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Report Date : |
18.01.2014 |
IDENTIFICATION DETAILS
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Name : |
FTA FOOD SOLUTIONS PTY LTD |
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Formerly Known as: |
FOOD TRADERS AUSTRALIA PTY. LTD. |
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Registered Office : |
Suite 54, Level 2, 255
Drummond Street, Carlton, Victoria, Zip code 3053 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2013 (Non-Consolidated) |
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Date of Incorporation : |
17.03.1993 |
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Com. Reg. No.: |
059480054 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
· engaged in importer, wholesaler & distributor of food ingredients and food products mainly to the food and beverage industry in Australia. ·
subject
also provides value added services such as contract blending, colour sorting,
repackaging, contract packaging and grading of food products |
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No. of Employees : |
60 employees (Subject); 165
employees (Ward 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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 : FTA FOOD SOLUTIONS PTY
LTD
Other style / Business name :
MCKENZIE'S FOOD SERVICE
Business address : 41-55 Slough Road
Town : Altona
Province : Victoria
Zip/postal code : 3018
Country Australia
Tel : +61 3 83980500
Fax : +61
3 93159002
Email : ftafoodsolutions@fta.com.au
Website : www.ftafoodsolutions.com.au
Registered address : Suite 54, Level 2
255 Drummond Street
Town : Carlton
Province : Victoria
Zip/postal code : 3053
Country : Australia
Postal address : P.O. Box 85
Town : Altona
Province : Victoria
Zip/postal code : 3081
Country : Australia
Executive Summary
Date founded or registered : 17/03/1993
Legal form : Australian
Proprietary Company
Chief executive : Steven David Ward
Issued & paid up capital
: AUD 12
Sales turnover : AUD 127,107,870 (Non-Consolidated
12 months, 30/06/2013)
Net income : AUD 984,821
(Non-Consolidated 12 months, 30/06/2013)
Total fixed assets : AUD 92,938,166
(Non-Consolidated 12 months, 30/06/2013)
Line of business : Importer, wholesaler &
distributor of food ingredients and food products.
Staff employed : 60 employees (Subject);
165 employees (Ward Group)
Credit Risk
Interpretation
Credit risk theory : Reasonable
financial and operational base. Small credits may be considered with
some confidence that commitments will
be sustained under normal circumstances. This is based on criterions such as
years of establishment, number of employees, sales turnover, profit after tax,
total assets, reserve, and
others. A
cautious credit control policy applies.
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 records found
Payment history : No payment delays noted
Registry Data
Registration date : 17/03/1993
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 059480054
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 82059480054
Registry status : Live/Active
Previous name : FOOD TRADERS AUSTRALIA
PTY. LTD.
KALLSHAW TRADING CO. PTY. LTD. (initial)
Change of legal form : None reported.
Other registration : The Subject owns the
following registered business names:
MCKENZIE'S
FOOD SERVICE is a business name owned by the Subject
registered
on 5/09/2005 under business registration no: B1865492T.
MCKENZIE'S
FOOD SERVICE is a business name owned by the Subject
registered
on 28/12/2005 under business registration no: BN10419329.
MCKENZIE'S
FOOD SERVICE is a business name owned by the Subject
registered
on 13/09/2005 under business registration no: BN98167653.
MCKENZIE'S
FOOD SERVICE is a business name owned by the Subject
registered
on 22/09/2005 under business registration no: BN19591070.
Key Management
Name : Steven David Ward
Designation : Managing Director
Name : Robert Bruce Burgess
Designation : General Manager
Appointments
Name : Steven David Ward
Designation : Director
Appointment date : 17/03/93
Address : 1032 Glen Huntly Road
Caulfield
South, VIC 3162
Australia
Biography : Born on 08-08-1960 in
Melbourne, Victoria, Australia.
Name : Helen Margaret Ward
Designation : Director and Company Secretary
Appointment date : 17/03/93
Address : 5 Bruce Court
Elsternwick,
VIC 3185
Australia
Biography : Born on 06-02-1962 in Melbourne,
Victoria, Australia.
Name : Robert Bruce Burgess
Designation : Director
Appointment date : 04/06/99
Address : 26 St Ninians Road
Brighton,
VIC 3186
Australia
Biography : Born on 04-05-1954 in United
Kingdom.
Staff employed : 60 employees (Subject); 165
employees (Ward Group)
Composition
Authorized Capital : AUD 12
No of shares : 12 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 12
Paid up capital : AUD 12
How listed : Full List
Composition
Shareholder name : H.S.K. WARD PROPRIETARY LIMITED
Address : 47-51 Slough Road
Altona,
VIC 3018
Australia
No. of shares : 12 Ordinary Shares
% of shares : 100%
Structure
Name : H.S.K. WARD PROPRIETARY
LIMITED
Affiliation type : Parent Company
Address : 47-51 Slough Road
Altona,
VIC 3018
Australia
Comments : H.S.K. Ward Proprietary Limited
is involved in import and distribution of food
products. The company was founded in 1921 and is based in Altona,
Australia.
Name : FTA FOOD SOLUTIONS NZ
LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : Suite 3, 2 Kalmia St
Ellerslie,
Auckland 1051
New
Zealand
Name : WARD MCKENZIE PTY LTD
Affiliation type : Sister Company
Address : 41-55 Slough Road
Altona, VIC 3018
Australia
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
: Commercial Registry
Filings
Financial statement date : 30/06/13
Type of accounts : Full audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.13 as of 17-01-2014
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 : 30/06/13 30/06/12
Length of accounts : 12 months 12 months
Sale turnover / Income : 127,107,870 124,969,777
Profit before tax : 1,420,999 2,586,084
Net income : 984,821 1,800,901
Non current assets : 2,277,710 2,468,745
Current assets : 90,660,456 80,001,056
Inventories : 24,592,554 26,320,368
Total assets : 92,938,166 82,469,801
Current liabilities : 76,665,646 67,182,102
Total liabilities : 76,665,646 67,182,102
Share equity : 16,272,520 15,287,699
Retained earning : 16,272,508 15,287,687
Comments : The
non-consolidated financial information above relates to the Subject only.
Main activities : The Subject engages in importer,
wholesaler & distributor of food
ingredients
and food products mainly to the food and beverage industry in
Australia.
In
addition, the subject provides value added services such as contract
blending,
colour sorting, repackaging, contract packaging and grading of
food
products.
The
Subject operates as a subsidiary of H.S.K. Ward Proprietary Limited
based in
Victoria, Australia.
H.S.K.
Ward Proprietary Limited operates through two principal
subsidiaries:
Ward Mckenzie Pty Ltd and FTA Food Solutions Pty Ltd
(Subject).
Product & services :
· Dried And Dehydrated Fruit: Apricots, Dates, Raisins, Sultanas, Figs Herbs And Spices
· Olives
· Tomato Products
· Canned Fruits And Vegetables
· Pulses And Grains
· Cereal Ingredients
· Confectionary Ingredients
· Bakery Ingredients
· Nuts And Seeds: Hazelnuts, Cashews, Macadamias, Pecans, Sunflower
· Kernels, Walnuts Etc
· Vegetable Based Fats And Oils
· Cocoa Products
· Food Additives
· Flours And Starches
· Snack Foods
· Sugar
Brand :
MCKENZIE'S
Purchases
Local : Yes
International : Worldwide: Turkey, Greece,
Pakistan, Thailand, Malaysia, Argentina,
United
States of America, India, Iran, Spain, China, Brazil, Vietnam,
Mexico,
Israel, Peru, Chile, New Zealand, Indonesia
Sales
Local : Yes
International : New
Zealand
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of a warehouse and an administrative office.
Branches : In addition, the Subject
operates from the following branches located at:
10 Stock
Street
Cavan, SA
5094
Australia
Tel: +61 8
82606204
24 West
Link Place
Richlands,
QLD 4077
Australia
Tel: +61 7
33751855
54 Miguel
Road
Bibra
Lakes, WA 6163
Australia
Tel: +61 8
94349090
Suite 4,
2-6 Hunter Street
Parramatta,
NSW 2150
Australia
Tel: +61 2
88374400
Other property : Total NBV of property, plant and equipment as of 30-06-2013 was AUD
1,930,908
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 : Prepayment,
Telegraphic transfer, D/P, Credit 30-90 days
Sales Term
Local : Prepayment, Bank transfer, D/P, Credit 30-90 days
International : Prepayment,
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
NT HISTORY
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
UK Pound |
1 |
Rs.100.21 |
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Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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.