MIRA INFORM REPORT
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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
CMC (AUSTRALIA) PTY LTD |
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Formerly Known As : |
COMSERV (NO
1132) PTY LTD |
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Registered Office : |
Level 3, 430
Forest Road., Hurstville, New South Wales, Zip/postal code 2220 |
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Country : |
Australia |
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Financials (as on) : |
31.08.2011 |
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Date of Incorporation : |
15.10.1980 |
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Com. Reg. No.: |
002007427 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Import, marketing and distribution of non-ferrous metal, long and flat steel products |
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No. of Employees : |
405
employees (Subject); 11,422 employees (CMC Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Verified Address
Subject name :
CMC (AUSTRALIA) PTY LTD
Business
address : Level 3, 430 Forest Road
Town : Hurstville
Province : New South Wales
Zip/postal
code : 2220
Country : Australia
Tel : +61 2 95856200
Fax : +61 2 95808680
Website : www.cmcaustralia.com.au
Registered
address : Level 3, 430 Forest Road
Town : Hurstville
Province : New South Wales
Zip/postal
code : 2220
Country : Australia
Executive Summary
Date founded
or registered : 15/10/1980
Legal form : Australian
Proprietary Company
Chief
executive : Matthew
John Stedman
Issued &
paid up capital : AUD 8,250,000
Sales turnover
: AUD 554,008,000
(Consolidated 12 months, 31/08/2011)
Net income : AUD 1,068,000
(Consolidated 12 months, 31/08/2011)
Total fixed
assets : AUD
262,585,000 (Consolidated 12 months, 31/08/2011)
Line of
business : Import,
marketing and distribution of non-ferrous metal, long and flat steel
products.
Staff employed
: 405 employees
(Subject); 11,422 employees (CMC Group)
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is declining
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
Comments : Larger credit can
still be considered.
Registry Data
Registration
date : 15/10/1980
Legal form : Australian
Proprietary Company
Registration
no Australian
Company Number: 002007427
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 34002007427
Registry
status : Live/Active
Previous name
: COMSERV (NO 1132)
PTY LTD (initial)
Change of
legal form : None reported.
Key Management
Name : Matthew John Stedman
Designation : Managing Director
Name Robert Acevski
Designation : Chief Financial Officer
Appointments
Name : Hanns Kurt Zoellner
Designation : Director
Appointment
date : 01/09/00
Address : Zimmelstrasse 68
6314 Unterägeri
Switzerland
Biography : Born on 24-06-1948 in Vienna,
Austria.
Name : COMMERCIAL METALS
INTERNATIONAL GMBH
Designation : Director
Appointment
date : 08/12/80
Address : Lindenstrasse 14
6340 Baar
Switzerland
Name : Robert Acevski
Designation : Director and Company Secretary
Appointment
date : 15/08/08
Address : 28 Boronia Street
Kyle Bay, NSW 2221
Australia
Biography : Born on 08-09-1972 in Sydney,
New South Wales, Australia.
Name : Matthew John Stedman
Designation : Director
Appointment
date : 01/09/10
Address : 23 Shepherd Street
Ashfield, NSW 2131
Australia
Biography : Born on 21-01-1960 in Sydney,
New South Wales, Australia.
Name : Stephen Maxwell Pearson
Designation : Director
Appointment
date : 01/09/09
Address : 2A Gallipoli Street
Concord, NSW 2137
Australia
Biography : Born on 10-03-1957 in Parkes,
New South Wales, Australia.
Name : Raymond Telk Hock Ang
Designation : Company Secretary
Appointment
date : 18/03/05
Address : 93 Mi Mi Street
Oatley, NSW 2223
Australia
Biography : Born on 21-03-1953 in
Singapore.
Staff employed
: 405 employees (Subject);
11,422 employees (CMC Group)
Key Advisors
Auditors : DELOITTE TOUCHE TOHMATSU
Level 10, The Barrington
10 Smith Street
Parramatta, NSW 2150
Australia
Composition
Authorized
Capital : AUD 8,250,000
No of shares : 517,243 Ordinary Shares
Share par
value : No par value
Issued capital
: AUD 8,250,000
Paid up capital : AUD
8,250,000
How listed : Full List
Composition
Shareholder
name : Murray Robert McClean
Address : 5323 Tennington Park
Dallas, TX 75287
United States
No. of shares
: 1 Ordinary Share
Shareholder
name : COMMERCIAL METALS
INTERNATIONAL GMBH
Address : Lindenstrasse 14
6340 Baar
Switzerland
No. of shares
: 517,242 Ordinary Share
Structure
Name : COMMERCIAL METALS COMPANY
Affiliation
type : Ultimate
Holding Company
Address : 6565 North MacArthur
Boulevard, Suite 800
Irving, TX 75039
United States
Comments :
Commercial
Metals Company engages in recycling, manufacturing, fabricating,
and distributing steel and metal products, and related
materials and services in
the United States and internationally. The company
processes scrap metals for
use as a raw material by manufacturers of new metal
products through 33 scrap
metal processing facilities to steel mills and foundries,
aluminum sheet and ingot
manufacturers, brass and bronze ingot makers, copper
refineries and mills,
secondary lead smelters, specialty steel mills, high
temperature alloy
manufacturers, and other consumers. It also operates five
steel mills producing
reinforcing bars, angles, flats, rounds, small beams,
fence-post sections, and
other shapes; a scrap metal shredder processing facility;
a railroad salvage
business; and a copper tube minimill. In addition, the
company conducts
fabrication operations through a network of steel plants
that bend, cut, weld, and
fabricate steel, primarily reinforcing bars; warehouses
that sell or rent products for
the installation of concrete; plants that produce steel
fence posts; and plants that
treat steel with heat. Further, it operates two rolling
mills that produce reinforcing
bar and merchant products; a rolling mill that produces
wire rod; a specialty rod
finishing mill; and four steel fabrication plants for
reinforcing bar and mesh, as
well as manufactures electric arc furnace based steel
pipes. Additionally, the
company buys
and sells primary and secondary metals, fabricated metals,
semi-finished,
long, flat steel, and other industrial products primarily to the
manufacturers,
in steel, nonferrous metals, metal fabrication, chemical, refractory,
and
transportation businesses. It also markets and distributes steel, copper, and
aluminum coil;
sheets and tubings; ores; metal concentrates; industrial minerals;
ferroalloys;
and chemicals. The company was founded in 1915 and is
headquartered
in Irving, Texas.
Name : CMCLUX, S.À R.L.
Affiliation
type : Intermediate Holding
Company
Address : 69, rue de Merl
L-2146 Luxembourg
Luxembourg
Name : COMMERCIAL METALS INTERNATIONAL
GMBH
Affiliation
type : Parent Company
Address : Lindenstrasse 14
6340 Baar
Switzerland
Name : CMC COIL STEELS PTY LTD
Affiliation
type : Wholly-owned Subsidiary
Address : Level 3, 430 Forest Road
Hurstville, NSW 2220
Australia
Name : G.A.M. STEEL PTY. LTD.
Affiliation
type : Wholly-owned Subsidiary
Address : Level 3, 430 Forest Road
Hurstville, NSW 2220
Australia
Name : COIL STEELS PROPERTIES PTY LTD
Affiliation
type : Wholly-owned Subsidiary
Address : Level 3, 430 Forest Road
Hurstville, NSW 2220
Australia
Name : CMC RECYCLING SINGAPORE PTE. LTD.
Affiliation
type : Sister Company
Address : 298 Tiong Bahru Road
#14-05 Central Plaza
Singapore 168730
Singapore
Name : CMC S.E. ASIA PTE. LTD.
Affiliation type : Sister
Company
Address : 298 Tiong Bahru Road
#14-05
Central Plaza
Singapore
168730
Singapore
Name : CMC EUROPE GMBH
Affiliation type : Sister
Company
Address : Lindenstrasse 14
6340
Baar
Switzerland
Name : CMC UK LTD.
Affiliation type : Sister
Company
Address : Building 1, Trident Park
Glass
Avenue, Ocean Way
Cardiff
CF24 5EN
United
Kingdom
Related companies and corporate affiliations comments
Other companies of the CMC
Group should be considered affiliates of the Subject.
Bank Details
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 : 31/08/11
Type of
accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 0.97
as of 16-10-2012
Summarized
Financial Information
Consolidation
type : Consolidated Consolidated Group Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD) US Dollar (USD)
Denomination :
(x1) One (x1)
One (x1) One
Date of
financial year end : 31/08/11
31/08/10 31/08/11
Length of
accounts : 12 months 12 months 12 months
Sale turnover
/ Income : 554,008,000 597,868,000
7,918,430,000
Gross profit :
57,067,000 73,752,000
Profit before
tax : 1,806,000 16,978,000 -110,099,000
Net income : 1,068,000 11,405,000 -129,617,000
Non current
assets : 38,840,000 22,367,000 1,356,878,000
Current assets
: 223,745,000 183,109,000 2,326,253,000
Inventories : 113,796,000 111,234,000 908,338,000
Total assets :
262,585,000 205,476,000 3,683,131,000
Current
liabilities : 83,348,000 85,829,000 1,198,854,000
Non current
liabilities : 61,693,000 3,171,000 1,323,629,000
Total
liabilities : 145,041,000 89,000,000
2,522,483,000
Share equity :
117,544,000 116,476,000 1,160,648,000
Retained
earning : 109,294,000 108,226,000 993,578,000
Comments : The
consolidated financial information above relates to the Subject and its
subsidiaries.
The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Commercial Metals Company and all its subsidiaries which include the Subject.
Main activities : The Subject engages in
import, marketing and distribution of non-ferrous
metal,
long and flat steel products. The Subject utilizes warehouse facilities
at
several Australian ports to facilitate distribution, including just-in-time
delivery
and logistics management.
The Subject also operate an industrial products distribution business
supplying
metals related industries including steel mills, foundries and
smelters.
During
the 4th quarter of 2011, the Subject acquired G.A.M. Steel Pty. Ltd.,
based
in Melbourne, Australia (“G.A.M.”). G.A.M. is a distributor and
processor
of steel long products and plate, servicing the structural
fabrication,
rural and manufacturing segments in the state of Victoria,
Australia.
The
Subject operates as a subsidiary of Commercial Metals Company.
Commercial
Metals Company, incorporated in 1946, recycles,
manufactures,
fabricates and distributes steel and metal products and
related
materials and services through a network of locations throughout
the
United States and internationally.
The
Company operates in five segments: Americas Recycling, Americas
Mills
Americas Fabrication, International Mills and International Marketing
and
Distribution. The Americas Recycling segment consists of the scrap
metal
processing and sales operations primarily in Texas, Florida and the
southern
United States. The Americas Mills segment includes the
Company’s
domestic steel mills, including the scrap processing facilities
which
directly support these mills, and the copper tube minimill. The
Americas
Fabrication segment consists of the Company’s rebar fabrication
operations,
fence post manufacturing plants, construction-related and other
products
facilities. The International Mills segment includes the minimills in
Poland
and Croatia. International Marketing and Distribution includes
international
operations for the sales, distribution and processing of steel
products,
ferrous and nonferrous metals and other industrial products. In
addition,
the International Marketing and Distribution segment includes the
Company’s
two United States based trading and distribution divisions,
CMC Cometals
and CMC Cometals Steel.
Product & services :
Flat
products: Steel coils, sheets, floor and boiler plates
Long
products: Steel pipes, tubes, bars and wires
Ferro
alloys: Ferro chrome, manganese, molybdenum, niobium,
phosphorus,
silicon, titanium, and vanadium
Non
ferrous alloys: Aluminium hardeners, grain refiners, modifiers,
recarburisers
Metals:
Aluminium, copper, magnesium, nickel, pig iron, silicon, tin, and
high
purity billets
Minerals: Bauxite, fluorspar, magnesite, and metspar
Moulding products: Binder systems, including akalyine phenolic,
anti
veining additives, cold box, sealants, mould release agents and
strippers
Purchases
Local : Yes
International
: Worldwide
Sales
Local : Yes
International
: No exports.
Key events :
18 April 2012
UPDATE 1-Carl Icahn cuts stake in Commercial Metals
(Reuters) - Billionaire investor Carl Icahn cut his stake in
Commercial
Metals Co three months after dropping a $1.73 billion buyout
offer.
Icahn's stake in Commercial Metals fell to 7.49 percent, as of
April 17, a
regulatory filing showed. He held 9.98 percent of the company's
shares as
of Sept. 1.
The investor had failed to gather enough support to take over the
board of
the metal recycler as only 23 percent of the shares were tendered
in
response to his offer in January.
28 November 2011
Icahn Bids for Commercial Metals in Deal Worth $1.73 Billion
Nov. 28 (Bloomberg) -- Billionaire investor Carl Icahn offered to
buy
Commercial Metals Co. and combine it with his existing metals
operations
in a bid that values the steel-scrap recycler and distributor at
about $1.73
billion.
Icahn Enterprises LP, which owns a 10 percent stake in CMC, is
offering
$15 apiece for the other shares without any financing or due
diligence
conditions, he said today in a letter to CMC directors. The offer
is 31
percent more than the stock’s Nov. 25 closing price. CMC jumped 24
percent to $14.17 in New York.
CMC collects scrap that it melts to make products such as steel
rebar used
in construction. Icahn said he will sell “non- core” assets and
appoint a
new management team.
“A below average operating performance fueled by a distracting and
misguided international growth plan, combined with a disastrous
investment record, has become the defining characteristic of Commercial
Metals,” Icahn said in the letter.
CMC will review the letter and respond in the best interests of
the company
and stockholders, the Irving, Texas- based company said in a
separate
statement. CMC said it has improved financial results, cut costs
and exited
non-core businesses. The company plans to close or sell a mill in
Croatia,
shut rebar-fabrication plants and reduce its global workforce.
Aggressive Approach Icahn is taking a more aggressive approach
with CMC than is typical for
him, said Louis Meyer, a New York-based analyst at Oscar Gruss
& Son
Inc., who recommends buying the shares.
“He is coming in there to replace management and run the company
better,” Meyer said in a telephone interview. “Given the size of
his assets,
it’s not an idle threat.”
CMC probably will reject the takeover offer and may then announce
a
strategic review, Meyer said. The company is too small to be
operationally
scattered across the globe, except perhaps in Australia, which is
a key
steel hub for the China market, he said.
“Icahn may initiate a hostile $15 tender if management rejects his
proposal, as we expect it will,” Keith Moore, an event-driven
strategist at
Stamford, Connecticut-based MKM Partners LLC, said in a note.
If CMC’s board seeks other offers, Nucor Corp., Schnitzer Steel
Industries
Inc., Gerdau SA, Steel Dynamics Inc., and Sims Metal Management
Ltd.
are among companies that may be interested, Moore said.
‘Misguided’ Plan
CMC has dropped 60 percent in the past five years while the the
Standard
and Poor’s 400 Materials Index has increased 19 percent. Icahn
Enterprises rose 0.5 percent to $36.31 in New York.
Icahn said he is prepared to negotiate terms of a tender offer
immediately.
His company plans to nominate three board members at CMC’s next
annual shareholders meeting, challenging the directorship of Chief
Executive Officer Joe Alvarado. CMC needs to refocus on core
operations
in North America, Icahn said.
“We are extremely concerned about the capabilities and behavior of
the
current board and management,” Icahn said in the letter. “We do
not
believe the current board is capable or willing to undertake the
actions
necessary to enable Commercial Metals to compete in the future.”
Investors can cash out their shares and buy stock in CMC’s
competitors,
which “are much better managed and better situated to take
advantage of
any possible economic recovery,” Icahn said in the letter.
Activist Investing About 86 million metric tons of scrap will be
used to make steel in the U.S.
this year, and another 24 million tons may be exported for
steelmaking
elsewhere, according to Bloomberg Industries. Scrap, mostly used
in
electric-arc furnaces, accounted for 60 percent of raw-steel
production last
year, according to the Institute of Scrap Recycling Industries.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading
address consisting of an administrative office.
Branches : In addition, the Subject operates from
branch office and warehouses located at:
Branch
Office:
Level 6, 697 Burke Road
Camberwell, VIC 3124
Australia
Tel: +61 3 98050400
Branch Warehouse:
94 Anton Road
Hemmant, QLD 4174
Australia
Tel: +61 7 39004050
92 Hill Street
Carrington, NSW 2294
Australia
Tel: +61 2 49690900
84-88 Coode Road
West Melbourne, VIC 3003
Australia
Tel: +61 3 96898744
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 2009: 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
International
: L/C, Prepayment, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Prepayment, Bank 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.52.75 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.