|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNION OFFSET CO. PTY. LIMITED |
|
|
|
|
Registered Office : |
12 Rachael Close, Silverwater, New South Wales, 2128 |
|
|
|
|
Country : |
Australia |
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|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
24.08.1967 |
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|
|
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Com. Reg. No.: |
008458099 |
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|
|
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Legal Form : |
Australian Proprietary Company |
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|
|
|
Line of Business : |
Engaged in providing commercial printing services |
|
|
|
|
No. of Employees : |
20 |
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 |
|
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 |
|
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 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 : UNION
OFFSET CO. PTY. LIMITED
Business address : 16
Nyrang Street
Town : Fyshwick
Province : Australian
Capital Territory
Zip/postal code : 2609
Country : Australia
Tel : +61 2 62954500
Fax : +61
2 62954567
Email : office@unionoffset.com.au
Website : www.unionoffset.com.au
Registered address : C/o
OPUS GROUP LIMITED
12
Rachael Close
Town : Silverwater
Province : New
South Wales
Zip/postal code : 2128
Country : Australia
Postal address : P.O.
Box 7575
Town : Canberra
BC
Province : Australian
Capital Territory
Zip/postal code : 2610
Country : Australia
Executive
Summary
Date founded or registered : 24/08/1967
Legal form : Australian
Proprietary Company
Chief executive : Sam
Holden
Issued & paid up capital : AUD 120,000
Sales turnover : AUD
96,068,000 (Group-Consolidated 12 months, 30/06/2012)
Net income : AUD
-1,794,000 (Group-Consolidated 12 months, 30/06/2012)
Total fixed assets : AUD
128,169,000 (Group-Consolidated 12 months, 30/06/2012)
Line of business : Commercial
printing services.
Staff employed : 20
employees (Subject); 619 employees (Opus Group)
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is adequately experienced
Financial performance : Financial
performance is gradually declining
Organization structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No
payment delays noted
Registry
Data
Registration date : 24/08/1967
Legal form : Australian
Proprietary Company
Registration no Australian
Company Number: 008458099
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
Business Number: 58008458099
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Key
Management
Name : Sam
Holden
Designation : General
Manager
Name : Jeff
Barnes
Designation : Financial
Contoller
Appointments
Name : Clifford
Douglas John Brigstocke
Designation : Director
Appointment date : 25/05/12
Address : 14
Wollombi Road
Bilgola,
NSW 2107
Australia
Biography : Born
on 30/01/1961 in Sydney, New South Wales, Australia.
Mr.
Clifford Brigstocke is Chief Executive Officer of Opus Group Ltd.
He is CEO and a foundation
shareholder of the OPUS Group. He has
led the OPUS Group since its
inception and has been instrumental in
acquiring, integrating and
developing each of the businesses in the
OPUS Group. He is engaged in the
printing industry including playing
a lead role in industry
initiatives and government relations. Mr.
Brigstocke has publishing
industry experience including 10 years in
operational and sales and
marketing roles, and as a member of the
senior executive team with
Thomson Reuters in Australia. Mr.
Brigstocke is a former director
of Bunzl Australia (part of Bunzl plc, a
FTSE100 company) and held
general manager and regional director
positions within that company’s
outsourcing division. He played a
key role in developing the
outsourcing division into the fastest
growing and most profitable
division in the company with business
acquisitions being an element of
the growth agenda. Mr. Brigstocke
commenced his career in the
Royal Australian Navy, where he held
senior positions in seaborne
combat roles. Mr. Brigstocke holds a
Master of Arts Degree from
Macquarie Graduate School of
Management and a Diploma of
Logistics from the University of
Technology Sydney. He is a
member of the Australian Institute of
Company Directors.
Name : Robert
Ian Alexander
Designation : Director
Appointment date : 25/05/12
Address : 296
Alison Road
Coogee,
NSW 2034
Australia
Biography : Born
on 16/11/1962 in Bathhurst, New South Wales, Australia.
Mr.
Robert Alexander is Chief Financial Officer of Opus Group Ltd.
He is a qualified and
experienced finance professional with
experience gained in the media,
outdoor advertising and
entertainment industries both
domestically and internationally. Before
joining the OPUS Group, Mr.
Alexander was the global Chief
Financial Officer of Network Ten
Limited’s outdoor media division,
EYE. Previous roles also included
senior positions with organisations,
including Universal Music
Publishing in Australia and Europe and
Hoyts Entertainment Ltd. Mr.
Alexander commenced his career with
Ernst & Young, Sydney. Mr.
Alexander has finance, reporting,
governance and mergers &
acquisitions experience and is a
Chartered Accountant. Mr.
Alexander also holds a Bachelor of
Commerce Degree from the
University of New South Wales.
Name : Mark
Robert Heron
Designation : Director
Appointment date : 25/05/12
Address : 24
Dilworth Avenue
Remuera,
Auckland 1050
New
Zealand
Biography : Born
on 28/01/1966 in Auckland, New Zealand.
Mr.
Mark Heron is Chief Operating Officer of Opus Group Ltd. He is
an experienced and qualified
manager with a track record of
achievement, commercialising two
mid-tier B2B service companies,
with leadership roles as general
manager and in operations
management. In addition, Mr.
Heron worked in Asia consulting to the
United Nations, leveraging his
skills in business analysis,
investigation, risk, and
performance management highlighting his
senior management experience in
both the private and public
sectors. He holds an MBA from
Otago University, is a current
member of the Institute of
Directors and a qualified Chartered
Company
Secretary.
Name : David
William Watkins
Designation : Company
Secretary
Appointment date : 30/11/12
Address : Unit
26, 347 Victoria Place
Drummoyne,
NSW 2047
Australia
Biography : Born
on 24/12/1981 in Sydney, New South Wales, Australia.
Staff employed : 20
employees (Subject); 619 employees (Opus Group)
Composition
Authorized Capital : AUD
120,000
No of shares : 120,000
Ordinary Shares
Share par value : AUD
1
Issued capital : AUD
120,000
Paid up capital : AUD
120,000
How listed : Full
List
Composition
Shareholder name : CANPRINT
HOLDINGS PTY LTD
Address : 12
Rachael Close
Silverwater,
NSW 2128
Australia
No. of shares : 120,000
Ordinary Shares
% of shares : 100%
Structure
Name : OPUS
GROUP LIMITED
Affiliation type : Ultimate
Holding Company
Address : 12
Rachael Close
Silverwater,
NSW 2128
Australia
Comments : The
company was listed on the Australian Stock Exchange on 10 April, 2012.
OPUS Group Limited is an
Asia-Pacific business services and communication
solutions company. The Company
operates in three divisions: Publishing,
Government and Outdoor.
Publishing is engaged in Production and distribution of
publications including electronic
delivery of online material, regional production of
scientific c, medical, technical
and scholarly journals, loose leaf manuals and
primary, secondary and higher
education texts. Government is engaged in Secure
Government communication
requirements including document production, Web
hosting, electronic fulfillment,
call centre, warehousing and logistics for the
Australian Federal Government,
State Governments and Local Councils. Outdoor
is engaged in Creation,
production and distribution of outdoor advertising material
and
corporate signage, such as billboards, bus advertising, retail displays,
vehicle
wraps
and trade exhibitions.
Name : CANPRINT
HOLDINGS PTY LTD
Affiliation type : Parent
Company
Address : 12
Rachael Close
Silverwater,
NSW 2128
Australia
Name : CANPRINT
COMMUNICATIONS PTY LIMITED
Affiliation type : Sister
Company
Address : 16
Nyrang Street
Fyshwick,
ACT 2609
Australia
Name : OPUS
GROUP (AUSTRALIA) PTY LIMITED
Affiliation type : Sister
Company
Address : 12
Rachael Close
Silverwater,
NSW 2128
Australia
Name : LIGARE
PTY LTD
Affiliation type : Sister
Company
Address : 138-152
Bonds Road
Riverwood,
NSW 2210
Australia
Name : CACTUS
IMAGING PTY. LTD.
Affiliation type : Sister
Company
Address : 12
Rachael Close
Silverwater,
NSW 2128
Australia
Name : CACTUS
IMAGING LIMITED
Affiliation type : Sister
Company
Address : 10
Normanby Road
Mount
Eden, Auckland 1024
New
Zealand
Name : OPUS
GROUP NZ HOLDINGS LIMITED
Affiliation type : Sister
Company
Address : 10
Normanby Road
Mount
Eden, Auckland 1024
New
Zealand
Name : OMNIGRAPHICS
LIMITED
Affiliation type : Sister
Company
Address : 10
Normanby Road
Mount
Eden, Auckland 1024
New
Zealand
Name : LIGARE
LIMITED
Affiliation type : Sister
Company
Address : 235
Archers Road
Glenfield,
Auckland 0629
New
Zealand
Related
companies and corporate
affiliations
comments
: Other companies of the Opus Group should be considered
affiliates of the
Subject.
Bank
Details
Name of bank : National
Australia Bank Limited
Address : Australia
Account details : Current
Account
Name of bank : Australian
and New Zealand Banking Group 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 : 30/06/12
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 0.97 as of 29-04-2013
Summarized
Financial Information
Consolidation type : Group
Consolidated Group
Consolidated
Currency : Australia
Dollar (AUD) Australia
Dollar (AUD)
Denomination : (x1)
One (x1)
One
Date of financial year end : 30/06/12 30/06/11
Length of accounts : 12
months 12
months
Sale turnover / Income : 96,068,000
79,650,000
Operating profit : 4,273,000
-104,000
Profit before tax : -841,000
-5,651,000
Net income : -1,794,000
-5,229,000
Non current assets : 97,298,000
74,319,000
Current assets : 30,871,000
20,418,000
Inventories : 7,270,000
3,649,000
Total assets : 128,169,000
94,737,000
Current liabilities : 30,614,000
71,061,000
Non current liabilities : 63,007,000
1,590,000
Total liabilities : 93,621,000
72,651,000
Share equity : 34,548,000
22,086,000
Reserve : -1,730,000
-1,209,000
Retained earning : -3,075,000
-1,281,000
Comments : The group’s consolidated financial information
above relates to the Subject’s
Ultimate Holding Company Opus Group Limited and all its
subsidiaries which
include the Subject.
Main activities : The Subject is engaged in providing
commercial printing services.
The Subject is part of OPUS Group Limited, a company listed
on Australian
Stock Exchange on 10 April 2012. OPUS Group Limited is a
technology
based integrated business services and solutions group of
companies with
operations in Australia, New Zealand and Singapore.
OPUS Group Limited has 3 divisions — Publishing, Government
and
Outdoor.
PUBLISHING DIVISION
Production and distribution of published publications
including electronic
delivery of online material, regional production of
scientific, medical,
technical and scholarly journals, loose leaf manuals and
primary,
secondary and higher education texts.
Core Customers:
Major global publishers of educational, legal, accounting
and taxation
publications
Core Products:
Books
Journals
Manuals
Loose-leaf publications
Binders
Core Services:
Design & prepress
Web & sheet-fed printing (offset and digital)
Binding (Perfect, burst, section sewing, wiro, saddle stich
and hard cover
case binding)
Shrink wrapping & banding
Bulk mailing & distribution
Digital asset management / content management
Back catalogue fulfilment
Warehousing & inventory management
GOVERNMENT DIVISION
Secure Government communication requirements including
document
production, web hosting, electronic fulfilment, call centre,
warehousing and
logistics for the Australian Federal Government, State
Governments and
Local Councils.
Core Customers:
Australian Federal Government Departments, Authorities,
National
Organisations, State Governments and Local Councils.
OUTDOOR DIVISION
OPUS Group’s Outdoor Division is the largest provider of
grand and large
format printing for Outdoor advertising in Australasia. This
involves the
creation, production and distribution of Outdoor advertising
material and
corporate signage, such as billboards, bus advertising,
retail displays,
vehicle wraps and trade exhibitions. Outdoor advertising is
increasingly
being located inside high traffic buildings such as shopping
centres. The
innovative nature of large format printing means the
division prints on a
wide variety of flexible and rigid materials including
vinyl, mesh, paper,
canvas, cloth, wood, glass andplastic.
Core Customers:
Advertising agencies, outdoor media companies and direct
corporate
clients.
Product & services : Offset Printing
Digital Printing
Finishing/Binding
Prepress
Purchases
Local : Yes
International : None
reported.
Sales
Local : Yes
International : None
reported.
Premises : The Subject operates from premises at the
verified heading address
consisting of a administrative office and printing facility.
Branches : None reported.
SUMMARIZED
COUNTRY RISK
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
(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 : 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
population
: 76%
Purchase
Term
Local : Prepayment, Bank transfer, Credit 30-90 days
Sales
Term
Local : Prepayment, Bank transfer, 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.52.21 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.