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Report No. : |
322400 |
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Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ASPEN PHARMA PTY LTD |
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Registered Office : |
Ground Floor,
34-36 Chandos Street, St Leonards Nsw 2065 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
14.07.1925 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacture and distribution of pharmaceuticals. |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Australia |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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.
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Source
: CIA |
ASPEN PHARMA PTY LTD
ACN: 004 118 594
ABN: 88 004 118 594
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Established |
1925 |
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Incorporated |
1925 |
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Line of Business |
Manufacture and distribution
of pharmaceuticals |
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Status |
Trading |
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Adverse Listings |
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The subject is
noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with
its Holding entity Milnes Holdings Limited.
For the financial
year ended 30 June 2014 the closed group recorded revenue of $861,138,000,
which resulted in an operating profit before tax of $150,366,000 and an
operating profit after tax of $105,764,000 representing a Net Profit Margin of
12.3%.
During fiscal 2014,
the closed group recorded Net Cashflows from operating activities totalling
$86,274,000.
As at 30 June 2014
the closed group recorded Working Capital of $327,601,000 and a current ratio
of 1.89 to 1 indicating satisfactory liquidity levels.
Net Assets totalled
$435,637,000 as at 30 June 2014. After deducting intangibles of $717,055,000
this results in a deficiency in Net Worth of $281,418,000
Company Type Australian
Proprietary Company
Incorporation
State: VIC
Incorporation
Date: 14 JUL 1925
Registered
Office
GROUND FLOOR,
34-36 CHANDOS
STREET,
ST LEONARDS
NSW 2065
Current
Directors Total: 2
GREGORY LAN 31 –
Appointed: JAN 2011
19 ALLAMBIE Avenue
EAST LINDFIELD, New South Wales
DOB: 24 DEC 1954
TREVOR JULIAN ZIMAN
– Appointed: 31 JAN 2011
25 OWEN Street
NORTH BONDI, New South Wales
DOB: 12 MAY 1971
Current
Secretaries Total: 1
TREVOR JULIAN ZIMAN
– Appointed: 31 JAN 2011
Share Structure -
Classes Total: 1
ORD ORDINARY SHARES
- 225000 – Amount paid: $450,000
Shareholders
Total: 1
ORD 225000 - ASPEN
ASIA PACIFIC PTY LTD
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.
34 to 36
Chandos St
ST LEONARDS,
NSW 2065
TELEPHONE (612) 8436 8300
FACSIMILE (612) 9901 3540
WEBSITE http://www.aspenpharma.com.au
HOLDING ENTITY ASPEN ASIA PACIFIC P/L
AUSTRALIAN HOLDING
ENTITY ASPEN PHARMACARE
AUSTRALIA P/L
ULTIMATE HOLDING
ENTITY ASPEN PHARMACARE
HOLDINGS LTD
BANK Not determined
EMPLOYEES Not determined
The subject was
incorporated in Victoria on 14 July 1925 as Tromax Ltd changing name on 7
December 1948 to Tromax P/L changing name on 30 November 1965 to Sigma
(Pharmaceuticals) P/L changing name on 2 May 1994 to Sigma Pharmaceuticals P/L
changing name on 5 December 2005 to Sigma Pharmaceuticals (Australia) P/L
before adopting the current style on 31 January 2011.
The subject operates
in the manufacture and distribution of a range of generic and OTC
pharmaceuticals and medical products.
Activities are
conducted from premises located at the above listed trading address.
A search of of on
14 May 2015 failed to trace any litigation listed against the subject at that
date.
The subject is not
required to lodge financial statements with the Australian Securities and
Investments Commission.
On 16 August 2010
Sigma had announced that it had agreed to sell its pharmaceuticals division to
Aspen Pharmacare Holdings Ltd (Aspen) group of companies for $900 million.
The pharmaceuticals
division includes Generics, Consumer, OTC, Herron, Ethical Products, Medical
Products, Orphan and manufacturing businesses. The effective date of the
acquisition of the subject by Aspen was 31 January 2011.
During the current
investigation contact with the subject’s financial controller was unable to be
established. Despite messages being left, no reply has been received.
The subject is
noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order
with its Holding entity Milnes Holdings Limited. The effect of the Deed is that
each party that forms part of the closed group guarantee the debts of each
other.
For the financial
year ended 30 June 2014 the closed group recorded revenue of $861,138,000,
which resulted in an operating profit before tax of $150,366,000 and an
operating profit after tax of $105,764,000 representing a Net Profit Margin of
12.3%.
Below is a summary
of the closed group’s income results for the past two financial years.
|
Aspen Asia Pacific Pty Ltd - consolidated |
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|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$861,138,000.00 |
$822,534,000.00 |
4.69% |
|
Profit b/tax |
$150,366,000.00 |
$139,943,000.00 |
7.45% |
|
Profit a/tax |
$105,764,000.00 |
$100,162,000.00 |
5.59% |
|
Net Profit Margin |
12.28% |
12.18% |
0.10% |
During fiscal 2014,
the closed group recorded Net Cashflows from operating activities totalling
$86,274,000.
As at 30 June 2014
the closed group recorded total current assets of $694,448,000. They included
cash of $158,150,000 and receivables of $394,384,000.
Current liabilities
at the same date totalled $366,847,000 and included payables of $150,336,000
and payables to related parties of $151,059,000.
As at 30 June 2014
the closed group recorded Working Capital of $327,601,000 and a current ratio
of 1.89 to 1 indicating satisfactory liquidity levels.
Net Assets totalled
$435,637,000 as at 30 June 2014. At this date, the closed group further
recorded a Debt to Equity ratio of 2.42 to 1. After deducting intangibles of
$717,055,000 this results in a deficiency in Net Worth of $281,418,000.
|
Aspen Asia Pacific Pty Ltd - consolidated |
|||
|
|
As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
|
Revenue |
$861,138,000.00 |
$822,534,000.00 |
4.69% |
|
Profit b/tax |
$150,366,000.00 |
$139,943,000.00 |
7.45% |
|
Profit a/tax |
$105,764,000.00 |
$100,162,000.00 |
5.59% |
|
Net Profit Margin |
12.28% |
12.18% |
0.10% |
|
Current Assets |
$694,448,000.00 |
$551,014,000.00 |
26.03% |
|
Non Current
Assets |
$795,446,000.00 |
$863,981,000.00 |
-7.93% |
|
Total Assets |
$1,489,894,000.00
|
$1,414,995,000.00
|
5.29% |
|
Current
Liabilities |
$366,847,000.00 |
$426,101,000.00 |
-13.91% |
|
Non Current
Liabilities |
$687,410,000.00 |
$529,242,000.00 |
29.89% |
|
Total Liabilities |
$1,054,257,000.00
|
$955,343,000.00 |
10.35% |
|
Net Assets |
$435,637,000.00 |
$459,652,000.00 |
-5.22% |
|
Working Capital |
$327,601,000.00 |
$124,913,000.00 |
162.26% |
|
Current Ratio |
1.89 |
1.29 |
46.39% |
|
Debt to Equity |
2.42 |
2.08 |
16.44% |
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $96,648
Total Past Due: $12,582
Average Late Payment Days: 22
All Industries Late Payment Days: 7
Within terms:
$84,066
1 – 30 days past
due: $11,761
31 – 60 days past
due: $300
61 – 90 days past
due: $0
91+ days: $521
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.86 |
|
|
1 |
Rs.98.89 |
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Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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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.