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Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
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Name : |
HUNTER DOUGLAS LIMITED |
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Registered Office : |
338 Victoria Road Rydalmere New South Wales 2116 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 (Group Consolidated) |
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Date of Incorporation : |
28.10.1955 |
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Com. Reg. No.: |
009675709 |
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Legal Form : |
Non Listed Australian Public Company |
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Line of Business : |
Design, manufacturing and sales of internal and external shading solutions, fabrics, and components. |
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No. of Employees : |
500 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Risk Category |
ECGC
Classification |
|
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 : HUNTER DOUGLAS LIMITED
Business address :
338 Victoria Road
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Tel : +61 2 96388000
Fax : +61 2 96388832
Website : www.hunterdouglas.com.au
Registered address
: 338 Victoria Road
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Postal address : P.O. Box 31
Town : Rydalmere
Province : New South Wales
Zip/postal code : 2116
Country : Australia
Executive Summary
Date founded or registered
: 28/10/1955
Legal form : Non Listed
Australian Public Company
Chief executive : Anthony Nicolas Politis
Issued & paid
up capital : AUD 3,500,000
Sales turnover : USD 2,529,000,000 (Group
Consolidated 12 months, 31/12/2012)
Net income : USD 102,000,000
(Group Consolidated 12 months, 31/12/2012)
Total fixed assets
: USD 2,440,000,000
(Group Consolidated 12 months, 31/12/2012)
Line of business :
Design,
manufacturing and sales of internal and external shading solutions,
fabrics, and components.
Staff employed : 500 employees (Subject);
16,500 employees (Hunter Douglas 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
: 28/10/1955
Legal form : Non Listed Australian Public
Company
Registration no Australian Company Number:
009675709
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
98009675709
Registry status : Live/Active
Previous name : MEYERS TAYLOR LIMITED
MEYERS TAYLOR PTY. LTD. (initial)
Change of legal
form : None reported.
Key Management
Name : Anthony Nicolas Politis
Designation : Managing Director
Name : Peter William Hughes
Designation : Director of Finance & Logistics
Name : Mark Futeran
Designation : General Manager Sales
Appointments
Name : Aleksander Gvozdenovic
Designation : Director
Appointment date :
08/02/01
Address : 56 Boronia Road
Bellevue Hill, NSW 2023
Australia
Biography : Born on 28-10-1965 in Sydney, New South
Wales, Australia.
Name : Peter William Hughes
Designation : Director and Company Secretary
Appointment date :
21/07/08
Address : 1 Waragal Avenue
Rozelle, NSW 2039
Australia
Biography : Born on 21-12-1970 in Derby, United
Kingdom.
Name : Anthony Nicolas Politis
Designation : Director
Appointment date :
19/05/97
Address : '(Building A)', Unit G05
79-91 MacPherson Street
Warriewood, NSW 2102
Australia
Biography : Born on 26-01-1956 in Alexandria, Egypt.
Staff employed :
500 employees (Subject); 16,500 employees (Hunter Douglas Group)
Composition
Authorized Capital
: AUD 3,500,000
No of shares : 1,750,000 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 3,500,000
Paid up capital : AUD 3,500,000
How listed : Full List
Composition
Shareholder name :
HUNTER DOUGLAS HOLDINGS LIMITED
Address : 338 Victoria Road
Rydalmere, NSW 2116
Australia
No. of shares : 1,750,000 Ordinary Shares
% of shares : 100%
Structure
Name : HUNTER DOUGLAS N.V.
Affiliation type :
Ultimate Holding Company
Address : 2, Piekstraat
3071 EL Rotterdam
The Netherlands
Comments : Hunter Douglas NV (the Company) is the
holding company of Hunter Douglas
Group (The Group or Hunter Douglas). Hunter Douglas manufactures window
coverings and architectural products. The Group is comprised of 150
companies
with 66 manufacturing and 84 assembly plants and marketing organizations
in
more than 100 countries. Hunter Douglas' activities include: Window
Coverings
and Architectural Products. Manufactured and marketed in 5 geographic
markets:
Europe, North America, Latin America, Asia and Australia.
Entrepreneurial
management: dynamic and performance oriented. Decentralized organization
structure. Global federation of small and medium-sized companies. Strong
brands: HunterDouglas® in North America and Luxaflex® and Luxalon® in
the
rest of the world. Window Coverings Hunter Douglas markets window
coverings.
The Company's strength is its ability to develop and market innovative,
high
quality, proprietary products, targeted primarily at upscale consumers.
The
Company's brand names around the world include HunterDouglas®,
Luxaflex®,
Flexalum®, Sunway®, Sunflex®, and Comfortex®. The Company's proprietary
fabric shades are consistently recognized for excellence in design,
styling,
features, quality and breadth of selection: Duette® Honeycomb Shades,
Silhouette® Window Shadings, Luminette® Privacy Sheers, and Vignette®
Window Shadings. In addition to its fabric shades, the company offers a
fully
integrated line of fashion and color coordinated window coverings at all
price
points. These include horizontal and vertical blinds, roman, roller and
woven
wood shades, pleated 1 shades, wood and alternative wood blinds; custom
shutters and Topar® light-reflecting fabrics. And exterior venetian
blinds, screen
products, shutters and awnings.
The Company's proprietary operating systems are equally innovative and
unique.
They offer ease of use, reliable performance, convenience and improved
safety
features, identified by its Designed with Safety in Mind logo. They
include the
EOS® modular hardware system, the UltraGlide(r) lift system, the
PowerRise®
battery-operated, remote-control lift system, the LiteRise® cordless
system, as
well as the PowerGlide® Luminette® Privacy Sheers and Duette®
VertiglideTM
honeycomb shades. Architectural Products The company manufactures
architectural products, sold under the Luxalon® name. The Company's
product
line demonstrates its innovative design capabilities and its expertise
in metal
fabrication, coil coating, roll forming and insulation. The company
develops linear
aluminium ceilings, foam-filled sandwich walls, cladding systems and sun
louvres.
Acoustical and decorative metal ceilings are appealing in the design and
development of distinctive spaces.
The Company's curved metal panel system is ideal for spaces such as
elevator
lobbies and conference rooms, where domed ceilings and upward lighting
create
a sense of space and volume. Sandwich walls are manufactured from
pre-painted
aluminium or steel panels with insulation between the layers. These
panels can
be quickly assembled and provide a strong weather-resistant exterior
that needs
no painting. Facade cladding systems are ideally suited for exterior
renovations.
Quadroclad, the Big Flat Facade Panel in the Luxalon® line, uses
lightweight
aluminium skins attached to an expanded aluminium core, giving it the
flexibility to
be used on both flat or curved surfaces. Sun Louvres include a complete
and
versatile range of products to enhance facades and provide sun
protection.
Name : HUNTER DOUGLAS HOLDINGS LIMITED
Affiliation type : Parent Company
Address : 338 Victoria Road
Rydalmere, NSW 2116
Australia
Name : HUNTER DOUGLAS (M) SDN BHD
Affiliation type :
Sister Company
Address : Lot 493, Persiaran Kuala Selangor,
Section 26
40400 Shah Alam
Selangor Darul Ehsan
Malaysia
Name : HUNTER DOUGLAS INDIA PVT. LTD.
Affiliation type :
Sister Company
Address : C-102 Mangalya
Marol Maroshi Road
Andheri East
Mumbai-400 059
Maharashta
India
Name : HUNTER DOUGLAS SINGAPORE PTE LTD
Affiliation type :
Sister Company
Address : 21 Jalan Buroh
#02-02
Singapore 619478
Singapore
Related companies
and corporate
affiliations
comments: Other companies of the
Hunter Douglas Group should be considered affiliates of
the Subject. The Group is comprised of 167 companies with 68
manufacturing and 99
assembly operations and marketing organizations in over 100 countries.
Bank Details
Name of bank : National Australia Bank
Address : Australia
Account details : Current Account
Name of bank : Royal Bank of Scotland
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 : 2,529,000,000 2,573,000,000
Gross profit : 987,000,000 997,000,000
Operating profit :
119,000,000 112,000,000
Profit before tax
: 121,000,000 72,000,000
Net income : 102,000,000 78,000,000
Non current assets
: 1,061,000,000 1,043,000,000
Current assets : 1,379,000,000 1,449,000,000
Inventories : 676,000,000 641,000,000
Total assets : 2,440,000,000 2,492,000,000
Current
liabilities : 785,000,000
933,000,000
Non current
liabilities : 559,000,000 487,000,000
Total liabilities
: 1,344,000,000 1,420,000,000
Share equity : 1,096,000,000 1,072,000,000
Retained earning :
1,063,000,000 1,030,000,000
Comments : The group’s consolidated financial
information above relates to the Subject’s
Ultimate Holding Company Hunter Douglas N.V. and all its subsidiaries
which
include the Subject.
On a separate note, the Subject non-consolidated estimated annual
turnover is
between AUD 110,000,000 to 120,000,000.
Main activities : The Subject is engaged in designs and
manufacturing of internal and
external shading solutions, fabrics, and components. It offers blinds
and
window coverings for the home; non-curtain window coverings; and
venetian blinds, roller blinds, shades, shutters, fabric awnings, metal
awnings, sunscreens, roman shades, panel glide, shadings, and privacy
sheers.
The Subject is part of Hunter Douglas NV which is a Netherlands-based
company engaged in the manufacturing and marketing of window
coverings and architectural products. It is the parent company within
the
Hunter Douglas group (the Group). Its product portfolio includes such
window coverings, as venetian and vertical blinds, pleated and woven
wood shades, as well as exterior venetian blinds, screen products,
shutters
and awnings, among others. Its architectural products include
sun-control
solutions, suspended ceilings, ventilated facade systems and translucent
materials. It operates under such brand names, as HunterDouglas,
Luxaflex, Duette, Silhouette, Vignette, 3form and Luxalon, among others.
It
is primarily active in Europe, Middle East and Africa, as well as in
North
America, Latin America, Asia and Australia. As of December 31, 2011, the
Group comprised 168 companies with 68 manufacturing and 100 assembly
operations and marketing organizations in over 100 countries.
Product &
services : Blinds and window coverings
Fabric awnings
Sunscreens
Panel glide
Shadings
Purchases
International : Asian countries
Sales
Local : Yes
International : Pacific Islands
Property & Assets
Premises : The Subject operates from premises at the
verified heading address
consisting of a production facility, warehouse and 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 : 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(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
International :
L/C, Prepayment, Telegraphic transfer, Credit up to 90 days
Sales Term
Local :
Prepayment, Bank transfer, Cash against document, Credit up to 90 days
International :
L/C, Prepayment, Telegraphic transfer, Credit up to 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.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
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 |
|
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.