MIRA INFORM REPORT
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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NERADA TEA PTY LTD |
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Formerly Known As : |
MISTWADE PTY. LTD. |
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Registered Office : |
Unit 3, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.03.1992 |
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Com. Reg. No.: |
055076849 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Growing, processing, blending, packing and marketing of tea and variety of herbs |
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No. of Employees : |
43 employees (Subject); 70
employees (Nerada 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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : NERADA TEA PTY LTD
Business address : Unit 3, 23 Overlord Place
Town : Acacia Ridge
Province : Queensland
Zip/postal code : 4110
Country : Australia
Tel : +61 7 32720444
Fax : +61 7 32720243
Email : info@neradatea.com.au
Website : www.neradatea.com.au
Registered address : Unit 3, 23 Overlord Place
Town : Acacia Ridge
Province : Queensland
Zip/postal code : 4110
Country : Australia
Postal address : P.O. Box 1420
Town : Sunnybank Hills
Province : Queensland
Zip/postal code : 4109
Country : Australia
Executive Summary
Date founded or registered : 06/03/1992
Legal form : Australian
Proprietary Company
Chief executive : Andrew Richard Weavers
Issued & paid up capital
: AUD 7,268,000
Sales turnover : AUD 16,568,713 (Consolidated 12
months, 31/12/2011)
Net income AUD 608,936
(Consolidated 12 months, 31/12/2011)
Total fixed assets : AUD 22,333,420 (Consolidated
12 months, 31/12/2011)
Line of business : Growing, processing,
blending, packing and marketing of tea and variety of
herbs.
Staff employed : 43 employees (Subject);
70 employees (Nerada Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
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
Registry Data
Registration date : 06/03/1992
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 055076849
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 59055076849
Registry status : Live/Active
Previous name : MISTWADE PTY. LTD.
(initial)
Change of legal form : None reported.
Key Management
Name : Andrew Richard Weavers
Designation : Managing Director
Appointments
Name : Andrew Richard Weavers
Designation : Director
Appointment date : 10/05/95
Address : 95 Golden Avenue
Calamvale,
QLD 4116
Australia
Biography : Born on 22-03-1963 in
Wolverhampton, United Kingdom.
Name : Caroline Christine
Russell
Designation : Director
Appointment date : 30/09/96
Address : 7 Persiaran Hampshire
off Jalan
Ampang
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Biography : Born on 02-11-1964 in Kuala
Lumpur, Malaysia.
Name : Tristan Beauchamp
Russell
Designation : Director
Appointment date : 10/05/95
Address : 5 Persiaran Hampshire
off Jalan Ampang
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Biography : Born on 26-07-1932 in Kuala
Lumpur, Malaysia.
Name : John Beauchamp Russell
Designation : Director
Appointment date : 20/08/07
Address : 49 Vía Canon
Millbrae,
CA 94030
United
States
Biography : Born on 31-08-1961 in
Petaling Jaya, Malaysia.
Name : Gordon Leonard Mitchell
Designation : Company Secretary
Appointment date : 20/02/06
Address : 39 Chatham Street
Margate,
QLD 4019
Australia
Biography : Born on 01-07-1952 in Sydney,
New South Wales, Australia.
Staff employed : 43 employees (Subject); 70 employees
(Nerada Group)
Key Advisors
Auditors : SHEPHARD & MCCARTHY
3 Pease
Street
Cairns,
QLD 4870
Australia
Solicitors : MULLINS LAWYERS
Level 21,
Riverside Centre
123 Eagle
Street
Brisbane,
QLD 4000
Australia
Composition
Authorized Capital : AUD 7,268,000
No of shares : 4,940,000 Ordinary Shares
Share par value : No par value
Issued capital : AUD 7,268,000
Paid up capital : AUD
7,268,000
How listed : Full List
Composition
Shareholder name : BOH IN SINGAPORE (PRIVATE) LIMITED
Address : C/o DREW & NAPIER LLC
10 Collyer
Quay
#10-01
Ocean Financial Centre
Singapore
049315
Singapore
No. of shares : 120,000 Ordinary Shares
Shareholder name : BOH PLANTATIONS SDN BHD
Address : 9 Persiaran Hampshire
off Jalan
Ampang
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
No. of shares : 2,399,400 Ordinary Shares
Shareholder name : J A RUSSELL (GUERNSEY) LIMITED
Address : Guernsey
Channel Islands
No. of shares : 2,420,600 Ordinary Shares
Structure
Name : J A RUSSELL & CO SDN BHD
Affiliation type : Ultimate
Holding Company
Address : 9 Persiaran Hampshire
off Jalan
Ampang
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Name : BOH PLANTATIONS SDN BHD
Affiliation type : Parent
Company
Address : 9 Persiaran Hampshire
off Jalan
Ampang
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Comments : BOH Plantations Sdn Bhd is the leading tea
grower in Malaysia with four tea
gardens - Boh, Sungei Palas and
Fairlie situated in Cameron Highlands; and
Bukit Cheeding in Selangor -
constituting a total land area of 1200 hectares. With
a production capacity approaching
3000kgs per hectare, the Company produces
4 million kgs of tea annually which
translates to about 5.5 million cups per day.
This represents about 70% of all tea
produced in Malaysia.
BOH dominates the domestic retail
market. While maintaining its market position
locally, the Company is also
expanding into foreign niche markets. Today BOH
exports its brand of prime grade teas
to various countries including the USA,
United Arab Emirates, Japan,
Singapore and Brunei.
The Company is one of the few
vertically-integrated tea companies in the world. It
has operations ranging the entire
spectrum of tea manufacture - from cultivation
and processing to the packaging and
marketing of its wide range of locally grown
robust black teas.
BOH's operations are mechanised while
application of fertilisers is carried out
aerially and harvesting is done by
hand-held machines or raised tractor
harvesters. Each of BOH's tea gardens
has its own processing facility and the
Fairlie tea garden utilises some of
the most modern machines in the world. BOH
also packs all its tea at its packing
facility in Bukit Cheeding.
Name : BOH IN SINGAPORE (PRIVATE) LIMITED
Affiliation type : Shareholder
Address : C/o DREW & NAPIER LLC
10 Collyer
Quay
#10-01 Ocean
Financial Centre
Singapore
049315
Singapore
Comments : Holding company.
Name : J A RUSSELL (GUERNSEY) LIMITED
Affiliation type : Shareholder
Address Guernsey
Channel Islands
Comments : Holding company.
Name : NERADA TEA ESTATES PTY LTD
Affiliation type :
Wholly-owned Subsidiary
Address : Glen Allyn Road
Malanda,
QLD 4885
Australia
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
: Commercial Registry Filings
Financial statement date : 31/12/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.96 as of
11-09-2012
Summarized
Financial Information
Consolidation type : Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/11 31/12/10
Length of accounts : 12 months 12 months
Gross profit : 4,315,142 4,870,695
Profit before tax : 919,355 1,520,937
Net income : 608,936 1,014,288
Non current assets : 9,258,112 9,654,759
Current assets : 13,075,308 12,111,209
Inventories : 4,511,056 4,557,610
Total assets : 22,333,420 21,765,968
Current liabilities : 1,516,562 1,505,331
Non current liabilities : 5,199,188 5,251,903
Total liabilities : 6,715,750 6,757,234
Share equity : 15,617,670 15,008,734
Retained earning : 8,349,670 7,740,734
Comments : The consolidated
financial information above relates to the Subject and its only
subsidiary Nerada Tea Estates Pty Ltd.
Main activities : The Subject engages in growing, processing, blending, packing and
marketing
tea and variety of herbs.
Product & services :
· Tea (camellia sinensis)
· Tea Bags
· Herbs
Brand : Nerada Tea
Purchases
International : India, Malaysia
Sales
Local : Yes
International : Japan, New Zealand
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading
address
consisting of production facilities, warehouse and administrative
office.
Branches : None reported.
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 : Prepayment, L/C, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : Prepayment, L/C, Telegraphic transfer,
D/P, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.26 |
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UK Pound |
1 |
Rs.88.85 |
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Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.