MIRA INFORM REPORT
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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HEAT AND CONTROL PTY. LTD. |
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Formerly Known As : |
GREER AUSTRALIA PTY. LTD. |
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Registered Office : |
407 Creek Road, Mount
Gravatt, Queensland, Zip/postal code 4122 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.11.1965 |
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Com. Reg. No.: |
009742803 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Import, manufacturing and
distribution of food processing, packaging and weighing equipment and machinery |
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No. of Employees : |
488 employees |
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 (31.03.2012) |
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
The Australian
economy has experienced continuous growth and features low unemployment, contained
inflation, very low public debt, and a strong and stable financial system. By
2012, Australia had experienced more than 20 years of continued economic
growth, averaging 3.5% a year. Demand for resources and energy from Asia and
especially China has grown rapidly, creating a channel for resources
investments and growth in commodity exports. The high Australian dollar has
hurt the manufacturing sector, while the services sector is the largest part of
the Australian economy, accounting for about 70% of GDP and 75% of jobs.
Australia was comparatively unaffected by the global financial crisis as the
banking system has remained strong and inflation is under control. Australia
has benefited from a dramatic surge in its terms of trade in recent years, stemming
from rising global commodity prices. Australia is a significant exporter of
natural resources, energy, and food. 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 is an open market with minimal restrictions on imports of goods and
services. The process of opening up has increased productivity, stimulated
growth, and made the economy more flexible and dynamic. Australia plays an
active role in the World Trade Organization, APEC, the G20, and other trade
forums. Australia has bilateral free trade agreements (FTAs) with Chile,
Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with
ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia,
Japan, and the Republic of Korea, as well as with its Pacific neighbors and the
Gulf Cooperation Council countries, and is also working on the Trans-Pacific
Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico,
New Zealand, Peru, Singapore, the US, and Vietnam.
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Source : CIA |
Verified Address
Subject name : HEAT AND CONTROL PTY. LTD.
Business address : 407 Creek Road
Town : Mount Gravatt
Province : Queensland
Zip/postal code : 4122
Country : Australia
Tel : +61 7 38776333
Fax : +61 7 33438371
Email : info@heatandcontrol.com
Website : www.heatandcontrol.com
Registered address : 407 Creek Road
Town : Mount Gravatt
Province : Queensland
Zip/postal code : 4122
Country : Australia
Postal address : P.O. Box 57
Town : Mount Gravatt
Province : Queensland
Zip/postal code : 4122
Country : Australia
Executive Summary
Date founded or registered : 23/11/1965
Legal form : Australian
Proprietary Company
Chief executive : James Mclauchlan Strang
Issued & paid up capital
: AUD 985,457
Sales turnover : AUD 103,552,435 (Consolidated 12 months,
31/12/2011)
Net income : AUD 3,578,163
(Consolidated 12 months, 31/12/2011)
Total fixed assets : AUD 75,323,595 (Consolidated
12 months, 31/12/2011)
Line of business : Import, manufacturing and
distribution of food processing, packaging and
weighing equipment and machinery.
Staff employed : 488 employees
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 found
Payment history : No payment delays noted
Registry Data
Registration date : 23/11/1965
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 009742803
Registered authority : Australian Securities &
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 82009742803
Registry status : Live/Active
Previous name : GREER AUSTRALIA PTY.
LTD.
J. W. GREER (AUSTRALIA) PTY. LTD. (initial)
Change of legal form : None reported.
Other registration : ISHIDA AUSTRALIA is a
business name owned by the Subject registered on
29/02/2000 under business registration no: BN17106930.
Key Management
Name : James Mclauchlan Strang
Designation : Managing Director
Name : David Tambyah
Designation : Chief Financial Officer
Appointments
Name : Andrew Anthony Caridis
Designation : Director
Appointment date : 22/07/77
Address : 31 Madera Ave San Carlos
CA 94070
United
States of America
Biography : Born on 01-06-1921 in San Francisco,
United States of America.
Name : David Allan Tambyah
Designation : Director and Company Secretary
Appointment date : 01/01/08
Address : 4 Littler Street
Sunnybank,
QLD 4109
Australia
Biography : Born on 07-10-1960 in
Colombo, Sri Lanka.
Name : Anthony Andrew Caridis
Designation : Director
Appointment date : 27/07/88
Address : 11 Colton Ct Redwood City
CA 94062
United
States of America
Biography : Born on 04-08-1948 in San
Francisco, United States of America.
Name : James Mclauchlan Strang
Designation : Director
Appointment date : 30/04/98
Address : Unit 57, 31 Thompson Street
Victoria
Point, QLD 4165
Australia
Biography : Born on 10-03-1943 in
Dunragit, United Kingdom.
Staff employed : 488 employees
Key Advisors
Auditors : GRANT THORNTON AUDIT PTY
LTD
Ground
Floor, 102 Adelaide Street
Brisbane,
QLD 4000
Australia
Solicitors : Allens Arthur Robinson
Level 28,
Deutsche Bank Place
126
Phillip Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 985,457
No of shares : 985,457 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 985,457
Paid up capital :
AUD 985,457
/ SHAREHOLDERS
How listed Full List
Composition
Shareholder name : Christopher Stanley Hillery
Address : 20 Devonlea Street
Eight Mile
Plains, QLD 4113
Australia
No. of
shares : 3,285 Ordinary Shares
Shareholder name : H & C INC.
Address : 21121 Cabot Blvd.
Hayward,
CA 94545-1132
United
States of America
No. of
shares : 974,781 Ordinary Shares
Shareholder name : James Mclauchlan Strang
Address : Unit 57, 31 Thompson Street
Victoria
Point, QLD 4165
Australia
No. of
shares : 7,391 Ordinary Shares
Structure
Name : HEAT
AND CONTROL INC.
Affiliation type : Ultimate Holding Company
Address : 21121 Cabot Blvd.
Hayward,
CA 94545-1132
United
States of America
Comments :
Heat and Control, Inc.
designs, engineers, and manufactures food processing and
packaging equipment to
prepare and package prepared meats, poultry and
seafood, French fries, and
baked and fried snacks. It offers processing
equipment, including batter
and breading applicators, branding/searing systems,
corn sheeting/conditioning/ovens,
fryer systems, oil filters, oven systems, pollution
control systems, and salt and
seasoning equipment; and produce unloading and
handling, washing and
dewatering, cooling and oil stripping, corn
simmering/soaking, corn
washing/grinding/pumping, peeling/inspection/slicing, oil
heating, and oil transfer and
storage products. The company also provides
packaging and weighing
equipment, including fillers, snack bag makers, tray
sealers, and support
structures; inspection systems, including metal detectors,
check weighers, seal
checkers, and X-ray inspection systems; and product
handling equipment, including
accumulation equipment, blending systems,
fastback horizontal motion
conveyors, revolution proportional gates, flex lines and
support structures, incline
transfer conveyors, product sizing products, seasoning
systems, and vibratory
conveyors. In addition, it offers control systems, including
graphic operator interface,
PLC, and relay logic systems; field and training
services; and spare parts.
The company serves industries in bakery food, candy
and confectionery, cereal,
cheese, coffee and tea, corn products and tortilla chips,
nut meats, prepared food,
pasta, pellet snacks, plantain and banana chips, potato
chips, salads, and snack food
systems markets; and meat, poultry, and seafood
markets in the United States
and internationally. Heat and Control, Inc. was
founded in 1950 and is based
in Hayward, California with manufacturing centers
in the United States,
Australia, Mexico, China, and South Africa; and regional
sales offices in India,
Malaysia, Singapore, New Zealand, Brazil, Argentina,
Canada, Scotland, and the
Netherlands.
Name : H & C INC.
Affiliation type : Parent Company
Address : 21121 Cabot Blvd.
Hayward, CA
94545-1132
United
States of America
Name : HEAT AND CONTROL PVT.
LTD.
Affiliation type : Wholly-owned Subsidiary
Address : E2, 3rd Avenue, Anna Nagar
East
Chennai
600102
India
Name : HEAT AND CONTROL
LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Unit 1, 32 Barmac Place
East
Tamaki, Auckland 2013
New
Zealand
Name : HEAT AND CONTROL PTE
LTD
Affiliation type : Sister Company
Address : 627A Aljunied Road
#08-10
BizTech Centre
Singapore
389842
Singapore
Related companies and corporate affiliations comments
Other companies of the Heat
And Control Group should be considered affiliated companies of the Subject.
Bank Details
Name of bank : HSBC Bank 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.
O
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 0.97 as of
22-04-2013
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
Sale turnover / Income : 103,552,435
92,211,800
Profit before tax : 3,583,124 3,032,960
Net income : 3,578,163 2,458,248
Non current assets : 19,095,430 15,031,911
Current assets : 56,228,165 49,394,932
Inventories 18,322,344 15,186,232
Total assets : 75,323,595 64,426,843
Current liabilities : 42,769,064 35,516,096
Non current liabilities : 1,750,736 1,354,140
Total liabilities : 44,519,800 36,870,236
Share equity : 30,803,795 27,556,607
Reserve : -1,734,220 -1,403,245
Retained earning : 31,552,558 27,974,395
Property &
Assets
Premises
: The Subject operates
from premises at the verified heading address
consisting of a production facility, warehouse and administrative
office.
Branches : In addition, the Subject operates
from branches located at:
14 Enterprise Ct
Mulgrave, Victoria 3170
Australia
Tel: +61 3 95350100
Platinum Centre
Unit 23/ 19-26 Durian Pl
Wetherill Park, New South Wales 2164
Australia
Tel: +61 2 87882800
Other property : Total NBV of property, plant and equipment as of 31-12-2011 was AUD
9,431,056
PERATION DETAILS
Main activities : The Subject engages in import,
manufacturing and distribution of food
processing,
packaging and weighing equipment and machinery.
The Subject
is ultimately owned by Heat And Control Inc. based in United
States of
America.
Heat and
Control, Inc. designs, engineers, and manufactures food
processing
and packaging equipment to prepare and package prepared
meats,
poultry and seafood, French fries, and baked and fried snacks. It
offers
processing equipment, including batter and breading applicators,
branding/searing
systems, corn sheeting/conditioning/ovens, fryer systems,
oil
filters, oven systems, pollution control systems, and salt and seasoning
equipment;
and produce unloading and handling, washing and dewatering,
cooling
and oil stripping, corn simmering/soaking, corn
washing/grinding/pumping,
peeling/ inspection/slicing, oil heating, and oil
transfer
and storage products. The company also provides packaging and
weighing
equipment, including fillers, snack bag makers, tray sealers, and
support
structures; inspection systems, including metal detectors, check
weighers,
seal checkers, and X-ray inspection systems; and product
handling
equipment, including accumulation equipment, blending systems,
fastback
horizontal motion conveyors, revolution proportional gates, flex
lines and
support structures, incline transfer conveyors, product sizing
products,
seasoning systems, and vibratory conveyors. In addition, it offers
control
systems, including graphic operator interface, PLC, and relay logic
systems;
field and training services; and spare parts. The company serves
industries
in bakery food, candy and confectionery, cereal, cheese, coffee
and tea,
corn products and tortilla chips, nut meats, prepared food, pasta,
pellet
snacks, plantain and banana chips, potato chips, salads, and snack
food
systems markets; and meat, poultry, and seafood markets in the
United
States and internationally. Heat and Control, Inc. was founded in
1950 and
is based in Hayward, California with manufacturing centers in the
United
States, Australia, Mexico, China, and South Africa; and regional
sales
offices in India, Malaysia, Singapore, New Zealand, Brazil, Argentina,
Canada,
Scotland, and the Netherlands.
Product & services :
· Food Processing Equipment:
Fryer
Systems
Oil
Heating
Oil
Filters
Oil
Transfer and Storage
Cooling
& Oil Stripping
Oven
Systems
Branding
/ Searing Systems
Batter
& Breading Applicators
Produce
Unloading and Handling
Peeling
/ Inspection / Slicing
Washing
& Dewatering
Corn
Simmering/Soaking
Corn
Washing/Grinding/Pumping
Corn
Sheeting/Conditioning/Ovens
In-Kitchen
Seasoning Systems
page
12 / 17
Spray
Dynamics Seasoning Systems
Pollution
Control Systems
Other
Processing Equipment
Packaging
& Weighing Equipment
Product
Handling
Control
& Information Systems
Packaging
& Weighing Equipment:
Multihead
Weighers
Checkweighers
Metal
Detectors-Food Products
Metal
Detectors-Pharmaceuticals
X-ray
Inspection Systems
Snack
Bagmakers
Tray
Sealers
Inspection
Systems:
Checkweighers
Metal
Detectors-Food Products
Metal
Detectors-Pharmaceuticals
X-ray
Inspection Systems
Seal
Checkers
Product
Handling Equipment:
Fastback
Horizontal Motion Conveyors
On-Machine
Seasoning Systems
FastBack
Revolution Proportional Gate
Vibratory
Conveyors
Blending
Systems
Controls
& Information System
Incline
Transfer Conveyors
Product Sizing
Accumulation
Equipment
Varilift Bucket
Conveyors
Flex Lines &
Support Structures
Seasoning &
Coating Systems:
In-Kitchen
Seasoning Systems
Spray Dynamics
Seasoning Systems
On-Machine
Seasoning Systems
Batter &
Breading Applicators
Control &
Information Systems
Purchases
International : Asia
Sales
Local : Yes
International : Europe
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%
PAYMENT HISTORY
Purchase Term
International : L/C, Prepayment, D/P,
Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Prepayment, D/P, Bank
transfer, Credit 30-90 days
International : L/C, Prepayment, Telegraphic
transfer, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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 |
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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 |
|
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 |
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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.