MIRA INFORM REPORT

Report Date :

11.07.2014

IDENTIFICATION DETAILS

Name :	BUNZL BRANDS & OPERATIONS PTY LIMITED

Formerly Known as :	JEMINEX BRANDS & OPERATIONS PTY LIMITED

Registered Office :	Unit 1, 55 Sarah Andrews Close, Erskine Park, New South Wales, Zip code 2759

Country :	Australia

Financials (as on) :	31.12.2013 (Group Consolidated) 31.12.2013 (Consolidated)

Date of Incorporation :	14.01.1977

Com. Reg. No.:	001428815

Legal Form :	Australian Proprietary Company, Limited by Shares

Line of Business :	· engaged in Manufacturing, Import and distribution of Industrial Safety Products. · Subject is part of Bunzl PLC, which is engaged in Providing Value Added Distribution and Outsourcing Services in the Americas, Europe and Australasia.

No of Employees :	150 employees (Subject); 13,675 employees (Bunzl Group)

RATING & COMMENTS

MIRA’s Rating :

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 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Australia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

CORPORATE DETAILS

Verified Address

Subject name
BUNZL BRANDS & OPERATIONS PTY LIMITED
Business name / Other
ADVANTAGE CONCEPTS / BEAVER BRANDS / J.L.D. TRADING CO / MACK FOOTWEAR / WEISSENFELS AUSTRALIA
Business address
Unit 1, 55 Sarah Andrews Close
Town
Erskine Park
Province
New South Wales
Zip / Postal code
2759
Country
Australia
Telephone
+61 2 88825700
Fax
+61 2 88825859
Email
info@bunzlis.com.au
Website
www.bunzl.com.au

Registered address
Unit 1, 55 Sarah Andrews Close
Town
Erskine Park
Province
New South Wales
Zip / Postal code
2759
Country
Australia

SUMMARY DETAILS

Report Summary

Date registered
14/01/1977
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Jason Varone
Line of business
The Subject’s business consist of manufacturing, import and distribution of industrial safety products.
Staff employed
150 employees (Subject); 13,675 employees (Bunzl Group)

Paid-up capital
AUD1,507,997.77
Sales turnover / Revenue / Income
GBP6,097,700,000.00 (Group-Consolidated 12 months, 31/12/2013)
Net income / loss
GBP206,800,000.00 (Group-Consolidated 12 months, 31/12/2013)
Total assets
GBP3,171,500,000.00 (Group-Consolidated 12 months, 31/12/2013)
Share equity
GBP939,900,000.00 (Group-Consolidated 12 months, 31/12/2013)

CREDIT RISK OUTLOOK

Credit Risk Interpretation

Credit risk rating
GOOD
Credit risk theory
Sound financial and operational base for group. Small to medium credits may be considered with confidence that the commitment will be sustained in almost all cases. This is based on criterions such as years of establishment, number of employees, sales turnover, profit after tax, total assets, reserve, and others. Normal credit control policy applies.
Paid-up capital
AUD1,507,997.77
Sales turnover / Revenue / Income
GBP6,097,700,000.00 (Group-Consolidated 12 months, 31/12/2013)
Net income / loss
GBP 206,800,000.00 (Group-Consolidated 12 months, 31/12/2013)
Total assets
GBP 3,171,500,000.00 (Group-Consolidated 12 months, 31/12/2013)
Share equity
GBP 939,900,000.00 (Group-Consolidated 12 months, 31/12/2013)

Description: good.png

Subject’s Credit Risk 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 very good
Remarks
Larger credit can still be considered as the Subject's is well positioned in the market and the financial stability of the group is positive.

Organisation structure
Organisational structure is consistent
Detrimental
No detrimental records found
Payment history
No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered
14/01/1977
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 001428815
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 54001428815

Statutory status
Active
Previous name
JEMINEX BRANDS & OPERATIONS PTY LIMITED
BEAVER BRANDS PTY LIMITED
BEAVER SALES PTY LIMITED
A BEAVER SALES PTY LTD (initial)
Change of legal form
None reported.

BOARD OF MANAGEMENT

Key Personnel

Name
Jason Varone
Designation
Chief Executive Officer

BOARD OF DIRECTORS

Appointments

Name
Jason Varone
Title
Director
Appointment date
09/11/01
Address
30 John Street
Concord, NSW 2137
Australia
Biography
Born on 04/10/1967 in Sydney, New South Wales, Australia.
Name
Robert Bulluss
Title
Director
Appointment date
30/04/13
Address
7 Finsbury Close
Rowville, VIC 3178
Australia
Biography
Born on 18/08/1965 in Box Hill, Victoria, Australia.
Name
Kim Hetherington
Title
Director
Appointment date
30/04/13
Address
34 Sims Street
Sandringham, VIC 3191
Australia
Biography
Born on 29/05/1965 in Manjimup, Western Australia, Australia.
Name
Fadia Chidiac
Title
Company Secretary
Appointment date
30/04/13
Address
11 Oliver Street
Bexley North, NSW 2207
Australia
Biography
Born on 29/09/1970 in Darlinghurst, New South Wales, Australia.

Staff employed
150 employees (Subject); 13,675 employees (Bunzl Group)

SHARE CAPITAL

Composition

Authorized capital
AUD1,507,997.77
Number / Type of shares
10,000 Ordinary Shares
Share par value
No par value
Issued capital
AUD1,507,997.77

Paid-up capital
AUD1,507,997.77

OWNERSHIP / SHAREHOLDERS

Composition

How listed
Full list
Shareholder name
BUNZL AUSTRALASIA HOLDINGS PTY LIMITED
Address
Suite 8, 9-11 Compark Circuit
Mulgrave, VIC 3170
Australia
Number / Type of shares
10,000 Ordinary Shares
Percentage (%) of shares
100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name
BUNZL PLC
Affiliation type
Ultimate Holding Company
Country of business
United Kingdom
Comments
Bunzl PLC, a specialist distribution group, supplies a range of non-food consumable products. The company partners with both suppliers and customers in providing outsourcing solutions. The company is active in 23 countries. Its main customer markets include grocery, foodservice, cleaning and safety, non-food retail and healthcare. The company provides customers with integrated supply services, including procurement and inventory management. It is organized into four business areas: North America, UK & Ireland, Continental Europe and Rest of the World. Significant Events Acquisitions The company’s principal acquisitions made during the year 2008 were Günter Guest Supplies, Prot Cap, Salgo, Worldpack, Hicosa, A&E Russell and Marca. Günter Guest Supplies, a supplier of amenity products to hotels throughout Europe, was acquired on 31 January. Prot Cap, a supplier of personal protection equipment to the industrial, processor, construction, retail and mining sectors throughout Brazil, was acquired in February. Salgo, a business principally engaged in the distribution of catering equipment and supplies to the hotel, restaurant and catering sectors throughout eastern Australia, was acquired in April. Worldpack, a distributor of promotional packaging and point-of-sale items for the non-food retail sector throughout Benelux, was acquired in June. Hicosa, which is principally engaged in the distribution of cleaning and hygiene products to a variety of customers in Spain, was acquired in July. A&E Russell, a business based in the UK supplying a range of personal protection equipment and related products, was acquired in July. Marca which supplies personal protection equipment, principally work wear and clothing, to redistributors throughout Spain was purchased in July. History Bunzl PLC was founded in 1940.

Company name
BUNZL AUSTRALASIA HOLDINGS PTY LIMITED
Affiliation type
Parent Company
Country of business
Australia
Company name
BUNZL FINANCE PLC
Affiliation type
Sister Company
Country of business
United Kingdom
Company name
BUNZL FOOD PROCESSOR SUPPLIES PTY LTD
Affiliation type
Sister Company
Country of business
Australia
Company name
BUNZL OUTSOURCING SERVICES LIMITED
Affiliation type
Sister Company
Country of business
Australia
Company name
BUNZL CATERING SUPPLIES LIMITED
Affiliation type
Sister Company
Country of business
Australia
Company name
BUNZL AUSTRALASIA LIMITED
Affiliation type
Sister Company
Country of business
Australia
Company name
BUNZL HOLDING DANMARK A/S
Affiliation type
Sister Company
Country of business
Denmark
Company name
BUNZL DISTRIBUTION SPAIN SAU
Affiliation type
Sister Company
Country of business
Spain
Company name
BUNZL HOLDINGS FRANCE SNC
Affiliation type
Sister Company
Country of business
France

Remarks on corporate affiliations and related companies
Other companies of the Bunzl group should be considered affiliates of the Subject.

BANK AND MORTGAGES

Bank Details

Name of bank
Westpac Banking Corporation
Address
Australia

Comments
It is generally not the policy of local banks to provide credit status information to non-related parties. However, interested parties are advised to first consult with the Subject if banker's references are required.

Mortgages

None reported.

Legal Filings

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

FINANCIAL STATISTICS

Description

Financial statement source
Public Record Sources
Financial statement date
31/12/13
Style of financial statement
Full audited

Currency of financial statement
United Kingdom, Pound (GBP)
Exchange rate
1 USD = GBP 0.58 as of 10-07-2014

_{Concise Financial Data}	_{Consolidation style}	_{Group Consolidated}	_{Group Consolidated}
	_Currency	_{United Kingdom, Pound (GBP)}	_{United Kingdom, Pound (GBP)}
	_{Date of financial year end}	_31/12/13	_31/12/12
	_{Length of financial accounts}	_{12 months}	_{12 months}
	_{Sales turnover / Revenue / Income}	_{6,097,700,000.00}	_{5,359,200,000.00}
	_{Operating profit / Profit from operations}	_{332,100,000.00}	_{293,800,000.00}
	_{Profit / Loss before tax}	_{289,900,000.00}	_{263,800,000.00}
	_{Net income / loss}	_{206,800,000.00}	_{191,300,000.00}
	_{Non-current assets}	_{1,589,400,000.00}	_{1,467,800,000.00}
	_{Property, plant and equipment}	_{118,800,000.00}	_{111,100,000.00}
	_{Current assets}	_{1,582,100,000.00}	_{1,483,900,000.00}
	_Inventories	_{645,100,000.00}	_{581,500,000.00}
	_{Cash and cash equivalents}	_{73,100,000.00}	_{81,200,000.00}
	_{Accounts receivable}	_{863,000,000.00}	_{818,700,000.00}
	_{Total assets}	_{3,171,500,000.00}	_{2,951,700,000.00}
	_{Current liabilities}	_{1,152,200,000.00}	_{1,215,700,000.00}
	_{Non-current liabilities}	_{1,079,400,000.00}	_{850,500,000.00}
	_{Accounts payable}	_{1,004,400,000.00}	_{909,300,000.00}
	_{Total liabilities}	_{2,231,600,000.00}	_{2,066,200,000.00}
	_{Share equity}	_{939,900,000.00}	_{885,500,000.00}
	_{Retained earnings}	_{707,300,000.00}	_{610,400,000.00}

Remarks

The group consolidated financial statement above relates to the Subject's Ultimate Holding Company Bunzl PLC and all its subsidiaries.

BUSINESS DETAILS

Operational Details

Main activities
The Subject engages in manufacturing, import and distribution of industrial safety products.

The Subject is part of Bunzl PLC, which is engaged in providing value added distribution and outsourcing services in the Americas, Europe and Australasia. The Company has facilities in 23 countries across four business areas: North America, United Kingdom & Ireland, Continental Europe and Rest of the World. It provides a one stop shop distribution and outsourcing service supplying a range of internationally sourced non-food products to a variety of market sectors. Each of the business areas supplies a range of products to customers operating primarily in the grocery, foodservice, cleaning and hygiene, non-food retail, safety and healthcare market sectors. In February 2014, the Company purchased Oskar Plast sro. In March 2014, Bunzl PLC acquired Lamedid Comercial e Servicos Ltda in Brazil. In June 2014, Bunzl PLC acquired Allshoes Benelux BV and JPLUS Comercio e Distribuiao Ltda in Brazil.
Products and services
Personal protective equipment
Safety workwear
Safety footwear
Height safety, lifting & rigging products

Purchases

Local
The Subject sources its product(s) / material(s) locally.

International
The Subject sources its product(s) / material(s) from countries in Asia, Europe, North America.

Sales

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries such as New Zealand, Pacific Islands.

Business Facilities and Assets

Premises
The Subject operates from the verified heading address consisting of a production facility, warehouse and an administrative office.

Branches
None reported.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 46.714 billion
Gross domestic product (GDP)
US$ 1.586 trillion
Purchasing power parity (GPP)
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 percentage (%) of GDP)
2010: 20.4%
2011: 22.9%
2012: 24%
Government bond ratings
Standard & Poors: AAA
Moodys rating: Aaa
Moodys outlook: STA
Market value of publicly traded shares
US$1.198 trillion
Largest companies
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 and Competitiveness Overview

Total exports
US$263.9 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports
US$239.7 billion
Import commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
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)

Major export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Major import 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

Country and Population Overview

Total population
22.68 million
Total area
7,692,024 km2
Capital
Canberra

Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
79%

PAYMENT OUTLOOK

Purchases Term

Local
Bank transfer, Credit 30-90 days

International
L/C, Telegraphic transfer, Credit 30-90 days

Sales Term

Local
Bank transfer, Prepayment, 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

Attachments

Attachments
Group consolidated financial statements
List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.88
UK Pound	1	Rs.102.59
Euro	1	Rs.81.69

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.