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Report No. : |
354898 |
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Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
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Name : |
GREENSTONE LTD |
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|
|
|
Registered Office : |
Hollard financial services, 58 Norwest
Bvlde Bella Vista Nsw, 2153 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
11.10.1996 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates as
the holding entity for a group involved in the design, distribution and
administration of personal insurance products. The group offers products in
the term life, funeral, income protection and pet insurance markets. |
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|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Excellent |
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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 |
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Moderate |
B1 |
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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 |
GREENSTONE LTD
ACN
075949432
ABN
83075949432
Summary
Panel
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Established |
1996 |
|
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Incorporated |
1996 |
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Line of Business |
Insurance and financial services |
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Status |
Trading |
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Managing Director |
ENTHOVEN, RICHARD HENRY |
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Adverse Listings |
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Rating |
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Greenstone Ltd - consolidated |
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||
|
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As at 30 June 2015 |
As at 30 June 2014 |
Change (%) |
|
Revenue |
$249,636,000.00 |
$201,557,000.00 |
23.85% |
|
Profit b/tax |
$89,858,000.00 |
$67,137,000.00 |
33.84% |
|
Profit a/tax |
$58,538,000.00 |
$45,139,000.00 |
29.68% |
|
Net Profit Margin |
23.45% |
22.40% |
1.05% |
During fiscal 2015, the subject recorded a deficiency in
consolidated Net Cashflows from operating activities totalling $2,870,000.
At 30 June 2015 the subject maintains access to financing facilities
with a limit of $176,394,000. These were drawn to $164,499,000 at this time.
Consolidated Net Assets totalled $219,252,000 as at 30 June 2015.
After deducting intangibles of $35,196,000 this results in a Net Worth of
$184,056,000.
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 11 Oct 1996
Incorporation State NSW
Registered Office HOLLARD FINANCIAL
SERVICES,
58 NORWEST BVLDE BELLA
VISTA NSW, 2153
Current Directors Total: 4
Director Name ROCHE, JOHN FRANCIS
Appointment Date 07 Sep 2015
Date of Birth 19 Jan 1973
Place of Birth LIMERICK IRELAND
Gender MALE
Resident Overseas N
Address 102 WYNDHAM ST, ALEXANDRIA
NSW 2015
Document Number 7E7285258
Director Name DONNELLY, GAVIN JOHN
Appointment Date 04 Sep 2015
Date of Birth 16 Aug 1973
Place of Birth DURBAN SOUTH AFRICA
Gender UNKNOWN
Resident Overseas Y
Address -
Document Number 7E7347723
Director Name JONES, DERRICK KEITH
Appointment Date 29 Jul 2015
Date of Birth 17 Apr 1959
Place of Birth BENONI SOUTH AFRICA
Gender MALE
Resident Overseas N
Address 12 DONEGAL RD, KILLARNEY
HEIGHTS NSW 2087
Document Number 7E7174106
Director Name ENTHOVEN, RICHARD HENRY
Appointment Date 16 Feb 1999
Date of Birth 25 Sep 1970
Place of Birth DURBAN SOUTH AFRICA
Gender MALE
Resident Overseas N
Address 43 STREATFIELD RD, BELLEVUE
HILL NSW 2023
Document Number 7E3001902
Current Secretaries Total: 1
Secretary Name ROCHE, JOHN FRANCIS
Appointment Date 26 Sep 2012
Date of Birth 19 Jan 1973
Place of Birth LIMERICK IRELAND
Address 102 WYNDHAM STREET
ALEXANDRIA NSW, 2015
Document Number 7E4744201
Company Shares Total: 634666666 Amount:
268,246,666
Class ORDINARY SHARES [ ORD ]
Number of Shares Issued 634666666
Total Amount Due and Payable $0.00
Paid Capital $268,246,665.54
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.
TRADING ADDRESS 58 NORWEST BVLDE
BELLA VISTA NSW, 2153
TELEPHONE (612)
8886 8300
WEBSITE www.greenstone.com.au
ULTIMATE
HOLDING ENTITY IVM
INTERSURER BV – The Netherlands
CONTROLLED ENTITIES GREENSTONE
FINANCIAL SERVICES P/L
AUSTRALIAN
SENIOR INSURANCE AGENCY PTY LTD
GREENSTONE
ENTERPRISE SERVICES P/L
CHOOSI
AUSTRALIA P/L
CHOOSI P/L
GUARDIAN
INSURANCE P/L
NEW ZEALAND SENIORS
INSURANCE AGENCY P/L
BANK ST
GEORGE BANK
MACQUARIE
BANK
EMPLOYEES Not
determined
The subject was incorporated in New South Wales on 11 October 1996
as ACN 075 949 432 Pty Ltd changing name to AFS P?L changing name to Hollard
Australia Group Pty Ltd, changing name to Greenstone Pty Ltd, before adopting
the current style on 17 March 2015.
In
1999, The Hollard Insurance Company Pty Ltd (Hollard) was established in
Australia. A general insurance licence was obtained from APRA in 2000 and the
business commenced selling home insurance. Hollard later began to sell car
insurance and sold Australia’s first ‘pay as you drive’ motor insurance product
(with adjusted rates based on the number of kilometres the policyholder
drives).
In
2005, Hollard started cross-selling basic term life insurance products to its
existing general insurance customer base in Australia. The take-up rates
significantly exceeded expectations.
To
leverage this opportunity, Hollard co-founded (with a minority interest holder
who assumed the role of
initial
CEO) a separate life insurance distribution business, Greenstone Financial
Services (the subject). This new business began selling a range of life
insurance products directly to mass market consumers in 2007 through the Real
Insurance brand.
The subject operates as the holding entity for a group involved in
the design, distribution and administration of personal insurance products. The
group offers products in the term life, funeral, income protection and pet
insurance markets.
These insurance products are distributed through Greenstone's
Proprietary Brands (Real Insurance, Australian Seniors Insurance Agency,
Guardian Insurance and Prime Pet Insurance) and Affinity Brands (Medibank,
Woolworths and RSPCA).
A search of of on 14 December 2015 failed to trace any litigation
listed against the subject at that date.
On 25 May 2015 the subject issued a Prospectus to list on the
Australian securities Exchange with the intention of raising $994 million. On 10
June 2015 the group’s owners postponed the float indefinitely.
for the financial year ended 30 June 2015 the subject recorded
consolidated revenue of $249,636,000, which resulted in an operating profit
before tax of $89,858,000 and an operating profit after tax of $58,538,000
representing a Net Profit Margin of 23.45%.
Below is a summary of the subject’s consolidated income results
for the past two financial years.
|
Greenstone Ltd - consolidated |
|
||
|
|
As at 30 June 2015 |
As at 30 June 2014 |
Change (%) |
|
Revenue |
$249,636,000.00 |
$201,557,000.00 |
23.85% |
|
Profit b/tax |
$89,858,000.00 |
$67,137,000.00 |
33.84% |
|
Profit a/tax |
$58,538,000.00 |
$45,139,000.00 |
29.68% |
|
Net Profit Margin |
23.45% |
22.40% |
1.05% |
During fiscal 2015, the subject recorded a deficiency in
consolidated Net Cashflows from operating activities totalling $2,870,000.
Please note, a breakdown of the subject’s current assets and
liabilities was unable to be obtained for the current enquiry.
As at 30 June 2015 the subject recorded total consolidated Total
assets of $576,143,000. They included cash of $3,448,000, agency revenue
receivables of $530,845,000 and trade receivables of $5,786,000.
Total liabilities at the
same date totalled $356,891,000 and included payables of $19,916,000,
borrowings of $164,499,000 and deferred tax of $1339,140,000.
At 30 June 2015 the subject maintains access to financing
facilities with a limit of $176,394,000. These were drawn to $164,499,000 at
this time.
Consolidated Net Assets totalled $219,252,000 as at 30 June 2015.
After deducting intangibles of $35,196,000 this results in a Net Worth of
$184,056,000.
During the current investigation, contact with the subject’s
principals was unable to be established.
Subsequently details pertaining to the company’s suppliers were
unable to be obtained and a trade survey could not be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
AUD |
1 |
Rs.48.09 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
|
|
|
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Report Prepared
by : |
TRU |
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 |
|
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.