|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHARLES PARSONS
& CO PTY LTD |
|
|
|
|
Registered Office : |
Level 4, 59 Goulburn Street Sydney New South Wales 2000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
12.02.1920 |
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|
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Com. Reg. No.: |
000008668 |
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|
|
|
Legal Form : |
Australian Proprietary Company |
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|
|
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Line of Business : |
Design, manufacturing, and distribution of garments, fabrics, and home furnishing products. |
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|
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No. of Employees : |
300 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 : CHARLES PARSONS & CO PTY LTD
Business address :
Level 4, 59 Goulburn Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Tel : +61 2 99104100
Fax : +61 2 99104101
Email : admin@charlesparsons.com.au
Website : www.charlesparsons.com
Registered address
: Level 4, 59 Goulburn Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Postal address : P.O. Box 444
Town : Strawberry Hills
Province : New South Wales
Zip/postal code : 2012
Country : Australia
Executive Summary
Date founded or
registered : 12/02/1920
Legal form : Australian Proprietary Company
Chief executive : Charles William Parsons
Issued & paid
up capital : AUD 15,742,077
Line of business : Design,
manufacturing, and distribution of garments, fabrics, and home furnishing
products.
Staff employed : 300 employees
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
Registry Data
Registration date
: 12/02/1920
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 000008668
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 96000008668
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Charles William Parsons
Designation : Managing Director
Name : Peter King
Designation : Chief Financial Officer
Appointments
Name : Vicki Margaret Parsons
Designation : Director
Appointment date :
29/07/04
Address : 'The Point' Unit 4
41 Cremorne Road
Cremorne Point, NSW 2090
Australia
Biography : Born on 31-12-1945 in Sydney,
New South Wales, Australia.
Name : Charles William Parsons
Designation : Director
Appointment date :
29/07/04
Address : 53 Athena Avenue
St Ives, NSW 2075
Australia
Biography : Born on 20-02-1978 in Sydney,
New South Wales, Australia.
Name : Peter King
Designation : Company Secretary
Appointment date :
20/09/07
Address : 30A Brighton Street
Harbord, NSW 2096
Australia
Biography : Born on 01-06-1966 in Sydney,
New South Wales, Australia.
Staff employed : 300 employees
Key Advisors
Auditors : STOREY BLACKWOOD
Level 4, 222 Clarence Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital
: AUD 15,742,077
No of shares : 1,048,447 Ordinary Shares
Share par value : No par value
Issued capital : AUD 15,742,077
Paid up capital : AUD 15,742,077
How listed : Full List
Composition
Shareholder name :
CHARLES PARSONS (HOLDINGS) PTY LTD
Address : Level 4, 59 Goulburn Street
Sydney, NSW 2000
Australia
No. of shares : 1,048,447 Ordinary Shares
% of shares : 100%
Structure
Name : CHARLES PARSONS (HOLDINGS) PTY LTD
Affiliation type :
Parent Company
Address : Level 4, 59 Goulburn Street
Sydney, NSW 2000
Australia
Name : S. & R. FASHIONS PTY. LTD.
Affiliation type :
Sister Company
Address : 7 English Street
Essendon North, VIC 3041
Australia
Name : CHARLES PARSONS (NZ) LIMITED
Affiliation type :
Sister Company
Address : Harbourside Business Park
525 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : CHARLES PARSONS PACIFIC LIMITED
Affiliation type :
Sister Company
Address : Harbourside Business Park
525 Rosebank Road
Avondale, Auckland 1026
New Zealand
Name : RAPEE PTY LIMITED
Affiliation type :
Sister Company
Address : Unit 5/175 Gibbes Street
Chatswood, NSW 2067
Australia
Related companies
and corporate
affiliations
comments: Other companies of the
Charles Parsons Group should be considered affiliates of
the Subject.
Bank Details
Name of bank : HSBC Bank 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
Comments : The Subject’s annual turnover is estimated
to be between AUD 100 to 200
million.
The Subject is classified as a small proprietary company by the
Australian
Securities & Investments Commission hence is not required to
disclose their
financial statement.
A proprietary company is defined as small for a financial year if it
satisfies at least
two of the following:
- The consolidated revenue for the financial year of the company and any
entities
it controls is less than $25 million;
-The value of the consolidated gross assets at the end of the financial
year of the
company and any entities it controls is less than $12.5 million, and
-The company and any entities it controls have fewer than 50 employees
at the
end of the financial year.
The Subject meets all criteria to disclose their financial information
however is still
exempted by the Australian Securities & Investments Commission.
Main activities : The Subject engages in import, design,
manufacturing and distribution of
garments, fabrics and home furnishing products.
Product & services : Fabrics: Apparel fabrics, fashion fabrics,
drapery and upholstery fabrics
etc.
Garments
Home furnishing products
Brand : CHARLES PARSONS
ADVERSOL
BRAVO
CRAFT PROJECT
DARCHE
GAINSBOROUGH
LINE 7
INSITU
MERINO STATE
POLARTEC
SASS
RAPEE
ULTRASOFT
Purchases
International : Asia, Europe, United States
Sales
Local : Yes
International : Europe, Asia and North America.
Property & Assets
Premises : The Subject operates from premises at the
verified heading address
consisting of an administrative office.
Branches : In addition, the Subject operates from
the following branches located at:
Essendon Fields House
7 English Street
Essendon Fields, VIC 3041
Australia
Tel: +61 3 93803600
Unit 3, 32 Doggett Street
Fortitude Valley, QLD 4006
Australia
Tel: +61 7 32512900
Suite 2, 15 Fullarton Road
Kent Town, SA 5067
Australia
Tel: +61 8 81505100
Unit 14, 30 Erindale Road
Balcatta, WA 6021
Australia
Tel: +61 8 62411600
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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 tradedshares : 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)
Total exports : US$263.9
billion
Exports commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat, machinery and transportequipment
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, D/A, Credit 30-90 days
Sales Term
Local : Bank transfer,
Prepayment, Credit 30-90 days
International :
L/C, Telegraphic transfer, D/P, D/A, 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.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.