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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CHEMNET PTY LIMITED |
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Formerly Known As : |
HALOGEN PTY LIMITED (initial) |
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Registered Office : |
Level 3, |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
06.01.1998 |
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Com. Reg. No.: |
081190954 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of industrial and specialty chemicals. |
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No. of Employees : |
14,000 employees (Orica Group) |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
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.
Source
: CIA
Verified Address
Subject name : CHEMNET PTY LIMITED
Business address :
Level 8, 1 Nicholson Street
Town : East Melbourne
Province : Victoria
Zip/postal code : 3002
Country : Australia
Tel : +61 3 96657111
Fax : +61 3 96657908
Email : chemicals.orders@orica.com
Website : www.orica-chemnet.com
Registered address
: Level 3, 1 Nicholson Street
Town : East Melbourne
Province : Victoria
Zip/postal code : 3002
Country : Australia
Comments : The provided name ORICA CHEMNET
AUSTRALIA PTY. LTD. is not registered
in Australia.
Executive Summary
Date founded or
registered : 06/01/1998
Legal form : Australian
Proprietary Company
Chief executive : Gregory John Witcombe
Issued & paid
up capital : AUD 1
Sales turnover : AUD
6,182,300,000 (Group-consolidated 12 months, 30/09/2011)
Net income : AUD 663,400,000
(Group-consolidated 12 months, 30/09/2011)
Total fixed assets
: AUD 7,628,200,000 (Group-consolidated
12 months, 30/09/2011)
Line of business : Import and distribution
of industrial and specialty chemicals.
Staff employed : 14,000 employees (Orica
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 very good
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Comments : Larger credit can
be granted if guaranteed by Ultimate Holding Company.
Registry Data
Registration date
: 06/01/1998
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 081190954
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 93081190954
Registry status : Live/Active
Previous name : HALOGEN PTY LIMITED
(initial)
Change of legal
form : None reported.
Key Management
Name : Gregory
John Witcombe
Designation : Managing Director
Appointments
Name : Gregory John Witcombe
Designation : Director
Appointment date :
07/10/08
Address : 10 Salisbury Street
Balwyn, VIC 3103
Australia
Biography : Born on 18-04-1954 in
Brisbane, Queensland, Australia.
Mr. Greg J. Witcombe, B.Sc. serves as the Chief Executive Officer of
Chemicals at Orica Ltd. Mr. Witcombe served as Group General
Manager of Chemicals at Orica Ltd. since September 2008. Mr.
Witcombe served as General Manager of People, SH&E and
Community of Orica Ltd. Mr. Witcombe served as General Manager
of business transformation and human resources of Orica Ltd., a
Parent company of Incitec Ltd. since June 3, 2005. He served as the
Managing Director of IncitecPivot Limited, a business of Orica Ltd.
from June 2003 to August 2005 and also its Chief Executive Officer
until August 2005. Mr. Witcombe served as the Managing Director of
Incitec Ltd. since October 1998 and serves as Chief Executive
Officer. Mr. Witcombe was General Manager of Polyethylene Group
of Orica Limited, with responsibility for the Polythene and Films
divisions. Mr. Witcombe held several marketing and business
management positions during his career with Orica. He has been with
Orica Ltd. for more than 29 years. He joined in 1977 as a research
chemist with the Agricultural Products business before moving into a
series of commercial roles that took him around Australia as well as
on secondment to the United Kingdom. His senior management
positions have also included four years as General Manager Mining
and Trading Division (ICI) and two years as General Manager
Polyethylene Group. He served as a Director of Incitec Ltd. since
September 1997. He served as a Director of IncitecPivot Ltd. until
August 2005.
Name : Richard Charles Betts
Designation : Director
Appointment date :
21/12/10
Address : 4 Gray Street
Brighton, VIC 3186
Australia
Biography : Born on 21-08-1967 in Sydney,
New South Wales, Australia.
Name : Annette Margaret Cook
Designation : Company Secretary
Appointment date :
23/01/03
Address : 26 Maling Road
Canterbury, VIC 3126
Australia
Biography : Born on 16-07-1955 in
Melbourne, Victoria, Australia.
Staff employed : 14,000 employees (Orica Group)
Composition
Authorized Capital
: AUD 1
No of shares : 1 Ordinary Share
Share par value : AUD 1
Issued capital : AUD 1
Paid up capital : AUD 1
How listed : Full
List
Composition
Shareholder name :
ORICA INVESTMENTS PTY LTD
Address : Level 3, 1 Nicholson Street
East Melbourne, VIC 3002
Australia
No. of shares : 1 Ordinary Share
% of shares : 100%
Structure
Name : ORICA LIMITED
Affiliation type :
Ultimate Holding Company
Address : Level 3, 1 Nicholson Street
East Melbourne, VIC 3002
Australia
Comments : Orica Limited manufactures and
distributes mining products, consumables, and
chemical products, as well as provides mining services. The company’s
Mining
Services segment manufactures and supplies commercial explosives,
initiating
systems, and blasting technology to the mining, quarrying, construction,
and
exploration industries, as well as provides mining services. Its Minova
segment
manufactures and supplies chemical-based consumables, bolts, equipment,
accessories, and services for ground consolidation, roof support,
ventilation, and
water control to the underground mining, tunneling, and civil
construction markets.
The company’s DuluxGroup segment manufactures and supplies paints and
other surface coatings to the decorative and technical markets; and a
range of
home handyman, car care, and garden care products. Its Chemicals segment
engages in the manufacture, distribution, and trade of a range of
industrial and
specialty chemicals for use in various industries, including water
treatment, pulp
and paper, food and beverage, construction, and mining industries, as
well as
industrial, dairy, and agriculture markets. Orica Limited also involves
in the
remediation activities, including the operation of a groundwater
treatment plant.
The company primarily operates in Australia, New Zealand, Asia, North
America,
Latin America, and Europe. Orica Limited is headquartered in East
Melbourne,
Australia.
Name : ORICA INVESTMENTS PTY
LTD
Affiliation type :
Parent Company
Address : Level 3, 1 Nicholson Street
East Melbourne, VIC 3002
Australia
Name : BRONSON & JACOBS
PTY LTD
Affiliation type :
Sister Company
Address : 70 Marple Avenue
Villawood, NSW 2163
Australia
Name : MINOVA AUSTRALIA PTY
LTD
Affiliation type : Sister Company
Address : 102 Albatross Road
Nowra, NSW 2541
Australia
Name : ORICA NEW ZEALAND LTD
Affiliation type :
Sister Company
Address : 123 Carlton Gore Road
Newmarket, Auckland 1023
New Zealand
Related companies
and corporate
affiliations
comments: Other companies of the Orica
Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank
Address : Australia
Account details : Current Account
Name of bank : Commonwealth Bank of 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 : 30/09/11
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.96 as of 25-09-2012
Summarized Financial Information
Consolidation type
: Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 30/09/11 30/09/10
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 6,182,300,000 5,812,100,000
Operating profit : 1,028,300,000 933,600,000
Profit before tax
: 904,800,000 814,000,000
Net income : 663,400,000 1,354,700,000
Non current assets
: 5,643,000,000 5,157,500,000
Current assets : 1,985,200,000 1,831,900,000
Inventories : 614,500,000 541,300,000
Total assets : 7,628,200,000 6,989,400,000
Current
liabilities : 1,457,400,000
1,558,900,000
Non current
liabilities :
2,295,200,000 1,797,900,000
Total liabilities
: 3,752,600,000 3,356,800,000
Share equity : 3,875,600,000 3,632,600,000
Retained earning :
2,363,400,000 2,096,200,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Ultimate Holding Company Orica Limited and all its subsidiaries which
include the Subject.
Main activities : The Subject engages in
import and distribution of industrial and specialty
chemicals.
It serves the water treatment, pulp and paper, agriculture, automotive,
building and construction, detergents and cleaning, general chemicals,
mining and polymer additives markets.
The Subject is ultimately owned by Orica Ltd. Orica is an Australian-owned,
publicly-listed global company with headquarters in Melbourne,
Australia.
Orica Limited shares are listed on the Australian Securities Exchange
(ASX) and are traded under the code ORI.
Orica Limited manufactures and distributes mining products, consumables,
and chemical products, as well as provides mining services.
The company’s Mining Services segment manufactures and supplies
commercial explosives, initiating systems, and blasting technology to
the
mining, quarrying, construction, and exploration industries, as well as
provides mining services.
Its Minova segment manufactures and supplies chemical-based
consumables, bolts, equipment, accessories, and services for ground
consolidation, roof support, ventilation, and water control to the
underground mining, tunneling, and civil construction markets.
Its Chemicals segment engages in the manufacture, distribution, and
trade
of a range of industrial and specialty chemicals for use in various
industries, including water treatment, pulp and paper, food and
beverage,
construction, and mining industries, as well as industrial, dairy, and
agriculture markets.
Orica Limited also involves in the remediation activities, including the
operation of a groundwater treatment plant. The company primarily
operates in Australia, New Zealand, Asia, North America, Latin America,
and Europe.
Product &
services : Industrial
and specialty chemicals
Purchases
International : Worldwide
Sales
Local : Yes
International : Pacific Islands
Property & Assets
Premises : The Subject
operates from group headquarters located at the verified
heading address consisting of an administrative office.
Branches : None reported.
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 : 2009: 16.9%
2010: 20.4%
2011: 22.9%
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, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.58 |
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1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.