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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AUSTRALIAN FISHING ENTERPRISES PTY. LTD. |
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Registered Office : |
9-11 Mortlock
Terrace, Port Lincoln, South Australia 5606 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.03.1987 |
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Com. Reg. No.: |
008131235 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Engages in catching,
farming and distribution of Southern Bluefin Tuna. The Subject is
Australia's largest farmer and holder of Southern Bluefin Tuna Quota. The
Subject has 2 vessels - The MFV Apollo and the MFV Maria Luisa - which
are used to catch the Subject's annual tuna quota in the Great Australian
Bight before the farming season. This is usually done in late summer.
The tuna that is caught is then grown at the farming facilities and harvested
from mid-late winter each year. The Subject is part of The Sarin Group.
The Sarin Group is a diverse group of privately owned entities, primarily
located in Port Lincoln, South Australia, in a range of industries from
fishing to property development. |
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No. of Employees |
50 |
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 |
|
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 : AUSTRALIAN FISHING ENTERPRISES PTY.
LTD.
Business address :
Billy Lights Point
Town : Port Lincoln
Province : South Australia
Zip/postal code : 5606
Country : Australia
Tel : +61 8 86214400
Fax : +61 8 86214401
Email : afe1@bigpond.com.au
Website : www.afe.net.au
Registered address
: 9-11 Mortlock Terrace
Town : Port Lincoln
Province : South Australia
Zip/postal code : 5606
Country : Australia
Postal address : P.O. Box 1073
Town : Port Lincoln
Province : South Australia
Zip/postal code : 5606
Country : Australia
Executive Summary
Date founded or
registered : 27/03/1987
Legal form : Australian
Proprietary Company
Chief executive : Sime Sarin
Issued & paid
up capital : AUD 17,665,991
Sales turnover : AUD
42,897,849 (Consolidated 12 months, 31/12/2012)
Net income : AUD 26,575,372
(Consolidated 12 months, 31/12/2012)
Total fixed assets
: AUD 215,185,429
(Consolidated 12 months, 31/12/2012)
Line of business :
Catching, farming
and distribution of Southern Bluefin Tuna.
Staff employed : 50 employees (Subject);
200 employees (Sarin Group)
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management
experience : Management is
adequately experienced
Financial
performance : 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
: 27/03/1987
Legal form : Australian
Proprietary Company
Registration no
Australian Company Number: 008131235
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no :
Australian Business Number: 79008131235
Registry status : Live/Active
Previous name : BERNA
PTY. LTD. (initial)
Change of legal
form : None
reported.
Key Management
Name : Sime Sarin
Designation : Managing Director
Name : Nick Roberts
Designation : Chief Financial Officer
Appointments
Name : Sime Sarin
Designation : Director and Company Secretary
Appointment date :
01/11/87
Address : 46 Chapman Street
Port Lincoln, SA 5606
Australia
Biography : Born on 10-03-1936 in Kali,
Croatia.
Staff employed : 21 employees (Subject); 200
employees (Sarin Group)
Key Advisors
Auditors : RSM BIRD CAMERON PARTNERS
Rialto South Tower
Level 8, 525 Collins Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital
: AUD 17,665,991
No of shares : 17,665,991 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 17,665,991
Paid up capital : AUD 17,665,991
How listed : Full List
Composition
Shareholder name :
S. SARIN NOMINEES PTY. LTD.
Address : Billy Lights Point
Port Lincoln, SA 5606
Australia
No. of shares : 17,665,991 Ordinary Shares
% of shares : 100%
Structure
Name : S. SARIN NOMINEES PTY.
LTD.
Affiliation type :
Parent Company
Address : Billy Lights Point
Port Lincoln, SA 5606
Australia
Name : SARUNIC BROS PTY LTD
Affiliation type :
Subsidiary
Address : Billy Lights Point
Port Lincoln, SA 5606
Australia
Name : ACN 058 441 722 PTY LTD
Affiliation type :
Subsidiary
Address : Billy Lights Point
Port Lincoln, SA 5606
Australia
Name : SARIN HOTELS PTY LTD
Affiliation type :
Associate
Address : 2 Jubilee Drive
Port Lincoln, SA 5606
Australia
Name : SARIN SEAFOODS PTY LTD
Affiliation type :
Associate
Address : Billy Lights Point
Port Lincoln, SA 5606
Australia
Related companies
and corporate
affiliations
comments
: Other companies of the Sarin Group should be considered affiliated
companies of the Subject.
Bank Details
Name of bank : The Commonwealth Bank of Australia
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 : 31/12/12
Type of accounts :
Full
audited
Currency : Australia
Dollar (AUD)
Exchange rate : 1 USD = AUD
1.08 as of 26-05-2014
Summarized Financial Information
Consolidation type
: Consolidated
Consolidated
Currency : Australia
Dollar (AUD) Australia
Dollar (AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/12/12 31/12/11
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 42,897,849 55,647,344
Profit before tax
: 38,036,800
-3,963,668
Net income : 26,575,372
-2,549,611
Non current assets
: 92,945,003
95,086,646
Current assets : 122,240,426 115,729,693
Inventories : 1,558,525
1,760,079
Total assets : 215,185,429
210,816,339
Current
liabilities : 32,015,679
121,837,251
Non current
liabilities : 72,099,262
3,483,972
Total liabilities
: 104,114,941
125,321,223
Share equity : 111,070,488
85,495,116
Retained earning :
93,404,497
67,829,125
Main activities : The Subject engages in
catching, farming and distribution of Southern
Bluefin Tuna. The Subject is Australia's largest farmer and holder of
Southern Bluefin Tuna Quota.
The Subject has 2 vessels - The MFV Apollo and the MFV Maria Luisa -
which are used to catch the Subject's annual tuna quota in the Great
Australian Bight before the farming season. This is usually done in late
summer. The tuna that is caught is then grown at the farming facilities
and
harvested from mid-late winter each year.
The Subject is part of The Sarin Group. The Sarin Group is a diverse
group
of privately owned entities, primarily located in Port Lincoln, South
Australia, in a range of industries from fishing to property
development.
Product &
services : Southern
Bluefin Tuna
Frozen fish
Southern Bluefin Tuna Feed: Pilchards, Sardines etc
Purchases
International : Asia
Sales
Local : Yes
International : Asia: Japan
Property & Assets
Premises : The Subject
operates from the verified heading address consisting of a
farming facility, warehouse and an administrative office.
Branches : In addition, the Subject operates from a farming &
freezing facility located
at:
Windsor Avenue
Port Lincoln, SA 5606
Australia
Other property : Total
NBV of property, plant and equipment as of 31-12-2012 was AUD 10,976,929.
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 :
Telegraphic transfer, Credit 30-90 days
Sales Term
Local :
Prepayment, Bank Transfer, Credit 30-90 days
International : L/C,
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.