|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FERRO
CORPORATION (AUST.) PTY LTD |
|
|
|
|
Registered Office : |
105-115 Cochranes Road Moorabbin Victoria 3189 |
|
|
|
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Country : |
Australia |
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|
|
Financials (as on) : |
31.12.2011 (Group Consolidated) |
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|
|
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Date of Incorporation : |
17.08.1936 |
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|
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Com. Reg. No.: |
000033189 |
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Legal Form : |
Australian Proprietary Company |
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|
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Line of Business : |
Manufacturing and sales of specialty materials and chemicals. |
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|
|
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No. of Employees : |
5,120 employees (Ferro 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 |
|
Status : |
Satisfactory |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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, 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 : 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
Executive Summary
Date founded or
registered : 17/08/1936
Legal form : Australian
Proprietary Company
Chief executive : Geoffrey John Dowdell
Issued & paid
up capital : AUD 200,000
Sales turnover : USD 2,155,792,000
(Group-consolidated 12 months, 31/12/2011)
Net income : USD 32,367,000
(Group-consolidated 12 months, 31/12/2011)
Total fixed assets
: USD 1,440,651,000
(Group-consolidated 12 months, 31/12/2011)
Line of business :
Manufacturing and
sales of specialty materials and chemicals.
Staff employed : 5,120 employees (Ferro
Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
reasonably experienced
Financial
performance : Financial
performance is good
Organization
structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered if guaranteed by Parent Company.
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 : Geoffrey John Dowdell
Designation : Managing Director
Appointments
Name : Michael James Murry
Designation : Director
Appointment date :
19/08/05
Address : 10939 E Acoma Drive
Scottsdale, AZ 85255
United States
Biography : Born on 21/03/1951 in
Michigan, United States.
Michael J. Murry is Operating Vice President of Ferro's Electronic,
Color and Glass Materials Group, which includes its Electronic
Materials, Glass Systems and Performance Pigments and Colors
businesses. Prior to joining Ferro in 2005, Mr. Murry was president,
CEO and a director for Catalytica Energy Systems, a
development-stage clean energy company. He was vice president
and general manager for the portable and stationary power
businesses at Ballard Power Systems and prior to that was vice
president of marketing at American Natural Soda Ash.
Mr. Murry began his career at the Upjohn Company (now Pfizer) as a
chemical engineer. After earning a master's degree in business
administration, he continued his career with The Dow Chemical
Company, where he spent 15 years in a variety of marketing and
business operations management roles, including market manager
for the specialty epoxy and vinyl ester resin business, global business
operations manager for epoxy resins, and business operations
manager for the polycarbonate and thermoplastic polyurethanes
businesses.
Mr. Murry earned his master of business administration degree from
Wharton Business School at the University of Pennsylvania and his
bachelor and master of science degrees in chemical engineering from
Michigan State University.
Name : Geoffrey John Dowdell
Designation : Director
Appointment date :
01/01/07
Address : 228 Moray Street
South Melbourne, VIC 3205
Australia
Biography : Born on 21/10/1957 in Sydney,
New South Wales, Australia.
Name : Matthias Peter Bell
Designation : Director
Appointment date : 29/03/08
Address : 319 Chamchuri Square, 16th
Floor
Phayathai Road, Pathumwan
Bangkok 10330
Thailand
Biography : Born on 19/07/1967 in Germany.
Name : Duesenberg Mark Hugo
Designation : Director
Appointment date :
15/09/09
Address : 19856 Roslyn Drive
Rocky River, OH 44116
United States
Biography : Born on 17/01/1962 in New
York, United States.
Mr. Mark Hugo Duesenberg is Vice President, General Counsel,
Secretary of Ferro Corp. He serves as the Executive Director, Legal
and Government Affairs, Lenovo Group Ltd., a global manufacturer of
personal computers and electronic devices, 2008 Legal Director —
Europe, Middle East and Africa, Lenovo Group Ltd., 2005.
Name : Peter Botica
Designation : Company Secretary
Appointment date :
06/12/05
Address : Unit 2, 136 Queen Street
Altona, VIC 3018
Australia
Biography : Born on 05/02/1953 in Melbourne,
Victoria, Australia.
Staff employed : 5,120 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, engages in the production and
sale of specialty materials and chemicals in the Untied States and
internationally.
The company provides electronics, color, and glass materials, including
conductive metal pastes and powders, polishing materials, glazes,
enamels,
pigments, decoration colors, and other performance materials. It also
offers
polymer and ceramic engineered materials comprising polymer additives,
engineered plastic compounds, pigment dispersions, glazes, frits,
porcelain
enamel, pigments, and pharmaceutical active ingredients. The company
provides
its products for a range of applications in various markets, such as
appliances,
automobiles, building and renovation, electronics, industrial products,
packaging,
pharmaceuticals, and photovoltaic products. The company sells its
products to
manufacturers of ceramic tile, major appliances, construction materials,
automobile parts, glass, bottles, vinyl flooring and wall coverings,
solar cells, 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 : No. 178 Suhong West Road
Suzhou Industrial Park
Suzhou Jiangsu Province 215021
China
Name : FERRO MEXICANA S.A. DE
C.V.
Affiliation type :
Sister Company
Address : Oriente 171 Num. 450
Col. Prol. Aragon-Inguaran
Del. Gustavo A. Madero
C.P. 07490, Mexico, D.F.
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 : Bank of America
Address : Australia
Account details : Current Account
Name of bank : National Australia Bank
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 reported.
Description
Source of
financial statement : Public Record
Sources
Financial
statement date : 31/12/11
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 : 31/12/11 31/12/10
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 2,155,792,000 2,101,865,000
Gross profit : 413,187,000 458,665,000
Profit before tax
: 65,936,000 23,741,000
Net income : 32,367,000
7,273,000
Non current assets
: 809,752,000 812,601,000
Current assets : 630,899,000 621,754,000
Inventories : 228,813,000 202,067,000
Total assets : 1,440,651,000 1,434,355,000
Current
liabilities : 324,634,000
345,675,000
Non current
liabilities : 533,523,000 505,073,000
Total liabilities
: 858,157,000 850,748,000
Share equity : 582,494,000 574,180,000
Retained earning : 393,636,000 362,164,000
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
manufacturing and 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 is a leading producer of specialty materials and
chemicals that are sold to a broad range of manufacturers who, in turn,
make products for many end-use applications. In approximately 40
manufacturing sites around the world, Ferro Corporation produces:
Electronic, Color and Glass Materials - Conductive metal pastes and
powders; polishing materials; high-performance dielectrics; high-quality
glazes, enamels, pigments, colors and other performance materials;
Polymer and Ceramic Engineered Materials - Polymer specialty materials;
engineered plastic compounds; pigment dispersions; glazes and frits;
porcelain enamels.
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 : Asia, Europe, United States
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of production facilities, 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$ 41.385
billion
Gross domestic
product - GDP : US$ 1.235
trillion
GPP (Purchasing
power parity) : 918.529 billion
of International dollars
GDP per capita -
current prices : US$ 55,590
GDP - composition
by sector : agriculture: 4.1%
industry: 26%
services: 70%
Inflation : 2008:
4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate
: 2008: 4.2%
2009: 5.6%
2010: 5.2%
Public debt
(General
Government gross debt as
a % GDP): 2008:
11.6%
2009: 17.6%
2010: 22.3%
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 : 2007:
US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows : 2007:
US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best countries for
doing business : 10 out of 183
countries
Global
competitiveness ranking : 16
(ranking by country on a basis of 133, 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: 74.00%
Purchase Term
International :
L/C, Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-90 days
International : L/C,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.