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Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
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Name : |
INNOVIA FILMS
(ASIA PACIFIC) PTY LTD |
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Formerly Known as : |
INNOVIA FILMS (AUSTRALIA)
PTY LTD |
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Registered Office : |
19 Potter Street,
Craigieburn, Victoria, Zip Code 3064 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2013 (Non-Consolidated) |
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Date of Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
007415714 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
· engaged in Manufacturing, Import and Distribution of packaging films. Manufacturer of two
Speciality Materials including Cellulose and Biaxially Oriented
Polypropylene (BOPP) films supplied into the Packaging, Labels, Tobacco
Overwrap and Securities Markets |
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No of Employees : |
79 (Subject) |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
Verified Address
Subject name : INNOVIA FILMS (ASIA PACIFIC) PTY
LTD
Business address : 19 Potter Street
Town : Craigieburn
Province : Victoria
Zip/postal code : 3064
Country : Australia
Tel : +61 3 93030600
Fax : +61 3 93030670
Email : apac@innoviafilms.com
Website : www.innoviafilms.com
Registered address : 19 Potter Street
Town : Craigieburn
Province : Victoria
Zip/postal code : 3064
Country : Australia
Postal address : P.O. Box 341
Town : Craigieburn
Province : Victoria
Zip/postal code : 3064
Country : Australia
Executive Summary
Date founded or registered : 30/05/1990
Legal form : Australian Proprietary
Company
Chief executive : Barend Franciscus
Johannes van den Hoek
Issued & paid up capital
: AUD 23,000,000
Sales turnover : AUD 69,782,385 (Non-Consolidated 12
months, 31/12/2013)
Net income : AUD 8,093,635 (Non-Consolidated
12 months, 31/12/2013)
Total fixed assets : AUD 67,218,524
(Non-Consolidated 12 months, 31/12/2013)
Line of business : Manufacturing, import and distribution of Packaging Films.
Manufacturer of two
Speciality Materials including Cellulose and Biaxially Oriented
Polypropylene (BOPP) films supplied into the Packaging, Labels, Tobacco
Overwrap and Securities Markets
Staff employed : 79 employees (Subject)
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
progressing
Management experience : Management is reasonably experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is
consistent
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount asked : Not described.
Comments : Larger credit can
still be considered.
Registry Data
Registration date : 30/05/1990
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 007415714
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 96007415714
Registry status : Live/Active
Previous name : INNOVIA FILMS
(AUSTRALIA) PTY LTD
SURFACE
SPECIALTIES (AUSTRALIA) PTY LTD
UCB FILMS
(ASIA PACIFIC) PTY LTD
UCB SIDEX
(AUSTRALIA) PTY. LIMITED
ACL FILMS
PTY. LIMITED
RUMSCA
PTY. LTD. (initial)
Change of legal form : None reported.
Key Management
Name : Barend Franciscus
Johannes van den Hoek
Designation : Managing Director
Name : Neil Leslie Parker
Designation : Chief Financial Officer
Appointments
Name : Robert Lee Larkin
Designation : Director
Appointment date : 30/09/04
Address : 2 Central Avenue
Balwyn
North, VIC 3104
Australia
Biography : Born on 30-10-1935 in United
States.
Name : David George Beeby
Designation : Director
Appointment date : 25/10/10
Address : United Kingdom
Biography : Born on 11-08-1952 in United
Kingdom.
Name : Barend Franciscus Johannes
van den Hoek
Designation : Director
Appointment date : 25/10/10
Address : 4 Boyd Close
Mooroolbark,
VIC 3138
Australia
Biography : Born on 27-12-1957 in
Netherlands.
Name : Neil Leslie Parker
Designation : Company Secretary
Appointment date : 17/05/05
Address : Unit 1, 5 Cherbourg Avenue
Beaumaris,
VIC 3193
Australia
Biography : Born on 21-09-1950 in Zambia.
Staff employed : 79 employees (Subject)
Key Advisors
Auditors : DELOITTE TOUCHE TOHMATSU
550 Bourke
Street
Melbourne,
VIC 3000
Australia
Composition
Authorized Capital : AUD 23,000,000
No of shares : 16,700,000 Ordinary Shares /
6,300,000 Redeemable Preference Shares
Share par value : AUD 1
Issued capital : AUD 23,000,000
Paid up capital : AUD 23,000,000
How listed : Full List
Composition
Shareholder name : INNOVIA FILMS (HOLDING) PTY LTD
Address : 19 Potter Street
Craigieburn,
VIC 3064
Australia
No. of shares : 16,700,000 Ordinary Shares /
6,300,000 Redeemable Preference Shares
% of shares : 100%
Structure
Name : INNOVIA GROUP (HOLDING
1) LIMITED
Affiliation type : Ultimate Holding Company
Address : The Coach House
West
Street
Wigton CA7
9PD
Cumbria
United
Kingdom
Name : INNOVIA FILMS (HOLDING)
PTY LTD
Affiliation type : Parent Company
Address : 19 Potter Street
Craigieburn,
VIC 3064
Australia
Name : INNOVIA FILMS LIMITED
Affiliation type : Sister Company
Address : The Coach House
West Street
Wigton CA7 9PD
Cumbria
United Kingdom
Name : INNOVIA FILMS INC.
Affiliation type : Sister Company
Address : 290 Interstate North Cir
SE, Suite 100
Atlanta,
GA 30339-2401
United
States
Name : INNOVIA FILMS BVBA
Affiliation type : Sister Company
Address : Sluisweg 8
9820
Merelbeke
Belgium
Related companies and corporate affiliations comments
Other companies of the
Innovia Group should be considered affiliates of the Subject.
Bank Details
Name of bank : Westpac Banking Corporation
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 bankers 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 : 31/12/13
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 1.07 as of
09-06-2014
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 : 31/12/13 31/12/12
Length of accounts : 12 months 12 months
Sale turnover / Income : 69,782,385 57,926,255
Gross profit : 15,456,681 11,750,753
Profit before tax : 11,577,806 7,790,444
Net income : 8,093,635 5,431,537
Non current assets : 46,157,094 33,404,001
Current assets : 21,061,430 26,825,267
Inventories : 6,461,561 6,562,094
Total assets : 67,218,524 60,229,268
Current liabilities : 8,618,053 9,219,227
Non current liabilities 567,397 1,070,602
Total liabilities : 9,185,450 10,289,829
Share equity : 58,033,074 49,939,439
Retained earning : 35,033,074 26,939,439
Main activities : The Subject
engages in manufacturing, import and distribution of Packaging Films.
Manufacturer of two
Speciality Materials including Cellulose and Biaxially Oriented
Polypropylene (BOPP) films supplied into the Packaging, Labels, Tobacco
Overwrap and Securities Markets
Purchases
Local : Yes
International : Asia, Europe
Sales
Local : Yes
International : New Zealand, Pacific Islands,
Asia
Property &
Assets
Premises : The Subject operates from
premises at 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
(General Government
gross debt as a % 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 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, Credit 30-90 days
International : Telegraphic
transfer, Credit 30-90 days
Sales Term
Local : Bank
transfer, Prepayment, Credit 30-90 days
International : Telegraphic
transfer, Prepayment, D/P, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.06 |
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1 |
Rs.99.35 |
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Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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.