|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PINCOTT INTERNATIONAL PTY LTD |
|
|
|
|
Registered Office : |
C/o DENIS MERRICK Cama House, Suite 3, 22 Woodriff Street, Penrith, New South Wales,
2750 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.08.2006 |
|
|
|
|
Com. Reg. No.: |
121022811 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Manufacturing and distribution of tyre retreading equipment. |
|
|
|
|
No. of Employees : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : PINCOTT
INTERNATIONAL PTY LTD
Business address : 20
Churchill Street
Town : Silverwater
Province : New
South Wales
Zip/postal code : 2128
Country : Australia
Tel : +61
2 96484009
Fax : +61
2 97484793
Email : sales@pincott.com.au
Website : www.pincott.com.au
Registered address : C/o
DENIS MERRICK
Cama House
Suite 3, 22 Woodriff Street
Town : Penrith
Province : New
South Wales
Zip/postal code : 2750
Country : Australia
Executive Summary
Date founded or registered : 01/08/2006
Legal form : Australian
Proprietary Company
Chief executive : Noel
Harold Boorer
Issued & paid up capital : AUD
100
Sales turnover : INR
4,923,535,985 (Group-Consolidated 12 months, 31/03/2013)
Net income : INR
225,329,462 (Group-Consolidated 12 months, 31/03/2013)
Total fixed assets : INR
4,427,580,109 (Group-Consolidated 12 months, 31/03/2013)
Line of business : Manufacturing and distribution of
tyre retreading equipment.
Staff employed : 13
employees (Subject)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is reasonably experienced
Financial performance : Group
financial performance is good
Organization structure : Organizational
structure is stable
Detrimental : No
detrimental found
Payment history : No
payment delays noted
Registry Data
Registration date : 01/08/2006
Legal form : Australian
Proprietary Company
Registration no Australian
Company Number: 121022811
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian
Business Number: 53121022811
Registry status : Live/Active
Previous name : None
reported.
Change of legal form : None
reported.
Key Management
Name : Noel
Harold Boorer
Designation : Managing
Director
Appointments
Name : Noel
Harold Boorer
Designation : Director
and Company Secretary
Appointment date : 01/08/06
Address : 606
Bells Line Of Road
Kurmond, NSW 2757
Australia
Biography : Born
on 21-12-1958 in Strathfield, New South Wales, Australia.
Name : Sudarsan
Varadaraj
Designation : Director
Appointment date : 01/11/11
Address : 227/1
Tea Estates
Race Course, Coimbatore
Tamilnadu 641018
India
Biography : Born
on 22-01-1958 in Chennai, India.
Name : Venkatachalam
Ramasamy
Designation : Director
Appointment date : 01/11/11
Address : G-10
B-Block Pachiraja Apartments
Puliakulam Road
Coimbatore
Tamilnadu 641045
India
Biography : Born
on 03-03-1957 in Tamilnadu, India.
Staff employed : 13
employees (Subject)
Composition
Authorized Capital : AUD
100
No of shares : 100
Ordinary Shares
Share par value :
AUD 1
Issued capital :
AUD 100
Paid up capital : AUD
100
How listed : Full
List
Composition
Shareholder name : ELGI
RUBBER COMPANY LIMITED
Address : 2000
Trichy Road
Singanallur
Colmbatore 641005
India
No. of shares : 100
Ordinary Shares
% of shares : 100%
Comments : Elgi
Rubber Company Limited acquired the Subject in October 2011.
Structure
Name : ELGI
RUBBER COMPANY LIMITED
Affiliation type : Parent
Company
Address : 2000
Trichy Road
Singanallur
Colmbatore 641005
India
Comments : Elgi Rubber Company
Limited is a company headquartered in India with subsidiaries in Australia,
Brasil, Kenya, the Netherlands, Sri Lanka and the United States of America.
Elgi manufactures a comprehensive range of raw material, equipment, tools and
accessories used in the Rubber Industry, predominantly in the Tyre sector.
Elgi products are
sold under the following brands:
Jet - Tyre Retread and Repair Systems
Pincott - Rasp Blades, Hubs & Spacers
Carbrasive - Brazed Carbide Tools
Midwest Rubber - Gums, Adhesives and
Sealants
Ecorr - Reclaimed Rubber
Name : ELGI
RUBBER COMPANY B.V.
Affiliation type : Sister
Company
Address : Schoenerweg
36 - 6222 NX Maastricht
P.O.Box 437 - 6200 AK Maastricht
The Netherlands
Name : ELGI
RUBBER COMPANY LLC
Affiliation type : Sister
Company
Address : 600
North Magnolia
Luling
Texas 78648
United States of America
Name : BORRACHAS E EQUIPAMENTOS ELGI
LTDA
Affiliation type : Sister
Company
Address : Estrada
Chiquito De Aquino
150, Bairro Mondesir, Lorena
Sao Paulo, CEP 12612-550
Brazil
Name : TREADSDIRECT
LIMITED
Affiliation type : Sister
Company
Address : Sri
Lanka
Related companies and corporate:Other companies of the Elgi Rubber
Company Limited should be considered
affiliations comments affiliated
companies of the Subject.
Bank Details
Name of bank : National
Australia Bank
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 : 31/03/13
Type of accounts : Full
audited
Currency : India,
Rupee (INR)
Exchange rate : 1
USD = INR 61.10 as of 23-04-2014
Summarized
Financial Information
|
Consolidation type |
: Group
Consolidated |
Group Consolidated |
|
Currency |
: India,
Rupee (INR) |
India, Rupee (INR) |
|
Denomination |
: (x1) One |
(x1) One |
|
Date of financial year end |
: 31/03/13 |
31/03/12 |
|
Length of accounts |
: 12 months |
12 months |
|
Sale turnover / Income |
: 4,923,535,985 |
4,946,395,437 |
|
Profit before tax |
: 334,704,279 |
247,710,092 |
|
Net income |
: 225,329,462 |
142,405,928 |
|
Non current assets |
: 1,996,581,531 |
1,354,118,951 |
|
Current assets |
: 2,430,998,578 |
2,135,531,869 |
|
Inventories |
: 1,037,381,256 |
1,015,533,171 |
|
Total assets |
: 4,427,580,109 |
3,489,650,820 |
|
Current liabilities |
: 1,248,748,314 |
852,215,455 |
|
Non current liabilities |
: 477,928,208 |
149,638,214 |
|
Total liabilities |
: 1,726,676,522 |
1,001,853,669 |
|
Share equity |
: 2,700,903,587 |
2,487,797,151 |
|
Reserve |
: 2,650,853,587 |
2,437,747,151 |
Comments : The group
consolidated financial information above relates to the Subject's Parent
Company Elgi Rubber Company Limited and all its subsidiaries which includes the
Subject.
The Subject is classified as a small
proprietary company by the Australian Securities & Investments Commission
hence is not required to disclose their financial statement.
A proprietary company is defined as small
for a financial year if it satisfies at least two of the following:
- The consolidated revenue for the financial
year of the company and any entities it controls is less than $25 million;
-The value of the consolidated gross assets
at the end of the financial year of the company and any entities it controls is
less than $12.5 million, and
-The company and any entities it controls
have fewer than 50 employees at the end of the financial year.
Main activities : The Subject engages in
manufacturing and distribution of tyre retreading equipment.
The Subject operates as a wholly owned
subsidiary of Elgi Rubber Company Limited.
Elgi manufactures a comprehensive range of
raw material, equipment, tools and accessories used in the Rubber Industry,
predominantly in the Tyre sector.
Elgi products are sold under the following
brands:
Jet - Tyre Retread and Repair Systems
Pincott - Rasp Blades, Hubs & Spacers
Carbrasive - Brazed Carbide Tools
Midwest Rubber - Gums, Adhesives and
Sealants
Ecorr - Reclaimed Rubber
Product & services : Rasp
blades and accessories
Brand : PINCOTT
Purchases
International : India
Sales
Local : Yes
International : Worldwide
Property &
Assets
Premises : The Subject
operates from the verified heading address consisting of a production facility,
warehouse and an administrative office.
Branches : None
reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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: 2010:
20.4%
(General Government gross debt as 2011:
22.9%
a % GDP) 2012:
24%
Government bond ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded: US$1.198
trillion
shares
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: 79%
population
Purchase Term
International : Prepayment,
L/C, Telegraphic transfer, Credit 30-90 days
Sales Term
Local : Prepayment,
D/P, Bank transfer, Credit 30-90 days
International : Prepayment,
L/C, Telegraphic 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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.