offers various financial services, which include
loans to feed products customers to purchase feeder cattle, as well as related
feed inputs; and distributes bulk fuel. The company’s Processing segment
manufactures and markets food ingredients associated with pasta, oats, canola,
wheat, and malt barley, as well as feed products and other related products for
consumer products companies and food processors. Viterra Inc. was founded in
1924 and is headquartered in Regina, Canada.
Name :
VITERRA ASIA PTE.
LTD.
Affiliation
type : Sister Company
Address
: 152 Beach Road
#27-08 Gateway East
Singapore 189721
Singapore
Name :
VITERRA AUSTRALIA
PTY LTD
Affiliation
type : Sister Company
Address
: 124-130 South
Terrace
Adelaide, SA 5000
Australia
Name :
VITERRA S.A .
Affiliation
type : Sister Company
Address
: Rue du Mont-Blanc 7
1201 Genève
Switzerland
Name :
VITERRA GERMANY
GMBH
Affiliation
type : Sister Company
Address
: Burchardstr 14
20095 Hamburg
Germany
Name :
VITERRA UKRAINE
LLC
Affiliation
type : Sister Company
Address
: Office #97-A
5/24 Irynyns'ka Street
Kiev - 01034
Ukraine
Name :
VITERRA S.R.L.
Affiliation
type : Sister Company
Address
: Via Dei Mille 40
80121 Napoli
Italy
Name :
VITERRA
(SHANGHAI) TRADING CO., LTD.
Affiliation
type : Sister Company
Address
: Room 1004 Maxdo
Centre,
No 8 Xing Yi Road. Hong Qiao Development Zone
Shanghai 200336
China
Name :
VITERRA
INTERNATIONAL GRAIN, S.L.
Affiliation
type : Sister Company
Address
: Plaza Francesc
Macià No7 - 6A
Barcelona 08029
Spain
Name :
VITERRA (NZ)
LIMITED
Affiliation
type : Sister Company
Address
: Ground Floor, 7A
Pacific Rise
Sylvia Park
Mt Wellington, Auckland 1060
New Zealand
Related
companies and corporate
affiliations
comments
:
Other companies of the Viterra Group should be considered affiliates of the
Subject.
The
Group has operation in Canada, United States, Australia, New Zealand,
Japan,
Singapore, China, Switzerland, Italy, Ukraine and Germany.
Bank Details
Name
of bank : HSBC Bank Australia
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 : 31/10/11
Type
of accounts : Full
audited
Currency
: Canada,
Dollar (CAD)
Exchange
rate : 1
USD = CAD 0.99 as of 07-11-2012
Summarized Financial Information
Consolidation
type : Group
Consolidated Group
Consolidated
Currency
: Canada,
Dollar (CAD) Canada,
Dollar (CAD)
Denomination
: (x1) One (x1) One
Date
of financial year end : 31/10/11 31/10/10
Length
of accounts : 12 months 12 months
Sale
turnover / Income : 11,790,458,000 8,256,280,000
Gross
profit : 1,548,319,000
1,258,567,000
Profit
before tax : 368,115,000
188,970,000
Net
income : 265,409,000
145,272,000
Non
current assets : 3,727,129,000
3,611,395,000
Current
assets : 3,285,502,000
2,460,270,000
Inventories
: 1,568,410,000
1,211,887,000
Total
assets : 7,012,631,000
6,071,665,000
Current
liabilities : 1,590,641,000
1,184,275,000
Non
current liabilities : 1,384,195,000
1,177,127,000
Total
liabilities : 2,974,836,000
2,361,402,000
Share
equity : 4,037,795,000
3,710,263,000
Retained
earning : 799,258,000
571,013,000
Comments
: The group’s consolidated financial information above relates to the Subject’s
Ultimate Holding Company Viterra Inc. and all its subsidiaries which include
the Subject.
Main
activities : The Subject is engaged in marketing & trading of food grains
and commodities, animal feed, seed and agricultural chemicals, handling &
storage of grain and other bulk commodities, provision of rural services &
products to growers and malt manufacturing and marketing. Viterra Inc. entered
the Australian and New Zealand agricultural industries in 2009 when Viterra
Inc. successfully acquired the Subject (formerly known as ABB Grain Ltd,
Australia).
As of
September 18, 2009, the Subject operates as a subsidiary of Viterra, Inc.
Viterra
Inc. (Viterra) is a Canada-based vertically integrated international agri-business
company. Viterra operates in three interrelated segments:
Grain
Handling and Marketing, Agri-products and Processing. Viterra is also involved
in other commodity-related businesses. Its Grain Handling and Marketing segment
warehouses grain and oilseeds from South
Australia
in silos, bunkers and grain sheds. Viterra also owns and operates South
Australia’s bulk grain export terminals. Its Agri-products segment is involved
in the sale of seed, crop protection and financial products, fertilizer, and
equipment to farm customers through a network of retail locations and also
involves wool accumulation and sales business in Australia. Its Processing
operations provide a range of ingredients for human and livestock consumptions.
Product
& services : Barley grains
Oats grains
Triticale
Canola
Pulses
Crop protection
Fertiliser
Wool
Malt
Wheat
Oilseeds
Brand
: Viterra
Purchases
Local
: Yes
International
: Worldwide
Sales
Local
: Yes
International
: Singapore, Japan, India,
Thailand, Vietnam, South Korea, Indonesia, China,
Philippines, Russia, Malaysia
Key
events : September 26,
2012
Viterra
Provides Update on Glencore Transaction
CALGARY,
ALBERTA--(Marketwire - Sept. 26, 2012) - Viterra Inc. (Viterra)
(TSX:VT)
(ASX:VTA) provided an update today regarding the status of
regulatory
approvals of Glencore International plc (Glencore)'s proposed
acquisition
of Viterra.
While
the closing of the transaction remains subject to the satisfaction or
waiver
of all applicable conditions, the sole remaining regulatory approval
is the
approval of the Ministry of Commerce of the People's Republic of
China
(MOFCOM) under the Chinese Anti-Monopoly Law.
Glencore
and Viterra continue to engage with MOFCOM to ensure
approval
as soon as possible. In order to accommodate MOFCOM's review
process,
Viterra and Glencore have extended the outside date for
completion
of the acquisition by one month to November 15, 2012.
MOFCOM
is expected to provide its approval within this timeframe. Viterra
and
Glencore will advise the market once MOFCOM approval has been
received
of the subsequent closing date on which the acquisition will occur.
About
Viterra
Viterra
provides premium quality ingredients to leading global food
manufacturers.
Headquartered in Canada, the global agri-business has
operations
across Canada, the United States, Australia, New Zealand and
China,
as well as a growing international presence that extends to offices in
Japan,
Singapore, Vietnam, Switzerland, Italy, Ukraine, Germany, Spain
and
India. Driven by an entrepreneurial spirit, Viterra operates three distinct
business
segments: Grain Handling and Marketing, Agri-products and
Processing.
Viterra's expertise, close relationships with producers and
superior
logistical assets allows Viterra to consistently meet the needs of
the
most discerning end-use customers, helping to fulfill nutritional needs of
people
around the world.
About
Glencore
Glencore
is one of the world's leading integrated producers and marketers
of
commodities, headquartered in Baar, Switzerland, and listed on the
London
and Hong Kong Stock Exchanges. Glencore has worldwide
activities
in the production, sourcing, processing, refining, transporting,
storage,
financing and supply of Metals and Minerals, Energy Products and
Agricultural
Products.
Source:
www.viterra.com
15
March, 2012
Viterra
invests in an Australian container packing facility, broadening its
grain
origination capabilities
Calgary,
Alberta - March 15, 2012 - Viterra Inc. ("Viterra") (TSX:VT)
(ASX:VTA)
is broadening its Australian grain operations and origination
capabilities
with the acquisition of IPS Logistics' ("IPS") container packing
operation
in Narrabri, New South Wales.
"The
acquisition will complement Viterra's existing grain container
operations
in southern and eastern Australia," said Dean McQueen,
Viterra's
Executive Manager for Grain in Australia. "These additional assets
in
northern New South Wales will allow Viterra to originate and containerize
grain
beyond our current footprint."
The
acquired assets include 75,000 tonnes of storage, a packing facility
with
the capacity to load more than 10,000 shipping containers annually
and
integrated rail access to facilities at Port Botany, the second largest
container
shipping port in Australia.
Viterra
currently operates grain container packing facilities at Port Adelaide
and
Two Wells in South Australia, Laverton and Dooen in Victoria and is
currently
constructing a container packing facility adjacent to the
Company's
new malt plant near Sydney. The newly acquired facility at
Narrabri
will provide access to an additional Department of Agriculture,
Fisheries
and Forestry ("DAFF") Biosecurity registered establishment for
export
certification container packing.
"IPS
has a history of providing exemplary customer service, which Viterra
will
strive to build on with our 20 years of experience in packing grain
containers
in Australia and long-standing relationships with transport
providers
and shipping lines," said Mr McQueen.
The
transaction is pending completion of the customary closing
requirements,
including approval by the Foreign Investment Review Board
("FIRB").
Source:
www.viterra.com
History
: ABB traces its origins to the former Australian Barley Board, and due to the
company's
expanded operations into different areas, it demutualised to
become
ABB Grain on 1 July 1999.
In
2004, ABB merged with the South Australian storage and handling
company
AusBulk and the holding company United Grower Holdings. This
brought
the control of the two major grain handlers, along with several of
AusBulk's
divisions. Since its merger with AusBulk, ABB’s supply chain
has
involved operations in storage and handling and logistics. This includes
a
significant network of silos and export shipping terminals in South
Australia
and the eastern states of Australia, incorporating joint ownership
of
Australian Bulk Alliance, or ABA, with Japanese trading company
Sumitomo.
ABB’s
malting division, Joe White Maltings, is Australia's largest producer
of
malt with the capacity to produce 500,000 tonnes per annum.The eight
malting
plants located across Australia include the largest malthouse in the
southern
hemisphere, situated in Perth, Western Australia.
The
company also provides rural services including fertiliser and
agrichemical
supply and wool and livestock activities. The latter have been
supported
by the acquisitions of Adelaide Wool Company, Wardle Co and
Stawool
in 2007.
The
company also has significant operations in New Zealand focused on
the
trading and distribution of grains and proteins. In 2007, ABB
established
a joint venture in Ukraine with French malting company Soufflet
to
accumulate grain, manage supply chain activities and market grain.
On 19
May 2009 it was announced that ABB would be acquired by Viterra,
the
largest grain handler in Canada in September 2009, if voted ahead by
the
shareholders. The Head Office would be relocated to Regina, with the
worldwide
malting headquarters remaining in Adelaide. The two companies
together
are responsible for 37 percent of the world's exports of wheat,
canola
and barley.
On 9
September 2009, shareholders voted in favour of the merger with
Viterra.
Property & Assets
Premises
: The Subject operates from premises located at the verified heading
address
consisting of an administrative office.
Branches
: In addition, the Subject operates in Western Australia, South Australia,
Tasmania,
Victoria, New South Wales and Queensland.
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 : Commonwealth Bank (Banking), BHP Billiton (Materials),
Westpac Banking
Group (Banking), Rio Tinto (Materials), National Australia
Bank (Banking),
ANZ Banking (Banking), Telstra (Telecommunications)
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%
PAYMENT HISTORY
Purchase Term
Local
: Prepayment, Bank transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local
: Cash against document, Prepayment, Bank transfer, D/P, Credit 30-120 days
International
: L/C, Telegraphic transfer, D/P, 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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.