|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NUPLEX
INDUSTRIES (AUST) PTY LIMITED |
|
|
|
|
Formerly Known As : |
NUPLEX SPECIALTIES / NUPLEX RESINS |
|
|
|
|
Registered Office : |
49-61
Stephen Road, Botany, New South Wales 2019 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
13.02.1940 |
|
|
|
|
Legal Form : |
Australian
Proprietary Company |
|
|
|
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Line of Business : |
Manufacture, import and distribution of synthetic resins and emulsions, metal driers, paper-making chemicals and food ingredients |
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|
|
|
No. of Employees : |
350 |
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 : |
No complaints |
|
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 |
|
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 : NUPLEX
INDUSTRIES (AUST) PTY LIMITED
Other
style / Business name : NUPLEX
SPECIALTIES / NUPLEX RESINS
Business
address : 49-61 Stephen
Road
Town :
Botany
Province
: New
South Wales
Zip/postal
code : 2019
Country
: Australia
Tel : +61 2
96660331
Fax : +61 2
96666661
Website
: www.nuplexindustries.com.au
Registered
address : 49-61 Stephen
Road
Town :
Botany
Province
: New
South Wales
Zip/postal
code : 2019
Country
:
Australia
Postal
address : Locked
Bag 6
Town :
Botany
Province
: New
South Wales
Zip/postal
code : 1455
Country
: Australia
Comments : The
given address Building I, Suite 15, 22 Powers Road, Seven Hills, NSW 2147,
Australia belongs to the Subject's associated company
operations.
Executive Summary
Date
founded or registered : 13/02/1940
Legal
form : Australian
Proprietary Company
Chief
executive : Emery
Severin
Issued
& paid up capital : AUD
11,602,878
Sales turnover : NZD
1,615,897,000 (Group-consolidated 12 months, 30/06/2012)
Net
income : NZD
64,507,000 (Group-consolidated 12 months, 30/06/2012)
Total fixed assets : NZD
1,223,062,000 (Group-consolidated 12 months, 30/06/2012)
Line of business : Manufacture,
import and distribution of synthetic resins and emulsions, metal driers,
paper-making chemicals and food ingredients
Staff
employed : 350
employees (Subject); 1,589 employees (Nuplex Group)
CREDIT
RISK OPINION
Credit Risk Interpretation
Credit
risk rating : GOOD
Credit risk theory : Sound
financial and operational base for the group. Small to medium credits may be
considered with confidence that the commitment will be sustained in almost all
cases. This is based on criterions such as years of establishment, number of
employees, sales turnover, profit after tax, total assets, reserve, and others.
Normal credit control policy applies.
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
Organisation
structure : Organizational
structure is stable
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 13/02/1940
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 000045572
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian Business Number: 25000045572
Registry
status : Live/Active
Previous
name : NUPLEX
INDUSTRIES PTY LTD
NUPLEX RESINS (AUST) PTY LIMITED
A.C. HATRICK CHEMICALS PTY LTD (initial)
Change
of legal form : None
reported.
Key Management
Name :
Emery
Severin
Designation
: Managing
Director
Name :
Ian
Robert Davis
Designation
: Chief
Financial Officer
Appointments
Name :
Sam Sotirios
Bastounas
Designation
: Director
Appointment
date : 23/04/10
Address
: 44 Ramsey Avenue
Kew East, VIC 3102
Australia
Biography : Born
on 19-12-1967 in Melbourne, Victoria, Australia. Sam Sotirios Bastounas is the
Regional President – Australasia, based in Melbourne, Australia.
Prior to being appointed Regional President, Australia and
New Zealand in 2011, Sam had been Chief Operating Officer for the Australasian
based Functional Materials and Specialties operations. He has held a number of
roles with Orica and ICI in the past and spent two years in Asia as CFO of a
joint venture in the late 1990s. Sam holds a BSc (Hons) in Chemistry and an
MBA, both from Monash University in Melbourne. In 2007 he completed the AMP at
the Wharton School in the United States and in 2009 completed his graduate
diploma at The Australian Institute of Company Directors.
Name :
Ian Robert Davis
Designation
: Director
Appointment
date : 18/03/09
Address
: 6 Water Street
Wahroonga, NSW 2076
Australia
Biography
: Born on 24-04-1958 in
Barmera, South Australia, Australia.
Based in Sydney, Australia Ian joined Nuplex in 2009 as
Chief
Financial Officer. A Chartered Accountant, Ian has over 30
years’
experience in public accounting and senior financial roles
in
commerce. The commercial roles have predominantly been in
manufacturing and include experience in Australia, New
Zealand,
China and the United States. Prior to joining Nuplex, Ian
was CFO of
Tenix Pty Ltd and before that, General Manager Finance of
Rheem
Australia Pty Ltd.
Name :
Evan James
Williams
Designation
: Director and Company
Secretary
Appointment
date : 24/06/11
Address
: 6 Market Street
Randwick, NSW 2031
Australia
Biography
: Born on 21-02-1955 in
Sydney, New South Wales, Australia.
Name :
Steven John
Graham
Designation
: Company Secretary
Appointment
date : 20/03/02
Address
: 18 Donnan Street
Bexley, NSW 2207
Australia
Biography
: Born on 03-07-1956 in
Bathurst, New South Wales, Australia.
Name :
Judith Kaye
Gulikers
Designation
: Company Secretary
Appointment
date : 28/03/08
Address
: 8A Caroma Avenue
Kyeemagh, NSW 2216
Australia
Biography
: Born on 10-04-1963 in
Invercargill, New Zealand.
Staff
employed : 350 employees
(Subject); 1,589 employees (Nuplex Group)
SHARE
CAPITAL
Composition
Authorized
Capital : AUD 11,602,878
No of
shares : 5,801,439 Ordinary
Shares
Share
par value : AUD 2
Issued
capital : AUD 11,602,878
Paid
up capital : AUD 11,602,878
How
listed : Full List
Composition
Shareholder
name : NUPLEX OPERATIONS (AUST) PTY
LTD
Address
: 49-61 Stephen Road
Botany, NSW 2019
Australia
No. of
shares : 5,801,439 Ordinary
Shares
% of shares : 100%
Structure
Name :
NUPLEX INDUSTRIES
LIMITED
Affiliation
type : Ultimate Holding
Company
Address
: 12 Industry Road
Penrose, Auckland 1061
New Zealand
Comments : Nuplex
Industries Limited, together with its subsidiaries, engages in the manufacture and
distribution of polymer resins. The company operates in two segments, Resins
and Specialties. The Resins segment manufactures synthetic resins and
distributes complementary functional materials. This segment also provides
solvent based, water based, and powder resins for the coating, ink, textile,
adhesive, and construction industries; polyester resins and gelcoats for the
marine, swimming pool, bathroom ware, construction, and tank markets; and
functional resins for the tissue, packaging, fine paper, and textile markets.
In addition, this segment supplies resin flooring, waterproofing, flooring, and
cladding systems for the floor and wall, tank and roof, and lightweight
cladding system markets, as well as for the vinyl, carpet, adhesive, and tool
markets. The Specialties segment supplies a range of functional and specialty
materials for the coating, resin, construction, adhesive, mining, resource,
textiles, leather, agriculture, personal care, nutritional ingredients,
functional additives, food systems, and pharmaceutical and therapeutic markets,
as well as for the packaging, and performance plastics markets; and color and
performance additives for various plastics applications. The company markets
its products primarily in New Zealand, Australia, Asia, Europe, the Middle
East, Africa, and the Americas. Nuplex Industries Limited was founded in 1952
and is based in Auckland, New Zealand.
Name :
NUPLEX OPERATIONS
(AUST) PTY LTD
Affiliation
type : Parent Company
Address
: 49-61 Stephen Road
Botany, NSW 2019
Australia
Name :
P.T. NUPLEX RAUNG
RESINS
Affiliation
type : Sister Company
Address
: JI. Rungkut
Industri ll / 47
Surabaya, 60293
Indonesia
Name :
ASIA PACIFIC
SPECIALTY CHEMICALS LIMITED
Affiliation
type : Sister Company
Address
: Building I, Suite
15
22 Powers Road
Seven Hills, NSW 2147
Australia
Name :
MULTICHEM PTY.
LTD.
Affiliation
type : Sister Company
Address
: Century House,
Level 1
132 Gwynne Street
Richmond, VIC 3121
Australia
Related
companies and corporate
affiliations
comments
:
Other companies of the Nuplex Group should be considered affiliates of the
Subject.
Bank Details
Name
of bank : Westpac Banking
Corporation
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 : 30/06/12
Type
of accounts : Full
audited
Currency
: New
Zealand, Dollar (NZD)
Exchange
rate : 1
USD = NZD 1.23 as of 11-09-2012
Summarized Financial Information
Consolidation
type : Group
Consolidated Group
Consolidated
Currency
: New Zealand,
Dollar New Zealand,
Dollar
(NZD) (NZD)
Denomination
: (x1) One (x1) One
Date
of financial year end : 30/06/12 30/06/11
Length
of accounts : 12 months 12 months
Sale
turnover / Income : 1,615,897,000 1,575,014,000
Gross
profit : 337,062,000
339,425,000
Profit
before tax : 83,796,000
92,210,000
Net
income : 64,507,000
69,271,000
Non
current assets : 546,585,000
448,548,000
Current
assets : 676,477,000
583,505,000
Inventories
: 234,354,000
196,508,000
Total
assets : 1,223,062,000
1,032,053,000
Current
liabilities : 488,326,000
383,340,000
Non
current liabilities : 171,176,000
87,981,000
Total
liabilities : 659,502,000
471,321,000
Share
equity : 563,560,000
560,732,000
Retained
earning : 222,452,000
201,236,000
Comments
: The group’s
consolidated financial information above relates to the Subject’s Ultimate
Holding Company Nuplex Industries Limited and all its subsidiaries which
include the Subject.
Main activities : The
Subject engages in manufacturing, import and distribution of synthetic resins
and emulsions, paper-making chemicals and food ingredients. The Subject
operates as a subsidiary of Nuplex Industries Limited, a public listed company
on Australian and New Zealand Stock Exchange. Nuplex Industries Limited is a
leading international manufacturer and distributor of resins for coatings and
composites, and specialty products for the construction, chemical, plastic and
life sciences industries. It has manufacturing operations in ten countries on
four continents. Australia generates the largest share of earnings, followed by
Asia and Europe. Nuplex is listed on the Australian and New Zealand exchanges
and has a market capitalisation of A$490 million/NZ$630 million.
Product
& services : Synthetic resins
Emulsions
Chemicals
Food ingredients
Purchases
International
: Worldwide
Sales
Local
: Yes
International
: New Zealand, Asia
Property & Assets
Premises : The
Subject operates from premises located at the verified heading address
consisting of an administrative office, production facilities and warehouse.
Branches : In
addition, the Subject operates from branch office located at:
Level
5, 182-186 Blues Point Road
North
Sydney, NSW 2060
Australia
Tel:
+61 2 96660331
Gross Domestic Products (GDP) &
Economic Overview
Central
bank : Reserve
Bank of Australia
Reserve
of foreign exchange & gold : US$
41.385 billion
Gross
domestic product - GDP : US$ 1.235
trillion
GPP
(Purchasing power parity) : 918.529
billion of International dollars
GDP
per capita - current prices : US$
55,590
GDP -
composition by sector : agriculture:
4.1%
industry: 26%
services: 70%
Inflation
: 2008:
4.4%
2009: 1.8%
2010: 2.8%
Unemployment
rate : 2008:
4.2%
2009: 5.6%
2010: 5.2%
Public
debt
(General
Government gross debt as
a %
GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
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 : 2007:
US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI
Outflows : 2007:
US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best
countries for doing business : 10 out of 183 countries
Global
competitiveness ranking : 16 (ranking by country on a basis of 133, 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
74.00%
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
International
: L/C, Prepayment, 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.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
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.