|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
NUFARM AUSTRALIA LIMITED |
|
|
|
|
Registered Office : |
103-105 Pipe Road, Laverton North, Victoria, 3026 |
|
|
|
|
Country : |
Australia |
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|
|
|
Financials (as on) : |
31.07.2013 |
|
|
|
|
Date of Incorporation : |
21.05.1957 |
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|
|
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Com. Reg. No.: |
004377780 |
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|
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Legal Form : |
Unlisted Australian Public Company |
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|
|
|
Line of Business : |
Manufacturing and distribution of crop protection products. |
|
|
|
|
No. of Employees : |
3,458 employees (Nufarm Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 |
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 : NUFARM
AUSTRALIA LIMITED
Business address : 103-105
Pipe Road
Town : Laverton
North
Province : Victoria
Zip/postal code : 3026
Country : Australia
Tel : +61
3 92821000
Fax : +61
3 92821003
Email : info@au.nufarm.com
Website : www.nufarm.com
Registered address : 103-105
Pipe Road
Town : Laverton
North
Province : Victoria
Zip/postal code : 3026
Country : Australia
Executive Summary
Date founded or registered : 21/05/1957
Legal form : Unlisted
Australian Public Company
Chief executive : Douglas
John Rathbone
Issued & paid up capital : AUD
16,003,314
Sales turnover : AUD 2,277,292,000
(Group-Consolidated 12 months, 31/07/2013)
Net income : AUD
81,750,000 (Group-Consolidated 12 months, 31/07/2013)
Total fixed assets : AUD
3,371,669,000 (Group-Consolidated 12 months, 31/07/2013)
Line of business : Manufacturing
and distribution of crop protection products.
Staff employed : 3,458 employees (Nufarm Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is adequately experienced
Financial performance : Group
financial performance is very good
Organization structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No
payment delays noted
Registry Data
Registration date : 21/05/1957
Legal form : Unlisted
Australian Public Company
Registration no Australia
Company Number: 004377780
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australia
Business Number: 80004377780
Registry status : Live/Active
Previous name : NUFARM LIMITED
NUFARM CHEMICALS PTY. LIMITED
NUFARM RURAL PRODUCTS PROPRIETARY LIMITED
NUFARM RURAL
PRODUCTS LIMITED
Change of legal form : None
reported.
Other registration : The
Subject owns the following business names:
FARM CHEMICALS
FARMCO
NUFARM ANIMAL HEALTH
C.I.K. AUSTRALIA
A. & R. PUMPS (AUST.)
NUFARM ANIMAL HEALTH
NUFARM CROPLANDS
FARMCO
NUFARM CROPLANDS
CHEMPACK
KEMCON
FARM SPRAYING SYSTEMS
C.I.K. AUSTRALIA
FARMCO
FARM CHEMICALS
LANDWATCH
Key Management
Name : Douglas
John Rathbone
Designation : Chief
Executive Officer
Name : Lachlan
McKinnon
Designation : General
Manager
Appointments
Name : Douglas
John Rathbone
Designation : Director
Appointment date : 29/10/82
Address : 38
Edward Street
Essendon, VIC 3040
Australia
Biography : Born
on 03-11-1945 in Melbourne, Victoria, Australia.
Mr. Douglas John Rathbone has been the Chief
Executive Officer and Managing Director of Nufarm Limited since October 1999.
Mr. Rathbone has been the Managing Director of Nufarm Australia Limited since
1982. He has been with Nufarm for over 35 years. He is an Industrialist with
vast experience in Chemicals and Agrochemicals Industry/ International
Business. He has expertise in specific functional areas and has chemical
engineering and commerce background.
Name : Paul
Andrew Binfield
Designation : Director
Appointment date : 23/05/12
Address : 16
Chandlers Road
Malvern, VIC 3144
Australia
Biography : Born
on 04-03-1965 in Epping, United Kingdom.
Mr. Paul Andrew Binfield has been Chief
Financial Officer of Nufarm Ltd. since November 6, 2011.
Name : Rodney
Heath
Designation : Company
Secretary
Appointment date :
26/07/89
Address : 6
Lockwood Avenue
Brighton East, VIC 3187
Australia
Biography : Born
on 10-03-1953 in Auckland, New Zealand.
Staff employed : 3,458
employees (Nufarm Group)
Composition
Authorized Capital : AUD
16,003,314
No of shares : 8,001,657
Ordinary Shares
Share par value : AUD
2
Issued capital : AUD
16,003,314
Paid up capital : AUD
16,003,314
How listed : Full
List
Composition
Shareholder name : NUFARM
LIMITED
Address : 103–105
Pipe Road
Laverton North, VIC 3026
Australia
No. of shares : 8,001,657
Ordinary Shares
% of shares : 100%
Structure
Name : NUFARM
LIMITED
Affiliation type :
Parent Company
Address : 103–105
Pipe Road
Laverton North, VIC 3026
Australia
Comments : Nufarm Limited is an
Australia-based global crop protection company. The Company develops,
manufactures and sells a range of crop protection products, including
herbicides, insecticides and fungicides that help crop producers protect their
crops against damage caused by weeds, pests and disease. The Company operates
in two segments: crop protection and seed technologies. The crop protection
business deals in the manufacture and sale of crop protection products used by
farmers to protect crops from damage caused by weeds, pests and disease. The
seed technologies business deals in the sale of seeds and seed treatment
products. The seed technologies business is managed on a worldwide basis.
Name : CROP
CARE AUSTRALASIA PTY LTD
Affiliation type : Sister
Company
Address : Portal
North, 15/16 Metroplex Avenue
Murarrie, QLD 4172
Australia
Name : NUFARM
MALAYSIA SDN BHD
Affiliation type : Sister
Company
Address : L2.03
Wisma BU8
No. 11, Lebuh Bandar Utama
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : NUFARM
NZ LIMITED
Affiliation type : Sister
Company
Address : 6
Manu Street
Otahuhu, Auckland
New Zealand
Name : NUFARM
K.K.
Affiliation type : Sister
Company
Address : 21st
Fukokuseimei Building
2-2, Uchisaiwaicho, 2-Chome
Chiyoda-ku
Tokyo 100-0011
Japan
Related companies and corporate: Other
companies of the Nufarm Group should be considered affiliated
affiliations comments
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 : 31/07/13
Type of accounts : Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1
USD = AUD 1.06 as of 11-05-2014
Summarized Financial Information
|
Consolidation type |
: Group Consolidated |
Group
Consolidated |
|
Currency |
:
Australia Dollar (AUD) |
Australia
Dollar (AUD) |
|
Denomination |
:
(x1) One |
(x1)
One |
|
Date of financial year end |
:
31/07/13 |
31/07/12 |
|
Length of accounts |
: 12 months |
12 months |
|
Sale turnover / Income |
: 2,277,292,000 |
2,181,551,000 |
|
Gross profit |
: 623,301,000 |
610,894,000 |
|
Profit before tax |
: 112,923,000 |
110,323,000 |
|
Net income |
: 81,750,000 |
72,822,000 |
|
Non current assets |
: 1,511,508,000 |
1,326,537,000 |
|
Current assets |
: 1,860,161,000 |
1,474,731,000 |
|
Inventories |
: 802,789,000 |
515,254,000 |
|
Total assets |
: 3,371,669,000 |
2,801,268,000 |
|
Current liabilities |
: 906,423,000 |
807,057,000 |
|
Non current liabilities |
: 800,501,000 |
517,409,000 |
|
Total liabilities |
: 1,706,924,000 |
1,324,466,000 |
|
Share equity |
: 1,664,745,000 |
1,476,802,000 |
|
Retained earning |
: 547,302,000 |
496,663,000 |
Main activities : The
Subject engages in manufacturing and distribution of crop protection products.
The Subject operates as a wholly owned
subsidiary of Nufarm Limited, a Public Listed Company on Australian Stock
Exchange.
Nufarm Limited engages in manufacturing and
distribution of crop protection products mainly agricultural chemicals used by
farmers to protect crops from damage caused by weeds, pests and disease. It has
production and marketing operations throughout the world and sells products worldwide.
The major markets include Australasia, Europe, North America and South America.
Nufarm Limited is also a breeder and marketer of high quality seeds with a
focus on corn, sunflower and canola.
Product & services : Agricultural
chemicals
Specialty chemicals
Glyphosate
Diuron Insecticides
Plant nutrition
Herbicides
Fungicides
Seeds and seed treatment
Fertilisers
Brand : NUFARM
Purchases
Local : Yes
International : Worldwide
Sales
Local : Yes
International :
Worldwide
Key events : 17
March, 2014
Nufarm Limited :
Nufarm to Shut Australian Pesticide Plants
Australian agriculture chemicals company
Nufarm Ltd. (NUF.AU) said Tuesday it would close two local manufacturing plants
to reduce costs, as it grapples with the loss of key distribution contracts.
The Melbourne-based company suffered a
severe hit to revenue last year after it lost separate contracts to distribute
crop-protection products made by BASF and Monsanto Co. in Australia.
Nufarm has also been hurt by persistently
weak glyphosate prices, kept low by a flood of global supply and lax demand
since 2008.
The closure of the plants, located in
Western Australia and Queensland states, will be implemented over the next two
years. A company spokesman was not available to comment on whether there would
be any job losses. Nufarm also said it was reviewing its manufacturing
operations in New Zealand.
It will book a restructure charge of 39
million Australian dollars (US$35 million) related to the Australian plant
closures. Facilities in Victoria state will be expanded to manufacture the
products affected by the two closures, the company said.
Property &
Assets
Premises : The Subject operates from
group headquarters located at the verified heading address consisting of an administrative
office, production facility and warehouse.
Branches : In
addition, the Subject operates from branches located at:
30 Pritchard Street
Lytton, QLD 4178
Australia
Tel: +61 7 39092060
Lot 51, Mason Road
Kwinana, WA 6167
Australia
Tel: +61 8 94114000
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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
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
Local : Cash
against document, Prepayment, Credit up to 120 days
International : L/C,
Telegraphic transfer, Credit up to 120 days
Sales Term
Local : Cash
against document, Prepayment, Credit up to 120 days
International : L/C,
Prepayment, Credit up to 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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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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.