MIRA INFORM REPORT
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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BITZER AUSTRALIA PTY LIMITED |
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Formerly Known As : |
BITZER KUHLMASCHINENBAU AUSTRALIA PTY. LIMITED |
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Registered Office : |
134-136 Dunheved Circuit, St Marys, New South Wales, Zip/postal
code 2760 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.10.1992 |
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Com. Reg. No.: |
057670023 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing and sales of commercial refrigeration equipment and commercial/domestic air conditioners |
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No. of Employees : |
166 employees (Subject); 3,000 employees (Bitzer Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 : BITZER
AUSTRALIA PTY LIMITED
Business address : 134-136
Dunheved Circuit
Town : St
Marys
Province : New
South Wales
Zip/postal code : 2760
Country : Australia
Tel : +61
2 88019300
Fax : +61
2 96734698
Email :
info@bitzer.com.au
Website : www.bitzer.com.au
Registered address : 134-136
Dunheved Circuit
Town : St
Marys
Province : New
South Wales
Zip/postal code : 2760
Country : Australia
Postal address : Private
Bag 7
Town : St
Marys
Province : New
South Wales
Zip/postal code : 1790
Country : Australia
Executive Summary
Date founded or registered : 21/10/1992
Legal form : Australian
Proprietary Company
Chief executive : Peter
Charles Gibson
Issued & paid up capital : AUD
8,651,000
Sales turnover : AUD
43,665,742 (Non-consolidated 12 months, 31/12/2012)
Net income : AUD
-2,963,734 (Non-consolidated 12 months, 31/12/2012)
Total fixed assets : AUD
35,640,533 (Non-consolidated 12 months, 31/12/2012)
Line of business : Manufacturing
and sales of commercial refrigeration equipment and
commercial/domestic
air conditioners.
Staff employed : 166 employees (Subject);
3,000 employees (Bitzer 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 : 21/10/1992
Legal form : Australian
Proprietary Company
Registration no Australian
Company Number: 057670023
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
BusinessNumber: 70057670023
Registry status : Live/Active
Previous name : BITZER
KUHLMASCHINENBAU AUSTRALIA PTY. LIMITED (initial)
Change of legal form : None
reported.
Other registration : WILLIAM
H EVANS is a business name owned by the Subject registered on
5/02/1989 under
business registration no: K8616522.
Key Management
Name : Peter
Charles Gibson
Designation :
Managing Director
Appointments
Name : Peter
Friedrich Eugen Schaufler
Designation : Director
Appointment date : 21/10/92
Address : Arminstrabe
8
Stuttgart 7000
Germany
Biography : Born
on 28-11-1940 in Stuttgart, Germany.
Name : Christian
Wahlers
Designation : Director
Appointment date : 16/12/10
Address : Im
Schonberg 23
Holzgerlingen 71088
Germany
Biography : Born
on 07-12-1967 in Verden, Germany.
Name : Michael
Heinrich Bauer
Designation : Director
Appointment date : 12/12/11
Address : Learchenweg
3
74679 Weissbach
Germany
Biography : Born
on 21-05-1966 in Bad Mergentheim, Germany.
Name : Jurgen
Martin Kleiner
Designation : Director
Appointment date : 12/12/11
Address : Dietrich-Bonhoeffer-Str.3
70771 Leinfeldenechterdingen
Germany
Biography : Born
on 16-11-1960 in Sigmaringen, Germany.
Name : Peter
Charles Gibson
Designation : Director
and Company Secretary
Appointment date : 19/07/12
Address : 18
Woodchester Close
Castle Hill, NSW 2154
Australia
Biography : Born
on 21-11-1973 in Melbourne, Victoria, Australia.
Staff employed : 166
employees (Subject); 3,000 employees (Bitzer Group)
Key Advisors
Auditors : Philip
Arthur Bonny
Level 1, 1095 Old Princes Highway
Engadine, NSW 2233
Australia
Composition
Authorized Capital : AUD
8,651,000
No of shares : 8,651,000
Ordinary Shares
Share par value : AUD
1
Issued capital : AUD
8,651,000
Paid up capital : AUD 8,651,000
How listed : Full
List
Composition
Shareholder name : Peter
F Schaufler
Address : Arminstrabe
8
Stuttgart 7000
Germany
No. of shares 1
Ordinary Share
Shareholder name : BITZER
SE
Address : Eschenbrünnlestraße
15
71065 Sindelfingen
Germany
No. of shares : 8,650,999
Ordinary Shares
Structure
Name : BITZER
SE
Affiliation type : Parent
Company
Address : Eschenbrünnlestraße
15
71065 Sindelfingen
Germany
Comments : Bitzer
SE engages in the research, design, development, and manufacturing of
compressors, condensing units, and
pressure vessels for refrigeration and
air-conditioning applications. Its
products include piston, screws, scroll
compressors, condensers, liquid
receivers, oil separators or oil coolers, pressure
vessels, and reciprocating
compressors. The company was formerly known as
Bitzer Kuehlmaschinenbau Gmbh &
Co. Holding Kg and changed its name to
Bitzer SE in September, 2008. Bitzer
SE was founded in 1934 and is based in
Sindelfingen, Germany.
Name : BITZER
US INC.
Affiliation type : Sister
Company
Address : 4031
Chamblee Road
Oakwood, GA 30566
United States
Comments : Bitzer
US Inc. manufactures compressors for the refrigeration and air
Conditioning industry in the United States
and internationally. The company offers scroll compressors; piston compressors,
such as semi-hermetic reciprocating compressors, reciprocating compressors for
transport application, and open type reciprocating compressors; screw
compressors, which include oil coolers for screw compressors, oil separators,
CS.3 compact screw compressors (microsite),
semi-hermetic screw compressors,
semi-hermetic compact screws, hermetic
compact-screws, and open drive screw
compressors; and pressure vessels,
which include condensers, liquid
receivers, oil coolers for screw compressors,
and oil separators for screw
compressors. It also provides BITZER Software 5.3.1 that supports users in the
plant design. The company was incorporated in 1976 and is based in Oakwood, Georgia.
BITZER US Inc. operates as a subsidiary of Bitzer SE.
Name : BITZER
KÜHLMASCHINENBAU GMBH
Affiliation type : Sister
Company
Address : Eschenbrünnlestrasse
15
Sindelfingen 71065
Germany
Comments : BITZER
Kühlmaschinenbau GmbH manufactures compressors for refrigeration
and air conditioning systems. BITZER
Kühlmaschinenbau GmbH was formerly
known as Apparatebau für
Kältetechnik. The company was founded in 1934 and
is based in Sindelfingen, Germany.
BITZER Kühlmaschinenbau GmbH operates
as a subsidiary of Bitzer SE.
Name : BITZER
(SOUTH EAST ASIA) SDN. BHD.
Affiliation type : Sister
Company
Address : No.
201, Block A, Kelana Business Centre
97, Jalan SS 7/2
47301 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : BITZER
INDIA PRIVATE LTD.
Affiliation type : Sister
Company
Address : R708/1,
TTC, Rabale MIDC
Navi Mumbai 400 701
India
Related companies
and corporate affiliations comments
Other companies of the Bitzer Group should be considered affiliated
companies of the Subject.
Bank Details
Name of bank : HSBC
Bank 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 : None
reported.
Legal Fillings
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 : 31/12/12
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 1.04 as of 18-06-2013
Summarized
Financial Information
Consolidation type : Non
Consolidated Non 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 : 43,665,742
58,956,488
Profit before tax : -4,407,585
2,775,714
Net income : -2,963,734
1,910,187
Non current assets : 9,013,409 8,271,867
Current assets : 26,627,124 31,446,874
Inventories : 16,173,320 18,898,539
Total assets : 35,640,533 39,718,741
Current liabilities : 15,170,774 15,046,171
Non current liabilities : 365,711
1,604,788
Total liabilities : 15,536,485 16,650,959
Share equity : 20,104,048 23,067,782
Retained earning : 11,453,048
14,416,782
Main activities : The
Subject engages in manufacturing and sales of commercial
refrigeration equipment and
commercial/domestic air conditioners.
The Subject operates as a subsidiary
of Bitzer SE based in Germany.
Bitzer SE engages in the research,
design, development, and
manufacturing of compressors,
condensing units, and pressure vessels for
refrigeration and air-conditioning
applications. Its products include piston,
screws, scroll compressors,
condensers, liquid receivers, oil separators or
oil coolers, pressure vessels, and
reciprocating compressors. The
company was formerly known as Bitzer
Kuehlmaschinenbau Gmbh & Co.
Holding Kg and changed its name to
Bitzer SE in September, 2008. Bitzer
SE was founded in
1934 and is based in Sindelfingen, Germany.
Product &
services : -
Commercial refrigeration and air conditioning units
- Pressure Vessels
- Innovative Climate Control Solutions
- Condensers
- Liquid Receivers
- Refrigeration equipment
Brand :
BITZER
Purchases
International : Asia,
Europe
Sales
Local : Yes
International : New
Zealand, Pacific Islands
Property &
Assets
Premises : The Subject
operates from premises located at the verified heading
address consisting of a production
facility, warehouse and administrative
office.
Branches : In
addition, the Subject operates from branch facilities located at:
Unit 8, 400 Grand Junction Road
Mansfield Park, SA 5012
Australia
Tel +61 8 82684500
25 Strezlecki Avenue
Sunshine, VIC 3020
Australia
Tel +61 3 83268200
Unit 18, 258 Musgrave Road
page 12 / 16
Coopers Plains, QLD 4108
Australia
Tel +61 7 32743620
Unit 1, 11 Draper Place
Kewdale, WA 6105
Australia
Tel +61 8 93592066
Other property : Total
NBV of property, plant and equipment as of 31-12-2012 was AUD 5,284,255.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
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UK Pound |
1 |
Rs.90.61 |
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Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
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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.