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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MULTISPARES LIMITED |
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Formerly Known as |
MULTISPARES W.A. LIMITED |
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Registered Office : |
151 Fairfield Road,
Guildford, New South Wales, Zip/postal code 2161 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
28.08.1987 |
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Com. Reg. No.: |
009266415 |
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Legal Form : |
Unlisted Australian Public Company |
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Line of Business : |
Importer and distributor of bus, trailer and truck spare parts. |
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No. of Employees : |
96 employees (Supply Network 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
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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 : MULTISPARES LIMITED
Business address : 151 Fairfield Road
Town : Guildford
Province : New South Wales
Zip/postal code : 2161
Country : Australia
Tel : +61 2 97222020 / 97222028
Fax : +61
2 97222090 / 97222095
Email : ss@multispares.com.au / admin@multispares.com.au
Website : www.multispares.com.au
Registered address : 151 Fairfield Road
Town : Guildford
Province : New South Wales
Zip/postal code : 2161
Country : Australia
Executive Summary
Date founded or registered : 28/08/1987
Legal form : Unlisted Australian Public Company
Chief executive : Geoffrey David Huston Stewart
Issued & paid up capital : AUD 350,000
Sales turnover : AUD 60,767,000 (Group-Consolidated 12 months, 30/06/2012)
Net income : AUD 3,958,000 (Group-Consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 30,952,000 (Group-Consolidated 12 months, 30/06/2012)
Line of business : Import and distribution of bus, trailer and truck spare parts.
Staff employed : 96 employees (Supply Network Group)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
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 : 28/08/1987
Legal form : Unlisted Australian Public Company
Registration no Australian Company Number: 009266415
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 58009266415
Registry status : Live/Active
Previous name : MULTISPARES W.A. LIMITED
MULTISPARES W.A. PTY. LTD. (initial)
Change of legal form : None reported.
Key Management
Name : Geoffrey David Huston Stewart
Designation : Managing Director
Name : Peter William Gill
Designation : Chief Financial Officer
Appointments
Name : Geoffrey David Huston Stewart
Designation : Director
Appointment date : 02/11/00
Address : 124 Braeside Street
Wahroonga, NSW 2076
Australia
Biography : Born on 26-04-1961 in Birmingham, United Kingdom.
Mr. Geoffrey David Huston Stewart is Chief Executive Officer,
Managing Director and Executive Director of Supply Network Ltd. He
was appointed Chief Executive Officer in November 1999 and
Managing Director in November 2000. He is a Chartered Professional
Engineer and has an MBA from Macquarie University. He also has
over 18 years executive management experience in the Road
Transport Industry.
Name : Gregory James Forsyth
Designation : Director
Appointment date : 25/01/06
Address : 48 Heathcliff Crescent
Balgowlah Heights, NSW 2093
Australia
Biography : Born on 10-11-1961 in Annandale, New South Wales, Australia.
Mr. Gregory James Forsyth has been Non-Executive Independent
Chairman of the Board of Supply Network Ltd since March 17, 2010.
He has been on the Company's Board since January 25, 2006. He is
Chairman of the Audit Committee and Member of the Remuneration
Committee. He is a Portfolio Manager with a funds management
business specialising in Australian listed equities and has over 25
years experience in financial markets.
Name : Peter William McKenzie
Designation : Director
Appointment date : 26/07/06
Address : 92 Eglinton Street
Moonee Ponds, VIC 3039
Australia
Biography : Born on 07-08-1965 in Melbourne, Victoria, Australia.
Mr. Peter William McKenzie has been Non-Executive Director of
Supply Network Ltd since July 1, 2006. He is Chairman of the
Remuneration Committee and Member of the Audit Committee. He
holds a Masters Degree in Business Administration, has over 15
years experience in the transport industry, is the Chief Executive of a
family owned bus business and operates a consultancy practice
providing advice to clients primarily in the transport industry.
Name : Peter William Gill
Designation : Director and Company Secretary
Appointment date : 01/05/08
Address : 48 Bordeaux Crescent
Castle Hill, NSW 2154
Australia
Biography : Born on 16-04-1955 in Newcastle, New South Wales, Australia.
Mr. Peter William Gill is Finance Director, Senior Finance Executive,
Company Secretary and Executive Director of Supply Network Ltd.
He was appointed to the Board on May 1, 2008 as Finance Director.
He has been the Senior Finance Executive and Company Secretary
since April 1995. He is a Chartered Accountant with a Bachelor of
Business degree and has over 31 years experience in accounting
and finance in both professional and commercial fields.
Staff employed : 96 employees (Supply Network Group)
Key Advisors
Auditors : HLB MANN JUDD
Level 19, 207 Kent Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital : AUD 350,000
No of shares : 350,000 Ordinary
Shares
Share par value : AUD 1
Issued capital : AUD 350,000
Paid up capital : AUD 350,000
How listed : Full List
Composition
Shareholder name : SUPPLY NETWORK LIMITED
Address : 151 Fairfield Road
Guildford, NSW 2161
Australia
No. of shares : 350,000 Ordinary Shares
% of shares : 100%
Structure
Name : SUPPLY NETWORK LIMITED
Affiliation type : Parent Company
Address : 151 Fairfield Road
Guildford, NSW 2161
Australia
Comments : Supply Network Limited, through its subsidiaries, engages in importing,
distributing, and selling after market parts to the commercial vehicle industry in
Australia and New Zealand. The company distributes aftermarket truck, trailer,
and bus parts through a network of sales outlets to fleet operators, independent
workshops, and owner-drivers. It also supplies friction brakes and clutches, and
foundation and control products to resellers. The company is based in Guildford,
Australia.
Name : MULTISPARES N.Z. LIMITED
Affiliation type : Sister Company
Address : 48-56 Seaview Road
Lower Hutt, Wellington 5010
New Zealand
Name : GLOBAC LIMITED
Affiliation type : Sister Company
Address : 151 Fairfield Road
Guildford, NSW 2161
Australia
Name : SUPPLY NETWORK SERVICES LIMITED
Affiliation type : Sister Company
Address : 151 Fairfield Road
Guildford, NSW 2161
Australia
Bank Details
Name of bank : Australia and New Zealand Banking Group 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 : 30/06/12
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 : Group Consolidated Group Consolidated Group Consolidated
Currency : Australia Dollar (AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/12/12 30/06/12 30/06/11
Length of accounts : 6 months 12 months 12 months
Sale turnover / Income : 32,723,000 60,767,000
50,501,000
Profit before tax : 3,020,000 5,681,000 3,617,000
Net income : 2,118,000 3,958,000 2,509,000
Non current assets : 3,243,000 2,766,000 2,531,000
Current assets : 29,029,000 28,186,000 25,552,000
Inventories : 19,159,000 17,933,000 15,546,000
Total assets : 32,272,000 30,952,000 28,083,000
Current liabilities : 11,639,000
11,030,000 10,285,000
Non current liabilities : 3,693,000 3,745,000 3,615,000
Total liabilities : 15,332,000 14,775,000 13,900,000
Share equity : 16,940,000 16,177,000 14,183,000
Retained earning : 7,456,000 6,706,000 4,800,000
Comments : The group’s consolidated financial information above
relates to the Subject’s
Parent
Company Supply Network Limited and all its subsidiaries which include
the
Subject.
Main activities : The Subject engages in import and distribution of bus, trailer and truck spare parts.
The Subject operates as a subsidiary of Supply Network Limited, a public
listed company on Australian Securities Exchange.
Supply Network Limited is an Australian-based company, engaged in the
provision of aftermarket parts to the commercial vehicle industry. The
Company operates in three business units: Aftermarket Truck, Trailer and
Bus parts and Brake Friction, Foundation and control. Under Aftermarket
Truck, Trailer & Bus Parts unit, the Company operates through its
subsidiaries: Multispares Limited , which is an independent distributor of
aftermarket truck, trailer and bus parts in Australia, and Multispares NZ
Limited, which is engaged in the import and distribution of truck and bus
parts. Under Brake Friction, Foundation and Control unit, the Company
operates through its subsidiary, Globac Limited, which is a specialist
supplier of brake and clutch friction, foundation and control products.
Product & services :
· Brake spare parts
Clutch spare parts
Cooling spare parts
Drivetrain spare parts
Electric spare parts
Engine spare parts
Filtration spare parts
Lubrication spare parts
Steering spare parts
Suspension spare parts
Brand :
· HINO
ISUZU
FUSO
NISSAN
DAF
IVECO
MAN
MERCEDES
SCANIA
VOLVO
WABCO
CARLISLE
KNORR-BREMSE
BPW
FUWA
HENDRICKSON
MERITOR
SAF
YORK
Purchases
International : Mainly from Europe, Asia
Sales
Local : Yes
International : New Zealand
Property &
Assets
Premises : The Subject operates from premises at the verified heading address
consisting of an administrative office and warehouse.
Branches : In addition, the Subject operates from 11 other distribution centers located
in Queensland, New South Wales, Victoria, Australian Capital Territory,
South Australia and Western Australia.
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 & aming), 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 : L/C, Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local : Bank transfer, Prepayment, Credit 30-90 days
International : 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.63.46 |
|
UK Pound |
1 |
Rs.99.42 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.