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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GUD AUTOMOTIVE PTY LTD |
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Formerly Known as: |
G.U.D.
MANUFACTURING COMPANY PROPRIETARY LIMITED (initial) |
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Registered Office : |
29 Taras Avenue, Altona North, Victoria 3025 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
02.12.1940 |
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Com. Reg. No.: |
004237727 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing and distribution of filters for the automotive industry
under the brand name Ryco. |
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No. of Employees : |
1,576 employees (G.U.D. 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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Australia |
A1 |
A1 |
|
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, 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.
|
Source
: CIA |
Verified Address
Subject name : GUD
AUTOMOTIVE PTY LTD
Other style / Business name : RYCO
FILTERS
Business address : 29
Taras Avenue
Town : Altona
North
Province : Victoria
Zip/postal code : 3025
Country : Australia
Tel : +61
3 92433333
Fax : +61
3 92433366
Website : www.rycofilters.com.au
Registered address : 29
Taras Avenue
Town : Altona North
Province : Victoria
Zip/postal code :
3025
Country : Australia
Executive Summary
Date founded or registered : 02/12/1940
Legal form : Australian
Proprietary Company
Chief executive : Robert
Allen Pattison
Issued & paid up capital : AUD
65,600
Sales turnover : AUD
596,452,000 (Group-Consolidated 12 months, 30/06/2013)
Net income : AUD
31,464,000 (Group-Consolidated 12 months, 30/06/2013)
Total fixed assets : AUD
421,698,000 (Group-Consolidated 12 months, 30/06/2013)
Line of business :
Manufacturing and
distribution of filters for the automotive industry under the brand name Ryco.
Staff employed : 1,576
employees (G.U.D. 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 found
Payment history : No
payment delays noted
Comments : Larger
credit can be granted if guaranteed by Parent Company.
Registry Data
Registration date : 02/12/1940
Legal form : Australian
Proprietary Company
Registration no Australian Company Number: 004237727
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
Business Number: 13004237727
Registry status : Live/Active
Previous name : G.U.D.
MANUFACTURING COMPANY PROPRIETARY LIMITED (initial)
Change of legal form : None
reported.
Other registration
: RYCO
FILTERS is a business name owned by the Subject registered on 17/07/2000 under
business registration no: B1523470B.
Key Management
Name : Robert Allen
Pattison
Designation : Chief Executive
Officer
Name : Martin Andrew
Fraser
Designation : Chief Financial
Officer
Appointments
Name : Robert
Allen Pattison
Designation : Director
Appointment date : 02/07/04
Address : 28
Candlebark Close
Diamond Creek, VIC 3089
Australia
Biography : Born
on 08/08/1952 in Melbourne, Victoria, Australia.
Name : Ian
Alistair Campbell
Designation : Director
Appointment date : 20/10/98
Address : 14
Fellows Road
Point Lonsdale, VIC 3225
Australia
Biography : Born
on 15/04/1950 in Portsmouth, United Kingdom.
Mr. Ian Alistair Campbell was Chief
Executive Officer, Managing Director and Executive Director of GUD Holdings
Limited from October 5, 1998 until July 31, 2013. Mr. Campbell was appointed
Non-Executive Director of Mirrabooka Investments Limited in November 15, 2007.
He is also Vice-President of Ai Group (Vic.). He is Fellow of the Australian
Institute of Company Directors.
Name : Martin
Andrew Fraser
Designation : Director
Appointment date :
01/01/12
Address : 1
Fifth Street
Black Rock, VIC 3193
Australia
Biography : Born
on 18/10/1962 in Melbourne, Victoria, Australia.
Mr. Martin A. Fraser has been Chief
Financial Officer of GUD Holdings Limited since January 1, 2012. He holds a
Bachelor of Business and Executive Masters of Business Administration. He is
Graduate of the Australian Institute of Company Directors and Fellow of the
Institute of Chartered Accountants. Mr. Fraser’s early career was with Coopers
& Lybrand in Australia, followed by over 25 years in Asia and Europe in
senior finance and operational roles in Asia and Europe with McIntosh Hamson
Hoare Govett, Jardine Matheson Ltd and the Schindler Group.
Name : Malcolm
George Tyler
Designation : Company
Secretary
Appointment date : 18/11/05
Address : 54
Cobden Street
South Melbourne, VIC 3205
Australia
Biography : Born
30/09/1960 in Melbourne, Victoria, Australia.
Mr. Malcolm G. Tyler has been Company
Secretary of GUD Holdings Ltd since November 18, 2005. He is associate of
Chartered Secretaries Australia, a former partner with Freehills and general
counsel with Southcorp Limited. He has held a legal practising
certificate in Victoria for 26 years. He
holds an LLB (Bachelor of Law) and a Bachelor of Commerce (Hons) and a Master
of Business Administration. He is Associate of the Chartered Institute of
Secretaries.
Staff employed : 1,576
employees (G.U.D. Group)
Key Advisors
Auditors : DELOITTE
TOUCHE TOHMATSU
Level 17, 550 Bourke Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital : AUD
65,600
No of shares : 32,800
Ordinary Shares
Share par value : AUD 2
Issued capital : AUD
65,600
Paid up capital : AUD
65,600
How listed : Full
List
Composition
Shareholder name : G.U.D.
HOLDINGS LIMITED
Address : 29
Taras Avenue
Altona North, VIC 3025
Australia
No. of shares : 32,800
Ordinary Shares
% of shares : 100%
Structure
Name : G.U.D. HOLDINGS
LIMITED
Affiliation type : Parent Company
Address : 29 Taras Avenue
Altona North, VIC 3025
Australia
Comments : GUD Holdings Limited Australian-based
company. The Company operates in four segments: Consumer Products (Sunbeam and
Oates), which includes small electrical appliances and cleaning products;
Automotive Products (Ryco, Wesfil, Goss), which includes automotive and heavy
duty filters for cars, trucks, agricultural and mining equipment, fuel pumps
and associated products for the automotive after market; Water Products
(Davey), which include pumps and pressure systems for household and farm water,
water transfer pumps, swimming pool products, spa bath controllers and pumps
and water purification equipment, and Industrial Products (Dexion and Lock
Focus), which manufacturer and provides industrial storage and automation
solutions plus disc tumbler locks for furniture, doors and safe locking
systems.
Name : SUNBEAM
CORPORATION LTD
Affiliation type : Sister Company
Address : Units 5–6, 13
Lord Street
Botany, NSW 2019
Australia
Name : E.D. OATES
PROPRIETARY LIMITED
Affiliation type : Sister Company
Address : 13–21 Maygar
Boulevard
Broadmeadows, VIC 3047
Australia
Name : DEXION
(AUSTRALIA) PTY LTD
Affiliation type : Sister Company
Address : 23 Tattersall
Road
Kings Park, NSW 2148
Australia
Name : DAVEY WATER
PRODUCTS PTY LTD
Affiliation type : Sister Company
Address : 6 Lakeview Drive
Scoresby, VIC 3179
Australia
Related companies and corporate affiliations comments: Other companies
of the G.U.D. Holdings Group should be considered affiliates of the Subject.
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 : Public
Record Sources
Financial statement date : 30/06/13
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 1.10 as of 30-07-2013
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 : 30/06/13
30/06/12
Length of accounts : 12
months 12
months
Sale turnover / Income : 596,452,000
610,830,000
Gross profit : 219,618,000
245,271,000
Operating profit : 48,762,000
69,212,000
Profit before tax : 43,528,000
123,749,000
Net income : 31,464,000
92,762,000
Non current assets : 208,439,000
210,239,000
Current assets : 213,259,000
218,583,000
Inventories : 98,257,000 102,170,000
Total assets : 421,698,000
428,822,000
Current liabilities :
94,892,000 119,901,000
Non current liabilities : 87,703,000
35,262,000
Total liabilities : 182,595,000
155,163,000
Share equity : 239,103,000
273,659,000
Retained earning : 47,613,000
91,394,000
Comments : The group’s consolidated financial information above relates
to the Subject’s Parent / Ultimate Holding Company G.U.D. Holdings Limited and
all its subsidiaries which include the Subject.
Main activities : The
Subject engages in manufacturing and distribution of filters for the automotive
industry under the
brand name Ryco.
The Subject is a wholly-owned subsidiary of
G.U.D. Holdings Limited. G.U.D. Holdings Limited, through its subsidiaries,
engages in the manufacture, import, distribution, and sale of consumer and
industrial products in Australia, New Zealand, France, Spain, China, Malaysia,
and Hong Kong.
Its Consumer Products segment offers small
electrical appliances and cleaning products, including toasters, kettles, fry
pans, food preparation appliances, snack makers, juicers, water chillers and
filters, ice cream and milk shake makers, coffee machines and grinders, compact
ovens, and food preservation systems; irons and ironing boards, electric
blankets, and electric heating and cooling products; hairdryers and epilators;
and electric grills and gas barbeques. This segment also provides brushware,
mops, buckets, sponges, wipes, and scourers.
The company’s Automotive Products segment offers
automotive and heavy duty filters for cars, trucks, agricultural and mining
equipment; and fuel pumps and associated products for the automotive after
market.
Its Water Products segment provides pumps
and pressure systems for household and farm water, water transfer pumps,
swimming pool products, spa bath controllers and pumps, and water purification
equipment.
The company’s Industrial Products segment
manufactures industrial storage and automation solutions plus disc tumbler
locks for furniture, doors, and safe locking systems. Its products include
pallet racking, shelving, and automated systems used in logistics, and
warehousing and storage; filing solutions, such as cabinets, lockers, and
mobile storage; and locking solutions for original equipment manufacturers
operating in various
market segments.
The company has been listed on the
Australian Stock Exchange for over 50 years and is based in Altona North,
Australia.
Product & services : Oil
Filters
Air Filters
Fuel Filters
Transmission Filter Kits
Brand : RYCO
Purchases
Local : Yes
International : Mainly
from Asia, Europe
Sales
Local : Yes
International : Mainly
to Asia, Europe
Property &
Assets
Premises : The Subject operates from premises
at the verified heading address consisting of a production facility, warehouse
and an administrative office.
Branches : None
reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 46.714 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 : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate : 2010:
5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General Government gross debt as
a % GDP): 2010:
20.4%
2011: 22.9%
2012: 24%
Government bond ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded
shares: US$1.198
trillion
Largest companies in the country : Qantas
Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal
Services),Crown Ltd (Casinos & Gaming), Amcor (Containers &
Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified
Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica
(Diversified Metals & Mining), Iluka Resources (Diversified Metals &
Mining), Origin Energy (Electric Utilities), AGL Energy (Electric Utilities),
Wesfarmers (Food Retail), Woolworths (Food Retail), Metcash (Food Retail),
Macquarie Group (Investment services), AMP (Investment services), Challenger
Ltd (Investment services), Fortescue Metals Group (Iron & Steel), Bluescope
Steel (Iron & Steel), Commonwealth Bank (Major Banks), Westpac Banking
Group (Major Banks), National Australia Bank (Major Banks), ANZ (Major Banks),
Woodside Petroleum (Oil & Gas Operations), Santos (Oil & Gas
Operations), Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil
Services & Equipment), Toll Holdings (Other Transportation), Transurban
Group (Other Transportation), QBE Insurance Group (Property & Casualty
Insurance), Insurance Australia Group (Property & Casualty Insurance), QR
National (Railroads), Westfield Group (Real Estate), Stockland Australia (Real
Estate), Westfield Retail Trust (Real Estate), Lend Lease (Real Estate), CFS
Retail Property Trust (Real Estate), Goodman Group (Real Estate), Bendigo &
Adelaide Bank (Regional Banks), Bank of Queensland (Regional Banks), Incitec
Pivot (Specialized Chemicals), Telstra (Telecommunications Services)
Trade &
Competitiveness Overview
Total exports : US$263.9
billion
Exports
commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports : US$239.7
billion
Imports
commodities : Machinery
and transport equipment, computers and office machines, telecommunication
equipment and parts; crude oil and petroleum products
Export - major partners : China
27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Import - major partners : China
18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009:
US$26,554 million
2010: US$35,556
million
2011: US$41,317
million
FDI Outflows : 2009:
US$16,693 million
2010: US$12,791 million
2011: US$19,999 million
Best countries for doing business : 10
out of 185 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 144, the first is the best)
Country and
Population Overview
Total population : 22.68
million
Total area : 7,692,024
km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
population: 79%
Purchase Term
Local : Bank transfer,
D/P, Credit 30-120 days
International : L/C,
Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local : Bank
transfer, D/P, Credit 30-120 days
International : L/C,
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.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.