|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYLVANIA LIGHTING AUSTRALASIA PTY LTD |
|
|
|
|
Registered Office : |
C/o GERARD LIGHTING GROUP PTY LIMITED, 142–144 Fullarton Road, Rose
Park, South Australia 5067 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2012 (Group Consolidated) |
|
|
|
|
Date of Incorporation : |
10.05.1966 |
|
|
|
|
Com. Reg. No.: |
000534243 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Design, manufacturing and distribution of lighting products. |
|
|
|
|
No. of Employees : |
1,045 employees (Gerard 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 |
|
Maximum Credit Limit : |
USD 2,200,000 |
|
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 (31.03.2012) |
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 :
SYLVANIA LIGHTING AUSTRALASIA PTY LTD
Business address :
Sylvania Way
Town :
Lisarow
Province :
New South Wales
Zip/postal code : 2250
Country :
Australia
Tel :
+61 2 43280600
Fax :
+61 2 43282605
Email :
sylvania@sla.net.au
Website :
www.sla.net.au
Registered address : C/o
GERARD LIGHTING GROUP PTY LIMITED
142–144 Fullarton Road
Town :
Rose Park
Province :
South Australia
Zip/postal code : 5067
Country :
Australia
Executive Summary
Date founded or registered :
10/05/1966
Legal form : Australian Proprietary
Company
Chief executive :
Simon Charles Gerard
Issued & paid up capital :
AUD 21,060,289
Sales turnover :
AUD 389,295,000 (Group-consolidated 12 months, 30/06/2012)
Net income :
AUD 17,622,000 (Group-consolidated 12 months, 30/06/2012)
Total fixed assets :
AUD 306,362,000 (Group-consolidated 12 months, 30/06/2012)
Line of business :
Design, manufacturing and distribution of lighting products.
Staff employed :
1,045 employees (Gerard Group)
Company Analysis
Country risk :
Country risk is minimal
Operation trend :
Operational trend is steady
Management experience :
Management is adequately experienced
Financial performance :
Group financial performance is good
Organization structure :
Organizational structure is stable
Detrimental : No
detrimental found
Payment history :
No payment delays noted
Credit amount suggestion : USD 2,200,000
Credit amount asked :
USD 300,000
Comments :
Larger credit can still be considered.
Registry Data
Registration date :
10/05/1966
Legal form :
Australian Proprietary Company
Registration no Australia Company Number :
000534243
Registered authority :
Australian Securities and Investments Commission
Fiscal/ Tax no : Australia Business Number : 81000534243
Registry status :
Live/Active
Previous name :
SYLVANIA LIGHTING INTERNATIONAL PTY LIMITED (until 17-09-2002)
GTE AUSTRALIA PTY. LIMITED
GENERAL TELEPHONE & ELECTRONICS AUST PTY
LTD
SYLVANIA ELECTRIC AUSTRALIA PTY LTD
GTE AUSTRALIA PTY LTD
GENERAL TELEPHONE & ELECTRONICS (A'ASIA)
PTY LTD (initial)
Change of legal form :
None reported.
Key Management
Name :
Simon Charles Gerard
Designation :
Managing Director
Name :
Mark West
Designation :
General Manager
Appointments
Name :
Simon Charles Gerard
Designation :
Director
Appointment date :
18/01/08
Address : 8
Madurta Avenue
Aldgate, SA 5154
Australia
Biography :
Born on 22-06-1973 in Adelaide, South Australia, Australia.
Prior to his appointment as Gerard
Lighting’s Managing Director in early 2006, Simon Gerard held the position of
Executive General Manager of Clipsal Australia, Australia’s leading
manufacturer of electrical accessories and automation products. Simon holds a
Bachelor of Management and an Associate
Diploma in Business from the University of South Australia. Simon is a member
of the board of directors of Lighting Council Australia.
Name : Benjamin Malcolm Mills
Designation :
Director
Appointment date :
18/01/08
Address : 6
Dudley Road
Rose Bay, NSW 2029
Australia
Biography :
Born on 15-08-1968 in Adelaide, South Australia, Australia.
Name :
Gary Savage
Designation :
Director
Appointment date :
21/07/09
Address :
Whitehead Road
Mylor, SA 5153
Australia
Biography :
Born on 29-09-1960 in Cape Town, South Africa.
Gary
Savage joined Gerard Lighting at the end of July 2009. Gary previously spent 30
years with KPMG, including 13 years as a partner. Gary has significant
experience in the provision of advice in the areas of assurance, risk management,
acquisition and vendor due diligence, investigating accountant reports,
corporate governance and general business management.
Gary holds a Bachelor of Commerce (Honours)
Degree from the University of Pretoria and is a Fellow of the Institute of Chartered
Accountants in Australia.
Name :
Graham Craig Ellis
Designation :
Director
Appointment date :
18/01/08
Address : 21
Edward Place
Barden Ridge, NSW 2234
Australia
Biography :
Born on 28-01-1962 in Blackwood, South Australia, Australia.
Graham Ellis has 23 years experience in the
electrical accessories industry, the last 17 years in the lighting industry
with the Gerard Lighting Group. Graham’s experience includes major development
of the operational systems and accounting functions with broad knowledge of the
AS400 system Movex and previously BPCS, and involvement in business
developments of new markets and strategies of the corporation.
Graham holds a Bachelor of Arts
(Accountancy) Degree and is a member of CPA Australia and the Australian Institute
of Company Directors.
Name :
Grant Lee Price
Designation :
Company Secretary
Appointment date :
11/02/08
Address : 10
Olive Grove
Hazelwood Park, SA 5066
Australia
Biography :
Born on 03-11-1950 in Adelaide, South Australia, Australia.
Staff employed :
1,045 employees (Gerard Group)
Key Advisors
Auditors :
ERNST & YOUNG
321
Kent Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital : AUD
21,060,289
No of shares :
21,060,289 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD
21,060,289
Paid up capital : AUD
21,060,289
How listed :
Full List
Composition
Shareholder name :
LIGHTING CORPORATION PTY LTD
Address :
142–144 Fullarton Road
Rose Park, SA 5067
Australia
No. of shares :
21,060,289 Ordinary Shares
% of shares :
100%
Comments : On 18 July 2012, Gerard
Lighting Group Pty Limited announced to the ASX that it had entered into a
Scheme Implementation Agreement with Lighting Investments Australia Pty Limited
(LIA), a company owned by CHAMP Private Equity, under which it is proposed that LIA will acquire
all of the outstanding shares in Gerard Lighting for a cash consideration of
$1.05 per share, by way of a scheme of arrangement.
Structure
Name : CHAMP PRIVATE
EQUITY PTY. LIMITED
Affiliation type : Ultimate
Holding Company
Address : Level 4,
Customs House
31 Alfred Street
Sydney, NSW 2000
Australia
Comments : CHAMP Private Equity is a private equity
and venture capital firm specializing in early stage, growth capital,
expansion, and buyout investments in middle market companies. It invests in
both listed and private companies. The firm prefers to invest in companies from
the sectors of industrials, distribution, health, education, biotechnology, IT,
financial services, food products, beverages, and telecommunications based in
Australasia with a focus on Australia, Singapore, and New Zealand. The firm
ideally invests in companies with enterprise values between AUS$100 million
($70.9 million) and AUS $1 billion ($709.02 million). It seeks to exit an
investment within three to five years. CHAMP Private Equity was founded in 2000
and is based in Sydney, Australia with additional offices in Queensland, Australia,
New York, New York, and Singapore, Singapore.
Name : LIGHTING
INVESTMENTS AUSTRALIA PTY LTD
Affiliation type : Superior
Holding Company
Address : Level 4,
Customs House
31 Alfred Street
Sydney, NSW 2000
Australia
Name : GERARD LIGHTING
GROUP PTY LIMITED
Affiliation type : Intermediate
Holding Company
Address : 142–144
Fullarton Road
Rose Park, SA 5067
Australia
Comments : Gerard Lighting Group Pty Limited
engages in the manufacture, distribution, and sale of lighting and allied
electrical products. It offers commercial, industrial, and architectural
lighting products; luminaries and tunnel lighting products; lamps and lighting
control gears; fluorescent, industrial, exterior, architectural, medical,
adverse, and emergency lighting products; lights for consulting engineers
and architects; and aluminum lighting
systems. The company markets its products under the Pierlite, Sylvania
Lighting, Crompton Lighting, Moonlighting, Inlite, and Austube brands through
electrical wholesalers, retailers, and electrical contractors in Australia, New
Zealand, eastern Africa, the United Kingdom, India, the Middle East, Indonesia,
Malaysia, Pakistan, Mozambique, and Italy. Gerard Lighting Group Limited was
founded in 1920 and is based in Cavan, Australia. As of October 23, 2012,
Gerard Lighting Group Limited was taken private.
Name : LIGHTING
CORPORATION PTY LTD
Affiliation type : Parent
Company
Address : 142 Fullarton
Road
Rose Park, SA 5067
Australia
Name : PIERLITE
AUSTRALIA PTY LTD
Affiliation type : Sister
Company
Address : 96-112 Gow
Street
Padstow, NSW 2211
Australia
Related companies and corporate affiliations comments : Other companies
of the Gerard and Champ Private Equity Group should be considered affiliates of
the Subject.
Bank Details
Name of bank : St George Bank
Address : Australia
Account details : Current Account
Name of bank : Westpac Banking
Corporation
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 :
30/06/12
Type of accounts : Full audited
Currency :
Australia Dollar (AUD)
Exchange rate :
1 USD = AUD 0.95 as of 10-01-2013
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 :
30/06/12 30/06/11
Length of accounts :
12 months 12
months
Sale turnover / Income :
389,295,000 404,414,000
Operating profit :
35,436,000 38,181,000
Profit before tax :
27,190,000 29,612,000
Net income :
17,622,000 19,519,000
Non current assets :
141,535,000 123,908,000
Current assets :
164,827,000 170,137,000
Inventories :
75,651,000 68,021,000
Total assets :
306,362,000 294,045,000
Current liabilities :
84,913,000 91,311,000
Non current liabilities :
92,996,000 80,590,000
Total liabilities :
177,909,000 171,901,000
Share equity :
128,453,000 122,144,000
Retained earning :
26,143,000 17,944,000
Comments : The group’s
consolidated financial information above relates to the Subject’s Intermediate
Holding Company Gerard Lighting Group Pty Limited and all its subsidiaries
which include the Subject.
Main activities :
The Subject is engaged in design, manufacturing and distribution of lighting
products.
The Subject is ultimately owned by Champ
Private Equity Pty Limited.
CHAMP Private Equity is a private equity and
venture capital firm specializing in early stage, growth capital, expansion,
and buyout investments in middle market companies. It invests in both listed
and private companies. The firm prefers to invest in companies from the sectors
of industrials, distribution, health, education, biotechnology, IT, financial
services, food products, beverages, and telecommunications based in Australasia
with a focus on Australia, Singapore, and New Zealand. The firm ideally invests
in companies with enterprise values between AUS$100 million ($70.9 million) and
AUS $1 billion ($709.02 million). It seeks to exit an investment within three
to five years. CHAMP Private Equity was
founded in 2000 and is based in Sydney,
Australia with additional offices in Queensland, Australia, New York, New York,
and Singapore, Singapore.
Product & services :
Luminaire Lighting
Roadway & Tunnel Lighting
Lamps & Commodity Fixtures Lighting
Interior Architectural Lighting
Hazardous & Arduous Lighting
Exterior Architectural & Urban Furniture
Lighting
Brand :
SYLVANIA
CONCORD
CSE
SITECO
GHIDINI
LUMIANCE
VICTOR
Purchases
International :
Worldwide
Sales
Local :
Yes
International :
Worldwide
Key events :
23 October 2012
Gerard Lighting Group Switches Into Champ’s Camp
Champ Private Equity has completed the 186 million Australian dollar (US$192
million) take-private of Gerard Lighting Group, meaning the 2009 A$1.5 billion
CHAMP III Fund is more than 50% invested.
“We’re happy with the pace and way we’re
investing,” Champ Managing Director John Haddock told Deal Journal Australia.
He explained that Gerard Lighting — a
distributor-manufacturer with operations in Australia, New Zealand, the Middle
East, the U.K. and Asia — was attractive to Champ due to its market-leading
position and proven management team. The Gerard family founded Clipsal
Electric, which was acquired by
Paris-based Schneider Electric SU.FR -0.58% in 2003.
“It’s a good industry to be involved in, in
an environment where people and businesses are focused on reducing their carbon
footprint and lowering costs, they’re looking at cutting power consumption
through the use of LED and other energy-efficient lighting,” Mr. Haddock said.
“We believe there will be some bolt-on
acquisitions that could drive opportunities for us within the lighting space,”
he added, declining to name them.
Mr. Haddock added that Champ remains focused
on Asian growth for Gerard, and all its businesses.
Alongside Gerard Lighting Group in the CHAMP
III Fund is formerly listed outdoor advertising company oOh!media, which is in
discussions to buy Ten Network Holdings TEN.AU +1.72%’s Eye Corp, and a 33.2%
stake in vessel provider to the oil and gas industry, Miclyn Express Offshore.
Source: Journal Australia
18 July 2012
Gerard Lighting welcomes $186m takeover
Gerard Lighting Group is recommending its
shareholders accept a $186 million
takeover offer from Lighting Group Australia Pty Ltd.
Gerard on Wednesday said it had entered into
a scheme implementation agreement with Lighting Group for the $1.05-a-share
offer.
The offer price represents a 40 per cent
premium to the company's closing price of 75 cents last Friday, the last day
the stock traded before it entered a trading halt on Monday.
News of the offer came as Gerard warned its
full year net profit was likely to come in at the bottom end of its previous
forecast of $17.5 million to $18.5 million.
Gerard deputy chairman Rick Allert said the
company's directors believed the offer was an opportunity for shareholders to
secure an attractive premium for their shares.
"The independent directors
recommendation is supported by the other directors and the proposal has the
support of the major shareholders associated with the Gerard family," he
said.
The Gerard family holds 52 per cent of the
company's stock.
Lighting Group Australia is owned by private
equity group CHAMP.
Source: www.news.smh.com.au
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading address consisting of a
production facilities, warehouse and administrative office.
Branches :
In addition, the Subject operates from branch offices located at:
77 Truganina Road
Malaga, WA 6090
Australia
Tel: +61 8 92492890
25 Donkin Street
West End, QLD 4101
Australia
Tel: +61 7 30348600
142-144 Fullarton Road
Rose Park, SA 5067
Australia
Tel: +61 8 81222440
Suite 1C, 69 Waterloo Road
North Ryde, NSW 2113
Australia
Tel: +61 2 88730000
Riverview Business Park
87 Moreland Street
Footscray, VIC 3011
Australia
Tel: +61 3 96897833
Intellectual property : ISO9001 certified
ISO14001 certified
Gross Domestic
Products (GDP) & Economic Overview
Central bank :
Reserve Bank of Australia
Reserve of foreign exchange & gold :
US$ 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
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
L/C, Prepayment, D/P, Telegraphic transfer, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
L/C, Prepayment, D/P, Telegraphic transfer, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.