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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SPANSET AUSTRALIA LTD |
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Formerly Known As : |
DYLVET LTD (initial) |
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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 : |
21.05.1987 |
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Com. Reg. No.: |
003298459 |
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Legal Form : |
Non Listed Australian Public Company |
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Line of Business : |
Import and distribution of lifting, load control and height safety products. |
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No. of Employees : |
58 employees |
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
|
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, 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 : SPANSET AUSTRALIA LTD
Business address :
13 Pullman Place
Town : Emu Plains
Province : New South Wales
Zip/postal code : 2750
Country : Australia
Tel : +61 2 47353955
Fax : +61 2 47353630
Email : sales@spanset.com.au
Website : www.spanset.com.au
Registered address
: 13 Pullman Place
Town : Emu Plains
Province : New South Wales
Zip/postal code : 2750
Country : Australia
Executive Summary
Date founded or
registered : 21/05/1987
Legal form : Non Listed
Australian Public Company
Chief executive : Gary Neil Gill
Issued & paid
up capital : AUD 1,450,000
Sales turnover : AUD 13,401,900 (Non-Consolidated 12
months, 31/12/2012)
Net income : AUD 344,524
(Non-Consolidated 12 months, 31/12/2012)
Total fixed assets
: AUD 6,553,873
(Non-Consolidated 12 months, 31/12/2012)
Line of business : Import and distribution
of lifting, load control and height safety products.
Staff employed : 58 employees (Subject)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
adequately experienced
Financial
performance : Financial performance is
fair
Organisation
structure : Organisational
structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 21/05/1987
Legal form : Non Listed Australian Public
Company
Registration no Australian Company number:
003298459
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
75003298459
Registry status : Live/Active
Previous name : DYLVET LTD (initial)
Change of legal
form : None reported.
Key Management
Name : Gary Neil Gill
Designation : General Manager
Appointments
Name : David Ehnimb
Designation : Director
Appointment date :
18/11/87
Address : Piazza Grande
6600 Locarno
Switzerland
Biography : Born on 14-09-1957 in Malmo, Sweden.
Name : Anthony John Eaden
Designation : Director
Appointment date :
11/09/02
Address : 35 Chapel Lane
Hale Barns, Altrincham WA15 0AG
United Kingdom
Biography : Born on 22-05-1950 in Roscommon, Ireland.
Name : Jonathan Charles Gatt
Designation : Director and Company Secretary
Appointment date :
01/04/04
Address : 48 Jones Street
Kingswood, NSW 2747
Australia
Biography : Born on 04-05-1966 in Portsmouth, United
Kingdom.
Name : Kenneth Milligan
Designation : Director
Appointment date :
04/12/03
Address : 103 Otter Drive
Seven Lakes, NC 27376
United States
Biography : Born on 28-07-1968 in Melbourne,
Victoria, Australia.
Name : Gary Neil Gill
Designation : Director
Appointment date :
15/05/06
Address : 18B David Crescent
Fairy Meadow, NSW 2519
Australia
Biography : Born on 10-04-1965 in Calista, Western
Australia, Australia.
Staff employed :
58 employees (Subject)
Key Advisors
Auditors : GRANT THORNTON
Level 17, 383 Kent Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital
: AUD 1,450,000
No of shares : 28,100,001 Ordinary Shares
Share par value : No par value
Issued capital : AUD 1,450,000
Paid up capital : AUD 1,450,000
How listed : Full List
Composition
Shareholder name :
SPANSET LIMITED
Address : Telford Way
Middlewich, Cheshire CW10 0HX
United Kingdom
No. of shares : 28,100,001 Ordinary Shares
% of shares : 100%
Structure
Name : SPANSET INTER AG
Affiliation type :
Ultimate Holding Company
Address : Samstagernstrasse 45
8832 Wollerau
Switzerland
Comments : Spanset Inter AG through its subsidiaries
manufactures lifting, load control and
height safety equipments. The company’s products include round slings,
rescue
equipment, load suspension devices, fall protection systems and personal
safety
equipments. Spanset Inter AG was founded in 1966 and is based in
Wollerau,
Switzerland.
Name : SPANSET LIMITED
Affiliation type :
Parent Company
Address : Telford Way
Middlewich, Cheshire CW10 0HX
United Kingdom
Name : SPANSET (MANAGEMENT) PTY LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : 13 Pullman Place
Emu Plains, NSW 2750
Australia
Name : SPANSET, INC.
Affiliation type :
Sister Company
Address : 3125 Industrial Drive
PO Box 2828
Sanford, NC 27331-2828
United States
Name : SPANSET GMBH & CO. KG
Affiliation type :
Sister Company
Address : Jülicher Str. 49-51
52531 Übach-Palenberg
Germany
Related companies
and corporate
affiliations
comments: Other companies of the
Spanset Group should be considered affiliates 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 1.08 as of
25-06-2013
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 : 13,401,900 12,144,128
Gross profit : 6,491,320 6,399,726
Profit before tax
: 550,521 754,667
Net income : 344,524 540,432
Non current assets
: 2,486,936 2,513,632
Current assets : 4,066,937 3,955,383
Inventories : 2,155,960 2,176,569
Total assets : 6,553,873 6,469,015
Current
liabilities :
2,522,297
2,666,382
Non current
liabilities : 741,903 857,484
Total liabilities
: 3,264,200 3,523,866
Share equity : 3,289,673 2,945,149
Retained earning :
1,839,673 1,495,149
Main activities : The Subject engages in import and
distribution of lifting, load control and
height safety products.
The Subject is ultimately owned by Spanset Inter AG based in
Switzerland.
Spanset Inter AG through its subsidiaries manufactures lifting, load
control
and height safety equipments. The company’s products include round
slings, rescue equipment, load suspension devices, fall protection
systems
and personal safety equipments. Spanset Inter AG was founded in 1966
and is based in Wollerau, Switzerland.
Product &
services : - Fall Protection
products:
Safety Harnesses
Lanyards
Rescue and Evacuation
Inertia Reels
Confined Space
Anchorage
- Lifting products:
Synthetic Round Slings
Synthetic Flat Slings
Multi-Leg Round & Flat Slings
Lifting Nets
Drum Lifters & Lifting Bags
Stage Slings
Protective Sleeves
Joker Hooks
- Load Restraint products:
ABS Premium Ratchets
Heavy Duty Trucking
Light Duty & Retail
Web Dog
- Recovery and Towing products:
Winch Extension Strap
Snatch Strap Kit
Tree Trunk Protector
4WD Recovery Straps
ORP Outback Recovery Pack
- Impact protection products
- Forklift protection products
- Safety system design, inspection and consultancy services
- Height safety and confined space training
Brand : SPANSET
SRTE
ERGO
GOTCHA
LATCHWAYS
Purchases
International :
Europe, Asia, United States
Sales
Local : Yes
International :
Asia
Property & Assets
Premises : The Subject
operates from premises at the verified heading address
consisting of a
administrative office and warehouse.
Branches : In addition, the Subject operates from
offices located at:
Unit 7, 4 Henry Street
Loganholme, QLD 4129
Australia
Tel: +61 7 32099033
Unit 1 & 2, 37 Tulloch Way
Canning Vale, WA 6155
Australia
Tel: +61 8 94557404
Unit 7, 101-103 Lambeck Drive
Tullamarine, VIC 3043
Australia
Tel: +61 413 737 076
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, Prepayment, Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment,
Bank transfer, D/P, Credit 30-90 days
International :
L/C, 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
|
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 |
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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 |
-- |
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.