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Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
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Name : |
A.C.N. 004 502 112 PTy Ltd |
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Formerly Known As : |
CYCLONE INDUSTRIES PTY LTD |
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Registered Office : |
C/o ITW AUSTRALIA
PTY LTD, Unit 15, 74 Doncaster Road, Balwyn North, Victoria 3104 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.12.1960 |
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Com. Reg. No.: |
004502112 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
In liquidation.
The Subject was previously engaged in import & distribution of gardening
products. |
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No. of Employees : |
Nil (Subject); 60,000 employees (Illinois Tool Works Group) |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Under Liquidation |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 |
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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.
Source
: CIA
Verified Address
Subject name : A.C.N. 004 502 112 PTY
LTD
Business address :
317 Abbotts Road
Town : Dandenong
South
Province : Victoria
Zip/postal code : 3175
Country : Australia
Tel : +61 3 87919300
Fax : +61 3
87919333
Email : customerservice@cyclone.com.au
Website : www.cyclone.com.au
Registered address
: C/o ITW AUSTRALIA PTY
LTD
Unit 15, 74 Doncaster Road
Town : Balwyn
North
Province : Victoria
Zip/postal code : 3104
Country : Australia
Postal address : P.O. Box 4339
Town : Dandenong
South
Province : Victoria
Zip/postal code : 3164
Country : Australia
Comments : The Subject is in
liquidation and the business of CYCLONE INDUSTRIES has
been transferred to the entity ITW AUSTRALIA PTY LTD.
Executive Summary
Date founded or
registered : 09/12/1960
Legal form : Australian
Proprietary Company
Chief executive : Michael John Davies
Issued & paid
up capital : AUD 4
Sales turnover : USD 17,924,000,000
(Group-Consolidated 12 months, 31/12/2012)
Net income : USD 2,870,000,000
(Group-Consolidated 12 months, 31/12/2012)
Total fixed assets
: USD 19,309,000,000
(Group-Consolidated 12 months, 31/12/2012)
Line of business :
In liquidation. The
Subject was previously engaged in import & distribution of
gardening products.
Staff employed : Nil (Subject); 60,000
employees (Illinois Tool Works Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
stalled (in liquidation)
Management
experience : Management is inadequately
experienced
Financial
performance : Financial
performance is poor
Organization
structure : Organizational
structure is flawed
Detrimental : Serious
detrimental found
Payment history : Payment punctuality is
undetermined
Comments : It is strictly
advisable not to conduct any business dealing with the Subject due to
the Subject's in liquidation status.
Registry Data
Registration date
: 09/12/1960
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 004502112
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 19004502112
Registry status : In Liquidation
Previous name : CYCLONE INDUSTRIES PTY LTD
CYCLONE HARDWARE PTY. LTD.
BORAL CYCLONE HARDWARE PTY. LTD.
TROJAN AUSTRALIA PTY. LTD.
INDEPENDENT PREMIX CONCRETE PTY. LIMITED
HOLLOSTONE MASONRY PTY. LIMITED
BORAL HOLLOSTONE MASONRY PTY. LIMITED
HOILOSTONE CONCRETE MASONRY PTY. LIMITED
JAYBLOX (VICTORIA) PTY. LTD.
EASTERN QUARRIES PTY. LIMITED (initial)
Change of legal
form : None reported.
Key Management
Name : Michael
John Davies
Designation : Managing Director
Appointments
Name : Thomas
Carter Reynolds
Designation : Director and Company
Secretary
Appointment date :
23/07/07
Address : Unit 2, 13 St
Clems Road
Doncaster East, VIC 3109
Australia
Biography : Born on 12-05-1964
in Lancefield, Victoria, Australia.
Name : Michael
John Davies
Designation : Director
Appointment date :
01/11/99
Address : 4 Holmhurst
Court
Brighton East, VIC 3187
Australia
Biography : Born on 17-12-1947
in Shoreham, United Kingdom.
Name : Leanne
Kylie Chesser
Designation : Liquidator
Appointment date :
21/06/12
Address : C/o KORDAMENTHA
PTY LTD
Level 24, 333 Collins Street
Melbourne, VIC 3000
Australia
Staff employed : Nil (Subject); 60,000
employees (Illinois Tool Works Group)
Composition
Authorized Capital
: AUD 4
No of shares : 2 Ordinary Shares
Share par value : AUD 2
Issued capital : AUD 4
Paid up capital : AUD 4
How listed : Full List
Composition
Shareholder name : ITW AUSTRALIA PTY LTD
Address : Unit 15, 74
Doncaster Road
Balwyn North, VIC 3104
Australia
No. of shares : 2 Ordinary Shares
% of shares : 100%
Structure
Name : ILLINOIS
TOOL WORKS INC.
Affiliation type : Ultimate
Holding Company
Address : 3600 West Lake
Ave
Glenview, IL 60026
United States
Comments : Illinois Tool Works
Inc. manufactures and sells a range of industrial products and
equipment worldwide. Its Transportation segment offers plastic and metal
components, fasteners, and assemblies; fluids and polymers; fillers and
putties; polyester coatings, and patch and repair products; and truck
remanufacturing, and related parts and services. The company’s Power Systems
& Electronics segment provides arc welding equipment; metal arc welding
consumables and related accessories; metal solder materials; equipment and
services for microelectronics assembly; electronic components and component
packaging; static and contamination control equipment; airport ground support
equipment; pressure sensitive adhesives and components; and metal jacketing and
other insulation products. Its Industrial Packaging segment offers steel and
plastic strapping and related tools and equipment; plastic stretch film and
related equipment; and paper and plastic products that protect goods in
transit. The company’s Food Equipment segment provides warewashing, cooking,
refrigeration, and food processing equipment; and kitchen exhaust, ventilation,
and pollution control systems; and food equipment maintenance and repair
services. Its Construction Products segment offers anchors, fasteners, and
related tools; metal plate truss components, and related equipment and
software; and packaged hardware and other products for retail. The company’s Polymers
& Fluids segment provides adhesives; chemical fluids; epoxy and resin-based
coating products; and hand wipes and cleaners. The company also offers
equipment and related software for testing and measuring materials, structures,
gases, and fluids; plastic reclosable packaging and consumables; foil and film
products; product coding and marking equipment; and conveyor systems. Illinois
Tool Works Inc. was founded in 1912 and is based in Glenview, Illinois.
Name : ITW
OPERATIONS AUSTRALIA PTY LTD
Affiliation type :
Intermediate
Holding Company
Address : Unit 15, 74
Doncaster Road
Balwyn North, VIC 3104
Australia
Name : ITW
AUSTRALIA PTY LTD
Affiliation type :
Parent
Company
Address : Unit 15, 74
Doncaster Road
Balwyn North, VIC 3104
Australia
Name : ITW AFC PTY
LIMITED
Affiliation type :
Sister
Company
Address : 600 South Head
Road
Moorabbin, VIC 3189
Australia
Name : ITW
(DEUTSCHLAND) GMBH
Affiliation type :
Sister
Company
Address : Niederlassung
Düsseldorf
Niederkasseler Lohweg 191
40547 Düsseldorf
Germany
Name : AVERY
MALAYSIA SDN BHD
Affiliation type :
Sister
Company
Address : No 8A Jalan 213
46050 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : DIAGRAPH
CORPORATION SDN. BHD.
Affiliation type :
Sister
Company
Address : 12 Jalan PJS
11/22
Bandar Sunway
46150 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : ITW
AUTOMOTIVE ITALIA SRL
Affiliation type :
Sister
Company
Address : 22, Via
Beauviermoz
11020 Hone (AO)
Italy
Name : ITW
PACKAGING (MALAYSIA) SDN BHD
Affiliation type :
Sister
Company
Address : No 10, Jalan
Tiara 1
Tiara Square, Taman Perindustrian UEP
Subang Jaya 47600
Selangor Darul Ehsan
Malaysia
Name : ITW
INSULATION SYSTEMS MALAYSIA SDN. BHD.
Affiliation type :
Sister
Company
Address : Lot PT33, Jalan
2
Kawasan Perindustrian Salak Tinggi
43900 Sepang
Selangor Darul Ehsan
Malaysia
Related companies and Corporate affiliations
comments :
Other companies of
the ITW Group should be considered affiliates 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
Source of
financial statement: Public Record
Sources
Financial
statement date : 31/12/12
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 : 31/12/12 31/12/11
Length of accounts
: 12 months 12
months
Sale turnover /
Income : 17,924,000,000 17,787,000,000
Operating profit :
2,847,000,000 2,731,000,000
Profit before tax
: 3,603,000,000 2,593,000,000
Net income : 2,870,000,000 2,071,000,000
Non current assets
: 11,349,000,000 11,135,000,000
Current assets : 7,960,000,000 6,849,000,000
Inventories : 1,585,000,000 1,716,000,000
Total assets : 19,309,000,000 17,984,000,000
Current
liabilities : 2,651,000,000
2,977,000,000
Non current
liabilities : 6,088,000,000 4,973,000,000
Total liabilities
: 8,739,000,000
7,950,000,000
Share equity : 10,570,000,000 10,034,000,000
Comments : The Subject is in
liquidation hence it’s believed the Subject is a non trading
entity. The business of CYCLONE INDUSTRIES has been transferred to the
entity ITW AUSTRALIA PTY LTD.
The group’s consolidated financial information above relates to the
Subject’s
Ultimate Holding Company Illinois Tool Works Inc. and all its
subsidiaries which
include the Subject.
Main activities: The Subject is in
liquidation. The Subject was previously engaged in import
& distribution of gardening products.
The Subject is ultimately owned by Illinois Tool Works Inc.
Illinois Tool Works Inc. manufactures and sells a range of industrial
products and equipment worldwide.
Its Transportation segment offers plastic and metal components,
fasteners, and assemblies; fluids and polymers; fillers and putties; polyester
coatings, and patch and repair products; and truck remanufacturing, and related
parts and services.
The company’s Power Systems & Electronics segment provides arc
welding equipment; metal arc welding consumables and related accessories; metal
solder materials; equipment and services for microelectronics assembly;
electronic components and component packaging; static and contamination control
equipment; airport ground support equipment; pressure sensitive adhesives and
components; and metal jacketing and other insulation products.
Its Industrial Packaging segment offers steel and plastic strapping and
related tools and equipment; plastic stretch film and related equipment; and
paper and plastic products that protect goods in transit.
The company’s Food Equipment segment provides warewashing, cooking,
refrigeration, and food processing equipment; and kitchen exhaust, ventilation,
and pollution control systems; and food equipment maintenance and repair
services.
Its Construction Products segment offers anchors, fasteners, and related
tools; metal plate truss components, and related equipment and software; and
packaged hardware and other products for retail.
The company’s Polymers & Fluids segment provides adhesives; chemical
fluids; epoxy and resin-based coating products; and hand wipes and cleaners.
The company also offers equipment and related software for testing and
measuring materials, structures, gases, and fluids; plastic reclosable
packaging and consumables; foil and film products; product coding and marking equipment;
and conveyor systems. Illinois Tool Works Inc. was founded in 1912 and is based
in Glenview, Illinois.
Purchases
Local : None
reported.
International : None reported.
Sales
Local : None
reported.
International : None reported.
Property & Assets
Premises : The Subject
operates from premises at the verified heading address
consisting of a administrative office and warehouse.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
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: 2009:
16.9%
(General
Government gross debt as 2010: 20.4%
a % GDP) 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 US$1.258
trillion
Shares:
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 : 2008:
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: 76%
Population
Purchase Term
Local : None
International : None
Sales Term
Local : None
International : None
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.
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.54.22 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.