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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BEMIS BRISBANE PTY LTD |
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Formerly Known As : |
MICRIS PTY. LTD. |
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Registered Office : |
27 Union Circuit Yatala |
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Country : |
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Financials (as on) : |
31.12.2012 (Group Consolidated) |
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Date of Incorporation : |
11.07.1978 |
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Com. Reg. No.: |
010047640 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing and distribution of flexible packaging products. |
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No. of Employees : |
30 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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, 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 : BEMIS BRISBANE PTY LTD
Business address :
27 Union Circuit
Town : Yatala
Province : Queensland
Zip/postal code : 4207
Country : Australia
Tel : +61 7 33809111
Fax : +61 7 33809199
Website : www.bemis.com
Registered address
: 27 Union Circuit
Town : Yatala
Province : Queensland
Zip/postal code : 4207
Country : Australia
Postal address : P.O. Box 6249
Town : Yatala DC
Province : Queensland
Zip/postal code : 4207
Country : Australia
Executive Summary
Date founded or
registered : 11/07/1978
Legal form : Australian
Proprietary Company
Chief executive : Arif Shehaab Ali
Issued & paid
up capital : AUD 1,054
Sales turnover : USD 5,139,200,000
(Group-Consolidated 12 months, 31/12/2012)
Net income : USD 173,800,000 (Group-Consolidated
12 months, 31/12/2012)
Total fixed assets
: USD 4,185,700,000
(Group-Consolidated 12 months, 31/12/2012)
Line of business : Manufacturing and
distribution of flexible packaging products.
Staff employed : 30 employees (Subject);
19,564 employees (Bemis 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
still be considered. The Subject is well positioned in the market
and the financial stability of the group is positive.
Registry Data
Registration date
: 11/07/1978
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
010047640
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
68010047640
Registry status : Live/Active
Previous name : The Subject was previously known as
MICRIS PTY. LTD. and changed to its
current style on 03-01-2013.
Change of legal
form : None reported.
Key Management
Name : Arif Shehaab Ali
Designation : Managing Director
Name : Andrew Egan
Designation : Financial Manager
Appointments
Name : Arif Shehaab Ali
Designation : Director and Company Secretary
Appointment date :
22/08/12
Address : 98 Ridgeview Street
Carindale, QLD 4152
Australia
Biography : Born on 20-09-1968 in Lautoka, Fiji.
Name : William Austen
Designation : Director
Appointment date :
22/08/12
Address : 4556 Bellhaven Lane
Oshkosh, WI 54904
United States
Biography : Born on 23-09-1958 in Brooklyn, New York,
United States.
Mr. William F. Austen serves as Group President of Global
Operations at Bemis Company, Inc. Mr. Austen served as a Vice
President of Operations at Bemis Co. Inc. since May 2004. He served
as the President and Chief Executive Officer of MACtac (trademark of
Morgan Adhesives Company, a subsidiary of Bemis Co. Inc.) since
2000. Mr. Austen was responsible for the pressure sensitive materials
business subsidiary, known as MACtac, and the paper packaging
operations of Bemis. Prior to joining Bemis Company, he held
leadership positions at various manufacturing operations of General
Electric Company, where he worked for 20 years from 1980 to 2000,
culminating in his position as General Manager, Global Switchgear
Business. Mr. Austen has been a Director of Tennant Co. since
February 14, 2007. Mr. Austen holds a Bachelor of Engineering
Degree in Marine Engineering from the State University of New York
(SUNY) Maritime College and his Masters Degree in Engineering
Administration from George Washington University.
Name : Jerry Scott Krempa
Designation : Director
Appointment date :
22/08/12
Address : 510 E Songbird Lane
Appleton, WI 54913
United States
Biography : Born on 07-06-1960 in Chicago, United
States.
Staff employed :
30 employees (Subject); 19,564 employees (Bemis Group)
Key Advisors
Auditors : GRANT THORNTON
Level 5, 102 Adelaide Street
Brisbane, QLD 4000
Australia
Composition
Authorized Capital
: AUD 1,054
No of shares : 1,054 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,054
Paid up capital : AUD 1,054
How listed : Full List
Composition
Shareholder name :
BEMIS COMPANY, INC.
Address : One Neenah Center, 4th
Floor
Neenah, WI 54956
United States
No. of shares : 1,054 Ordinary Shares
% of shares : 100%
Structure
Name : BEMIS COMPANY, INC.
Affiliation type :
Parent Company
Address : One Neenah Center, 4th Floor
Neenah, WI 54956
United States
Name : BEMIS ASIA PACIFIC SDN. BHD.
Affiliation type :
Sister Company
Address : No 8, Jalan TP5, Taman Perindustrian
UEP
47600 Subang Jaya
Selangor Darul Ehsan
Malaysia
Name : MACTAC DEUTSCHLAND GMBH
Affiliation type :
Sister Company
Address : Mathias-Brüggen-Straße 140
D-50829 Köln
Germany
Name : BEMIS PACKAGING DANMARK APS
Affiliation type :
Sister Company
Address : Lokesalle 30
8700 Horsens
Denmark
Name : BEMIS (U.K.) LIMITED
Affiliation type :
Sister Company
Address : 37 Tenter Road
Moulton Park Industrial Estate
Northampton NN3 6AX
United Kingdom
Related companies
and corporate
affiliations
comments: Other companies of the Bemis 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 : 31/12/12
Type of accounts :
Full audited
Currency : US Dollar (USD)
Consolidation type
: Group Consolidated Group Consolidated
Currency : US Dollar (USD) US Dollar (USD)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/12/12 31/12/11
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 5,139,200,000 5,322,700,000
Gross profit : 947,500,000 910,200,000
Profit before tax
: 278,600,000 292,200,000
Net income : 173,800,000 187,300,000
Non current assets
: 2,660,700,000 2,771,400,000
Current assets : 1,525,000,000 1,549,000,000
Inventories : 661,900,000 646,000,000
Total assets : 4,185,700,000 4,320,400,000
Current
liabilities :
643,000,000 682,000,000
Non current
liabilities : 1,901,800,000
2,056,300,000
Total liabilities
: 2,544,800,000 2,738,300,000
Share equity : 1,640,900,000 1,582,100,000
Retained earning : 1,900,900,000 1,832,900,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Parent / Ultimate Holding Company Bemis Company, Inc. and all its
subsidiaries
which include the Subject.
In addition, the representative contacted Mr. Andrew Egan advised that
the
Subject's estimated annual turnover for financial year end 31-12-2012
was AUD
40,000,000.
Main activities : The Subject is engaged in
manufacturing and distribution of flexible
packaging products.
The Subject is ultimately owned by Bemis Company, Inc., a public listed
company on New York Stock Exchange.
Bemis Company, Inc.’s business activities are organized around its two
business segments, Flexible Packaging and Pressure Sensitive Materials.
Flexible Packaging Segment
The flexible packaging segment manufactures a broad range of packaging
for food, consumer goods, and industrialapplications. Multilayer
flexible
polymer film structures and laminates are sold for food, medical, and
personal care products as well as non-food applications utilizing vacuum
or
modified atmosphere packaging. Additional products include blown and
cast stretch film products, carton sealing tapes and application
equipment,
custom thermoformed and injection molded plastic packaging, multiwall
paper bags, printed paper roll stock, and bag closing materials. Markets
for our products include processed and fresh meat, liquids, frozen
foods,
cereals, snacks, cheese, coffee, condiments, candy, pet food, bakery,
seed, lawn and garden, tissue, fresh produce, personal care and hygiene,
disposable diapers, printed shrink overwrap for the food and beverage
industry, agribusiness, pharmaceutical, minerals, and medical device
packaging.
Pressure Sensitive Materials Segment
The pressure sensitive materials segment manufactures pressure sensitive
adhesive coated paper and film substrates sold into label, graphic, and
technical markets. Products for label markets include narrow-web rolls
of
pressure sensitive paper, film, and metalized film printing stocks used
in
high-speed printing and die-cutting. Products for graphic markets
include
pressure sensitive films used for decorative signage through
computer-aided plotters, digital and screen printers, and photographic
overlaminate and mounting materials including optically clear films with
built-in UV inhibitors. Products for technical markets include
micro-thin film
adhesives used in delicate electronic parts assembly and pressure
sensitive applications utilizing foam and tape based stocks to perform
fastening and mounting functions.
Product &
services : Vacuum packaging products
Pouches
Modified Atmosphere Packaging
Processing Films and Casings
Films and Pouches
Food Safety Pads
Specialty Films and Products
Purchases
International : Worldwide
Sales
Local : Yes
International : China, India, South Pacific
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 the following branches located at:
Sydney
21 Bentley Street
Wetherill Park, NSW 2164
Australia
Tel: +61 2 97255910
Fax: +61 2 97253665
Melbourne
5 Cliveden Court
Thomastown, VIC 3074
Australia
Tel: +61 3 94664400
Fax: +61 3 94664411
Perth
Unit 15/30 Dollier Street
Jandakot, WA 6164
Australia
Tel: +61 8 94148233
Fax: +61 8 94148266
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
International : Prepayment, Telegraphic transfer, D/P,
Credit 30-120 days
Sales Term
Local : Prepayment, 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.61.53 |
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|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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.