MIRA INFORM REPORT
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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
VISY PAPER PTY. LTD. |
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Formerly Known as: |
SOUTHERN PAPER CONVERTERS
PTY. LIMITED |
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Registered Office : |
Level 11, 2 Southbank Boulevard,
Southbank, Victoria, Zip/postal code 3006 |
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Country : |
Australia |
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Date of Incorporation : |
07.04.1981 |
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Com. Reg. No.: |
005803234 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Manufacturing and
distribution of paper and provides recycling services. |
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No. of Employees : |
9,000 employees (Visy
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
|
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
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 also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
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Source : CIA |
Verified Address
Subject name : VISY PAPER PTY. LTD.
Other style / Business name :
VISY RECYCLING
Business address : 13 Reo Crescent
Town : Campbellfield
Province : Victoria
Zip/postal code : 3016
Country : Australia
Tel : +61 3 92474602
Fax : +61 3 92474327
Email : info@visy.com.au
Website : www.visy.com.au
Registered address : Level 11, 2 Southbank Boulevard
Town : Southbank
Province : Victoria
Zip/postal code : 3006
Country : Australia
Executive Summary
Date founded or registered : 07/04/1981
Legal form : Australian
Proprietary Company
Chief executive : Jeanne Pratt
Issued & paid up capital
: AUD 2
Line of business : Manufacturing and
distribution of paper and provides recycling services.
Staff employed : 9,000 employees (Visy
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
undetermined
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 07/04/1981
Legal form : Australian Proprietary Company
Registration no Australia Company
Number: 005803234
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 49984541896
Registry status : Live/Active
Previous name : SOUTHERN PAPER
CONVERTERS PTY. LIMITED
LETCHWORTH PROPRIETARY LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : Jeanne Pratt
Designation : Managing Director
Appointments
Name : Jeanne Pratt
Designation : Director
Appointment date : 28/04/81
Address : 94 Studley Park Road
Kew, VIC
3101
Australia
Biography : Born on 01-02-1936 in Lowicz,
Poland.
Name : Anthony Joseph Pratt
Designation : Director
Appointment date : 01/02/11
Address : 94 Studley Park Road
Kew, VIC
3101
Australia
Biography : Born on 11-04-1960 in
Melbourne, Victoria, Australia.
Name : Robert Andrew Kaye
Designation : Company Secretary
Appointment date : 23/10/95
Address : 14 Erskine Street
Armadale,
VIC 3143
Australia
Biography : Born on 10-10-1960 in
Melbourne, Victoria, Australia.
Staff employed : 9,000 employees (Visy Group)
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD 2
How listed : Full List
Composition
Shareholder name : A.B.L. FINANCE PROPRIETARY LIMITED
Address : Level 21, 333 Collins
Street
Melbourne,
VIC 3000
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Shareholder name : APPLEBAY PROPRIETARY LIMITED
Address : Level 10, 350 Collins
Street
Melbourne,
VIC 3000
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Structure
Name : A.B.L. FINANCE
PROPRIETARY LIMITED
Affiliation type : Shareholder
Address : Level 21, 333 Collins
Street
Melbourne,
VIC 3000
Australia
Name : APPLEBAY PROPRIETARY
LIMITED
Affiliation type : Shareholder
Address : Level 10, 350 Collins
Street
Melbourne, VIC 3000
Australia
Name : PRATT
CONSOLIDATED HOLDINGS PTY. LTD.
Affiliation type : Associate
Address : Level 11, 2 Southbank Boulevard
Southbank, VIC 3006
Australia
Name : VISY
PULP & PAPER PTY LTD
Affiliation type : Associate
Address : 13 Reo Crescent
Campbellfield, VIC
3061
Australia
Comments : Visy Pulp And Paper Pty., Ltd. produces recycled
content packaging papers. It
offers recycled
content paper and recycled content unbleached kraft paper. The
company was founded in
1980 and is based in Campbellfield, Australia.
Name : VISY
INDUSTRIES HOLDINGS PTY LTD
Affiliation type : Associate
Address : Level 11, 2 Southbank Boulevard
Southbank, VIC 3006
Australia
Comments : Visy Industries Holdings Pty. Ltd. provides recycling,
packaging, and paper
solutions. It recycles
papers, cardboards, liquid paper boards, and cartons, as
well as plastic,
glass, aluminum, and steel food and beverage containers for
transport and storage,
manufacturing, retailing, wholesaling, construction,
services, government,
health and community services, and recreation and sports
businesses; and
magazines, papers, letters, bottles, jars, tins, cardboards,
plastics, glasses, and
steel and aluminum products for households. It offers
recycling services to
schools; education tools, including Environmental Detective,
a curriculum based
program to help teachers and students understand how each
product is recycled;
and fiber board boxes, food and beverage cans, PET plastic
bottles, beverage
cartons, food plastics packaging, and printed and plain
packaging solutions
and services. It produces virgin kraft and recycled corrugated
papers for packaging
and building industries; paper coating products for light
weight laminating
applications, paperback book covers, plasterboard liners,
corrugated and folding
cardboard boxes, and waxable boxes; paper laminates for
heavy weight boards;
and case erectors, compactors, lidders, tray formers, and
packing systems. It
offers print, packaging, and point of sale (POS) solutions,
such as specialty
print and POS packaging solutions; premium litho and shelf
ready solutions,
standard boxes, and specialty products; and temporary POS and
displays, semi
permanent and permanent displays, high impact print for
promotion, and signage.
It offers consulting, design and build, systems support,
training, project
management, warehousing, fulfillment, and distribution services.
It sells and exports
its products in Australia and internationally. Visy Industries
Holdings was founded
in 1948 and is based in Southbank, Australia with locations
in Australia, New
Zealand, North America, and Europe.
Name : PRATT
INDUSTRIES (USA), INC
Affiliation type : Associate
Address : 1800 C Sarasota Business Parkway NE
Conyers,
GA 3001
United
States
Comments : Pratt Industries (USA), Inc. operates as a paper and packaging
company in the
United States and
Australia. It also operates paper mills, recycling facilities, and
sheet and box plants.
In addition, the company offers corrugated products for
durable and
non-durable goods, including lighting, electronics, glass,
telecommunications,
automotive, pharmaceuticals, toys, sporting goods, wine and
spirits, vegetables,
fruits, pizza, poultry, meats, and fish. Further, it offers
custom-made packaging
solutions and services, such as protective packaging,
bulk boxes, triple
wall, partitions, and technical services. Further more, the
company designs and
manufactures display systems and packing machinery.
Pratt Industries
(USA), Inc. was founded in 1948 and is headquartered in
Conyers, Georgia. It
has additional locations in Conyers and East Point, Georgia;
Duncan, South
Carolina; Raleigh and Charlotte, North California; Staten Island,
New York; Memphis,
Humboldt, and Nashville, Tennessee; Mason, Springfield,
and Lewisburg, Ohio;
Allendale, New Jersey; Grand Rapids, Michigan; Oklahoma
City, Oklahoma;
Valparaiso, Indiana; Wichita, Kansas; Dallas, Texas; Kansas
City, Missouri;
Wichita, Kansas; Bentonville, Arizona; Bessemer, Alabama; New
Orleans, Louisiana;
and Ashland, Virginia.
Pratt Industries
(USA)is the world's largest privately-owned manufacturer of paper
and packaging
materials.
The company, which has
plants in Australia, Mexico, and 20 states in the US
South, East, and Midwest,
was founded in 1948 by Leon Pratt, the grandfather of
current chairman
Anthony Pratt. Pratt Industries (USA) is controlled by
Australian-based Pratt
family vehicle, Visy Industries.
Name : VISYPAK
OPERATIONS PTY. LTD.
Affiliation type : Associate
Address : Level 11, 2 Southbank Boulevard
Southbank, VIC 3006
Australia
Comments : Visypak Operations Pty Limited manufactures and markets paper
packaging
products such as
plastic films and sheets. The company is based in Melbourne,
Australia.
Name : VISY
INDUSTRIES AUSTRALIA PTY. LTD.
Affiliation type : Associate
Address : Level 14, 600 St. Kilda Road
Melbourne, VIC
Australia
Comments : Visy Industries Australia Pty Ltd. manufactures beverage
packaging including
bottles,
aluminum cans, and paper carton.
Name : VISYPET
(NZ) LIMITED
Affiliation type : Associate
Address : 235 Roscommon Road
Wiri, Manukau 2104
Auckland
New Zealand
Name : PRATT
FINANCE PTY LTD
Affiliation type : Associate
Address : Level 11, 2 Southbank Boulevard
Southbank, VIC 3006
Australia
Related
companies and corporate affiliations comments
Other companies of the Visy Group should
be considered affiliated companies of the Subject.
Bank Details
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
Comments : The Subject is classified as a
small proprietary company by the Australian
Securities
& Investments Commission hence is not required to disclose their
financial
statement.
A proprietary company is defined as small for a financial year if
it satisfies at least two of the following:
- The consolidated revenue
for the financial year of the company and any entities it controls is less than
$25 million;
-The value of the
consolidated gross assets at the end of the financial year of the company and
any entities it controls is less than $12.5 million, and
-The company and any entities
it controls have fewer than 50 employees at the end of the financial year.
Main activities : The Subject is engaged in manufacturing
and distribution of paper.
In addition, the Subject provides of recycling services.
The Subject recycles paper
and cardboard, glass, steel, aluminum and plastics.
Product & services :
- Paper
- Recycling services
- Recycled products such as
glass, aluminium and paper packaging products.
Purchases
International : Singapore,
China, Vietnam, Malaysia
Sales
Local : Yes
International : Worldwide
Key events : 24 November 2011
Visy
Industries has plans for Asian trading company
VISY
Industries is planning to make its biggest foray into Asia by setting up
a new
trading company in the region to source equipment and supplies for
its
factories and mills, generating annual savings of more than $100 million.
The $3
billion Visy group, controlled by the Pratt family, spends more than
$2bn each
year on capital equipment, spare parts and other products, and
is seeking
to import more products from Asia to take advantage of the high
Australian
dollar.
The new
company looks set to be based in Singapore, employing up to 30
local
people and 10 expatriates initially to source products from China,
Vietnam,
Malaysia and other Asian countries. Visy executive chairman
Anthony
Pratt said he believed the trading company could also use Visy's
buying power
to source products in Asia for other Australian firms,
especially
its local customers.
"With
the high Australian dollar you can either complain about how much it
is hurting
you or get around the other side and start importing more from
overseas,
at hopefully a good rate," Mr Pratt told The Australian.
"With
or without any government incentives, the reason we are doing this is
so we can
get among the best purchasing deals for Visy Australia in terms
of buying,
and perhaps buying for other companies as well; they can get a
group-buy
with us out of Asia."
Visy also
currently sells 700,000 tonnes of paper overseas each year, so
basing a
trading company in Asia will get the company's sales force closer
to its
buyers. The move is Visy's biggest venture outside Australia. It has
purchasing and trading
offices in Hong Kong and Shenzhen and packaging
operations in Vietnam
and Malaysia.
But the Singapore move
would be its most significant step into the region.
Mr Pratt also owns Pratt
Industries, the sixth largest paper and packaging
business in the US,
which was run by him for nearly two decades before he
took over as Visy
executive chairman in 2009. Visy is also setting up its
own contracting
business, called Build Run Repair, which will be an internal
team of at least 40
people charged with maintaining its portfolio of factories
and building its new
waste-to-energy plants.
Mr Pratt said that by
becoming the head contractor for its own projects,
Visy could generate
cost savings on construction of as much as 40 per
cent. He said Pratt
Industries' most recent paper mill in Shreveport,
Louisiana, cost
$US170m to build compared with the same mill built by
Visy's competitor,
which cost about $US500m. He hopes the company will also
eventually sell its
services to third parties and be an essential part of his
clean-energy vision
for Visy.
Visy is seeking
federal government support to help bankroll a revolutionary
$300m project to turn
household garbage into energy. The project would
see construction of a
$200m waste-to-energy plant, the first of its type in
Australia, designed to
generate 75 megawatts of electricity that would be
sold into the
electricity grid or directly to third parties.
Mr Pratt also hopes
BRR will provide a platform for Visy to employ more
engineers after
claiming earlier this year that "climate change can be
solved by
engineers". At present the group employs about 800 engineers.
Mr Pratt recently
visited Swinburne University in Melbourne to discuss his
plans. He will do the
same at Monash University before the end of the year.
"The BRR concept
will be exciting. It will give engineers an opportunity," he
said. The combined
sales of Visy and Pratt Industries exceed $3.5bn a
year and Mr Pratt
wanted to see the group's combined sales rise to $5bn
by 2015. He said that
while the high Australian dollar had an impact on the
group's profits in the
past year, earnings were still up 20 per cent over the
year. "We have
been fortunate that commodity prices have pretty much
gone up in line so to
date it has been pretty much in line," Mr Pratt said.
Trading conditions
were still "pretty good" despite the downturn in the retail
sector.
"Our business is
70 per cent food customers so it has been pretty stable.
We obviously want them
to be successful.
"So far commodity
prices have been pretty good. "I am glad that fortunately
our customers have
continued to do well." Earlier this year the group
signed a 10-year,
$1.5bn contract with Japanese drinks giant Asahi across
10 years. The contract
underpinned Visy's decision in September to
proceed with a $86m
beverage can manufacturing plant near Stapylton on
the Gold Coast. It is
the first drink canning manufacturing plant to be built in
Australia for 20
years.
Visy is also moving
into the smaller end of the corrugated box market,
earmarking tens of
millions of dollars to expand its product range. This will
pit it against Raphael
Geminder, Mr Pratt's brother-in-law, who owns the
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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 |
|
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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.