|
Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
PPG INDUSTRIES AUSTRALIA PTY LIMITED |
|
|
|
|
Registered Office : |
14
McNaughton Road, Clayton, Victoria 3168 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.04.1992 |
|
|
|
|
Com. Reg. No.: |
055500939 |
|
|
|
|
Legal Form : |
Australian
Proprietary Company |
|
|
|
|
Line of Business : |
Manufacture, import and sale of coating for the
transportation and architectural industries. |
|
|
|
|
No. of Employees : |
1146 |
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 : |
Good |
|
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, 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 : PPG INDUSTRIES
AUSTRALIA PTY LIMITED
Business
address : 14 McNaughton Road
Town :
Clayton
Province
: Victoria
Zip/postal
code : 3168
Country
: Australia
Tel : +61 3 92636000
Fax : +61 3 92636991
Website
: www.ppgpmc.com.au
Registered
address : 14 McNaughton Road
Town :
Clayton
Province
: Victoria
Zip/postal
code : 3168
Country
: Australia
Executive Summary
Date
founded or registered : 08/04/1992
Legal
form : Australian
Proprietary Company
Chief
executive : Timothy
Andrew Welsh
Issued
& paid up capital : AUD
88,489,487
Sales
turnover : AUD
461,649,000 (Consolidated 12 months, 31/12/2012)
Net
income : AUD
13,802,000 (Consolidated 12 months, 31/12/2012)
Total
fixed assets : AUD
433,169,000 (Consolidated 12 months, 31/12/2012)
Line
of business : Manufacture,
import and sale of protective and marine coatings.
Staff
employed : 1,146
employees (Subject); 39,200 employees (PPG Group)
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
adequately experienced
Financial
performance : Financial
performance is very good
Organization
structure : Organizational
structure is consistent
Detrimental
: No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 08/04/1992
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 055500939
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian
Business Number: 82055500939
Registry
status : Live/Active
Previous
name : UNDERGLEN
PTY. LIMITED (initial)
Change
of legal form : None
reported.
Key Management
Name :
Timothy Andrew Welsh
Designation
: Managing Director
Appointments
Name :
Nicholas Andrew
Bruce Galloway
Designation
: Director and Company
Secretary
Appointment
date : 09/01/12
Address
: 78 Falconer Street
Fitzroy North, VIC 3068
Australia
Biography
: Born on 20/11/1968 in
Melbourne, Victoria, Australia.
Name :
Emmanuel Vaselios
Bikakis
Designation
: Director
Appointment
date : 25/06/12
Address
: 432 Tooronga Road
Hawthorn East, VIC 3123
Australia
Biography
: Born on 01/09/1965 in
Melbourne, Victoria, Australia.
Name :
Timothy Andrew
Welsh
Designation
: Director
Appointment
date : 01/10/12
Address
: 39 Dalmont Street
Highett, VIC 3190
Australia
Biography
: Born on 09/03/1973 in
Melbourne, Victoria, Australia.
Staff
employed : 1,146 employees
(Subject); 39,200 employees (PPG Group)
Key Advisors
Auditors
: DELOITTE TOUCHE
TOHMATSU
Level 17, 550 Bourke Street
Melbourne, VIC 3000
Australia
Composition
Authorized
Capital : AUD 88,489,487
No of
shares : 95,168,877
Ordinary Shares
Share
par value : No par
value
Issued
capital : AUD
88,489,487
Paid
up capital : AUD
88,489,487
How
listed : Full List
Composition
Shareholder
name : PPG INDUSTRIES SECURITIES,
INC.
Address
: One PPG Place
Pittsburgh, PA 15272
United States
No. of
shares : 95,168,877 Ordinary
Shares
% of
shares : 100%
Structure
Name :
PPG INDUSTRIES,
INC.
Affiliation
type : Ultimate
Holding Company
Address
: One PPG Place
Pittsburgh, PA 15272
United States
Comments : PPG
Industries, Inc. (PPG) is a global supplier of protective and decorative
coatings. PPG operates in six business segments. The Performance Coatings,
Industrial Coatings and Architectural Coatings-EMEA segments supply protective
and decorative finishes for customers in a range of end use markets, including
industrial equipment, appliances and packaging; factory-finished aluminum
extrusions and steel and aluminum coils; marine and aircraft equipment;
automotive original equipment; and other industrial and consumer products. The
Optical and Specialty Materials segment consist of the optical products and
silicas businesses. It is a producer and supplier of basic chemicals. Glass
segment produces flat glass and continuous-strand fiber glass. The Glass
business segment consists of the flat glass and fiber glass businesses. In
January 2013, the combined company formed by uniting Georgia Gulf with PPG's
former commodity chemicals business is named Axiall Corporation.
Name :
PPG INDUSTRIES
SECURITIES, INC.
Affiliation
type : Parent
Company
Address
: One PPG Place
Pittsburgh, PA 15272
United States
Name :
BARRIER CHEMICALS
PTY. LIMITED
Affiliation
type : Wholly-owned
Subsidiary
Address
: 14 McNaughton Road
Clayton, VIC 3168
Australia
Name :
PPG INDUSTRIES
(SINGAPORE) PTE., LTD.
Affiliation
type : Sister
Company
Address
: 63 Tuas Avenue 1
Singapore 639507
Singapore
Name :
PPG COATINGS
(MALAYSIA) SDN. BHD.
Affiliation
type : Sister
Company
Address
: No. 3, Jalan 205
46700 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Related companies and corporate affiliations comments
: Other companies of the PPG Industries Group should be
considered affiliates of the Subject.
Bank Details
Name
of bank : National
Australia Bank 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 : 31/12/12
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1 USD = AUD
1.05 as of 19-09-2013
Summarized Financial Information
Consolidation
type : Consolidated Consolidated Group Consolidated
Currency
: Australia
Dollar (AUD) Australia Dollar (AUD) US
Dollar (USD)
Denomination
: (x1) One (x1) One (x1) One
Date
of financial year end : 31/12/12 31/12/11 31/12/12
Length
of accounts : 12 months 12 months 12 months
Sale
turnover / Income : 461,649,000
448,945,000 15,200,000,000
Gross
profit : 234,066,000
213,258,000
Profit
before tax : 21,737,000
22,803,000 1,402,000,000
Net
income : 13,802,000
16,242,000 1,064,000,000
Non
current assets : 255,274,000
258,955,000 8,163,000,000
Current
assets : 177,895,000
200,424,000 7,715,000,000
Inventories
: 70,262,000 82,643,000 1,687,000,000
Total
assets : 433,169,000
459,379,000 15,878,000,000
Current
liabilities : 100,990,000
110,718,000 4,461,000,000
Non
current liabilities : 94,353,000
111,437,000 7,095,000,000
Total
liabilities : 195,343,000
222,155,000 11,556,000,000
Share
equity : 237,826,000
237,224,000 4,322,000,000
Retained
earning : 124,826,000 124,224,000 9,871,000,000
Comments
: The consolidated
financial information above relates to the Subject and its subsidiaries.
The group’s consolidated financial information above relates
to the Subject’s
Ultimate Holding Company PPG Industries, Inc. and all its
subsidiaries which include the Subject.
Main activities : The
Subject is engaged in manufacture, import and sale of coating for the
transportation and architectural industries.
The Subject, a wholly owned subsidiary of PPG Industries
Inc., a coatings
and specialty products company. PPG Industries Inc.
Performance
Coatings segment offers coatings products for automotive and
commercial
transport/fleet repair and refurbishing, light industrial
coatings, and
specialty coatings for signs; supplies sealants, coatings,
technical cleaners
and transparencies for commercial, military, regional jet
and general
aviation aircraft and transparent armor for military land
vehicles; and
coatings and finishes for the protection of metals and
structures to metal
fabricators, heavy duty maintenance contractors, and
manufacturers of
ships, bridges, rail cars, and shipping containers.
Its Industrial Coatings segment offers industrial and
automotive coatings for
manufacturing companies; and packaging coatings and inks to
the
manufacturers of aerosol, food, and beverage containers. The
company's
Architectural Coatings – Europe, Middle East, and Africa
segment provides
coatings used by painting and maintenance contractors and by
consumers
for decoration and maintenance of residential and commercial
building
structures, as well as purchased sundries to painting
contractors and
consumers.
Its Optical and Specialty Materials segment offers
Transitions lenses,
optical lens materials, and sunlenses; amorphous
precipitated silicas for
tire, battery separator, and other end-use markets; and
Teslin substrate
used in applications, such as radio frequency identification
tags and labels,
e-passports, drivers’ licenses, and identification cards.
It's Glass segment supplies flat glass and continuous-strand
fiber glass
products for commercial and residential construction and the
wind energy,
energy infrastructure, transportation, and electronics
industries. PPG
Industries sells its products through company-owned stores,
home centers,
paint dealers, and independent distributors, as well as
directly to customers
worldwide.
PPG Industries was founded in 1883 and is headquartered in
Pittsburgh,
Pennsylvania.
Product
& services : Marine Coatings
- Antifoulings
- Single Pack Primers & Finish
- Epoxy Primers
- Two Pack Finish
- Tank Coatings
- Thinners
Protective Coatings
- Single Pack Alkyd Range
- Prefabrication Primers
- Zinc Primer Range
- Re-Coatable Epoxy Range
- Fast Curing Range
- Durable Finish Range
- Tank Lining Range
- Heavy Duty Reinforced Range
- Heat Resistant Range
- Fire Protection, Intumescent Coatings
- Additional Primers and Coatings
- Moisture Curing Range
Purchases
Local
: Yes
International
: Worldwide
Sales
Local
: Yes
International
: Worldwide
Property & Assets
Premises
: The Subject operates from the verified heading address consisting of a
production
facility, warehouse and administrative office.
Branches
: In addition, the Subject operates from the following sales offices located
at:
37-41
Mark Anthony Drive
Dandenong,
VIC 3175
Australia
Tel:
+61 1300 659 666
427
Swift Street
Albury,
NSW 2640
Australia
Tel:
+61 2 60234891
Corner
Cobalt & Mica Streets
Carole
Park, QLD 4300
Australia
Tel:
+61 7 37123000
24-26
Hudson Street
Hamilton,
NSW 2303
Australia
Tel:
+61 2 49615246
4
Modal Street
Canningvale,
WA 6155
Australia
Tel:
+61 8 93533788
111
Airds Road
Minto,
NSW 2566
page
12 / 16
Australia
Tel:
+61 1300 659 666
33 Bolam
Street
Garbutt,
QLD 4814
Australia
Tel:
+61 7 47757933
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 & Gaming),
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
Local
: Bank transfer, D/P, Credit
30-120 days
International
: L/C, Telegraphic transfer, D/P,
Credit 30-120 days
Sales Term
Local
: Bank transfer, D/P, Credit
30-120 days
International
: L/C, 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.62.24 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.84.22 |
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.