|
Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUTEX QUEENSLAND
PTY LTD |
|
|
|
|
Formerly Known As : |
AUSTEX BONDED WADDINGS PTY LTD |
|
|
|
|
Registered Office : |
C/o CROWE HORWATH Level 17, 181 William Street Melbourne Victoria 3000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.03.2012 (Non Consolidated ) |
|
|
|
|
Date of Incorporation : |
16.02.2007 |
|
|
|
|
Com. Reg. No.: |
123978790 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Processing of polyester and wool fibres for a wide range of industrial end use. |
|
|
|
|
No. of Employees : |
15 employees (Subject) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : AUTEX QUEENSLAND PTY LTD
Business address :
7-11 Lancashire Street
Town : Acacia Ridge
Province : Queensland
Zip/postal code : 4110
Country : Australia
Tel : +61 7 38532600
Fax : +61 7 38532666
Email : infoqld@autex.com.au
Website : www.autex.com.au
Registered address
: C/o CROWE HORWATH
Level 17, 181 William Street
Town : Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
Comments : The Subject moved from the
previous address 29 Demand Avenue, Arundel,
QLD 4214, Australia to the verified address above since 20/02/2013.
Executive Summary
Date founded or
registered : 16/02/2007
Legal form : Australian
Proprietary Company
Chief executive : Warrick Bruce Batt
Issued & paid
up capital : AUD 1,001,000
Sales turnover : AUD 5,931,848 (Non-Consolidated 12
months, 31/03/2012)
Net income : AUD -45,139
(Non-Consolidated 12 months, 31/03/2012)
Total fixed assets
: AUD 6,629,496
(Non-Consolidated 12 months, 31/03/2012)
Line of business :
Processing of
polyester and wool fibres for a wide range of industrial end use.
Staff employed : 15 employees (Subject)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management
experience : Management is reasonably experienced
Financial
performance : Financial performance is fair
Organization
structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Comments : Although the Subject has been
facing losses for two consecutive years, the
Subject's share equity is stable.
Registry Data
Registration date
: 16/02/2007
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
123978790
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
79123978790
Registry status : Live/Active
Previous name : The Subject was established on
16-02-2007 under the name AUSTEX BONDED
WADDINGS QLD PTY LTD and changed its name to AUSTEX BONDED
WADDINGS PTY LTD on 02-03-2007. AUSTEX BONDED WADDINGS PTY LTD
then changed to the current style on 07-05-2009.
Change of legal
form : None reported.
Key Management
Name : Warrick Bruce Batt
Designation : Managing Director
Name : Eddie Yiu
Designation : Financial Controller
Appointments
Name : Andrew MacLeod
Cunningham
Designation : Director
Appointment date :
16/02/07
Address : 371 Beach Road
Campbells Bay, North Shore City 0630
New Zealand
Biography : Born on 22-05-1970 in
Auckland, New Zealand.
Name : Warrick Bruce Batt
Designation : Director and Company Secretary
Appointment date :
16/02/07
Address : 55 Taparoo Road
Templestowe, VIC 3106
Australia
Biography : Born on 28-12-1965 in
Auckland, New Zealand.
Name : Mark Robinson
Designation : Director
Appointment date :
16/02/07
Address : 10 Birchwood Grove
Greenhithe, North Shore City 0632
New Zealand
Biography : Born on 14-11-1964 in United
Kingdom.
Staff employed : 15 employees (Subject)
Key Advisors
Auditors : CROWE HORWATH
Level 17, 181 William Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital
: AUD 1,001,000
No of shares : 1,000,000 Redeemable Preference
Shares / 1,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,001,000
Paid up capital : AUD 1,001,000
How listed : Full List
Composition
Shareholder name :
AUTEX INTERNATIONAL LIMITED
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
No. of shares : 1,000,000 Redeemable Preference
Shares / 1,000 Ordinary Shares
% of shares : 100%
Structure
Name : AUTEX INTERNATIONAL
LIMITED
Affiliation type :
Parent Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX PTY. LTD.
Affiliation type : Sister Company
Address : 166 Bamfield Road
Heidelberg West, VIC 3081
Australia
Name : AUTEX INDUSTRIES
LIMITED
Affiliation type :
Sister Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX PROPERTIES
LIMITED
Affiliation type :
Sister Company
Address : 702-718 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : AUTEX INDUSTRIES LTD
(BRANCH)
Affiliation type :
Sister Company
Address : Office No. 5Ebg28
Dubai Airport Free Zone
P.O. Box 54948
Dubai
United Arab Emirates
Bank Details
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 : Commercial
Registry Filings
Financial
statement date : 31/03/12
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.10 as of
20-08-2013
Summarized Financial Information
Consolidation type
: Non Consolidated Non Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/03/12 31/03/11
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 5,931,848 7,189,506
Gross profit : 2,656,980 3,342,568
Profit before tax
: -64,345 -216,172
Net income : -45,139 -160,853
Non current assets
: 4,262,575 4,737,764
Current assets : 2,366,921 2,450,437
Inventories : 853,240 917,344
Total assets : 6,629,496 7,188,201
Current
liabilities : 528,102 366,039
Non current
liabilities : 2,065,190 2,740,819
Total liabilities
: 2,593,292 3,106,858
Share equity : 4,036,204 4,081,343
Retained earning :
3,035,204 3,080,343
Main activities : The Subject is engaged in
processing of polyester and wool fibres for a
wide range of industrial end use.
Product & services
: Polyester Insulation products
Wall Linings and Panels
Wall covering fabrics
Non woven carpets
Bed liners
Insulation batts for ceilings and walls Isolation blankets
Industrial bonded waddings
Bedware products
Brand : GREENSTUF
QUIETSTUF
VERTIFACE
QUIETSPACE
Purchases
International : China, Taiwan
Sales
Local : Yes
International : New Zealand
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.
Intellectual
property : ISO9001 certified
ISO14001 certified
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 : Telegraphic transfer, Credit
30-60 days
Sales Term
Local : Prepayment, Bank transfer, Credit
30-90 days
International : Telegraphic transfer, Credit 30-60 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.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
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.