MIRA INFORM REPORT
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Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CATHAY INDUSTRIES AUSTRALASIA PTY LTD |
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Formerly Known As : |
CATHAY PIGMENTS
(AUSTRALASIA) PTY LTD |
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Registered Office : |
Level 1, 103 Vanessa
Street, Kingsgrove, New South Wales, Zip code 2208 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.01.1998 |
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Com. Reg. No.: |
081186174 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Import & distribution of synthetic iron oxide pigments, food coloring, water treatment chemicals, ilmenite and manufacturing of commercial pigments |
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No. of Employees : |
28 employees |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, 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 also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
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Source : CIA |
Verified Address
Subject name : CATHAY INDUSTRIES AUSTRALASIA PTY
LTD
Business address : Level 1, 103 Vanessa Street
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Tel : +61 2 93361000
Fax : +61 2 91506677
Email : info@cathayindustries.com.au
Website : www.cathayindustries.com.au
Registered address : Level 1, 103 Vanessa Street
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Postal address : P.O. Box 42
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Executive Summary
Date founded or registered : 05/01/1998
Legal form : Australian
Proprietary Company
Chief executive : Steven Leo Joseph
Spackman
Issued & paid up capital
: AUD 2,919,840
Sales turnover : AUD 31,873,317 (Non-consolidated 12
months, 31/12/2011)
Net income : AUD 605,466
(Non-consolidated 12 months, 31/12/2011)
Total fixed assets : AUD 15,763,220
(Non-consolidated 12 months, 31/12/2011)
Line of business : Import & distribution
of synthetic iron oxide pigments, food coloring, water
treatment chemicals, ilmenite and manufacturing of commercial
pigments.
Staff employed : 28 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 fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 05/01/1998
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 081186174
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 23081186174
Registry status : Live/Active
Previous name : CATHAY PIGMENTS
(AUSTRALASIA) PTY LTD (initial)
Change of legal form : None reported.
Key Management
Name : Steven Leo Joseph
Spackman
Designation : Managing Director
Appointments
Name : John Francis McGoldrick
Designation : Director
Appointment date : 29/06/05
Address : C/o CATHAY INDUSTRIES
AUSTRALASIA PTY LTD
Level 1,
103 Vanessa Street
Kingsgrove,
NSW 2208
Australia
Biography : Born on 10/06/1935 in
Pambula, New South Wales, Australia.
Name : Kwan Yau Yu
Designation : Director
Appointment date : 27/04/06
Address : Hong Kong
Biography : Born on 07-08-1952 in Hong
Kong.
Name : Steven Leo Joseph
Spackman
Designation : Director
Appointment date : 01/07/08
Address : 30 Norma Avenue
Eastwood,
NSW 2122
Australia
Biography : Born on 19-06-1964 in Manly,
New South Wales, Australia.
Name : Kwan Ping Yu
Designation : Director
Appointment date : 01/07/08
Address : Hong Kong
Biography : Born on 26-12-1953 in Hong
Kong.
Name : Danny Succar
Designation : Company Secretary
Appointment date : 01/07/08
Address : 94 Permanent Avenue
Earlwood,
NSW 2206
Australia
Biography : Born on 04-08-1971 in
Marrickville, New South Wales, Australia
Staff employed : 28 employees
Key Advisors
Auditors : BDO KENDALLS
Level 19,
2 Market Street
Sydney,
NSW 2000
Australia
Composition
Authorized Capital : AUD 2,919,840
No of shares : 3,476 Ordinary Shares
Share par value : No Par Value
Issued capital : AUD 2,919,840
Paid up capital : AUD
2,919,840
How listed : Full List
Composition
Shareholder name : CATHAY PIGMENTS HOLDINGS LIMITED
Address : British Virgin Islands
No. of shares : 3,476 Ordinary Shares
% of shares 100%
Structure
Name : CATHAY
PIGMENTS HOLDINGS LIMITED
Affiliation type : Parent Company
Address : British Virgin Islands
Name : CATHAY
INDUSTRIES NZ PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : C/o BDO AUCKLAND
Level 8, 120 Albert
Street
Auckland Central,
Auckland 1010
New Zealand
Name : CATHAY
PIGMENTS (USA), INC.
Affiliation type : Sister Company
Address : 4901 Evans Avenue
Valparaiso, IN 46383
United States
Name : CATHAY
INDUSTRIES (AFRICA) (PTY) LTD
Affiliation type : Sister Company
Address : Unit 3, Jet Park
Caravelle Street
Walmer, 6070
Port Elizabeth
South Africa
Name : CATHAY
COLORS & PIGMENTS LIMITED
Affiliation type : Sister Company
Address : Suite 901A, 9/F, Chinachem Golden Plaza
77 Mody Road
Tsimshatsui East,
Kowloon
Hong Kong
Related
companies and corporate affiliations comments
Other companies of the Cathay 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
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.96 as of
28-11-2012
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 : 31/12/11 31/12/10
Length of accounts : 12 months 12 months
Sale turnover / Income : 31,873,317 30,185,221
Gross profit : 7,520,452 6,911,948
Profit before tax : 863,867 650,000
Net income : 605,466 448,271
Non current assets : 597,061 809,443
Current assets : 15,166,159 11,617,141
Inventories : 7,176,163 5,383,859
Total assets : 15,763,220 12,426,584
Current liabilities : 10,590,383 8,257,770
Non current liabilities : 42,704 32,227
Total liabilities : 10,633,087 8,289,997
Share equity : 5,130,133 4,136,587
Retained earning : 2,798,293 2,192,827
Main activities :
The Subject is engaged in import & distribution of synthetic
iron oxide pigments, food coloring, water treatment chemicals, Ilmenite and
manufacturing of commercial pigments.
The Subject
consists of four divisions:
- Construction: This divison provides Iron Oxide Pigment as well
as associated products to the concrete, masonry, roof tile and asphalt
industries.
- Industrial: This division supplies the Subject's own micronized
and non micronized iron oxide pigment as well as exclusively distributing the
Huntsman range of quality Titanium Dioxides.
- Food, Pharmaceutical & Cosmetic: This division supplies
Oxide pigment from sister company's Valparaiso plant in the USA, as well as regulated
food colour from sister company's plant in China and from partners in India and
natural colour solutions from its global partners.
- Chemicals: This division supplies industrial raw material ingredients to all industries in the Australasian region including the supply of the "Mayoquest" brand of phosphonates to the water treatment industry.
Product &
services :
· Synthetic iron oxide pigments
· Commercial pigments
· Food coloring
· Water treatment chemicals: Phosphonates (Compass Chemical)
· Ilmenite
· Activated Carbon
· Chemicals
· Additives (Food & Industrial)
· Colourants
· Plasticizers
· Resins
· Waxes
· Colours (Artificial & Natural)
Purchases
International : Worldwide
Sales
Local : Yes
International : Pacific Islands, Australia
Key events : 1st May 2011
OMG
BORCHERS APPOINTS CATHAY INDUSTRIES
We are
delighted to announce that OMG Borchers GmbH has appointed
Cathay Industries Australasia Pty Ltd as their exclusive
distributor in Australia and New Zealand, effective 1st May 2011.
OMG Borchers GmbH, based in Langenfeld, Germany, offers the
largest product line in the metal carboxylate market and with the acquisition
of Borchers in 2007 they now offer a full range of additives for paints,
printing
inks and adhesives.
OMG Borchers extensive range of products includes; Cobalt,
Zirconium, Manganese, Calcium, Potassium and Zinc Driers and Catalysts
NEW Borchi® OXY-Coat Catalyst to replace Cobalt Borchi® Gel
Rheological Additives
Borchi® Gen Wetting and Dispersing Additives
Baysilone® and Borchi® Gol Silicone Additives
Borchers® and Borchi® Gol
Deaeration/Antifoaming Agents
Ascinin® and Borchi® Nox
Anti-skinning Agents
Additive TI and OF Moisture
Scavengers
Borchi® Coll Anti-blocking
Agents
This exciting appointment reaffirms both Cathay’s and OMG Borchers' long term commitment to providing the Australian and New Zealand coating markets with the most cost effective, technologically advanced products available.
Source: www.cathayindustries.com.au
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address
consisting of a production facility, warehouse and administrative
office.
Branches : In addition, the Subject operates
from branch offices located at:
18-20
Ventura Place
Dandenong
South, VIC 3175
Australia
Tel: +61 3
87874400
Level 1,
3972 Pacific Highway
Loganholme,
QLD 4129
Australia
Tel: +61 7
33870128
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 Group (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 2009: 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 : Prepayment, Telegraphic
transfer, D/P, Credit 30-120 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P,
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.95 |
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UK Pound |
1 |
Rs.84.48 |
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Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
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Report Prepared
by : |
NLM |
RATING EXPLANATIONS
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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.