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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRYSMIAN TELECOM CABLES & SYSTEMS
AUSTRALIA PTY LTD |
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|
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Formerly known as : |
PIRELLI TELECOM CABLES & SYSTEMS AUSTRALIA PTY LIMITED |
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Registered Office : |
1 Heathcote Road, Liverpool, New
South Wales, Zip/postal code 2170 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.09.1975 |
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Com. Reg. No.: |
001313551 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturer and distributor of telecommunication cables, wires and accessories |
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No. of Employees : |
149 employees (Subject); 19,562
employees (Prysmian Group) |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : PRYSMIAN TELECOM CABLES & SYSTEMS AUSTRALIA PTY LTD
Business address : 1 Heathcote Road
Town : Liverpool
Province : New South Wales
Zip/postal code : 2170
Country : Australia
Tel :
+61 2 96000777
Fax : +61 2 96000876
Email : sales.au@prysmiangroup.com
Website : www.prysmiangroup.com
Registered address : 1 Heathcote Road
Town : Liverpool
Province : New South Wales
Zip/postal code : 2170
Country : Australia
Executive Summary
Date founded or registered : 30/09/1975
Legal form : Australian Proprietary Company
Chief executive : John Llyr Lewis Roberts
Issued & paid up capital : AUD 38,500,000
Sales turnover : AUD 81,523,000
(Non-Consolidated 12 months, 31/12/2012)
Net income : AUD 7,659,000 (Non-Consolidated 12 months,
31/12/2012)
Total fixed assets : AUD 82,820,000 (Non-Consolidated 12
months, 31/12/2012)
Line of business : Manufacturing and distribution of
telecommunication cables, wires and
accessories.
Staff employed : 149 employees (Subject); 19,562
employees (Prysmian 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 consistent
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 : 30/09/1975
Legal form : Australian Proprietary Company
Registration no Australian Company Number: 001313551
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
14001313551
Registry status : Live/Active
Previous name : PIRELLI TELECOM CABLES & SYSTEMS
AUSTRALIA PTY LIMITED
PIRELLI
CABLES AUSTRALIA LTD
PIRELLI
ERICSSON CABLES LTD
PIRELLI
CABLES AUSTRALIA LTD (initial)
Change of legal form : None reported.
Key Management
Name : John Llyr Lewis Roberts
Designation : Managing Director
Name : Saskia Veerkamp
Designation : Chief Financial Officer
Appointments
Name : Saskia Veerkamp
Designation : Director
Appointment date : 09/09/11
Address : 2A Marida Street
Randwick,
NSW 2031
Australia
Biography : Born on 22-09-1971 in Netherlands.
Name : John Llyr Lewis Roberts
Designation : Director
Appointment date : 01/01/11
Address : 59 Henley Marine Drive
Rodd
Point, NSW 2046
Australia
Biography : Born on 13-07-1964 in United Kingdom.
Name : David Klarich
Designation : Company Secretary
Appointment date : 21/12/10
Address : 61 Murdoch Street
Turramurra,
NSW 2074
Australia
Biography : Born on 02-10-1961 in Neutral Bay, New South Wales,
Australia.
Staff employed : 149 employees (Subject); 19,562
employees (Prysmian Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Darling Park Tower 2
201 Sussex Street Sydney ,
NSW 2000
Australia
Composition
Authorized Capital : AUD 38,500,000
No of shares : 154,000,000 Ordinary Shares
Share par value : AUD 0.25
Issued capital : AUD 38,500,000
Paid up capital : AUD 38,500,000
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : PRYSMIAN CAVI E SISTEMI S.R.L.
Address : Viale Sarca 222
20126
Milan
Italy
No. of shares : 154,000,000 Ordinary Shares
% of shares : 100%
Structure
Name : PRYSMIAN S.P.A.
Affiliation type : Ultimate Holding Company
Address : Viale Sarca 222
20126
Milan
Italy
Comments : Prysmian S.p.A.
engages in the design, development, production, supply, and
installation
of various cables for applications in the energy and telecom industries
worldwide.
It operates in two segments, Energy and Telecom.
The
Energy segment provides high voltage cables for underground and
submarine
power transmission; produces cables and systems for the trade and
installers
market for the wiring of buildings; distributes electricity to or in
commercial
and residential buildings; and offers fire-resistant and low smoke
halogen-free
cables, as well as residual products.
The
Telecom segment manufactures cables and accessories for the voice, video,
and
data transmission industry. This segment also offers optical fiber, optical
cables, connectivity components and accessories, optical ground wires, and
copper
cables. Prysmian S.p.A. was founded in 1872 and is headquartered in
Milano,
Italy.
PRYSMIAN
S.p.A is known to be the world's largest cable maker.
Name : PRYSMIAN
CAVI E SISTEMI S.R.L.
Affiliation type : Parent Company
Address : Viale
Sarca 222
20126 Milan
Italy
Name : PRYSMIAN
CABLES & SYSTEMS LIMITED
Affiliation type : Sister Company
Address : Chickenhall
Lane
Eastleigh SO50 6YU
Hampshire
United Kingdom
Name : PRYSMIAN
CAVI E SISTEMI ITALIA S.R.L.
Affiliation type : Sister Company
Address : Viale
Sarca 222
20126 Milan
Italy
Name : PRYSMIAN
CABLES ASIA-PACIFIC PTE. LTD.
Affiliation type : Sister Company
Address : 4
Tuas Avenue 12
Singapore 639047
Singapore
Related
companies and corporate affiliations comments :
Other companies of the Prysmian 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 : Commercial Registry Filings
Financial statement date : 31/12/12
Type of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 1.11 as of 22-08-2013
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency : Australia Dollar (AUD)
Australia Dollar (AUD) Euro (EUR)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/12/12 31/12/11
31/12/12
Length of accounts : 12 months 12 months 12
months
Sale turnover / Income : 81,523,000 78,666,000
7,848,000,000
Profit before tax : 10,580,000 10,591,000 244,000,000
Net income : 7,659,000 7,630,000
171,000,000
Non current assets : 30,372,000 27,594,000 2,478,000,000
Current assets : 52,448,000 53,975,000 3,536,000,000
Inventories : 10,725,000 9,138,000
897,000,000
Total assets : 82,820,000
81,569,000 6,018,000,000
Current liabilities : 32,636,000 31,379,000 2,843,000,000
Non current liabilities : 3,322,000 3,791,000 2,016,000,000
Total liabilities : 35,958,000 35,170,000 4,859,000,000
Share equity : 46,862,000 46,399,000 1,159,000,000
Retained earning : 8,242,000 7,779,000
Comments : The non consolidated financial information above
relates to the Subject only.
The
group’s consolidated financial information above relates to the Subject’s
Ultimate
Holding Company Prysmian S.P.A. and all its subsidiaries which include
the
Subject.
Main activities : The Subject engages in
manufacturing and distribution of
telecommunication
cables, wires and accessories.
The
Subject is ultimately owned by Prysmian S.p.A., the world's largest
cable
maker.
Prysmian
S.p.A. is an Italy-based company active in the production, supply
and
installation of cables. Its business is organized in two segments:
Energy
and Telecom. The Energy segment is divided into four lines of
business,
including Utilities, which consists of power transmission systems,
submarine
power transmission and distribution systems, power distribution
cables
and systems, and grid accessories and components; Trade &
Installers,
comprising low and medium voltage cables for power distribution
to and within
buildings; Industrial, which includes cables and accessories
for
special industrial applications based on specific requirements, and
Other,
which is active in the sale of semi-finished products, raw materials or
other
goods. The Telecom segment provides such products as optical fiber,
optical
cable, copper cables, accessories and Fiber To The Home (FTTH)
cables,
among others. On November 15, 2012, the Company acquired
Global
Marine Systems Energy Limited.
Product & services :
· Optical fiber
· Optical and copper cables
· Optical cable systems
· Optical Distribution Frame (ODF)
· Accessories
Brand :
PRYSMIAN
Purchases
International : Worldwide
Sales
Local : Yes
International : Worldwide
Key events : 17 January 2011
Prysmian
awarded €223 million contract to supply fibre optic cables for the
development
of the Australian National Broadband Network (NBN)
Prysmian
Cables & Systems, a world leader in the energy and
telecommunications
cables industry, has been awarded a major contract by
the
Australian government-owned NBN Co Limited, for the supply of fibre
optic
cables for the development of the new national broadband network.
Total
value of the contract, which has been secured by Prysmian Telecom
Cables
& Systems Australia Pty Limited, is up to €223 million (AUD 300
million)
over five years, with an initial purchase order of €112 million
(AUD150
million).
With
this agreement, Prysmian will become a major fibre cable supplier to
the
national broadband network, and provide a wide range of ribbon and
multi-fibre
communication cables including termite resistant, rodent-proof
and
high strength cables. The Australian Government is investing in the
creation
of a Fibre-to-the-Premises network that will connect 93% of
Australia’s
residential and business premises with fibre. Through its
partnership
with NBN Co, Prysmian is helping the Australian Government
to
achieve its vision of a next generation broadband network, and will be an
integral
part of the largest national building infrastructure project in
Australia’s
history.
The
Group is a true world leader in telecom cables and connectivity,
supplying
a comprehensive portfolio of optical cables including OPGW,
blown
fibre, optical fibre and copper telecom cables. It operates 18 multiple
production
facilities in four continents, with a production centre in Italy
where
around 10 million km of optical fibers are produced annually (approx
5% of
the whole worldwide industry production). A strong focus on R&D
ensures
constant innovation especially for access network solutions, FTTH,
FTTx
with various bespoke systems to address customer needs. Prysmian
has
developed a full range of optical fibres including Bend-Insensitive
family
of CasaLight fibre in compliance with ITU G 657 and offers a
complete
service from system design to production and technical support
of
commissioned cable networks with planning and logistics. The Group
has
become the partner of choice for major TLC operators such as Bharti
Airtel,
BT, France Telecom, Telecom Italia, Telefonica, Verizon, Vodafone
and
Telstra.
In
order to enhance its Australian-based manufacturing and assembly
capacity,
Prysmian will invest around € 10 million (AUD 13 million) to
manufacture
the specialised cables at its manufacturing facility in Dee
Why, Australia,
expanding its operations as part of a commitment to source
in
Australia approximately 80 per cent of the value of its contract with NBN
Co.
Present
in Australia since 1975, Prysmian counts almost 500 employees in
the
region and two manufacturing facilities in Dee Why and Liverpool NSW,
and it
is the only company in Australia and New Zealand producing a full
range
of communication cables and associated connectivity systems
including
optical fibre, Sirocco Blown Fibre systems, FTTP (Fibre To The
Premises)
solutions, metallic and premises/data cables.
Prysmian
A
leading player in the industry of high-technology cables and systems for
energy
and telecommunications, the Prysmian Group is a truly global
company
with sales in excess of € 3.7 billion in 2009 and a strong position
in
higher value-added market segments. With its two businesses, Energy
Cables
& Systems (submarine and underground cables for power
transmission
and distribution, for industrial applications and for the
distribution
of electricity to residential and commercial buildings) and
Telecom
Cables & Systems (optical cables and fibres and copper cables
for
video, data and voice transmission), Prysmian boasts a global presence
with
subsidiaries in 39 countries, 56 plants in 24 countries, 8 Research &
Development
Centres in Europe, USA, South America and Asia, and
around
12,000 employees. Specialising in the development of products and
services
designed to customer customers’ specific requirements,
Prysmian’s
key strengths include: a focus on Research & Development,
the
capacity to innovate products and production processes, and the use of
advanced
proprietary technologies. Prysmian is listed on the Milan Stock
Exchange
in the Blue Chip index.
Source:
www.prysmian.com
Property &
Assets
Premises : The Subject operates from premises at the verified heading
address
consisting
of a production facility, warehouse and an administrative office.
Branches : In addition, the Subject operates from branch production
facility located at:
4 Thew
Parade
Cromer,
NSW 2099
Australia
Tel:
+61 2 99317100
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%
PAYMENT HISTORY
Purchase Term
International : L/C, Telegraphic transfer, D/P, D/A,
Credit 30-120 days
Sales Term
Local : Bank transfer, D/P, D/A, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P, D/A,
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
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.64.69 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.