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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Cellnet Group LIMITED |
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Formerly Known As : |
CELLNET TELECOMMUNICATIONS GROUP LIMITED |
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Registered Office : |
59-61 Qantas Drive, Eagle Farm, Queensland 4009 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.05.1987 |
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Com. Reg. No.: |
010721749 |
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Legal Form : |
Australian Public Listed Company |
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Line of Business : |
The Subject is engages in wholesale
distribution of mobile phones and mobile phone accessories. |
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No. of Employees : |
350 |
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 – 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, 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 : CELLNET GROUP LIMITED
Business address : 59-61 Qantas Drive
Town : Eagle
Farm
Province : Queensland
Zip/postal code : 4009
Country : Australia
Tel : +61 7 38535555
Fax : +61
7 38535600
Email : info@cellnet.com.au
Website : www.cellnet.com.au
Registered address : 59-61 Qantas Drive
Town : Eagle
Farm
Province : Queensland
Zip/postal code : 4009
Country : Australia
Executive Summary
Date founded or registered : 27/05/1987
Legal form : Australian
Public Listed Company
Chief executive : Walter Stuart MacMillan Smith
Issued & paid up capital : AUD 35,997,826
Sales turnover : AUD 64,142,000 (Consolidated 12 months,
30/06/2012)
Net income : AUD
1,241,000 (Consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 25,191,000 (Consolidated 12 months,
30/06/2012)
Line of business : Wholesale distributor of mobile phones and
mobile phone accessories.
Staff employed : 350
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 good
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount asked : Not described.
Registry Data
Registration date : 27/05/1987
Legal form : Australian
Public Listed Company
Registration no Australian Company Number: 010721749
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 97010721749
Registry status : Live/Active
Previous name : CELLNET TELECOMMUNICATIONS GROUP LIMITED
CELLNET CELLULAR PTY. LTD.
B.C.S. (WHOLESALE) PTY. LTD.
IXINALOW PTY. LTD. (initial)
Change of legal form : None reported.
Key Management
Name : Walter
Stuart MacMillan Smith
Designation : Chief
Executive
Officer Name : Christopher Barnes
Designation : Financial
Controller and Company Secretary
Name : J.
Phua
Designation : General
Manager Product Development & Supply Chain
Name : M.
Wallace
Designation : General
Manager Retail Sales
Appointments
Name : Mel
Ashley Max Brookman
Designation : Director
Appointment date : 04/06/92
Address : 102
Virginia Avenue Hawthorne, QLD 4171 Australia
Biography : Born
on 26/03/1963 in Bristol, United Kingdom.
Mr. Mel Brookman
is Non-Executive Director of Cellnet Group Limited since November 28, 2002. He
was first appointed to the Board on June 4, 1992 and co-founded the Company in
1992. He has over 17 years experience in the mobile phone and IT distribution
industries. Previous Managing Director of the Company from 1999 to November 28,
2002. He is Chairman of the Audit and Risk Management Committee. Currently
serves on the Board of Mnet Group Ltd.
Name : Alexander
Damien Harry Beard
Designation : Director
Appointment date : 15/12/06
Address : 7
Pacific Road Palm Beach, NSW 2108 Australia
Biography : Born
on 14/11/1965 in Manly, New South Wales, Australia.
Mr. Alexander
Damien Harry (Sandy) Beard is Non-Executive Chairman of the Board of Cellnet
Group Limited since August 20, 2007. He was first appointed as Director on
December 15, 2006. He holds a Bachelor of Commerce from the University of New
South Wales. He is Member of the Australian Institute of Company Directors and
Fellow of the Institute of Chartered Accountants. He is current Director and
Chief Executive Officer of CVC Limited. He has investment and financial
experience, particularly with emerging companies. He is Member of the Audit and
Risk Management Committee. He currently serves on the Board of the following
listed companies: Mnet Group Ltd, Amadeus Energy Ltd, CVC Property Fund and
Villa World Group. He formerly served the Board of Cyclopharm Ltd.
Name : Walter
Stuart MacMillan Smith
Designation : Director
and Company Secretary
Appointment date : 28/10/09
Address : 21
Sefton Avenue Clayfield, QLD 4011 Australia
Biography : Born
on 11/11/1963 in Durban, South Africa.
Name : Christopher
Barnes
Designation : Company
Secretary
Appointment date : 09/03/11
Address : 6
Rahona Street Wooloowin, QLD 4030 Australia
Biography : Born
on 21/06/1981 in Rockhampton, Queensland, Australia.
Mr. Christopher
Barnes is Financial Controller and Company Secretary at Cellnet Group Limited
since March 9, 2011. He was appointed as Company Secretary on March 9, 2011. He
has been with the Company since 2006. He holds a Bachelor of Accounting Degree
and is Certified Practising Accountant.
Staff employed : 350 employees (Subject)
Key Advisors
Auditors : ERNST
& YOUNG Ground Floor, 111 Eagle Street Brisbane, QLD 4000 Australia
Composition
Authorized Capital : AUD 35,997,826
No of shares : 55,707,111 Ordinary Shares
Share par value : No par value
Issued capital : AUD 35,997,826
Paid up capital : AUD 35,997,826
How listed : Major
Shareholders Only
Composition
Shareholder name : CVC LIMITED
Address : Level
42, Suncorp Place 259 George Street Sydney, NSW 2000 Australia
No. of shares : 28,472,046 Ordinary Shares
% of shares : 49.36%
Shareholder name : MCNEIL NOMINEES PTY LTD
Address : Sydney,
NSW 2000 Australia
No. of shares : 3,702,155 Ordinary Shares
% of shares : 6.42%
Shareholder name : HESLEY CONSULTANTS LIMITED
Address : British
Virgin Islands
No. of shares : 2,800,000 Ordinary Shares
% of shares : 4.85%
Shareholder name : BYWATER INVESTMENTS LIMITED
Address : 8
South Cliff Bexhill-On-Sea East Sussex TN39 3EL United Kingdom
No. of shares : 2,139,800 Ordinary Shares
% of shares : 3.71%
Shareholder name : Walter Stuart MacMillan Smith
Address : 21
Sefton Avenue Clayfield, QLD 4011 Australia
No. of shares : 2,000,000 Ordinary Shares
% of shares : 3.47%
Comments : The
Subject is listed on the Australian Stock Exchange since 17 November, 1999.
Structure
Name : CELLNET
LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 10A
Orbit Drive Albany, Auckland 0632 New Zealand
Name : C
& C WAREHOUSE (HOLDINGS) PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 59-61
Qantas Drive Eagle Farm, QLD 4009 Australia
Name : REGADGET
PTY. LTD.
Affiliation type : Subsidiary
Address : 59-61 Qantas Drive Eagle Farm, QLD
4009 Australia
Name : CELLNET
ONLINE PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 59-61
Qantas Drive Eagle Farm, QLD 4009 Australia
Name : OYT
PTY LTD
Affiliation type : Wholly-owned Subsidiary
Address : 59-61
Qantas Drive Eagle Farm, QLD 4009 Australia
Bank Details
Name of bank : Westpac Bank 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
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 0.98 as of 08-05-2013
Summarized Financial Information
Consolidation type : Consolidated
Consolidated Consolidated
Currency : Australia
Dollar (AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1)
One (x1) One (x1) One
Date of financial year end : 31/12/12
30/06/12 30/06/11
Length of accounts : 6
months 12 months 12 months
Sale turnover / Income : 38,083,000 64,142,000 74,669,000
Gross profit : 8,835,000 16,532,000
16,396,000
Profit before tax : 563,000 1,334,000
1,117,000
Net income : 563,000
1,241,000 1,204,000
Non current assets : 3,698,000 3,874,000
4,271,000
Current assets : 27,023,000 21,317,000
34,661,000
Inventories : 9,047,000
5,194,000 5,259,000
Total assets : 30,721,000 25,191,000 38,932,000
Current liabilities : 15,698,000 10,491,000
9,807,000
Non current liabilities : 410,000 412,000 327,000
Total liabilities : 16,108,000 10,903,000
10,134,000
Share equity :
14,613,000 14,288,000 28,798,000
Reserve : 537,000
752,000 700,000
Retained earning : -17,623,000 -18,163,000 -9,763,000
Comments : The consolidated financial information
above relates to the Subject and all its
subsidiaries.
Main activities : The
Subject engages in wholesale distribution of mobile phones and mobile phone accessories.
The Subject
distributes its products directly to retailers, mass merchants, consultants,
system integrators, and value added resellers involved in the
telecommunications, retail, and information technology industries.
The Subject is
listed on the Australian Stock Exchange.
Product & services : -
Distributes flash memory, mobile phone accessories, and CE equipment and accessories, as well as telecommunication and
retail products.
- Provides telco
accessories and multiple product packs; and Bluetooth dongle drivers for
windows platforms with Intel and AMD processors, as well as warehousing and
third party logistics services.
Brand : LEXAR
OTTER BOX
BELKIN
CASE MATE
LIFEPROOF
INCIPIO
PLANTRONICS
MERC
BEACON
BUILT
MOSHI
STM
LIQUID
IMAGE
GOLLA
GEAR4
MERCURYAV
PUREGEAR
KRUSELL
SAMSUNG
NOKIA
JAYS
WHITE DIAMONDS
IHOME
ANGRY BIRDS
SONY
HTC
MIMOCO
JMB
RFI
AVANTALK
ENERGIZER
Purchases
International : Mainly from Asia, Europe
Sales
Local : Yes
International : New Zealand
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
(General Government gross debt: 2009: 16.9%
as a % GDP) 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 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
International : L/C, Telegraphic transfer, D/P, Credit
30-120 days
Sales Term
Local : Prepayment,
Bank transfer, D/P, Credit 30-120 days
International : Prepayment, Telegraphic transfer, D/P,
Credit 30-120 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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
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 |
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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 |
|
-- |
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.