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Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
OLAER AUSTRALIA PTY LTD |
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Formerly Known As : |
OLAER FAWCETT CHRISTIE PTY LTD |
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Registered Office : |
13 Boola Place Cromer New South Wales 2099 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2011 (Group Consolidated) |
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Date of Incorporation : |
08.03.1972 |
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Com. Reg. No.: |
000983915 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import & distribution of hydraulic equipment. |
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No. of Employees : |
18 (Subject) 59,331 (Parker Hannifin Corporation) |
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 |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 : OLAER AUSTRALIA PTY
LTD
Business
address : 13 Boola Place
Town : Cromer
Province : New South Wales
Zip/postal
code : 2099
Country
: Australia
Tel : +61 2 99816888
Fax : +61 2 99816144
Email : info@olaer.com.au
Website : www.olaer.com.au
Registered
address : 13 Boola Place
Town : Cromer
Province : New South Wales
Zip/postal
code : 2099
Country : Australia
Executive Summary
Date
founded or registered :
08/03/1972
Legal
form :
Australian Proprietary Company
Chief
executive : Carl
John Mcgowan
Issued
& paid up capital : AUD
10,000
Sales
turnover : GBP
130,533,000 (Group consolidated 12 months, 31/12/2011)
Net
income :
GBP 3,479,000 (Group consolidated 12 months, 31/12/2011)
Total
fixed assets : GBP
81,899,000 (Group consolidated 12 months, 31/12/2011)
Line
of business :
Import & distribution of hydraulic equipments.
Staff
employed : 18 (Subject)
59,331 (Parker Hannifin Corporation)
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
Credit
amount asked : Not
described.
Comments : Larger credit
can be considered if guaranteed by Ultimate Holding Company.
Registry Data
Registration
date :
08/03/1972
Legal
form :
Australian Proprietary Company
Registration
no Australian Company Number :
000983915
Registered
authority :
Australian Securities and Investments Commission
Fiscal/
Tax no :
Australian Business Number: 89000983915
Registry
status :
Live/Active
Previous
name :
OLAER FAWCETT CHRISTIE PTY LTD
FAWCETT CHRISTIE
HYDRAULICS PTY LTD
CHRISTIE HYDRAULICS AUSTRALIA
PTY LTD
TOMMAN ISLAND PTY LTD
(initial)
Change
of legal form :
None reported.
Key Management
Name : Carl John Mcgowan
Designation
: Managing Director
Appointments
Name :
Carl John Mcgowan
Designation
: Director
Appointment
date : 02/07/12
Address
: 18 Pennybright
Place
Kellyville, Nsw 2155
Australia
Biography
: Born on 12-09-1963
in Liverpool, United Kingdom.
Name : Gillian Barbara
Wilcox
Designation : Director and Company
Secretary
Appointment
date : 02/07/12
Address
: Unit 11, 3-7
James Street
Baulkham Hills, NSW
2153
Australia
Biography : Born on 23-08-1955 in
Auckland, New Zealand.
Staff
employed : 18 (Subject) 59,331
(Parker Hannifin Corporation)
Composition
Authorized
Capital : AUD 10,000
No of
shares : 10,000 Ordinary
Shares
Share
par value : AUD 1
Issued
capital : AUD 10,000
Paid
up capital : AUD 10,000
How listed
: Full List
Composition
Shareholder
name : OLAER INTERNATIONAL
LIMITED
Address : Glendale Avenue
Sandycroft Industrial
Estate
Deeside CH5 2QP
Flintshire
United Kingdom
No. of
shares : 10,000 Ordinary
Shares
% of
shares : 100%
Structure
Name : PARKER HANNIFIN
CORPORATION
Affiliation
type : Ultimate Holding
Company
Address : 6035 Parkland Blvd
Cleveland, OH 44124
United States of
America
Comments
Parker
Hannifin Corporation manufactures fluid power systems,electromechanical
controls, and related components worldwide. Its Industrial segment offers
pneumatic and electromechanical components, and systems; filters, systems, and
instruments to monitor and remove contaminants from fuel, air, oil, water, and
other liquids and gases; connectors that control, transmit, and contain fluid;
hydraulic components and systems for builders and users of industrial and
mobile machinery and equipment; critical flow components for process instrumentation,
healthcare, and ultra-high-purity applications; and static and dynamic sealing
devices. This segment sells its products to original equipment manufacturers
(OEMs) and their replacement markets in the manufacturing, transportation, and
processing industries. The company’s Aerospace segment provides flight control
systems and components, including hydraulic, electrohydraulic, electric backup
hydraulic, electrohydrostatic, and electro-mechanical components for precise
control of aircraft rudders, elevators, ailerons, and other aerodynamic control
surfaces. It also provides electronics thermal management heat rejection
systems, and single-phase and two-phase heat collection systems for radar,
ISAR, and power electronics. This segment markets its products primarily to
OEMs in the commercial, military, and general aviation markets, as well as to
end users. Its Climate and Industrial Controls segment offers systems and
components primarily for use in the mobile and stationary refrigeration, and
air conditioning industry; and in fluid control applications in various
industries, such as processing, fuel dispensing, beverage dispensing, and
mobile emissions. This segment serves OEMs and their replacement markets.
Parker-Hannifin Corporation markets its products through direct-sales
employees, independent distributors, wholesalers, and sales representatives.
The company was founded in 1918 and is headquartered in Cleveland, Ohio.
Name : OLAER GROUP LIMITED
Affiliation
type : Intermediate Holding
Company
Address
: Glendale Avenue
Sandycroft Industrial
Estate
Deeside CH5 2QP
Flintshire
United Kingdom
Comments :
Olaer
Group Limited manufactures and distributes accumulators, oil coolers, and
filters. Its products include high pressure bladder accumulators, diaphragm
accumulators, piston accumulators, silicone accumulators, stainless steel
accumulators, hydracushions, pulsation dampers, heat exchangers, plate heat
exchangers, air blast coolers, oil filters, screw pumps, water valves,
chillers, anti-waterhammers, and high pressure units. The company serves
industry field, mobile, energy, and oil and gas sectors. Its products are used
in heavy industry, machine tools, injection moulding machines, laser cutting
and welding machines, textile machines, aerospace, and mechatronics. The
company has locations in
the
United States, South Africa, India, Australia, Korea, Spain, France, the United
Kingdom, Belgium, the Netherlands, Italy, Switzerland, Germany, Denmark,
Austria, the Czech Republic, Poland, Norway, Sweden, and Finland. Olaer Group
Limited was founded in 1936 and is headquartered in Flintshire, United Kingdom.
Name : OLAER INTERNATIONAL
LIMITED
Affiliation
type : Parent Company
Address
: Glendale Avenue
Sandycroft Industrial
Estate
Deeside CH5 2QP Flintshire
United Kingdom
Name : OILTECH HYDRAULIC
MANUFACTURING (SUZHOU) CO, LTD
Affiliation
type : Sister Company
Address : No. 2 workshop, 95 WeiXin Road
Weiting, Suzhou
215121
Jlangsu
China
Name : OLAER INDUSTRIES
S.A.
Affiliation
type : Sister Company
Address : 16 rue de Seine
F-92704 Colombes
Cedex
France
Related
companies and corporate
affiliations comments :
Other companies of the Parker Hannifin Corporation should be considered affiliates of the Subject.
Bank Details
Name
of bank : Commonwealth Bank
Of 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 : Satisfied Charges:
Asic Charge Number:
1883757
Date Registered:
20-11-2009
Charge Type: Both
Fixed & Floating
Date Created:
21-10-2009
Chargees Name:
COMMONWEALTH BANK OF AUSTRALIA
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 : United
Kingdom, Pound (GBP)
Exchange
rate : 1 USD =
GBP 0.65 as of 20-02-2013
Consolidation
type : Group
Consolidated Group
Consolidated
Currency
: United
Kingdom, Pound United
Kingdom, Pound
(GBP) (GBP)
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 :
130,533,000 112,175,000
Profit
before tax :
6,485,000
2,709,000
Net
income : 3,479,000 1,199,000
Non
current assets :
23,700,000 24,079,000
Current
assets :
58,199,000 59,087,000
Inventories : 19,223,000 17,825,000
Total
assets :
81,899,000 83,166,000
Current
liabilities :
26,488,000 31,661,000
Non
current liabilities :
47,562,000 45,666,000
Total liabilities : 74,050,000 77,327,000
Share
equity : 7,849,000
5,839,000
Comments
The group’s
consolidated financial information above relates to the Subject’s Intermediate
Holding Company Olaer Group Limited and all its subsidiaries which include the
Subject.
Main activities
The
Subject is engaged in import & distribution of hydraulic equipments such as
accumulators, heat exchangers, cooler units, air conditioners, screw pumps,
filters, actuators and boosters.
The Subject
is ultimately owned by Parker Hannifin Corporation, incorporated in Ohio,
United States of America.
With
annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin
Corporation is the world’s leading diversified manufacturer of motion and
control technologies and systems
Parker
Hannifin Corporation manufactures fluid power systems, electromechanical
controls, and related components worldwide.
Its
Industrial segment offers pneumatic and electromechanical components, and
systems; filters, systems, and instruments to monitor and remove contaminants
from fuel, air, oil, water, and other liquids and gases; connectors that
control, transmit, and contain fluid; hydraulic components and systems for
builders and users of industrial and mobile machinery and equipment; critical
flow components for process instrumentation, healthcare, and ultra-high-purity
applications; and static and dynamic sealing devices. This segment sells its
products to original equipment manufacturers (OEMs) and their replacement
markets in the manufacturing, transportation, and processing industries.
The
company’s Aerospace segment provides flight control systems and components,
including hydraulic, electrohydraulic, electric backup hydraulic,
electrohydrostatic, and electro-mechanical components for
precise
control of aircraft rudders, elevators, ailerons, and other aerodynamic control
surfaces. It also provides electronics thermal management heat rejection
systems, and single-phase and two-phase heat
collection
systems for radar, ISAR, and power electronics. This segment markets its
products primarily to OEMs in the commercial, military, and general aviation
markets, as well as to end users.
Its
Climate and Industrial Controls segment offers systems and components primarily
for use in the mobile and stationary refrigeration, and air conditioning
industry; and in fluid control applications in various industries, such as
processing, fuel dispensing, beverage dispensing, and mobile emissions. This
segment serves OEMs and their replacement markets.
Parker-Hannifin
Corporation markets its products through direct-sales employees, independent
distributors, wholesalers, and sales representatives. The company was founded
in 1918 and is headquartered in Cleveland, Ohio.
Product & services
High
pressure bladder accumulators
Diaphragm
accumulators
Piston
accumulators
Pulsation
dampers
Heat
exchangers
Plate
heat exchangers
Air
blast coolers
Oil
filters
Screw
pumps
Water
valves
Chillers
Anti-waterhammers
High
pressure units
Purchases
International :
Mainly from United Kingdom, China, Germany, Denmark, Norway, United States
Sales
Local : Yes
International
: Pacific Islands
Key events
2 July
2012
Parker
Completes Acquisition of the Olaer Group in the United Kingdom
Parker
Hannifin Corporation (NYSE: PH), the global leader in motion and control
technologies, today announced that it has successfully completed its previously
announced agreement to acquire the Olaer Group headquartered in Deeside, United
Kingdom. Terms of the transaction were not disclosed. The Olaer Group has
annual sales of approximately 150 million Euros ($200 million) and 550
employees. Approximately 88 percent of the sales will be reported as Industrial
International and 12 percent reported as Industrial North America. With
manufacturing and sales in 14 countries in North America, Asia and Europe, the
Olaer Group expands Parker's presence in geographic growth areas and offers
expertise in
hydraulic
accumulator and cooling systems for target growth markets such as oil and gas,
power generation and renewable energy.
"With
the completion of this acquisition, we are pleased to officially welcome the
employees of the Olaer Group to Parker Hannifin," said Jeff Cullman,
President of Parker's Hydraulics Group. "We are excited about the
opportunities for us to grow our business by providing customers with an
expanded set of products and solutions and by extending the reach of the Olaer
Group offering through Parker's extensive distribution, OEM and international
sales company channels. A detailed integration plan is being initiated to allow
for a smooth transition of Olaer into the Parker organization."
24
April 2012
Parker
Signs Agreement to Acquire the Olaer Group to Expand Geographic and Market
Presence with Complementary Accumulator and Cooling Technologies
Parker
Hannifin Corporation (NYSE:PH), the global leader in motion and control
technologies, today announced that it has signed an agreement to acquire the
Olaer Group headquartered in Deeside, United Kingdom. Olaer is a leading
manufacturer of a broad range of advanced hydraulic accumulator and cooling
technologies to provide solutions for energy,mobile and industrial markets. The
acquisition is subject to regulatory approvals and customary closing conditions.
Terms of the transaction were
not
disclosed.
Olaer
has annual sales of approximately 150 million Euros ($200 million) and employs
550 people. The company has manufacturing and sales facilities in the United
Kingdom, France, Sweden and China and sales companies in 14 countries. Upon
completion of the transaction, the acquired company will be integrated into
Parker's Hydraulics Group as part of the Industrial Segment. Approximately 88
percent of the sales will be reported as Industrial International and 12
percent reported as Industrial North America.
"This
acquisition, once completed, will allow us to strengthen our position in key
growth areas both geographically and by end market," said Jeff Cullman,
President of Parker's Hydraulics Group. "Olaer has built a strong position
in Europe and a growing presence in Asia. Importantly, Olaer has a solid
reputation in our target growth markets such as oil and gas, power generation
and renewable energy. The acquisition would also expand our product offering
with the addition of cooling technologies and deepens our expertise in bladder
accumulator technology. We look forward to the closing of this acquisition when
we can welcome the Olaer employees to Parker."
"Joining
Parker is absolutely the right move for Olaer now," said Mike Blenkinsop,
Chief Executive Officer, Olaer Group. "This transaction will secure
Olaer's continued development, with the added dimension of being an integral
part of one of the world's leading manufacturing companies."
With
annual sales exceeding $12 billion in fiscal year 2011, Parker Hannifin is the
world's leading diversified manufacturer of motion and control technologies and
systems, providing precision-engineered solutions for a wide variety of mobile,
industrial and aerospace markets. The company employs approximately 58,000
people in 47 countries around the world. Parker has increased its annual
dividends paid to shareholders for 56 consecutive fiscal years, among the top
five longest-running dividend-increase records in the S&P 500 index.
Premises : The Subject operates from premises
located at the verified heading
address consisting
of warehouse and administrative office.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
Central
bank :
Reserve Bank of Australia
Reserve
of foreign exchange & gold :
US$ 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)
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
: Prepayment, Credit 30-60 days
Sales Term
Local
: Prepayment, Credit 30-60 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.