MIRA INFORM REPORT
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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FERRO CORPORATION (AUST.) PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.08.1936 |
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Com. Reg. No.: |
000033189 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Sales of specialty
materials and chemicals |
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No. of Employees : |
4,948 employees (Ferro
Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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 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 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.
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Source : CIA |
Verified Address
Subject name : FERRO CORPORATION (AUST.) PTY LTD
Business address : 105-115 Cochranes
Road
Town : Moorabbin
Province : Victoria
Zip/postal code : 3189
Country : Australia
Tel : +61 3 95559466
Fax : +61 3 95557812
Website : www.ferro.com
Registered address : 105-115 Cochranes
Road
Town : Moorabbin
Province : Victoria
Zip/postal code : 3189
Country : Australia
Postal address : P.O. Box 1231
Town : Moorabbin
Province : Victoria
Zip/postal code : 3189
Country : Australia
Executive Summary
Date founded or registered : 17/08/1936
Legal form : Australian
Proprietary Company
Chief executive : Stephen John Harnwell
Issued & paid up capital
: AUD 200,000
Sales turnover : USD 1,768,631,000
(Group-Consolidated 12 months, 31/12/2012)
Net income : USD -373,034,000
(Group-Consolidated 12 months, 31/12/2012)
Total fixed assets : USD 1,079,103,000
(Group-Consolidated 12 months, 31/12/2012)
Line of business : Sales of specialty
materials and chemicals.
Staff employed : 4,948 employees (Ferro
Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is reasonably experienced
Financial performance : Financial performance is
deteriorating
Organisation structure : Organisational structure is acceptable
Detrimental
: No
detrimental found
Payment history : No payment delays noted
Comments : Due to the Group
huge losses in 2012, caution is needed in granting large credit.
Registry Data
Registration date : 17/08/1936
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 000033189
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 61000033189
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Stephen John Harnwell
Designation : Managing Director
BOARD
Appointments
Name : James Allen Barma
Designation : Director
Appointment date : 01/11/12
Address : 955 Alder Run Way
Akron, OH
44333
United
States
Biography : Born on 25-03-1979 in
Cleveland, Ohio, United States.
Name : John Bingle
Designation : Director
Appointment date : 01/11/12
Address : 1240 Dover Street
Medina, OH
44256
United
States
Biography : Born on 13-08-1962 in
Cleveland, Ohio, United States.
Name : Stephen John Harnwell
Designation : Director
Appointment date : 01/05/13
Address : 1 Ryan Court
Berwick,
VIC 3806
Australia
Biography : Born on 28-07-1957 in Sydney,
New South Wales, Australia.
Name : Matthias Peter Bell
Designation : Director
Appointment date : 29/03/08
Address : City Centre, Tower A, Suite
1208
100 ZunYi Road
Changning District
Shanghai
200051
China
Biography : Born on 19-07-1967 in
Germany.
Staff employed : 4,948 employees (Ferro Group)
Key Advisors
Auditors : KPMG
Level 4,
KPMG House
161
Collins Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 200,000
No of shares : 100,000 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 200,000
Paid up capital : AUD
200,000
How listed : Full List
Composition
Shareholder name : FERRO CORPORATION
Address : 6060 Parkland Boulevard
Mayfield
Heights, OH 44124
United
States
No. of shares : 100,000 Ordinary Shares
% of shares : 100%
Structure
Name : FERRO CORPORATION
Affiliation type : Parent Company
Address : 6060 Parkland Boulevard
Mayfield
Heights, OH 44124
United
States
Comments : Ferro Corporation, together
with its subsidiaries, produces and sells specialty
materials
and chemicals in the Untied States and internationally. It operates in six
segments:
Performance Coatings, Electronic Materials, Color and Glass
Performance
Materials, Polymer Additives, Specialty Plastics, and
Pharmaceuticals.
The company provides electronic, color, and glass materials,
including
conductive metal powders, polishing materials, glazes, enamels,
pigments, decoration
colors, and other performance materials. It also offers
polymer
and ceramic engineered materials, such as polymer additives,
engineered
plastic compounds, pigment dispersions, glazes, frits, porcelain
enamel,
pigments, inks, and high-potency pharmaceutical active ingredients. The
company
provides its products for a range of applications in various markets,
such as
appliances, automobiles, building and renovation, electronics, household
furnishings,
industrial products, packaging, and pharmaceuticals. The company
sells its
products to manufacturers of ceramic tile, major appliances, construction
materials,
automobile parts, glass, bottles, vinyl flooring and wall coverings, and
pharmaceuticals
directly, as well as through agents and distributors. Ferro
Corporation
was founded in 1919 and is headquartered in Mayfield Heights, Ohio.
Name : FERRO FAR EAST COMPANY
SDN. BHD.
Affiliation type : Sister Company
Address : D-5-13 Southgate Commercial
Centre
No. 2 Jalan Dua
Off Jalan Chan Sow Lin
55200
Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : FERRO (SUZHOU)
PERFORMANCE MATERIALS CO., LTD.
Affiliation type : Sister Company
Address : #178, Suhong
West Road
Suzhou Industrial Park
Suzhou 215021
Jiangsu Province
China
Name : FERRO MEXICANA S.A. DE
C.V.
Affiliation type : Sister Company
Address : Carretera
Celaya Salamanca Km. 12.5
Rancho El Pintor
C.P. 38260
Mexico
Name : FERRO (BELGIUM)
S.P.R.L.
Affiliation type : Sister Company
Address : Rue Granbonpré,
11
B-1435
Mont-Saint-Guibert
Belgium
Related companies and corporate affiliations comments
Other companies of the Ferro
Group should be considered affiliates of the Subject.
Bank Details
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 : 31/12/12
Type of accounts : Full audited
Currency : US
Dollar (USD)
Consolidation type : Group Consolidated
Group Consolidated
Currency : US
Dollar (USD) US Dollar (USD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/12 31/12/11
Length of accounts : 12 months 12 months
Sale turnover / Income : 1,768,631,000 2,155,792,000
Gross profit : 297,862,000
412,232,000
Profit before tax : -263,549,000 24,472,000
Net income : -373,034,000 5,134,000
Non current assets : 485,600,000 809,752,000
Current assets : 593,503,000 630,899,000
Inventories : 207,091,000
228,813,000
Total assets : 1,079,103,000
1,440,651,000
Current liabilities : 376,503,000 324,634,000
Non current liabilities : 495,926,000 533,523,000
Total liabilities : 872,429,000
858,157,000
Share equity : 206,674,000
582,494,000
Retained earning : -86,606,000 287,662,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Parent / Ultimate Holding Company Ferro Corporation and its
subsidiaries.
Main activities : The Subject engages in
sales of specialty materials and chemicals.
The
Subject is a wholly owned subsidiary of Ferro Corporation, a public
listed
company on New York Stock Exchange.
Ferro
Corporation, together with its subsidiaries, produces and sells
specialty materials
and chemicals in the Untied States and internationally.
It
operates in six segments: Performance Coatings, Electronic Materials,
Color and
Glass Performance Materials, Polymer Additives, Specialty
Plastics,
and Pharmaceuticals. The company provides electronic, color,
and glass
materials, including conductive metal powders, polishing
materials,
glazes, enamels, pigments, decoration colors, and other
performance
materials. It also offers polymer and ceramic engineered
materials,
such as polymer additives, engineered plastic compounds,
pigment
dispersions, glazes, frits, porcelain enamel, pigments, inks, and
high-potency
pharmaceutical active ingredients. The company provides its
products
for a range of applications in various markets, such as appliances,
automobiles,
building and renovation, electronics, household furnishings,
industrial
products, packaging, and pharmaceuticals. The company sells its
products
to manufacturers of ceramic tile, major appliances, construction
materials,
automobile parts, glass, bottles, vinyl flooring and wall coverings,
and
pharmaceuticals directly, as well as through agents and distributors.
Ferro
Corporation was founded in 1919 and is headquartered in Mayfield
Heights,
Ohio.
Product & services : -
Specialty materials: color
stains, special glasses, glazes, decoration colors, and special coating
materials for the ceramic industry, as well as pigments for the paint and
plastics industries.
- Electronic Materials:
high-purity powders, pastes, and tapes for many electronic applications.
- Ceramic glaze coatings
- Chemicals
Purchases
International : Asia, Europe, United States
Sales
Local : Yes
International : New Zealand, Pacific Islands
Property &
Assets
Premises : The Subject operates from premises
at the verified heading address
consisting of a 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$ 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
traded shares : 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)
Trade &
Competitiveness Overview
Total exports : US$263.9
billion
Exports commodities : Coal, iron ore, gold,
meat, wool, alumina, wheat, machinery and
transport equipment
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,
Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : Prepayment, Telegraphic
transfer, D/P, 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
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.