MIRA INFORM REPORT
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Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
MORRIS, MCMAHON & CO PTY LTD |
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Registered Office : |
C/O Progressive Pty Limited,
Level 4, 131 Clarence Street, Sydney, New South Wales, Zip/Postal Code 2000 |
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Country : |
Australia |
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Date of Incorporation : |
15.11.1954 |
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Com. Reg. No.: |
000143082 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing and
distribution of metal packaging products |
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No. of Employees : |
150 employees |
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 : |
Regular |
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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
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 : MORRIS, MCMAHON &
CO PTY LTD
Other style / Business name :
DRUM AND PAIL EQUIPMENT
Business address : 34 Arncliffe Street
Town : Wolli Creek
Province : New South Wales
Zip/postal code : 2205
Country : Australia
Tel : +61 2 95971988
Fax : +61 2 95971388
Email : sales@morrismcmahon.com
/ gavinfish@optusnet.com.au
Website : www.morrismcmahon.com.au
/ www.drumandpailequipment.com
Registered address : C/o PROGRESSIVE PTY LIMITED
Level 4, 131 Clarence Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Postal address : P.O. Box 88
Town : Wolli
Creek
Province : New South Wales
Zip/postal code : 2205
Country : Australia
Comments : The representative contacted Mr. Gavin
Fish on +61 408254457 advised that the
provided name Drum and
Pail Equipment is a name established for the purpose
of selling the Subject’s
second hand machineries. Drum and Pail Equipment is
not a legal registered
entity or business name in Australia. He further advised that he is the sales
agent for the Subject and that the correct entity is MORRIS,
MCMAHON & CO PTY
LTD. MORRIS, MCMAHON & CO PTY LTD is engaged in manufacturing and
distribution of metal packaging products meanwhile Drum and Pail Equipment is a
division of MORRIS, MCMAHON & CO PTY LTD handling the sales of second hand
machineries.
Executive Summary
Date founded or registered : 15/11/1954
Legal form : Australian
Proprietary Company
Chief executive : Leo James Lynch
Issued & paid up capital
: AUD 1,918,800
Line of business : Manufacturing and
distribution of metal packaging products.
Staff employed : 150 employees
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
undetermined
Organization structure Organizational structure is
stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Registry Data
Registration date : 15/11/1954
Legal form : Australian Proprietary
Company
Registration no Australia Company Number: 000143082
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australia Business Number:
11000143082
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Leo James Lynch
Designation : Managing Director
Name : Jim Regan
Designation : General Manager
Name : Gavin Fish
Designation : Sales Agent for Drum and Pail Equipment
Appointments
Name : Leo James Lynch
Designation : Director and Company Secretary
Appointment date : 11/11/96
Address : 17 Tunstall Avenue
Kingsford,
NSW 2032
Australia
Biography : Born on 10-03-1940 in
Hughenden, Queensland, Australia.
Name : Judith Anne Beswick
Designation : Director
Appointment date : 31/12/79
Address : 17 Tunstall Avenue
Kingsford,
NSW 2032
Australia
Biography : Born on 19-11-1940 in Sydney,
New South Wales, Australia.
Staff employed : 150 employees
Key Advisors
Auditors : MEAGHER HOWARD & CO
116 Boyce
Road
Maroubra,
NSW 2035
Australia
Composition
Authorized Capital : AUD 1,918,800
No of shares : 1,000 Class A Shares / 1,917,800
Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,918,800
Paid up capital : AUD
1,918,800
How listed : Full List
Composition
Shareholder name : ENTRA FILLINGS PTY LIMITED
Address : Level 4, 131 Clarence
Street
Sydney,
NSW 2000
Australia
No. of shares : 1,000 Class A Shares / 1,917,800
Ordinary Shares
% of shares : 100%
Structure
Name : JLY PTY LTD
Affiliation type : Ultimate Holding Company
Address : Level 4, 131 Clarence Street
Sydney,
NSW 2000
Australia
Name : ENTRA FILLINGS PTY LIMITED
Affiliation type : Parent
Company
Address : Level 4, 131 Clarence Street
Sydney,
NSW 2000
Australia
Name : PROGRESSIVE PTY LIMITED
Affiliation type : Associate
Address : Level 4, 131 Clarence Street
Sydney,
NSW 2000
Australia
Name : PROGRESSIVE EQUITY PTY LIMITED
Affiliation type : Associate
Address : Level 4, 131 Clarence Street
Sydney, NSW 2000
Australia
Name : MORRIS
MCMAHON NOMINEES PTY LTD
Affiliation type : Associate
Address : Level 4, 131 Clarence Street
Sydney, NSW 2000
Australia
Bank Details
Name of bank : Westpac Banking Corporation
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 $12.5 million, and
-The company and any entities
it controls have fewer than 50 employees at the end of the financial year.
Main activities : The Subject is engaged in
manufacturing and distribution of packaging
products such as cans, drums and pails.
The
Subject sells its products to food, agricultural, adhesives, paint,
chemicals,
building and petroleum industries.
Drum and
Pail Equipment is a division of MORRIS, MCMAHON & CO PTY
LTD
handling the sales of second hand machineries.
Product & services : - Cans, drums and pails for dangerous and
non-dangerous goods.
- Metal
coating and printing service
Purchases
International : Mainly from
Asia
Sales
Local : Yes
International : New Zealand
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of a
production
facility, warehouse and administrative office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 : Prepayment, Telegraphic
transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-90 days
International : 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.40 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.71.24 |
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.