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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PRINCES LAUNDRY SERVICES PTY LTD |
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Formerly Known as: |
MILEXTRA PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2012 (Non-Consolidated) |
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Date of Incorporation : |
19.10.1995 |
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Com. Reg. No.: |
071339323 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
importer and
distributor of textile products
and provides commercial laundry services to the healthcare and hospitality
industries in |
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No. of Employees : |
300 |
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 : PRINCES LAUNDRY
SERVICES PTY LTD
Other style / Business name :
PRINCES LINEN SERVICE
Business address : 25-29 Park Way
Town : Braeside
Province : Victoria
Zip/postal code : 3195
Country : Australia
Tel : +61 3 95879500
Fax : +61 3 95879499
Email : info@princes-laundry.com.au
Website : www.princeslaundry.com.au
Registered address : 25-29 Park Way
Town : Braeside
Province : Victoria
Zip/postal code : 3195
Country : Australia
Postal address : P.O. Box 1099
Town : Braeside
Province : Victoria
Zip/postal code : 3195
Country : Australia
Executive Summary
Date founded or registered : 19/10/1995
Legal form : Australian
Proprietary Company
Chief executive : Warwick Dale Brown
Issued & paid up capital
: AUD 1,000,000
Sales turnover : AUD 30,979,667 (Non-consolidated 12
months, 30/06/2012)
Net income : AUD 2,143,053
(Non-consolidated 12 months, 30/06/2012)
Total fixed assets : AUD 30,378,003
(Non-consolidated 12 months, 30/06/2012)
Line of business : Import and distribution
of textile products and provides commercial laundry
services.
Staff employed : 300 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
Registry Data
Registration date : 19/10/1995
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 071339323
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 11071339323
Registry status : Live/Active
Previous name : MILEXTRA PTY LTD
(initial)
Change of legal form : None reported.
Other registration : PRINCES LINEN SERVICE is a
business name owned by the Subject registered
on 23/02/1996 under business registration no: 1259732E.
Key Management
Name : Warwick Dale Brown
Designation : Managing Director
Appointments
Name : Jeffrey David Peterson
Designation : Director and Company Secretary
Appointment date : 19/10/95
Address : 39 Campbell Road
Balwyn,
VIC 3103
Australia
Biography : Born on 29-01-1952 in
Melbourne, Victoria, Australia.
Name : Warwick Dale Brown
Designation : Director
Appointment date : 28/10/10
Address : 20 Barnard Grove
Kew, VIC
3101
Australia
Biography : Born on 20-07-1980 in
Melbourne, Victoria, Australia.
Name : James Pickett
Designation : Director
Appointment date : 15/11/95
Address : 29 The Sovereign Mile
Paradise
Point, QLD 4216
Australia
Biography : Born on 17-05-1948 in London,
United Kingdom.
Name : Gurwinder Khaira
Designation : Company Secretary
Appointment date : 09/08/13
Address : 2 Tallangatta Place
Berwick,
VIC 3806
Australia
Biography : Born on 02-07-1974 in
Jalandhar, India.
Staff employed : 300 employees (Subject)
Key Advisors
Auditors : HAYES KNIGHT AUDIT PTY LTD
Level 6,
31 Queen Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 1,000,000
No of shares : 1,000,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,000,000
Paid up capital : AUD 1,000,000
How listed : Full List
Composition
Shareholder name : SAFECORP GROUP LTD
Address : 25-29 Park Way
Braeside,
VIC 3195
Australia
No. of shares : 1,000,000 Ordinary
Shares
% of shares : 100%
Structure
Name : SAFECORP GROUP LTD
Affiliation type : Parent Company
Address : 25-29 Park Way
Braeside,
VIC 3195
Australia
Name : AUSTRALIAN LOCK COMPANY
PTY LTD
Affiliation type : Sister Company
Address : 17 Doyle Avenue
Unanderra,
NSW 2526
Australia
Name : IMPERIAL LINEN PTY LTD
Affiliation type : Sister Company
Address : 25 Industrial Dr
Braeside,
VIC 3195
Australia
Name : PRINCES LINEN SERVICES PTY LTD
Affiliation type : Sister Company
Address : 25-29 Park Way
Braeside,
VIC 3195
Australia
Name : AUSTRALIAN LOCK COMPANY
NZ LIMITED
Affiliation type : Sister Company
Address : 12a Tawai Street
Trentham,
Upper Hutt 5018
New
Zealand
Related companies and corporate affiliations comments
Other companies of the
Safecorp Group Ltd should be considered affiliated companies of the Subject.
Bank Details
Name of bank : Australia 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
: Commercial Registry
Filings
Financial statement date : 30/06/12
Type of accounts : Full audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.05 as of 15-10-2013
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
Profit before tax : 3,069,618 2,097,253
Net income : 2,143,053 1,438,039
Non current assets : 7,751,798 8,928,501
Current assets : 22,626,205 22,330,226
Inventories : 8,632,290 8,973,699
Total assets : 30,378,003 31,258,727
Current liabilities : 15,795,585 13,741,737
Non current liabilities : 1,195,753 1,273,378
Total liabilities : 16,991,338 15,015,115
Share equity : 13,386,665 16,243,612
Retained earning : 12,309,490 15,166,437
Comments : The non-consolidated financial
information above relates to the Subject only.
Main activities : The Subject engages in import and
distribution of textile products and
provides
commercial laundry services to the healthcare and hospitality
industries
in Australia.
The
Subject is a wholly owned subsidiary of Safecorp Group Ltd. Safecorp Group
Ltd engages
in manufacturing of high security cylinders and locks systems,
supply of
linen hire and laundry services and manufacturing and
distribution
of linens.
Product & services : -
Textile products: Sheets,
pillowcases, bath towels, hand towels, bath
mats, spreads, tea towels, polishing cloths, table linen, bedding linen,
serviettes, table cloths, aprons and mats
- Commercial laundry services
- Linen rental services
Purchases
International : India, China
Sales
Local : Yes
International : None reported.
History : In November 1995,
Safecorp Group acquired a majority shareholding in the
Subject
from Brambles Ltd. In January 1997, Safecorp Group acquired the
balance of
the shares in the Subject to take it to 100% ownership.
Property &
Assets
Premises : The Subject operates from the
verified heading address consisting of a
warehouse, laundry processing facility and an administrative
office.
Branches : In addition, the Subject
operates from laundry processing facility located at:
2-12 Beecher
Street
Preston,
VIC 3072
Australia
Tel: +61 3
94803488
Fax: +61 3
94847280
14-22
Westgate Drive
Altona
North, VIC 3025
Australia
Tel: +61 3
93734444
Fax: +61 3
93696344
83 Lexton
Road
Box Hill,
VIC 3128
Australia
Tel: +61 3
98900355
Fax: +61 3
98901660
Other property : Total NBV of property, plant and equipment as of 30-06-2012 was AUD
6,236,468.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange
& gold : US$ 46.714 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 : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate : 2010: 5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General Government gross
debt as
a % GDP) 2010:
20.4%
2011:
22.9%
2012: 24%
Government bond ratings : Standard & Poor's: AAA
Moody's
rating: Aaa
Moody's
outlook: STA
Market value of publicly
traded shares : US$1.198 trillion
Largest companies in the
country : Qantas Airways
(Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal
Services),Crown Ltd (Casinos &
aming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified
Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified
Metals & Mining), Orica (Diversified Metals & Mining), Iluka Resources
(Diversified Metals & Mining), Origin Energy (Electric Utilities), AGL
Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food
Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP
(Investment services), Challenger Ltd (Investment services), Fortescue Metals
Group (Iron & Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank
(Major Banks), Westpac Banking Group (Major Banks), National Australia Bank
(Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas
Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil & Gas
Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings (Other
Transportation), Transurban Group (Other Transportation), QBE Insurance Group
(Property & Casualty Insurance), Insurance Australia Group (Property &
Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate),
Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend
Lease (Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group
(Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland
(Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade &
Competitiveness Overview
Total exports : US$263.9 billion
Exports commodities : Coal, iron ore, gold, meat, wool,
alumina, wheat, machinery and transport
equipment
Total imports : US$239.7 billion
Imports commodities : Machinery and transport
equipment, computers and office machines,
telecommunication equipment and parts; crude oil and petroleum
products
Export - major partners : China 27.4%, Japan 19.2%, South
Korea 8.9%, India 5.8%
Import - major partners : China 18.5%, US 11.4%, Japan 7.9%,
Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009: US$26,554
million
2010:
US$35,556 million
2011:
US$41,317 million
FDI Outflows : 2009: US$16,693
million
2010:
US$12,791 million
2011:
US$19,999 million
Best countries for doing
business : 10 out of 185 countries
Global competitiveness
ranking : 20 (ranking by country on a basis of 144, the first is the best)
Country and
Population Overview
Total population : 22.68 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian
dollars (AUD)
Internet users as % of total
Population 79%
Purchase Term
International : Telegraphic transfer,
Prepayment, 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
NT HISTORY
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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UK Pound |
1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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NB |
New Business |
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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.