MIRA INFORM REPORT
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Report No. : |
337630 |
|
Report Date : |
26.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE AUSTRALIA PTY LTD |
|
|
|
|
Registered Office : |
1061 Mountain Highway Boronia Vic,
3155 |
|
|
|
|
Country : |
Australia |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
|
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Date of Incorporation : |
09.04.2002 |
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|
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Legal Form : |
Australian Proprietary Company |
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|
|
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Line of Business : |
Manufacture
and supply of pharmaceutical and consumer healthcare products. |
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No. of Employees : |
1,476
(Australian Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
|
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 |
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Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
AUSTRALIA - ECONOMIC OVERVIEW
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth. 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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source
: CIA |
Company
name
GLAXOSMITHKLINE AUSTRALIA
PTY LTD
ACN: 100 162 481
ABN: 47 100 162 481
Summary
Panel
|
Established |
2000 |
|
|
Incorporated |
2002 |
|
|
Line of Business |
supply of pharmaceutical and consumer healthcare products |
|
|
Status |
Trading |
|
|
Adverse Listings |
2 |
|
|
Rating |
|
|
EXECUTIVE
SUMMARY
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Australian Holding entity Glaxosmithkline
Holdings Pty Limited.
For the financial year ended 31 December 2014 the Australian Group
recorded revenue of $908,038,000, which resulted in an operating profit before
tax of $21,728,000 and an operating profit after tax of $20,159,000. After
including discontinued operations this results in an Operating Loss of
$126,670,000.
For the same period, the closed group recorded the same revenue
and profit results.
During fiscal 2014, the Australian Group recorded Net Cashflows
from operating activities totalling $27,417,000.
As at 31 December 2014 the closed group recorded a deficiency in
Working capital of $536,365,000 and a current ratio of 0.68 to 1 indicating
tight liquidity levels.
At the same date the closed group recorded Net Assets of
$561,417,000. After deducting intangibles of $269,852,000 this results in a
deficiency in Net Worth of $291,575,000.
CORPORATE SEARCH
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 09 Apr 2002
Incorporation State ACT
Registered Office 1061 MOUNTAIN HIGHWAY
BORONIA VIC, 3155
Start Date 09 Apr 2002
Current Directors Total: 2
Director Name FOLSCHER, JOHANN
Appointment Date 13 Aug 2014
Date of Birth 10 May 1974
Place of Birth JOHANNESBURG SOUTH
AFRICA
Gender MALE
Resident Overseas N
Address 1061 MOUNTAIN HWY, BORONIA
VIC 3155
Document Number 028994424
Director Name MCDONALD, GEOFFREY
MICHAEL
Appointment Date 01 May 2012
Date of Birth 20 Jul 1961
Place of Birth ROTORUA NEW ZEALAND
Gender MALE
Resident Overseas N
Address LEVEL4, 436 JOHNSTON ST,
ABBOTSFORD VIC 3067
Document Number 7E4626900
Current Secretaries Total: 1
Secretary Name LJUBANOVIC, LAURA MARIE
Appointment Date 29 Aug 2012
Date of Birth 15 Feb 1980
Place of Birth MELBOURNE VIC
Address 1061 MOUNTAIN HIGHWAY
BORONIA VIC, 3155
Document Number 7E4737623
Company Shares Total: 1066300001
Amounts: $1,066,300,001
Class ORDINARY SHARES [ORD]
Number of Shares Issued 1066300001
Paid Capital $1,066,300,001.00
Total Amount Due and Payable $0.00
Document Number 10016248M
Current Shareholders
Shareholder Name GLAXOSMITHKLINE
INVESTMENTS PTY LTD
ACN 096307505
ABN 80096307505
Address 1061 MOUNTAIN HIGHWAY
BORONIA VIC, 3155
Class ORD
Number Held 1066300001
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 10016248M
SECURITY INTERESTS Effective
30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different Commonwealth,
State and Territory laws and registers regarding security interests in personal
property under one national system.
As a result of PPS Reform
a number of existing Commonwealth, State and Territory personal property
security registers will close. Interests registered on existing security
interest registers will be migrated to the national PPS Register. Subsequently
Registered Charges are no longer lodged with the Australian Securities and
Investments Commission (ASIC).
Please
contact us should you require a search of the PPSR.
BUSINESS STRUCTURE
TRADING ADDRESS 1061
Mountain Highway
Boronia,
Victoria 3155
TELEPHONE (613)
9721 6000
FACSIMILE (613)
9729 5319
WEBSITE http://au.gsk.com/
BRANCH 82
Hughes Avenue
Ermington,
NSW 2115
Boronia,
Vic
Abbotsford,
VIC
CONTROLLED ENTITIES GLAXO
WELLCOME AUSTRALIA P/L
SMITHKLINE
BEECHAM (AYSTRALIA) P/L
STIEFEL
LABORATORIES AUSTRALIA P/L
DUNCAN
FLOCKHART AUSTRALIA P/L
WELLCOME
DEVELOPMENTS P/L
WELLCOME
OPERATIONS P/L
HOLDING ENTITY GLAXOSMITHKLINE
INVESTMENTS P/L
AUSTRALIA HOLDING
ENTITY GLAXOSMITHKLINE
HOLDINGS P/L
ULTIMATE HOLDING
ENTITY GLAXOSMITHKLINE
PLC
BANK CITIBANK
EMPLOYEES 1,476
(Australian Group)
BACKGROUND
The subject was incorporated in the ACT on 9 April 2002 as GSK
Operations P/L, before adopting the current style on 1 July 2002.
The global group was formed through the merger of Glaxo Wellcome
and SmithKline Beecham in 2000.
The group has operations that date back to 1715.
OPERATIONS
The subject operates in the manufacture and supply of
pharmaceutical and consumer healthcare products.
The vaccines business is one of the largest in the world, producing
paediatric and adult vaccines against a range of infectious diseases. In 2014,
the global group distributed more than 800 million doses to 170 countries, of
which over 80% were supplied to developing countries.
The pharmaceuticals business develops
and makes medicines to treat a broad range of acute and chronic diseases. The
portfolio is made up of both patent-protected and off patent medicines.
The subject produce medicines to treat
a broad range of acute and chronic diseases. These include respiratory disease,
skin conditions and viral infections.
The consumer Healthcare business develops and markets a range of
products in the areas of: Pain Relief, Respiratory, Oral Health,
Nutrition/Gastro Intestinal and Skin Health. These include a number of
well-known global brands such as Sensodyne, Voltaren and Panadol.
ADVERSE
A search of of on 20 August 2015 traced the following litigation
listed against the subject at that date.
Court Actions Total: 2 Amount: $19,056
Action Date 05 Sep 2014
Amount $17,755.00
Creditor WORKCOVER CORPORATION OF SOUTH
Plaint Number 0009538/14/ELCO
Court Type Local Court
Role in Court Action Principal
Status Outstanding
Action Date 26 Oct 2010
Amount $1,301.00
Creditor UPS PTY. LTD
Plaint Number 2383338/10/VMEL
Court Type Magistrates Court
Role in Court Action Principal
Status Outstanding
FINANCES
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
The subject is noted to have entered into a Deed of Cross
Guarantee pursuant to a Class Order with its Australian Holding entity
Glaxosmithkline Holdings Pty Limited. The effect of the Deed is that each party
that forms part of the closed group guarantee the debts of each other.
From the subjects most recently lodged financial statements, it is
noted that for the financial year ended 31 December 2014 the Australian Group
recorded revenue of $908,038,000, which resulted in an operating profit before
tax of $21,728,000 and an operating profit after tax of $20,159,000. After
including discontinued operations this results in an Operating Loss of
$126,670,000.
For the same period, the closed group recorded the same revenue
and profit results.
Below is a summary of the Australian Group’s income results for
the past two financial years.
|
Glaxosmithkline Holdings Pty Ltd -
consolidated |
|||
|
|
As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$908,038,000.00 |
$992,834,000.00 |
-8.54% |
|
Profit b/tax |
$21,728,000.00 |
$17,995,000.00 |
20.74% |
|
Profit a/tax |
($126,670,000.00) |
$35,631,000.00 |
-455.51% |
|
Net Profit Margin |
-13.95% |
3.59% |
-17.54% |
On 22 April 2014 the group announced a major three part interconditional
transaction with Novartis, where the group and Novartis would create a new
world leading consumber healthcare business with GSK holding, a controlling
equity interest of 63.5%. The group would acquire Novartis global vaccine
business and GSK would divest of its marketed Oncology portfolio. The
transaction was completed on 2 March 2015.
In Australia, a new legal entity named GSK CX Healthcare P/L (the
new JV) was sent up and a sale and purchase agreement signed. The assets and
liabilities sold are reported in the 2014 accounts as assets held for sale.
On 2 March 2014 the group announced that it had reached an
agreement to sell its Australian based opitates business to Sun Pharma.
During fiscal 2014, the Australian Group recorded Net Cashflows
from operating activities totalling $27,417,000.
As at 31 December 2014 the Australian Group recorded total current
assets of $1,070,690,000. They included cash of $489,000, receivables of
$317,601,000, inventories of $373,109,000 and assets held for sale of
$379,491,000.
Current liabilities at the same date totalled $344,613,000 and
included payables of $272,305,000 and Provisions of $43,704,000.
As at 31 December 2014 the Australian Group recorded Working
Capital of $726,077,000 and a current ratio of 3.11 to 1 indicating strong
liquidity levels.
At the same date the closed group recorded a deficiency in Working
capital of $536,365,000 and a current ratio of 0.68 to 1 indicating tight
liquidity levels.
Net Assets totalled $614,390,000 as at 31 December 2014. At this
date, the Australian Group further recorded a Debt to Equity ratio of 1.48 to
1.
At the same date the closed group recorded Net Assets of
$561,417,000. After deducting intangibles of $269,852,000 this results in a
deficiency in Net Worth of $291,575,000.
|
Glaxosmithkline Holdings Pty Ltd -
consolidated |
|||
|
|
As at 31 December 2014 |
As at 31 December 2013 |
Change (%) |
|
Revenue |
$908,038,000.00 |
$992,834,000.00 |
-8.54% |
|
Profit b/tax |
$21,728,000.00 |
$17,995,000.00 |
20.74% |
|
Profit a/tax |
($126,670,000.00) |
$35,631,000.00 |
-455.51% |
|
Net Profit Margin |
-13.95% |
3.59% |
-17.54% |
|
Current Assets |
$1,070,690,000.00 |
$750,856,000.00 |
42.60% |
|
Non Current Assets |
$450,794,000.00 |
$791,447,000.00 |
-43.04% |
|
Total Assets |
$1,521,484,000.00 |
$1,542,303,000.00 |
-1.35% |
|
Current Liabilities |
$344,613,000.00 |
$238,512,000.00 |
44.48% |
|
Non Current Liabilities |
$562,481,000.00 |
$564,910,000.00 |
-0.43% |
|
Total Liabilities |
$907,094,000.00 |
$803,422,000.00 |
12.90% |
|
Net Assets |
$614,390,000.00 |
$738,881,000.00 |
-16.85% |
|
Working Capital |
$726,077,000.00 |
$512,344,000.00 |
41.72% |
|
Current Ratio |
3.11 |
3.15 |
-1.31% |
|
Debt to Equity |
1.48 |
1.09 |
35.78% |
TRADE SURVEY
Trade payment from further sources in the past 4 months have
traced the following data for the subject.
Total Owing: $1,074,771
Total Past Due: $196,291
Average Late Payment Days:
18
All Industries Late
Payment Days: 7
-
Within terms: $878,480
-
1 – 30 days past due: $185,745
-
31 – 60 days past due: $8,431
-
61 – 90 days past due: $1,092
-
91+ days: $1,023
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.71 |
|
UK Pound |
1 |
Rs.105.10 |
|
Euro |
1 |
Rs.77.11 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
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 |
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|
-- |
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.