MIRA INFORM REPORT
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Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Sims Metal Management Limited |
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Formerly Known As : |
SIMS GROUP LIMITED |
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Registered Office : |
‘Sir Joseph Banks Corporate Park’, Suite 3, Level 2, 32-34 Lord Street
Botany, New South Wales 2019 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.06.2005 |
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Com. Reg. No.: |
114838630 |
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Legal Form : |
Australian Public Company |
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Line of Business : |
The Subject engages in ferrous secondary
recycling, non-ferrous secondary recycling, recycling solutions, and secondary
processing and other services. |
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No. of Employees : |
6,678 Employees (Sims 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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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 : SIMS METAL MANAGEMENT LIMITED
Business address : 'Sir Joseph Banks Corporate Park' Suite 3, Level
2 32-34 Lord Street
Town : Botany
Province : New
South Wales
Zip/postal code : 2019
Country : Australia
Tel : +61
2 81131600
Fax : +61
2 81131622
Website : www.simsmm.com
Registered address : 'Sir Joseph Banks Corporate Park' Suite 3, Level 2
32-34 Lord Street
Town : Botany
Province : New
South Wales
Zip/postal code : 2019
Country : Australia
Executive Summary
Date founded or registered : 20/06/2005
Legal form : Australian
Public Company
Chief executive : Daniel Dienst
Issued & paid up capital : AUD 204,309,387
Sales turnover : AUD 9,042,300,000 (Consolidated 12 months, 30/06/2012)
Net income : AUD
-521,400,000 (Consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 3,620,000,000 (Consolidated 12 months,
30/06/2012)
Line of business : The
Subject engages in ferrous secondary recycling, non-ferrous secondary recycling, recycling solutions, and secondary
processing and other services.
Staff employed : 6,678 employees (Sims Group)
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management experience : Management is reasonably experienced
Financial performance : Financial performance is gradually
declining
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 : 20/06/2005
Legal form : Australian
Public Company
Registration no Australian Company Number: 114838630
Registered authority : Australian Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 69114838630
Registry status : Live/Active
Previous name : SIMS
GROUP LIMITED
SIMS CO LIMITED (initial)
Change of legal form : None reported.
Key Management
Name : Daniel
Dienst
Designation : Chief
Executive Officer
Name : Rod
Shields
Designation : Chief
Financial Officer
Appointments
Name : Christopher
John Renwick
Designation : Director
Appointment date : 12/06/07
Address : 14
Seymour Grove Brighton, VIC 3186 Australia
Biography : Born
on 29-09-1942 in Richmond, Victoria, Australia.
Mr. Christopher
(Chris) John Stewart Renwick is Independent Non-Executive Director of Sims
Metal Management Limited. He was appointed as a director in June 2007. He is
Mitsui's designated independent director. Mr. Renwick is Chairperson of the
Safety, Health, Environment & Community Committee and is a member of the
Nomination/Governance Committee. Mr. Renwick was employed with the Rio Tinto
Group for over 35 years rising, in 1997, to Chief Executive, Rio Tinto Iron
Ore, a position he held until his retirement in 2004. He has previously served
as Chairman and director of Coal and Allied Industries Limited (2004 to 2011),
Chairman of the Rio Tinto Aboriginal Fund (2004 to 2011) and director of Downer
EDI Limited (2004 to 2010). Mr. Renwick is a director of South East Regional
Touring Opera Company Limited, a 'not-for-profit' public company limited by
guarantee, which operates as 'Melbourne Opera'.
Name : Norman
Bobins
Designation : Director
Appointment date : 14/03/08
Address : 179
East Lake Shore Drive, Apartment #21E Chicago, IL 60611 United States Biography
: Born
on 14-11-1942 in Chicago, Illinois, United States.
Mr. Norman (Norm)
R. Bobins is Independent Non-Executive Director of Sims Metal Management
Limited. He was appointed as a director in March 2008. He is Chairperson of the
Nomination/Governance Committee and is a member of the Finance & Investment
Committee.
Mr. Bobins was
formerly a director of Metal Management, Inc (since 2006). He is the Chairman
of Norman Bobins Consulting LLC (since 2008). From May 2007 until October 2007,
Mr. Bobins was the Chairman of the Board of LaSalle Bank Corporation. From 2002
to 2007, he was President and Chief Executive Officer of LaSalle Bank
Corporation. From 2006-2007, he was President and Chief Executive Officer of
ABN AMRO North America. From 2002-2007, Mr. Bobins was Senior Executive Vice
President at ABN AMRO Bank N.V., the Dutch parent of LaSalle Bank Corporation.
He is the Non-Executive Chairman of The PrivateBank and Trust Company. Mr.
Bobins is also a director of AGL Resources, Inc. and AAR CORP. He earned his BS
from the University of Wisconsin and his MBA from the University of Chicago.
Name : Daniel
Dienst
Designation : Director
Appointment date : 14/03/08
Address : 127
East 69th Street New York, NY 10021 United States
Biography : Born
on 17-08-1965 in Brooklyn, New York, United States.
Mr. Daniel W.
Dienst was Group Chief Executive Officer and Executive Director of Sims Metal
Management Limited. He was appointed as an Executive Director and Group Chief
Executive Officer in March 2008. He is a member of the Safety, Health,
Environment and Community Committee, the Nomination/Governance Committee and
the Finance and Investment Committee. Mr. Dienst was formerly a director (since
June 2001), Chairman (since April 2003), Chief Executive Officer (since January
2004) and President (since September 2004) of Metal Management, Inc which
merged with the Company on March 14, 2008. From January 1999 to January 2004,
Mr. Dienst served in various capacities with CIBC World Markets Corp., lastly
as Managing Director of the Corporate and Leveraged Finance Group. From
2002-2005, he was Chairman of the Board of Metals USA, Inc., a NASDAQ - listed
steel service center company until its sale to a private entity. Mr. Dienst is
a director of other Sims Metal Management Limited subsidiaries and associated
companies. He is a graduate of Washington University and received a Juris Doctorate
from The Brooklyn Law School. He retired from the Company effective June 30,
2013.
Name : Gerald
Edward Morris
Designation : Director
Appointment date : 14/03/08
Address : 435
East 52nd Street, Apartment #14B New York, NY 10022 United States Biography : Born
on 29-08-1932 in New Haven, Connecticut, United States.
Mr. Gerald E.
Morris is Independent Non-Executive Director of Sims Metal Management Limited.
He was appointed as a director in March 2008. He is Chairperson of the Risk,
Audit & Compliance Committee and is a member of the Remuneration Committee
and the Nomination/Governance Committee. Mr. Morris was formerly a director
(since January 2004) of Metal Management, Inc. He previously served as
President and CEO of Intalite International N.V., as Chairman and director of
Beacon Trust Company, and as a director of Metals USA, Inc., Rexel, Inc. and
Tivoli Industries, Inc., and as trustee of the Blanchard Group of Funds. He
earned his BA from the University of Connecticut. Mr. Morris is a Certified
Public Accountant.
Name : Geoffrey
Norman Brunsdon
Designation : Director
Appointment date : 20/11/09
Address : 35
Coolawin Road Northbridge, NSW 2063 Australia
Biography : Born
on 03-01-1958 in Sydney, New South Wales, Australia.
Mr. Geoffrey
(Geoff) Norman Brunsdon is Independent Non-Executive Chairman of the Board of
Sims Metal Management Ltd. He was appointed as a director in November 2009, appointed
Deputy Chairperson in September 2011 and appointed Chairperson of the Company
on March 1, 2012. He is the Chairperson of the Finance and Investment Committee
and is a member of the Risk, Audit and Compliance Committee and the
Remuneration Committee. Until June 2009, Mr. Brunsdon was Managing Director and
Head of Investment Banking of Merrill Lynch International (Australia) Limited.
He is Chairman of ING Private Equity Access Limited (since 2004), a director of
APN Funds Management Limited (since November 2009), a director of Macquarie
University Hospital, Chairman of MetLife Insurance Limited (since April 2011)
and a member of the Takeovers Panel. He was a member of the listing committee
of the Australian Securities Exchange between 1993 and 1997 and was a director
of Sims Group Limited between 1999 and 2007. He is a Fellow of the Institute of
Chartered Accountants, a Fellow of the Financial Services Institute of
Australia and a Fellow of the Institute of Company Directors. Mr. Brunsdon is
also a director of several non-profit organizations, including Redkite
(supporting families who have children with cancer), the Wentworth Group of
Concerned Scientists and Purves Environmental Custodians.
Name : James
Theodore Thompson
Designation : Director
Appointment date : 20/11/09
Address : 4729
Chantrey Place Minnetonka, MN 55345 United States
Biography : Born
on 18-08-1950 in Madison, Wisconsin, United States.
Mr. James (Jim)
Theodore Thompson is Independent Non-Executive Director of Sims Metal
Management Limited. He was appointed as a director in November 2009. He is a
member of the Finance & Investment Committee and the Remuneration
Committee. Mr. Thompson was, from 2004 until his retirement in 2007, Executive
Vice Presiden-Commercial for The Mosaic Company, a fertilizer company, which is
publicly traded on the New York Stock Exchange. Prior to that, he was engaged
for 30 years in the steel industry from 1974-2004 in various roles at Cargill,
Inc of Minnesota, United States, advancing to the position of President of
Cargill Steel Group from 1996-2004. During that period, Mr. Thompson also
served for a time as Co-Chairman of the North Star BlueScope Steel joint
venture, and was a member of various industry boards including AISI (American
Iron and Steel Institute), SMA (Steel Manufacturers Institute) and MSCI (Metals
Service Center Institute). He is currently a director of Hawkins, Inc. and
serves on the Board of Visitors of the University of Wisconsin School of
Education. Mr. Thompson has a BS from the University of Wisconsin-Madison.
Name : Heather
Ridout
Designation : Director
Appointment date : 01/09/11
Address : 3
Little Street Mosman, NSW 2088 Australia
Biography : Born
on 07-02-1954 in Deniliquin, New South Wales, Australia.
Ms. Heather Ridout
is Independent Non-Executive Director of Sims Metal Management Limited. She was
appointed as a director on September 1, 2011. She is a member of the Safety,
Health, Environment & Community Committee. She was formerly the Chief
Executive Officer of the Australian Industry Group from 2004 until her
retirement in April 2012. She is a Member of the Board of the Reserve Bank of
Australia (since December 2011), and is a director of the AustralianSuper
Trustee Board, an industry fund in Australia. She also serves on the Boards of
Skills Australia, a Federal Government body established to shape Australia's
strategy on skills development, and the Climate Change Authority, an
independent body established to provide advice on the Australian Government's
policies for reducing carbon pollution. She holds an Economics degree with
honors from the University of Sydney.
Name : John
Thomas Dilacqua
Designation : Director
Appointment date : 01/09/11
Address : 13305
Palmers Creek Terrace Lakewood Ranch, FL 34202 United States Biography : Born
on 01-05-1952 in Philadelphia, Pennsylvania, United States.
Mr. John T.
DiLacqua is Independent Non-Executive Director of Sims Metal Management
Limited. He was appointed as a director on September 1, 2011. He is a member of
the Risk, Audit & Compliance Committee and the Finance & Investment
Committee. Mr. DiLacqua was formerly a director of Metal Management, Inc (since
June 2001), and was a director of Sims Metal Management Limited between March
and November 2008. He was the Executive Chairman of Envirosource, Inc. from May
2004 to December 2004 and had served as President and Chief Executive Officer
of Envirosource from January 1999 to May 2004. From October 1997 to December
1998, Mr. DiLacqua served as President of the United States Ferrous Operations
of Philip Metals, Inc., and, prior to that, from May 1994, as the President of
Luria Brothers. He is a graduate of Temple University and received an MBA from
Carnegie Mellon University. Mr. DiLacqua is a Certified Public Accountant.
Name : Tamotsu
Sato
Designation : Director
Appointment date : 01/04/13
Address : 3-25-4
Matsubara Setagaya-ku, Tokyo 156-0043 Japan
Biography : Born
on 18-02-1952 in Tokyo, Japan.
Name : Francis
Martin Moratti
Designation : Company
Secretary
Appointment date : 22/06/05
Address : 3
Fourth Avenue Willoughby, NSW 2068 Australia
Biography : Born
on 18-05-1958 in Sydney, New South Wales, Australia.
Mr. Frank Martin
Moratti is General Counsel and Company Secretary of Sims Metal Management
Limited. He was appointed to the position of Company Secretary in 1997. Before
joining the Company, he held positions of assistant company secretary/legal
counsel in a number of publicly listed companies over a period of some 12 years
and, prior to that, worked as a solicitor with a legal practice.
Name : Scott
Alan Milller
Designation : Company
Secretary
Appointment date : 21/05/08
Address : 81
Beacon Hill Road Port Washington, NY 11050 United States
Biography : Born
on 01-11-1955 in Cleveland, Ohio, United States.
Staff employed : 6,678 employees (Sims Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Darling Park Tower 2
201 Sussex Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital : AUD 204,309,387
No of shares : 204,309,387 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 204,309,387
Paid up capital : AUD 204,309,387
How listed : Major
Shareholders Only
Composition
Shareholder name : NATIONAL NOMINEES LIMITED
Address : Level
4 (UB 4440) 800 Bourke Street Docklands, VIC 3008 Australia
% of shares : 21.98%
Shareholder name : MITSUI RAW MATERIALS DEVELOPMENT PTY LIMITED
Address : Level
40, 120 Collins Street Melbourne, VIC 3000 Australia
% of shares : 16.37%
Shareholder name : J.P. MORGAN NOMINEES AUSTRALIA LIMITED
Address : Level
32, 225 George Street Sydney, NSW 2000 Australia
% of shares : 11.91%
Shareholder name : HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
Address : Level
32, 580 George Street Sydney, NSW 2000 Australia
% of shares : 10.14%
Shareholder name : CITICORP NOMINEES PTY LTD
Address : 2 Park Street Sydney,
NSW 2000 Australia
% of shares : 5.09%
Comments : The
Subject is listed on the Australian Stock Exchange since 21 October, 2005. Furthermore, the Subject is also listed on
the New York Stock Exchange.
Structure Name : SIMS GROUP AUSTRALIA HOLDINGS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 44-60
McDonald Road Brooklyn, VIC 3012 Australia
Comments : Sims
Group Australia Holdings Limited provides metal recycling services. The company
was incorporated in 1988 and is based in Brooklyn, Australia. Sims Group
Australia Holdings Limited operates as a subsidiary of Sims Metal Management
Limited.
Name : SIMS
E-RECYCLING PTY LIMITED
Affiliation type : Subsidiary
Address : 82
Marple Avenue Villawood, NSW 2163 Australia
Name : SIMS
RECYCLING SOLUTIONS PTE. LTD.
Affiliation type : Wholly-owned Subsidiary
Address : Loyang
Offshore Supply Base Block 105 25 Loyang Crescent Singapore 508988 Singapore
Name : SIMS
GROUP UK HOLDINGS LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Long
Marston Stratford-On-Avon Warwickshire CV37 8AQ United Kingdom
Name : SIMSMETAL
INDUSTRIES LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Corner
Kahu & Manu Street Otahuhu, Auckland New Zealand
Related companies and Other
companies of the Sims Group should be considered affiliates of the
corporate affiliations Subject.
comments :
Bank Details
Name of bank : The Bank Of New York
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 1.03 as of 17-05-2013
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 : 3,433,500,000 9,042,300,000
8,852,900,000
Profit before tax : -330,000,000 -536,000,000
275,800,000
Net income : -295,500,000 -521,400,000 192,100,000
Non current assets : 1,721,200,000 2,135,800,000
2,413,300,000
Current assets : 1,356,000,000 1,484,200,000 1,766,500,000
Inventories : 816,000,000 890,000,000 978,500,000
Total assets : 3,077,200,000 3,620,000,000 4,179,800,000
Current liabilities : 645,200,000 734,200,000
823,300,000
Non current liabilities : 484,200,000 491,400,000 436,000,000
Total liabilities : 1,129,400,000 1,225,600,000 1,259,300,000
Share equity : 1,947,800,000 2,394,400,000 2,920,500,000
Reserve
: -344,200,000 -333,400,000 -446,300,000
Retained earning : -503,700,000 -76,500,000
548,900,000
Comments : The
consolidated financial information above relates to the Subject and all
its subsidiaries.
Main activities : The
Subject engages in ferrous secondary recycling, non-ferrous secondary recycling, recycling solutions, and secondary
processing and other services. Its ferrous secondary recycling product group
consists of the collection, processing and trading of iron and steel secondary
raw material. Its non-ferrous secondary recycling product group consists of the
collection, processing and trading of other metal alloys and residues. Its
recycling solutions product group consists of the provision of environmentally
responsible solutions for the disposal of post-consumer electronic products. On
November 30, 2012, it sold its Arizona scrap metal recycling assets to SA
Recycling LLC (SAR). In December 2012, the Company, through its Sims Recycling
Solutions division, had acquired the assets of Genesis Recycling Ltd. In
December 2012, the Company, through its Sims Recycling Solutions division, had
acquired the assets of Genesis Recycling Ltd.
Purchases
Local : Yes
International : Worldwide
Sales
Local : Yes
International : Worldwide
Key events : 14
May, 2013 Sims Metal Management Announces Market Update: Impact Of Uk Restructuring On Fiscal 2013 Results
Sims Metal
Management Limited (the "Company") (NYSE:SMS) and (ASX:SGM) announces
today that in connection with the UK inventory investigation and the recently
announced management changes in its UK Metals and UK Sims Recycling Services
("SRS") businesses, and the restructuring strategies being
implemented, there will be significant items recorded against its Fiscal 2013
results. The significant items that have been identified arise in connection
with decisions to redefine the scope and inventory flows of the Company's UK
processing facilities and, as described below, include further inventory
write-downs, provisions for landfill costs and recognition of other impairment
charges.
The impact of
inventory write-downs and associated landfill provisions is estimated to be
circa $45 million in the second half of Fiscal 2013. These provisions relate in
part to strategies being implemented to rebase and enhance the ongoing
competitive commercial profile of the business by marketing slow moving
inventories more quickly and, in other instances, to landfill certain lower
value material in the furtherance of operational efficiencies. This is in
addition to the previously announced inventory write-downs, bringing the total
inventory write-downs to be circa $61 million for Fiscal 2013.
In connection with
the UK restructuring, determinations are also expected to be made that the
carrying value of certain fixed assets will exceed the value of their projected
cash flows. Consequently, there is expected to be impairment charges related to
fixed assets of circa $42 million. It is also expected that certain leased
facilities will be discontinued as part of the restructuring initiatives. The
impairment charge as it relates to facility leases is circa $20 million.
Additionally, there will be provisions for other significant items of circa $8
million.
The significant
items described above and to be recorded in the second half of Fiscal 2013 are,
in the aggregate, expected to be circa $115 million.
Source: www.simsmm.com
21 February 2013
Sims Metal Management Ltd Announces Retirement Of Chief Executive Officer
Sims Metal
Management Ltd announced Mr. Daniel W. Dienst, the Company's Chief Executive Officer,
will retire effective June 30, 2013 upon the expiration of his contract.
Source: www.reuters.com
23 January, 2013
Sims Metal
Management Named One Of The Global 100 Most Sustainable Corporations In The
World For Fifth Consecutive Year
Sims Metal
Management (the "Company") has been designated as one of the Global
Top 100 Most Sustainable Corporations for the fifth consecutive year. The list,
compiled by sustainable business publication Corporate Knights, was announced
at the 2013 World Economic Forum in Davos, Switzerland.
Sims Metal
Management ranked number 15 on the worldwide rankings. The Global 100 rankings
recognizes companies that consistently demonstrate superior leadership and
performance on a range of environmental, social and governance policies
relative to their industry peers. Companies on the list are considered better
equipped than their competitors to thrive and succeed in the long-term due to
the sustainable and fully integrated approach used to manage their businesses.
Group Chief
Executive Officer Dan Dienst commented, "It is a great honour to be
included for the fifth year on the Global Top 100 Most Sustainable Corporations
list. This would not have been possible if not for the contributions of our
6,600 hardworking people at our 270 facilities across the globe. We have
remained committed to our mission of doing well by doing good. We do not
believe the two are mutually exclusive. Instead, we believe that business
success in the 21st century is predicated on the successful integration of
sustainability into every aspect of what we do as a company, from protecting
the environment, keeping our people and facilities safe, respecting the
communities in which we live and operate, and focusing on energy efficiency.
All of these initiatives have a direct relationship on the creation of value
for our shareholders."
Criteria used in
compiling the Global Top 100 Most Sustainable Corporations list include ethical
and responsible decision-making, recognizing the interests of stakeholders,
respecting the rights of shareholders, and communication with customers,
investors, regulators and policymakers. Taken together, the Corporate Knights
ranking determines the Company's position as a leading sustainable enterprise
in the world, both environmentally and from a stakeholder perspective.
Source: www.simsmm.com
6 December, 2012
Sims Metal
Management Ltd announced that the Company through its Sims Recycling Solutions (SRS)
division, has acquired the assets of Genesis Recycling Ltd. (Genesis),
expanding its North America SRS electronics recycling business. Genesis is
located in Langley, British Columbia, outside of Vancouver. The financial terms
of the transaction were not disclosed, however, the purchase price
consideration is not material to the Company.
Source: www.reuters.com
Property & Assets
Premises : The
Subject operates from premises at the verified heading address consisting
of an administrative office. Branches :
In addition, the Subject operates from it's United States headquarters located
at:
Suite 700, 110
Fifth Avenue
New York, NY 10011
United States
Tel: +1 212
6040710
Fax: +1 212
6040722
Furthermore, the Group
operates from more than 270 facilities on five continents.
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 2010: 20.4%
as 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
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 76%
population :
Purchase Term
Local : Bank
transfer, D/P, D/A, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P, D/A,
Credit 30-120 days
Sales Term
Local : Bank
transfer, D/P, D/A, Credit 30-120 days
International : L/C, Telegraphic transfer, D/P, D/A,
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.54.89 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
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.