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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
VIP PLASTIC PACKAGING PTY LTD |
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Formerly Known As : |
VISY INDUSTRIAL PLASTICS PTY. LTD. |
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Registered Office : |
Level 16, 644 Chapel Street South Yarra Victoria 3141 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
08.12.2000 |
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Com. Reg. No.: |
09531370 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturer of plastic packaging products. |
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No. of Employees : |
600 employees (Subject) |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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 : VIP PLASTIC PACKAGING PTY LTD
Business address :
Level 16, 644 Chapel Street
Town : South Yarra
Province : Victoria
Zip/postal code : 3141
Country : Australia
Tel : +61 3 88254100
Fax : +61 3 98158388
Email : info@vippackaging.com.au
Website : www.vippackaging.com.au
Registered address
: Level 16, 644 Chapel Street
Town : South Yarra
Province : Victoria
Zip/postal code : 3141
Country : Australia
Executive Summary
Date founded or
registered : 08/12/2000
Legal form : Australian
Proprietary Company
Chief executive : Raphael Geminder
Issued & paid
up capital : AUD 20,000,001
Sales turnover : AUD 208,017,527
(Non-Consolidated 12 months, 30/06/2012)
Net income : AUD 31,337,478
(Non-Consolidated 12 months, 30/06/2012)
Total fixed assets
: AUD 265,023,669
(Non-Consolidated 12 months, 30/06/2012)
Line of business :
Manufacturer of
plastic packaging products.
Staff employed : 1,600 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 consistent
Detrimental : No
detrimental found
Payment history : No payment delays noted
Registry Data
Registration date
: 08/12/2000
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
095313705
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
98095313705
Registry status : Live/Active
Previous name : The Subject was previously known as
VISY INDUSTRIAL PLASTICS PTY. LTD.
and changed to the current style on 20-04-2007.
Change of legal
form : None reported.
Key Management
Name : Raphael Geminder
Designation : Chief Executive Officer
Name : Paul Gedye
Designation : General Manager
Appointments
Name : Raphael Geminder
Designation : Director and Company Secretary
Appointment date :
08/12/00
Address : 13A Monaro Road
Malvern, VIC 3144
Australia
Biography : Born on 24/03/1960 in Tel Aviv, Israel.
Mr. Raphael Geminder is the son in law of Richard J. Pratt. Mr. Pratt
was a prominent Australian businessman, chairman of the
privately-owned company Visy Industries, and a leading figure of
Melbourne society. In the year before his death Pratt was Australia's
fourth-richest person, with a personal fortune valued at A$5.48 billion.
Name : Darren Leigh Brown
Designation : Company Secretary
Appointment date :
05/07/07
Address : 77 Hannan Street
Williamstown, VIC 3016
Australia
Biography : Born on 10/05/1965 in Manangatang,
Victoria, Australia.
Name : Nicholas David Perkins
Designation : Company Secretary
Appointment date :
30/11/03
Address : 22 Murray Street
Prahran, VIC 3181
Australia
Biography : Born on 18/05/1972 in Melbourne, Victoria,
Australia.
Staff employed :
1,600 employees (Subject)
Key Advisors
Auditors : ERNST & YOUNG
8 Exhibition Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital
: AUD 20,000,001
No of shares : 20,000,001 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 20,000,001
Paid up capital : AUD 20,000,001
How listed : Full List
Composition
Shareholder name :
PACT GROUP PTY LTD
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
No. of shares : 20,000,001 Ordinary Shares
% of shares : 100%
Structure
Name : GEMINDER HOLDINGS PTY LTD
Affiliation type :
Ultimate Holding Company
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
Comments : Geminder Holdings Pty Ltd is an Australian
private holding company, trading as
VIP Packaging (formerly Visy Industrial Packaging)
VIP Packaging divides its business into four key segments:
_Food & Beverage - A range of products which includes monolayer PET,
HDPE,
PP and LDPE packaging, barrier packaging, injection moulded closures and
large
plastic containers, steel and plastic drums, ovenable trays, pet food
bowls.
_Personal Care - Product range includes bottles and jars for personal
care and
cosmetics products, plastic and laminate tubes and dispensing closures for
the
personal care, cosmetics and pharmaceutical markets.
_Household Consumer - Products include plastic bottles for household
cleaning
products, powder scoops for household products and closures, including
the
patented Clic Loc and Chem Loc child resistant closures.
_Industrial & Chemical - Product range includes steel packaging,
large extrusion
blow moulded plastic containers and large injection moulded plastic
containers.
This segment now also includes bulk container reconditioning, carried
out by the
company's Sustainability Services division.
Name : PACT GROUP HOLDINGS PTY LTD
Affiliation type :
Intermediate Holding Company
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
Name : PACT GROUP PTY LTD
Affiliation type :
Parent Company
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
Comments : Pact Group Pty Ltd. designs, manufactures,
and supplies plastic and industrial
metal packaging products. The company offers bottles, PET containers,
trays,
tubes, closure systems, and other customized packaging solutions for
branded
consumer products; and drums, pails, cans, and intermediate bulk
containers. It
serves blue-chip clients across agricultural, bakery, beverage, dairy,
food, fruit
and vegetables, household consumer, industrial chemicals, meat, surface
coatings, personal care, health care, and pharmaceutical industries. The
company was incorporated in 2004 and is headquartered in Melbourne,
Australia.
Name : PACT GROUP INDUSTRIES PTY LTD
Affiliation type :
Sister Company
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
Name : VIP STEEL PACKAGING PTY LTD
Affiliation type :
Sister Company
Address : Level 16, 644 Chapel Street
South Yarra, VIC 3141
Australia
Name : VIP STEEL PACKAGING (NZ) LIMITED
Affiliation type :
Sister Company
Address : 100 Harris Road
East Tamaki, Auckland 2013
New Zealand
Name : PACT GROUP (NZ) LIMITED
Affiliation type :
Sister Company
Address : 100 Harris Road
East Tamaki, Auckland 2013
New Zealand
Name : ASTRON PLASTICS LIMITED
Affiliation type :
Sister Company
Address : 63 Neales Road
East Tamaki, Auckland 2013
New Zealand
Name : PACT GROUP HOLDINGS (NZ) LIMITED
Affiliation type :
Sister Company
Address : 100 Harris Road
East Tamaki, Auckland 2013
New Zealand
Name : VIP PLASTIC PACKAGING (NZ) LIMITED
Affiliation type :
Sister Company
Address : 100 Harris Road
East Tamaki, Auckland 2013
New Zealand
Related companies and corporate affiliations
comments : Other companies of the Pact Group should be considered affiliates of
the Subject.
Bank Details
Name of bank : Westpac Banking Corporation
Address : Australia
Account details :
Current Account
Comments : It is generally
not the policy of local banks to provide credit status information to
non related
parties, however interested parties would be advised to consult first
with the Subject
if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of
financial statement : Commercial
Registry Filings
Financial
statement date : 30/06/12
Type of accounts :
Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.04 as of
27-05-2013
Summarized Financial Information
Consolidation type
: Non Consolidated Non 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 : 208,017,527 242,825,493
Gross profit : 60,689,666 71,534,797
Profit before tax
: 44,378,697 43,353,919
Net income : 31,337,478 31,501,686
Non current assets
: 133,585,800 142,504,752
Current assets : 131,437,869 101,629,102
Inventories : 23,008,761 19,637,364
Total assets : 265,023,669 244,133,854
Current
liabilities : 59,400,486 69,089,215
Non current
liabilities : 24,959,098 25,736,489
Total liabilities
: 84,359,584
94,825,704
Share equity : 180,664,085 149,308,150
Reserve : -22,256 -40,713
Retained earning : 160,686,341 129,348,863
Main activities : The Subject is engages
as manufacturer of plastic packaging products.
Product &
services : PET Wine Bottles
Plastic Bottles and Jars
Vials and Tubs
Plastic and Laminate Tubes
Plastic Cubes
Jerrycans
Plastic Drums
Plastic Pails
Duplast Watering Cans
Plastic Crates
Intermediate Bulk Containers
Purchases
International :
Mainly Asia countries
Sales
Local : Yes
International :
Worldwide
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
production facilities located at
Brendale, Fremantle, Laverton North, Minto, Rowville, Scoresby and
Villawood.
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, D/P, Bank transfer,
Credit up to 90 days
International : L/C, D/P, Telegraphic transfer, Credit up to
90 days
Sales Term
Local : Prepayment, D/P, Bank transfer,
Credit up to 90 days
International : L/C, D/P, Telegraphic transfer, Credit up to
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.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.