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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
GREAT
WESTERN CORPORATION PTY LTD |
|
|
|
|
Registered Office : |
Level
6, |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
22.04.1994 |
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|
Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Engaged in multiple businesses Like, Excel Agriculture, GWC
Property Group, Great Western Manufacturing, Great Western Tillage Etc . |
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No. of Employees : |
256 |
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 : |
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 – 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 |
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Very High |
C1 |
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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 : GREAT
WESTERN CORPORATION PTY LTD
Other
style / Business name : WESTCO TRUCK
SALES / WESTCO TRUCK SALES (QLD) / AGPOINT
AUSTRALIA / EXCEL AGRICULTURE / GREAT WESTERN
MANUFACTURING / GREAT WESTERN TILLAGE
Business
address : Level 6, 12
Creek Street
Town :
Brisbane
Province
: Queensland
Zip/postal
code : 4000
Country
: Australia
Tel : +61 7
30072600
Fax : +61 7
32298408
Website
: www.greatwesterncorp.com.au
Registered
address : Level 6, 12
Creek Street
Town :
Brisbane
Province
: Queensland
Zip/postal
code : 4000
Country
: Australia
Postal
address : GPO Box
514
Town :
Brisbane
Province
: Queensland
Zip/postal
code : 4001
Country
: Australia
Executive Summary
Date
founded or registered : 22/04/1994
Legal
form : Australian
Proprietary Company
Chief
executive : Andrew
John Thornton
Issued
& paid up capital : AUD
6,000,000
Sales
turnover : AUD 108,208,887.56 (Non-consolidated
12 months, 30/06/2011)
Net
income : AUD
4,203,638.75 (Non-consolidated 12 months, 30/06/2011)
Total
fixed assets : AUD
36,043,729.53 (Non-consolidated 12 months, 30/06/2011)
Line
of business : The
Subject operates multiple businesses which includes:
- Westco Truck Sales, a truck dealer
- Agpoint Australia, a manufacturer, importer, exporter and
wholesaler of
agricultural tillage tools
- Excel Agriculture, a designer and retailer of agricultural
machinery
- Great Western Tillage, an importer and wholesaler of
agricultural tillage tools
- Great Western Manufacturing, a general engineering and
fabrication business.
Staff
employed : 256
employees
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 : 22/04/1994
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 064434475
Registered
authority : Australian
Securities & Investments Commission
Fiscal/
Tax no : Australian
Business Number: 91064434475
Registry
status : Live/Active
Previous
name : BNB
GROUP PTY LTD (initial)
Change
of legal form : None
reported.
Key Management
Name :
Andrew
John Thornton
Designation
: Joint
Managing Director
Name :
Christopher
Ian Thornton
Designation
: Joint
Managing Director
Name :
Jonathon
Charles Gerrad Skinner
Designation
: Chief Financial
Officer
Appointments
Name :
Andrew John
Thornton
Designation
: Director
Appointment
date : 23/06/05
Address
: 176 Main Road
Wellington Point, QLD 4160
Australia
Biography
: Born on 02-10-1968 in
Brisbane, Queensland, Australia.
Name :
Richard James
Thornton
Designation
: Director
Appointment
date : 04/06/10
Address
: 10 Ormond Street
Ascot, QLD 4007
Australia
Biography
: Born on 25-01-1973 in
Brisbane, Queensland, Australia.
Name :
John Nicholas
Thornton
Designation
: Director
Appointment
date : 04/06/10
Address
: 20 Atkinson Street
Hamilton, QLD 4007
Australia
Biography
: Born on 10-01-1980 in
Brisbane, Queensland, Australia.
Name :
Christopher Ian
Thornton
Designation
: Director
Appointment
date : 10/05/07
Address
: 11 Bradys Road
Highfields, QLD 4352
Australia
Biography
: Born on 22-10-1971 in
Brisbane, Queensland, Australia.
Name :
Yuen Yiew Wong
Designation
: Company Secretary
Appointment
date : 22/04/94
Address
: Unit 64, 1 Goodwin
Street
Kangaroo Point, QLD 4169
Australia
Biography
: Born on 09-09-1946 in
Singapore.
Name :
Jonathon Charles
Gerrad Skinner
Designation
: Company Secretary
Appointment
date : 07/07/99
Address
: 12 Wentworth Place
Carindale, QLD 4152
Australia
Biography
: Born on 07-12-1968 in
Brisbane, Queensland, Australia.
Staff
employed : 256 employees
Composition
Authorized
Capital : AUD 6,000,000
No of
shares : 1,000,000 Ordinary
Shares / 1,000 A Class Redeemable Preference Shares
Share
par value : AUD 1 for Ordinary
Share / AUD 5,000 for A Class Redeemable Preference
Share
Issued
capital : AUD 6,000,000
Paid
up capital : AUD 6,000,000
How
listed : Full List
Composition
Shareholder
name : GWC HOLDINGS PTY LTD
Address
: Level 6, 12 Creek
Street
Brisbane, QLD 4000
Australia
No. of
shares : 1,000,000 Ordinary
Shares / 1,000 A Class Redeemable Preference Shares
% of shares : 100%
Structure
Name :
GWC HOLDINGS PTY
LTD
Affiliation
type : Parent Company
Address
: Level 6, 12 Creek
Street
Brisbane, QLD 4000
Australia
Bank Details
Name
of bank : Commonwealth Bank
of Australia
Address
: Australia
Account
details : Current Account
Name
of bank : National Australia
Bank
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 : 30/06/11
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1
USD = AUD 0.97 as of 16-11-2012
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 : 30/06/11 30/06/10
Length
of accounts : 12 months 12 months
Gross
profit : 24,286,337.20
20,144,252.50
Profit
before tax : 6,012,020.01
3,514,983.52
Net income
: 4,203,638.75
2,503,172.37
Non
current assets : 6,148,973.18
4,715,916.69
Current
assets : 29,894,756.35 29,069,702.29
Inventories
: 17,025,094.28
17,670,489.00
Total
assets : 36,043,729.53
33,785,618.98
Current
liabilities : 9,303,729.84
8,989,258.04
Non
current liabilities : 890,102.00
3,150,102.00
Total
liabilities : 10,193,831.84
12,139,360.04
Share
equity : 25,849,897.69
21,646,258.94
Retained
earning : 19,849,897.69
15,646,258.94
Main
activities : The Subject is engaged in multiple businesses which include:
Excel
Agriculture: Excel Agriculture is engaged in the supply and support of
agricultural
machinery to the farming industries.
GWC
Property Group: GWC Property Group is an investor and manager of
commercial
properties.
Great
Western Manufacturing: Great Western Manufacturing is a metal
fabricators,
machinists, manufacturers and finishers. G W Manufacturing is
equipped
to build and supply assemblies or component for virtually any
product
made from metal.
Great
Western Tillage: Great Western Tillage is a supplier of agricultural
tillage
equipment through its comprehensive agricultural dealer network.
Leader
Truck Bodies: Leader Truck Bodies is a supplier of cattle crates,
tray
bodies, tippers and other truck bodies for commercial vehicles.
Westco
Truck Sales: Westco Truck Sales is a commercial vehicle motor
dealer
which supports both individual and fleet truck needs. Westco sells
and supports
the Freightliner, Mercedes Benz, Stirling, Fuso and UD truck
brands.
Agpoint
Australia: A manufacturer, importer, exporter and wholesaler of
agricultural
tillage/harvest tools.
The
Subject serves mining, agriculture, public utilities, manufacturing, and
transport
industries.
The
Subject operates as a subsidiary of GWC Holdings Pty Ltd.
Product
& services : Harvest equipment
Harvest
tools: Crop Lifters, Guards, Knife Heads, Knife Kits, Knife Sets,
Wear
Bars, Rollers & Spacers
Tillage
tools: Blades, Bolts, Discs & Coulters, Harrows, Points & Sweeps,
Row
Crop, Tyne Assemblies, Wear Enhanced
Agricultural
tillage equipment
Metal
products
Truck
parts
Trucks
Brand
: Excel Agriculture
GWC
Property Group
Great
Western Manufacturing
Great
Western Tillage
AgPoint
Australia
Leader
Truck Bodies
Westco
Truck Sales
Purchases
International
: Worldwide
Sales
Local
: Yes
International
: Worldwide
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 from branch offices and production
facilities
located at:
-Excel
Agriculture
Cnr.
Buckland & Yaldwyn Streets
Toowoomba,
QLD 4350
Australia
Tel:
+61 7 46369100
-GWC
Property Group
Level
6, 12 Creek Street
Brisbane,
QLD 4000
Australia
Tel:
+61 7 30072600
-Great
Western Manufacturing
Cnr.
Buckland & Yaldwyn Streets
Toowoomba,
QLD 4350
Australia
Tel:
+61 7 46369120
-Great
Western Tillage
Unit
2, 204 Strickland Road
East
Bendigo, VIC 3550
Australia
Tel:
+61 1800 087 871
94
Buckland Street
Toowoomba,
QLD 4350
Australia
Tel:
+61 7 46369150
-Leader
Truck Bodies
Cnr.
Buckland & Yaldwyn Streets
Toowoomba,
QLD 4350
Australia
Tel:
+61 7 46369120
-AgPoint
Australia
Borrow
Street
Freeling,
SA 5372
Australia
Tel:
+61 8 85253500
-Westco
Truck Sales
105
Bunda Street
Cairns,
QLD 4870
Australia
Tel:
+61 7 40313222
129
Broadsound Road
Paget,
QLD 4740
Australia
Tel:
+61 7 49527777
1033
Bruce Highway
Parkhurst,
QLD 4702
Australia
Tel:
+61 7 49262900
Cnr.
Taylor & McDougall Streets
Toowoomba,
QLD 4350
Australia
Tel:
+61 7 46314000
593 -
597 Ingham Road
Garbutt,
QLD 4814
Australia
Tel:
+61 7 47745366
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%
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
: 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.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.23 |
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.