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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CATHAY
INDUSTRIES AUSTRALASIA PTY LTD |
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Formerly Known As : |
CATHAY
PIGMENTS (AUSTRALASIA) PTY LTD |
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Registered Office : |
Level 1, 103
Vanessa Street Kingsgrove New South Wales 2208 |
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Country : |
Australia |
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Date of Incorporation : |
05.01.1998 |
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Com. Reg. No.: |
081186174 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Import &
distribution of synthetic iron oxide pigments, food coloring, water treatment
chemicals, ilmenite and manufacturing of commercial pigments. |
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No. of Employees |
36 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Australia |
A1 |
A1 |
|
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
|
Source
: CIA |
Verified Address
Subject name :
CATHAY INDUSTRIES AUSTRALASIA PTY LTD
Business
address : Level 1, 103 Vanessa
Street
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Tel : +61 2 93361000
Fax : +61 2 91506677
Email : info@cathayindustries.com.au
Website : www.cathayindustries.com.au
Registered
address : Level 1, 103 Vanessa Street
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Postal address : P.O. Box 42
Town : Kingsgrove
Province : New South Wales
Zip/postal code : 2208
Country : Australia
Executive Summary
Date founded
or registered : 05/01/1998
Legal form : Australian
Proprietary Company
Chief
executive : Steven
Leo Joseph Spackman
Issued &
paid up capital : AUD 3,491,880
Sales turnover
: AUD 36,548,160
(Non-consolidated 12 months, 31/12/2013)
Net income : AUD 255,494
(Non-consolidated 12 months, 31/12/2013)
Total fixed
assets : AUD 16,942,616
(Non-consolidated 12 months, 31/12/2013)
Line of
business : Import
& distribution of synthetic iron oxide pigments, food coloring, water
treatment chemicals, ilmenite and
manufacturing of commercial pigments.
Staff employed
: 36 employees
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 fair
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Credit amount
asked : Not described.
Registry Data
Registration
date : 05/01/1998
Legal form : Australian
Proprietary Company
Registration
no Australian Company Number: 081186174
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no
: Australian
Business Number: 23081186174
Registry
status :
Live/Active
Previous name
: CATHAY
PIGMENTS (AUSTRALASIA) PTY LTD (initial)
Change of
legal form : None
reported.
Key Management
Name : Steven Leo Joseph Spackman
Designation : Managing Director
Appointments
Name : Kwan Yau Yu
Designation : Director
Appointment
date : 27/04/06
Address : Flat D, 19 Floor, 4
Broadwood Road
Happy Valley
Hong Kong
Biography : Born on 07-08-1952 in Hong
Kong.
Name : Steven Leo Joseph
Spackman
Designation : Director
Appointment
date : 01/07/08
Address : 30 Norma Avenue
Eastwood, NSW 2122
Australia
Biography : Born on 19-06-1964 in Manly,
New South Wales, Australia.
Name : Kwan Ping Yu
Designation : Director
Appointment
date : 01/07/08
Address : Flat D, 19 Floor, 4
Broadwood Road
Happy Valley
Hong Kong
Biography : Born on 26-12-1953 in Hong
Kong.
Name : Danny Succar
Designation : Company Secretary
Appointment
date : 01/07/08
Address : 94 Permanent Avenue
Earlwood, NSW 2206
Australia
Biography : Born on 04-08-1971 in
Marrickville, New South Wales, Australia.
Staff employed
: 36 employees
Composition
Authorized
Capital : AUD 3,491,880
No of shares : 4,157 Ordinary Shares
Share par
value : No Par Value
Issued capital
: AUD 3,491,880
Paid up
capital : AUD
3,491,880
How listed :
Full List
Composition
Shareholder
name : CATHAY PIGMENTS HOLDINGS
LIMITED
Address : C/o COMMENCE OVERSEAS
LIMITED
P.O. Box 2208
Road Town, Tortola
British Virgin Islands
No. of shares
: 4,157 Ordinary Shares
% of shares : 100%
Structure
Name : CATHAY PIGMENTS HOLDINGS LIMITED
Affiliation
type : Parent Company
Address : C/o COMMENCE OVERSEAS LIMITED
P.O. Box 2208
Road Town, Tortola
British Virgin Islands
Name : CATHAY INDUSTRIES NZ PTY LIMITED
Affiliation
type : Wholly-owned Subsidiary
Address : C/o BDO AUCKLAND
Level 8, 120 Albert Street
Auckland Central, Auckland 1010
New Zealand
Name : CATHAY PIGMENTS (USA), INC.
Affiliation
type : Sister Company
Address : 4901 Evans Avenue
Valparaiso, IN 46383
United States of America
Name : CATHAY INDUSTRIES (AFRICA) (PTY)
LTD
Affiliation type : Sister Company
Address : Unit 3, Jet Park
Caravelle Street
Walmer, 6070
Port Elizabeth
South Africa
Name : CATHAY COLORS & PIGMENTS
LIMITED
Affiliation type : Sister Company
Address : Suite 901A, 9/F, Chinachem Golden Plaza
77 Mody Road
Tsimshatsui East, Kowloon
Hong Kong
Related
companies and corporate
affiliations
comments : Other companies of the Cathay Group should be considered affiliates
of the Subject.
Bank Details
Name of bank :
HSBC Bank
Australia
Address : Australia
Account
details : Current Acccount
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 : 31/12/13
Type of
accounts : Full
audited
Currency : Australia Dollar (AUD)
Exchange rate
: 1 USD = AUD 1.09 as of
02-05-2014
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 : 36,548,160 33,597,517
Gross profit :
7,998,779 7,562,419
Profit before
tax : 369,599 615,145
Net income : 255,494 432,290
Non current
assets : 451,895 480,974
Current assets
: 16,490,721 14,863,129
Inventories : 5,856,782 5,242,757
Total assets :
16,942,616 15,344,103
Current
liabilities : 9,900,961
9,123,778
Non current
liabilities : 63,698 69, 902
Total
liabilities : 9,964,659
9,193,680
Share equity : 6,977,957 6,150,423
Retained
earning : 3,486,077 3,230,583
Main activities : The Subject engaged in import &
distribution of synthetic iron oxide pigments, food coloring, water treatment
chemicals, Ilmenite and manufacturing of commercial pigments.
The Subject has four main divisions:
- Construction: This division provides Iron Oxide Pigment as well as
associated products to the concrete, masonry, roof tile and asphalt
industries.
- Industrial: This division supplies the Subject's own micronized and
non
micronized iron oxide pigment as well as exclusively distributing the
Huntsman range of quality Titanium Dioxides.
- Food, Pharmaceutical & Cosmetic: This division supplies Oxide
pigment
from sister company's Valparaiso plant in the USA, as well as
regulated
food colour from sister company's plant in China and from partners in
India
and natural colour solutions from its global partners.
- Chemicals: This division supplies industrial raw material
ingredients to all
industries in the Australasian region including the supply of the
"Mayoquest" brand of phosphonates to the water treatment
industry.
Product & services : Synthetic iron oxide pigments
Commercial pigments
Food coloring
Water treatment chemicals: Phosphonates (Compass Chemical)
Ilmenite
Activated Carbon
Chemicals
Additives (Food & Industrial)
Colourants
Plasticizers
Resins
Waxes
Colours (Artificial & Natural)
Purchases
International
: Worldwide
Sales
Local : Yes
International
: Pacific Islands, Australia
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address
consisting of a production facility, warehouse and an
administrative
office.
Branches : In addition, the Subject operates from
branch offices located at:
18-20 Ventura Place
Dandenong South, VIC 3175
Australia
Tel: +61 3 87874400
Level 1, 3972 Pacific Highway
Loganholme, QLD 4129
Australia
Tel: +61 7 33870128
Other property
: Total NBV of property, plant and equipment as of 31-12-2013 was AUD
240,503
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
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 30-120 days
Sales Term
Local :
Prepayment, 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.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.