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MIRA
INFORM REPORT
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Report No. : |
510613 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
THERMO FISHER
SCIENTIFIC AUSTRALIA P/L |
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Registered Office : |
5
Caribbean Drv, Scoresby VIC |
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Country : |
Australia |
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Year of Establishment
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1863 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is engaged in distribution of a range of scientific equipment
including high-end analytical instruments as well as laboratory equipment,
software, services, consumables and reagents. |
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No. of Employees : |
708 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have 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 benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed 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 WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, 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 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 10 ASEAN countries and China, Japan, Korea, New Zealand and India.
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Source
: CIA |
Company name
REGISTERED
NAME THERMO FISHER SCIENTIFIC AUSTRALIA P/L
ACN 058390917
ABN 52058390917
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Summary
Panel |
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Established |
1863 |
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Incorporated
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1992 |
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Line of
Business |
Distribution of scientific instruments |
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Status |
Trading |
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Adverse
Listings |
1 |
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CONTENTS
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EXECUTIVE SUMMARY
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Thermo electron
Australia P/L - consolidated |
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As at 31 Dec 2017 |
As at 31 Dec 2016 |
Change (%) |
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Revenue |
$324,217,010.00 |
$315,623,619.00 |
2.72% |
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Profit b/tax |
($19,058,004.00) |
($21,733,034.00) |
-12.31% |
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Profit a/tax |
($21,924,221.00) |
($32,649,376.00) |
-32.85% |
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Net Profit Margin |
-6.76% |
-10.34% |
3.58% |
The subject is noted to have entered
into a Deed of Cross Guarantee pursuant to a Class Order with its Holding
entity Thermo Electron Australia Pty Ltd. The effect of the Deed is that each
party that forms part of the closed group guarantee the debts of each other.
For the same period the closed group
recorded revenue of $267,170,930 which resulted in an operating Loss before tax
of $29,423,844 and an operating Loss after tax of $29,522,067.
As at 31 December 2017 the closed
group recorded a deficiency in working capital of $274,089,399 and a current
ratio of 0.43 to 1.
At the same date the closed group
recorded a deficiency in Net Assets of $161,853,137.
CORPORATE SEARCH
Company
Type Australian Proprietary
Company
Status Registered
Incorporation Date 15
Dec 1992
Incorporation State ACT
Registered Office 50
Queen St Melbourne VIC 3000
Current Directors Total:
3
Director Name KWOK, CARA SZE
Appointment Date 12 Nov 2015
Date of Birth 13 Dec 1970
Place of Birth HONG KONG CHINA
Gender FEMALE
Resident Overseas N
Address 9 DEWPOND CT, TEMPLESTOWE
VIC 3106
Director Name SABO, JOHN BRIAN
Appointment Date 26 Feb 2013
Date of Birth 10 Sep 1970
Place of Birth PITTSBURGH UNITED STATES
Gender UNKNOWN
Resident Overseas Y
Director Name MOUTON, ABRAHAM ALBERTUS
Appointment Date 26 Feb 2013
Date of Birth 27 Aug 1965
Place of Birth CAPE TOWN SOUTH AFRICA
Gender MALE
Resident Overseas N
Address 2 SUNSET TCE, LYSTERFIELD
VIC 3156
Current Secretaries
Total: 1
Secretary Name PILCHER, MARK NICHOLAS
Appointment Date 26 Feb 2013
Date of Birth 28 Jun 1981
Place of Birth WELKOM SOUTH AFRICA
Address UNIT 306, 2 ROUSE STREET
PORT MELBOURNE VIC, 3207
Document Number 1F0478227
Company Shares Total:
55288003 Amount: $55,288,003
Class ORDINARY SHARES [ORD]
Number of Shares Issued 55288003
Paid Capital $55,288,003.00
Current Shareholders
Shareholder Name THERMO TRACE PTY LTD
ACN 002634442
ABN 47002634442
Address 5 CARIBBEAN DRIVE SCORESBY
VIC, 3179
Class ORD
Number Held 55288003
Beneficially Held Y
Fully Paid Y
Jointly Held N
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 5 Caribbean Drv,
Scoresby VIC5 Caribbean Drv,
Scoresby
VIC
TELEPHONE 1800 636 327
WEBSITE https://www.thermofisher.com.au
BRANCHES NORTH RYDE, NSW
MALAGA,
WA
NORWOOD,
SA
ASSOCIATED
ENTITIES THERMO GAMMA-METRICS
HOLDINGS PL/
THERMO
OPTEK (AUSTRALIA) P/L
THERMO
GAMMA METRICS P/L
LOMB
SCIENTIFIC (AUST) P/L
TECHNOLOGY
DESIGN SOLUTIONS P/L
APP-TEK
INTERNATIONAL P/L
ENVIROEQUIP
P/L
PROMEDICA
P/L
HOLDING
ENTITY THERMO TRACE
PTY LTD
AUSTRALIAN
HOLDING
ENTITY THERMO ELECTRON
AUSTRALIA P/L
ULTIMATE
HOLDING
ENTITY THERMO FISHER
SCIENTIFIC INC - USA
BANK Not
determined
EMPLOYEES 708 (Group)
BACKGROUND
The subject was incorporated in the
ACT on 15 December 1992 as Raurlor Ltd changing name to Selby Scientific Ltd,
changing name to Biolab (Aust) Ltd changing name to Biolab (Aust) P/L before
adopting the current style on 26 November 2009.
In April 2009 Thermo Fisher Scientific
made a major investment in the Australasian region acquiring the Biolab Group
(Biolab Limited in New Zealand and Biolab Pty Ltd in Australia).
The origins of the Biolab Group date back to
the establishment of the Selby Scientific business in Australia in 1863 and the
formation of S A Smith in New Zealand in 1915.
1996 – 2003 Biolab Scientific
purchased Selby Scientific Limited in Australia and New Zealand from F.H.
Faulding & Co. This formed the largest scientific distributor in
Australasia and the Pacific. Growth through the acquisition of Activon and
Irricrop Technologies in Australia strengthened Selby Biolabs' position in both
the chromatography and soil science markets.
The Company changed its name to Biolab Limited in New Zealand and Biolab Aust.
Limited in Australia. This name reflected the growing trans-Tasman nature of
the business and the desire for the business to operate seamlessly across the
region in support of its customers.
2003 The Alesco Corporation, an
Australian listed Company acquires the Biolab Group. Alesco is a
multidivisional distribution company operating in diverse markets.
Under the ownership of Alesco, the Biolab Group acquires the Healthcare
businesses of Promedica and Jacobs Medical; Environmental businesses of
EnviroEquip, App-tek, Nutech, and Sensor Technologies: Industrial business of
Davidson Measurement and dataTaker.
OPERATIONS
The subject operates in the
distribution of a range of scientific equipment including high-end analytical
instruments as well as laboratory equipment, software, services, consumables
and reagents.
The subject provides products and
services used in healthcare, scientific research, safety and education.
Activities are conducted from premises
located at the above listed trading address.
ADVERSE
A search of records of on 22 May 2018
traced the following litigation listed against the subject at that date.
Court Writs Total: 1
Amount: $1,485
Action Date 07 Jul 2014
Amount $1,485.00
Creditor WATER CORPORATION
Plaint Number 1349/14/WMID
Court Type Magistrates Court
Role in Court Action Principal
Co-Borrower -
Status Outstanding
Status Date -
Writ Type SUMMONS
FINANCES
The
subject is not required to lodge financial statements with the Australian
Securities and Investments Commission.
Below
is a summary of the Group’s income results for the past two financial years.
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Thermo electron
Australia P/L - consolidated |
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As at 31 Dec 2017 |
As at 31 Dec 2016 |
Change (%) |
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Revenue |
$324,217,010.00 |
$315,623,619.00 |
2.72% |
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Profit b/tax |
($19,058,004.00) |
($21,733,034.00) |
-12.31% |
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Profit a/tax |
($21,924,221.00) |
($32,649,376.00) |
-32.85% |
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Net Profit Margin |
-6.76% |
-10.34% |
3.58% |
The subject is noted to have entered
into a Deed of Cross Guarantee pursuant to a Class Order with its Holding
entity Thermo Electron Australia Pty Ltd. The effect of the Deed is that each
party that forms part of the closed group guarantee the debts of each other.
For the same period the closed group
recorded revenue of $267,170,930 which resulted in an operating Loss before tax
of $29,423,844 and an operating Loss after tax of $29,522,067.
During fiscal 2017, the Group recorded
Net Cashflows from operating activities totalling $6,503,941.
As at 31 December 2017 the Group
recorded total current assets of $299,960,093. They included cash of
$178,876,771, receivables of $79,428,018 and inventories of $40,575,137.
Current liabilities at the same date
totalled $490,425,723 and included payables of $86,686,839 and interest loans
and borrowings of $391,432,664 and provisions of $7,455,356.
As at 31 December 2017 the Group
recorded a deficiency in Working Capital of $144,491,700 and a current ratio of
0.61 to 1 indicating tight liquidity levels.
At the same date the closed group
recorded a deficiency in working capital of $274,089,399 and a current ratio of
0.43 to 1.
Included in the deficiency in working
capital are amounts owing to related entities totalling $395,416,896. The
ultimate parent has accepted responsibility for providing and undertakes to
provide sufficient financial assistance to the group when it is needed to
enable it to continue their operations and fulfil all of their financial
obligations now and until the future. The undertaking is provided for a period
of 12 months from 31 December 2017.
The Group recorded a deficiency in Net
Assets totalling $144,491,700 as at 31 December 2017.
At the same date the closed group
recorded a deficiency in Net Assets of $161,853,137.
The subject is ultimately owned by
Thermo Fisher Scientific Inc. (NYSE: TMO). It has annual revenues of $12
billion, have more than 39,000 employees and serve over 350,000 customers within
pharmaceutical and biotech companies, hospitals and clinical diagnostic labs,
universities, research institutions and government agencies.
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Thermo electron
Australia P/L - consolidated |
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As at 31 Dec 2017 |
As at 31 Dec 2016 |
Change (%) |
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Revenue |
$324,217,010.00 |
$315,623,619.00 |
2.72% |
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Profit b/tax |
($19,058,004.00) |
($21,733,034.00) |
-12.31% |
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Profit a/tax |
($21,924,221.00) |
($32,649,376.00) |
-32.85% |
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Net Profit Margin |
-6.76% |
-10.34% |
3.58% |
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Current Assets |
$299,960,093.00 |
$286,930,220.00 |
4.54% |
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Non Current Assets |
$58,574,142.00 |
$63,977,667.00 |
-8.45% |
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Total Assets |
$358,534,235.00 |
$350,907,887.00 |
2.17% |
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Current Liabilities |
$490,425,723.00 |
$457,047,081.00 |
7.30% |
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Non Current Liabilities |
$12,600,212.00 |
$12,622,576.00 |
-0.18% |
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Total Liabilities |
$503,025,935.00 |
$469,669,657.00 |
7.10% |
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Net Assets |
($144,491,700.00) |
($118,761,770.00) |
21.67% |
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Working Capital |
($190,465,630.00) |
($170,116,861.00) |
11.96% |
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Current Ratio |
0.61 |
0.63 |
-2.57% |
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Debt to Equity |
-3.48 |
-3.95 |
-11.97% |
TRADE SURVEY
Trade
payment records from further sources in the past 4 months have traced the
following data for the subject.
Total
Owing: $22,603
Total
Past Due: $6,549
Average
Late Payment Days: 2
All
Industries Late Payment Days: 7
Within
terms: $16,054
1
– 30 days past due: $8,549
31
– 60 days past due: $0
61
– 90 days past due: $0
91+
days: $0
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.21 |
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Euro |
1 |
INR 79.88 |
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AUD |
1 |
INR 50.93 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.