|
Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
LINCOLN SENTRY GROUP PTY LTD |
|
|
|
|
Formerly Known As : |
LINCOLN STREET PTY. LTD. |
|
|
|
|
Registered Office : |
C/o DULUXGROUP LIMITED 1956 Dandenong Road Clayton Victoria 3168 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.05.2012 (Group Consolidated) |
|
|
|
|
Date of Incorporation : |
12.02.1986 |
|
|
|
|
Com. Reg. No.: |
010624389 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Import, distribution and retail sales of cabinet hardware, window, door & glazing products etc. |
|
|
|
|
No. of Employees : |
1,380 employees (Alesco Group) |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
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.
Source
: CIA
Verified Address
Subject name : LINCOLN SENTRY GROUP PTY LTD
Business address :
76 Postle Street
Town : Coopers Plains
Province : Queensland
Zip/postal code : 4108
Country : Australia
Tel : +61 7 32443200
Fax : +61 7 32443255
Email : marketing@lincolnsentry.com.au
Website : www.lincolnsentry.com.au
Registered address
: C/o DULUXGROUP LIMITED
1956 Dandenong Road
Town : Clayton
Province : Victoria
Zip/postal code : 3168
Country : Australia
Executive Summary
Date founded or
registered : 12/02/1986
Legal form : Australian
Proprietary Company
Chief executive : Mark Freeman
Issued & paid
up capital : AUD 140
Sales turnover : AUD 459,723,000 (Group-Consolidated
12 months, 31/05/2012)
Net income : AUD 6,853,000
(Group-Consolidated 12 months, 31/05/2012)
Total fixed assets
: AUD 559,501,000
(Group-Consolidated 12 months, 31/05/2012)
Line of business :
Import, distribution
and retail sales of cabinet hardware, window, door & glazing
products etc.
Staff employed : 1,380 employees (Alesco Group)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
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
: 12/02/1986
Legal form : Australian Proprietary Company
Registration no Australian Company number:
010624389
Registered
authority : Australian Securities and
Investments Commissions
Fiscal/ Tax no : Australian Business Number:
59010624389
Registry status : Live/Active
Previous name : The Subject was established on
12-02-1986 under the name LINCOLN STREET
PTY. LTD. and changed to the current style on 26-06-1992.
Change of legal
form : None reported.
Key Management
Name : Mark Freeman
Designation : Managing Director
Appointments
Name : Mark Freeman
Designation : Director
Appointment date :
30/01/12
Address : 21 Canada Place
Arundel, QLD 4214
Australia
Biography : Born on 30/10/1969 in Wagga Wagga, New
South Wales, Australia.
Mr. Mark Freeman has been Group General Manager - Lincoln
Sentry of Alesco Corporation Ltd since January 30, 2012. He holds a
Bachelor’s degree in Finance and Banking from the University of
Western Australia, Australia. He is a Chartered Accountant.
Name : Anthony Bova
Designation : Director
Appointment date :
12/12/12
Address : 135 Briffins Road
Cawdor, NSW 2570
Australia
Biography : Born on 24-04-1969 in Wollongong, New
South Wales, Australia.
Name : Simon Black
Designation : Company Secretary
Appointment date :
12/12/12
Address : 100 Stony Creek Road
Red Hill, VIC 3937
Australia
Biography : Born on 21-07-1974 in Melbourne,
Victoria, Australia.
Mr. Simon Black, LLB, BCom, Cert Gov (Admin), CSA (Cert), has
been General Counsel and Company Secretary of DuluxGroup Ltd
since July 2010. He was Senior Legal Counsel at Orica Limited’s
DuluxGroup division from January 2006 to July 2010. He was Senior
Legal Counsel for Orica Limited’s Chemicals division from October
2004 to January 2006 and former Senior Legal and Business Affairs
Adviser at Universal Pictures International, London, United Kingdom.
Staff employed :
1,380 employees (Alesco Group)
Key Advisors
Auditors : GRANT THORNTON
Level 4, 102 Adelaide Street
Brisbane, QLD 4000
Australia
Composition
Authorized Capital
: AUD 140
No of shares : 140 Ordinary B Shares
Share par value : AUD 1
Issued capital : AUD 140
Paid up capital : AUD 140
How listed : Full
List
Composition
Shareholder name :
ALESCO CORPORATION LIMITED
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
No. of shares : 140 Ordinary B Shares
% of shares : 100%
Structure
Name : DULUXGROUP LIMITED
Affiliation type :
Ultimate Holding Company
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
Comments : DuluxGroup Limited engages in the
manufacture, marketing, sale, and distribution
of paints and other surface coatings, and home improvement and garden
care
products. The company offers decorative paints, texture, and protective
and
woodcare coatings products; powder and industrial coatings; and home
improvement and garden care products to consumers and professionals in
the
decorating, household, building and construction, cleaning, and auto
care
markets. Its products also include adhesives, sealants, fillers, and
paint brushes;
garden products, including fertilizers, plant protection products,
garden
accessories, lawn seeds, and potting mixes; architectural coating
solutions that
are used in applications, such as aluminum windows, curtain walls,
balustrades,
fencing, and interior fit out items for residential and commercial
developments;
and auto refinish and industrial coatings. The company offers its
products
primarily under the brand names of Dulux, Selleys, Yates, Cabot’s,
British Paints,
Berger, Poly, and Hortico, as well as provides timber finishes under the
Opel
brand name. It operates in Australia, New Zealand, and internationally.
The
company was founded in 1918 is headquartered in Clayton, Australia.
Name : ALESCO CORPORATION LIMITED
Affiliation type :
Parent Company
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
Name : JOINERY PRODUCTS HARDWARE SUPPLIES
PTY. LTD.
Affiliation type :
Wholly-owned Subsidiary
Address : 80 Northgate Drive
Thomastown, VIC 3074
Australia
Name : PARCHEM CONSTRUCTION SUPPLIES PTY
LTD
Affiliation type :
Sister Company
Address : 2/22 Princes Highway
Doveton, VIC 3177
Australia
Name : ALESCO HOLDINGS PTY LTD
Affiliation type :
Sister Company
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
Name : ALESCO FINANCE PTY LIMITED
Affiliation type :
Sister Company
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
Name : ROBINHOOD AUSTRALIA PTY LIMITED
Affiliation type :
Sister Company
Address : 17 Oasis Court
Clontarf, QLD 4019
Australia
Name : PARGONE PTY LTD
Affiliation type :
Sister Company
Address : 1956 Dandenong Road
Clayton, VIC 3168
Australia
Name : ROBINHOOD LIMITED
Affiliation type :
Sister Company
Address : 13 Sir William Avenue
East Tamaki, Auckland 2013
New Zealand
Name : B&D AUSTRALIA PTY LTD
Affiliation type :
Sister Company
Address : 34-36 Marigold Street
Revesby, NSW 2212
Australia
Related companies
and corporate
affiliations
comments: Other companies of the
Duluxgroup and Alesco Group should be considered
affiliates of the Subject.
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 : 31/05/12
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
22-02-2013
Summarized Financial Information
Consolidation type
: Group Consolidated Group
Consolidated
Currency : Australia Dollar
(AUD) Australia
Dollar (AUD)
Denomination : (x1) One (x1)
One
Date of financial
year end : 31/05/12 31/05/11
Length of accounts
: 12 months 12
months
Sale turnover /
Income : 459,723,000 478,824,000
Gross profit : 184,133,000 191,412,000
Operating profit :
21,851,000 39,455,000
Profit before tax
: 12,776,000 26,054,000
Net income : 6,853,000 16,898,000
Non current assets
: 410,931,000 428,198,000
Current assets : 148,570,000
180,393,000
Inventories : 73,148,000 81,567,000
Total assets : 559,501,000 608,591,000
Current
liabilities : 78,826,000
85,805,000
Non current
liabilities : 74,654,000 90,240,000
Total liabilities
: 153,480,000 176,045,000
Share equity : 406,021,000 432,546,000
Reserve : 5,519,000 3,580,000
Retained earning :
-18,041,000 -91,441,000
Comments : The group’s consolidated financial
information above relates to the Subject’s
Parent Company
Alesco Corporation Limited and all its subsidiaries which include
the Subject.
Main activities : The Subject is engaged in import
and distribution of hardware and
components to manufacturing industries.
Its customers include kitchen manufacturers, cabinetmakers, furniture
manufacturers, shop and office fitters, and timber joineries, as well as
the
window, door, and glazing industries. The subject sells its products
through
its distribution centers in Australia and New Zealand.
The Subject's Parent Company is Alesco Corporation Limited.
Alesco Corporation Limited (Alesco) is engaged in sourcing,
manufacturing
and distribution of industrial brands to the building and renovations,
construction and mining and water management sectors. The Company
operates in three segments: construction products and equipment, which
is
engaged concrete products, including construction chemicals, decorative
concrete and associated equipment, specialised construction chemicals;
functional and decorative products include home building and renovation
products to the kitchen, laundry and bathroom markets, and Garage doors
and openers is engaged in the domestic housing and light industrial
markets.
The Subject is ultimately owned by DuluxGroup Limited.
DuluxGroup Limited is engaged in manufacturing, marketing, selling and
distributing of paints and other surface coatings to consumers and
professionals in the Australian and New Zealand decorative markets; home
improvement products and garden care products to consumers and
professionals in New Zealand; and coatings and home improvement
products in Papua New Guinea, China and South East Asia, as well as
powder and industrial coatings in New Zealand. The Company operates in
four segments: Paints Australia, Paints New Zealand, Selleys Yates and
Offshore and Other.
On 29-01-2013, DuluxGroup Limited acquired all shares of Alesco
Corporation Limited and Alesco Corporation Limited was delisted from the
Australian Stock Exchange.
Product &
services : 1) Cabinet Hardware:
Drawer Systems & Hinges
Personal Choice Products: Sinks & Basins, Electrical Appliances
&
Rangehoods
Office, Shop & Wardrobe Systems: Wardrobe Hardware
Sealants, Adhesives & Fasteners
Tools & Accessories: Tapes
2) Window, Door & Glazing :
Window & Door Hardware
Security for Window & Door Hardware
Glass & Glazing
Sealants, Adhesives & Fasteners
Personal Protection Equipment, Storage & Handling
Purchases
International :
Worldwide
Sales
Local : Yes
International : Pacific Islands
Key events : 14 January 2013
DuluxGroup Ltd Announces Alesco Corporation Limited Takeover Offer
Closed
DuluxGroup Ltd announced that its takeover offer for Alesco Corporation
Limited (Alesco) closed on Friday, January 11, 2013. As at the close of
the
offer, DuluxGroup’s relevant interest in Alesco was 96.55%. DuluxGroup
intends to acquire the remaining shares in Alesco pursuant to the
compulsory acquisition process outlined in DuluxGroup’s ASX
announcement dated December 19, 2012. DuluxGroup expects that the
acquisition of the remaining Alesco shares and the de-listing of Alesco
shares from ASX will be concluded by the end of January 2013.
Source: www.reuters.com
18 December 2012
Dulux reaches 90% holding in Alesco
Corporation
DuluxGroup Ltd has finally reached a 90 per cent stakeholding in
acquisition target Alesco Corporation Ltd, in another step toward the
end of
the long running takeover saga.
In a statement to the Australian Securities Exchange, Dulux said its
relevant voting power in Alesco was now 90.1 per cent.
As a result, the group now intends to compulsorily acquire all remaining
Alesco shares.
The Dulux offer closes after the finish of trading on December 19, and
the
group expects to make good on its $1.631 per share bid within five
business day.
Shareholders who meet certain criteria will also be paid a 27 cent per
share
fully franked special on that date. Alesco confirmed it would make the
payment last month.
"Shareholders who do not accept DuluxGroup’s offer will have their
shares
compulsorily acquired and will likely not be paid until late January
2013,"
the group said.
"It is expected that ASX will suspend quotation of Alesco shares
after
compulsory acquisition commences."
In November, Dulux posted a lower annual profit but expects its
underlying
performance to improve in the year ahead.
The suitor made a hostile takeover bid for Alesco in May, and Alesco
accepted the bid in early October.
At 1015 AEDT, Dulux shares were flat at $3.71, against a benchmark index
rise of of 0.55 per cent.
Source: www.businessspectator.com.au
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of a administrative office, warehouse and retail
showroom.
Branches : In
addition, the Subject operates from 24 other retail showroom located
throughout Australia.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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 : 2008:
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 :
L/C, Prepayment, Credit up to 90 days
Sales Term
Local : Cash, Credit
card, Prepayment, Credit up to 90 days
International :
Prepayment, Telegraphic transfer, Credit 30 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
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.