MIRA INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDUCTOTHERM GROUP AUSTRALIA PTY LTD |
|
|
|
|
Formerly Known As : |
INDUCTOTHERM PTY LTD |
|
|
|
|
Registered Office : |
62 Bardia Avenue, Seaford, Victoria,
Zip/postal code 3198 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.03.1981 |
|
|
|
|
Com. Reg. No.: |
005793911 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Manufacturing and marketing of electrical induction melting and heating equipment |
|
|
|
|
No. of Employees : |
48 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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
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.
|
Source : CIA |
Verified Address
Subject name : INDUCTOTHERM GROUP AUSTRALIA PTY
LTD
Business address : 62 Bardia Avenue
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Tel : +61 3 97866000
Fax : +61 3 97853043
Email : furnaces@inductotherm.com.au
Website : www.inductotherm.com.au
Registered address : 62 Bardia Avenue
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Postal address : P.O. Box 171
Town : Seaford
Province : Victoria
Zip/postal code : 3198
Country : Australia
Executive Summary
Date founded or registered : 24/03/1981
Legal form : Australian
Proprietary Company
Chief executive : William Angus McKenzie
Henry
Issued & paid up capital
: AUD 868,358
Sales turnover : AUD 19,091,632 (Non-Consolidated 12
months, 31/12/2012)
Net income : AUD 2,741,990
(Non-Consolidated 12 months, 31/12/2012)
Total fixed assets : AUD 12,150,866
(Non-Consolidated 12 months, 31/12/2012)
Line of business : Manufacturing and
marketing of electrical induction melting and heating
equipment.
Staff employed : 48 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management experience : Management is reasonably experienced
Financial performance : Financial performance is recovering
Organization structure : Organizational structure is stable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 24/03/1981
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 005793911
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 48005793911
Registry status : Live/Active
Previous name : INDUCTOTHERM PTY LTD (until
20-01-2012)
INDUCTOTHERM (MELTING) PROPRIETARY LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : William Angus McKenzie
Henry
Designation : Managing Director
Name : Colin Stow
Designation : Financial Director
Appointments
Name : Henry Madison Rowan
Designation : Director
Appointment date : 28/04/81
Address : C/o INDUCTOTHERM CORP.
10 Indel
Avenue
Rancocas,
NJ 08073-0157
United
States
Biography : Born on 04-12-1923 in United
States.
Name : Gary Doyon
Designation : Director
Appointment date : 28/04/04
Address : 31 Kerby Court
Grosse
Pointe Farms, MI 48236
United
States
Biography : Born on 13-01-1959 in North
Providence, Rhode Island, United States.
Name : William Angus McKenzie
Henry
Designation : Director
Appointment date : 16/11/05
Address : 20 Prince Edward Avenue
McKinnon,
VIC 3204
Australia
Biography : Born on 11-05-1965 in
Ballarat, Victoria, Australia.
Name : Satyen Prabhu
Designation : Director
Appointment date : 16/11/05
Address : C/o INDUCTOTHERM CORP.
10 Indel
Avenue
Rancocas,
NJ 08073-0157
United States
Biography : Born on 17-10-1961 in Thane,
India.
Name : Colin Stow
Designation : Company Secretary
Appointment date : 15/12/11
Address : 101 Monash Drive
Mulgrave,
VIC 3170
Australia
Biography : Born on 08-03-1959 in Box
Hill, Victoria, Australia.
Staff employed : 48 employees
Key Advisors
Auditors : HLB MANN JUDD
Level 1,
160 Queen Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 868,358
No of shares : 868,358 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 868,358
Paid up capital : AUD
868,358
How listed : Full List
Composition
Shareholder name : ROWAN TECHNOLOGIES INC.
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
No. of shares : 868,357 Ordinary
Shares
Shareholder name : William Angus McKenzie Henry
Address : 20 Prince
Edward Avenue
McKinnon,
VIC 3204
Australia
No. of shares
: 1 Ordinary Share
Structure
Name : ROWAN TECHNOLOGIES INC.
Affiliation type : Parent Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Comments : Rowan Technologies Inc. designs
and manufactures melting, heating, holding,
and
pouring systems for metal and material processing industries. It offers
induction
furnaces, induction power supply systems, coils, computer control
systems,
automatic pouring systems, holding systems, strip heating systems,
galvanizing
pots, slab heating systems, tube and pipe heating systems, mill roll
and rail
hardening systems, vacuum and controlled atmosphere systems, material
handling
systems, water cooling systems, and aluminum processing systems.
The
company also provides induction equipment for melting, heating, coating,
galvanizing,
and galvanealing for the steel industry. It serves renewable energies
and
resources, recycling and processing, automotive and transportation,
aeronautics
and aerospace, marine and water transportation, structural and
municipal,
government, medical, universities and laboratories, precious metals,
electrical
and electronics, agriculture and farming, and recreation and sports
industries.
Rowan Technologies Inc. was founded in 2003 and is based in
Rancocas,
New Jersey with locations in Australia, Belgium, Brazil, Canada,
China,
England, France, Germany, India, Indonesia, Japan, Korea, Mexico,
Russia,
Spain, Taiwan, Turkey, and the United States.
Name : PT. INDUCTOTHERM
INDONESIA
Affiliation type : Subsidiary
Address : Jl. Flores II Blok C7 No.4,
Kawasan
Industri MM2100, Desa Mekarwangi
Cikarang
Barat, Bekasi
Indonesia
Comments : The Subject owns 90% of PT.
Inductotherm Indonesia.
Name : INDUCTOTHERM (INDIA)
PRIVATE LIMITED
Affiliation type : Sister Company
Address : Shri Kishcebhai D.Vyas
Building
Bopal,
Ahmedabad 380 058
India
Name : INDUCTOTHERM KOREA CO.,
LTD.
Affiliation type : Sister Company
Address : 18B-40L, Banwol Ind.
Complex
617-2,
Seonggok-dong
Danwon-gu
Ansan, 425
833
South Korea
Name : INDUCTOTHERM CORP.
Affiliation type : Sister Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Name : INDUCTOTHERM DEUTSCHLAND GMBH
Affiliation type : Sister Company
Address : Hauptstrasse 7
52152
Simmerath
Germany
Name : HI T.E.Q., INC
Affiliation type : Sister Company
Address : 10 Indel Avenue
Rancocas,
NJ 08073-0157
United
States
Comments : Furnace manufacturer with advanced
design for a complete line of high quality aluminum
processing furnaces.
Name : INDUCTOTHERM GROUP
BRASIL LTDA.
Affiliation type : Sister Company
Address : Rua Herminio de Mello, 526
CEP
13347-330
Indaiatuba,
SP
Brasil
Name : INDUCTOTHERM JAPAN LTD.
Affiliation type : Sister Company
Address : 3-10 Minamibefu 1-Chome
Nishi-Ku
Kobe
651-2116
Japan
Name : INDUCTOTHERM TAIWAN
LTD.
Affiliation type : Sister Company
Address : No. 695 Kao Shih Road,
Youth Industrial Park
Yang Mei,
Taoyuan Hsien
Taiwan,
R.O.C.
Related companies and corporate affiliations comments
Other companies of the
Inductotherm Group should be considered affiliates of the Subject.
Bank Details
Name of bank : HSBC Bank Australia 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 repo
Description
Source of financial statement
: Commercial Registry
Filings
Financial statement date : 31/12/12
Type of accounts : Full audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.07 as of 11-06-2013
Summarized
Financial Information
Consolidation type : Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
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 : 19,091,632 19,081,787
Profit before tax : 3,904,119 960,713
Net income : 2,741,990 586,047
Non current assets : 2,224,739 3,383,456
Current assets : 9,926,127 10,737,103
Inventories 3,966,940 4,147,463
Total assets : 12,150,866 14,120,559
Current liabilities : 8,127,033 11,174,740
Non current liabilities : 145,230 128,952
Total liabilities :
8,272,263
11,303,692
Share equity : 3,878,603 2,816,867
Reserve : -98,411 -61,349
Retained earning : 3,041,545 1,950,093
Comments : The consolidated
financial information above relates to the Subject and its
subsidiary.
Main activities The Subject engages
in manufacturing and marketing of electrical induction
melting and heating equipment.
The
Subject is part of Inductotherm Group of companies, worldwide leader
in
induction melting & heating technology and is headquartered in
Rancocas,
New Jersey. USA. Inductotherm is the largest manufacturer of
induction
melting furnaces in the world.
Product & services :
· Melting Products:
Induction
Melting Furnaces
Induction
Power Supply Systems
Coils
Specialty Coils
Automated
Robotic Systems
Computer
Control Systems
Automatic Pouring
Systems
Billet Making Systems
Galvanizing Pots
Holding Systems
Vacuum Controlled
Atmosphere Systems
Material Handling
Systems
Water Cooling
Systems
Heating Products:
Induction Forge
Heaters
Induction Power
Supplies
Inductors
Resistance
welding
Strip Heaters
Purchases
International : Worldwide (Mainly from sister
companies)
Sales
Local : Yes
International : New Zealand, Malaysia,
Singapore, Thailand, Philippines, Hong Kong,
Indonesia
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting
of a production facility, warehouse and administrative office.
Branches : None reported.
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 : L/C, Prepayment,
Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Prepayment,
Bank transfer, Credit 30-90 days
International : L/C, Prepayment,
Telegraphic transfer, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
UK Pound |
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.