MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
CARBOROUGH DOWNS
COAL SALES PTY LTD |
|
|
|
|
Registered Office : |
22, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21 April 2004 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Operates as the sales arm of the group involved in the
sale of coal. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
CARBOROUGH DOWNS
COAL SALES PTY LTD
INCORPORATED
21 April 2004
REGISTERED ADDRESS
22,
BRISBANE, QLD 4000
SHARECAPITAL
$100
SHAREHOLDERS
CVRD AUSTRALIA (CQ)
P/L Holds 100 shares
DIRECTORS
NOBREGA, Fernando Ramos
Resident overseas
DE MATOS, Marcelo Muniz
93A
NEW FARM, QLD 4005
SECRETARY
DE MATOS, Marcelo Muniz
93A
NEW FARM, QLD 4005
REGISTERED CHARGES
None on record
BUSINESS STRUCTURE
HEAD OFFICE
22,
BRISBANE, QLD 4000
TELEPHONE (617) 3220 8330
HOLDING ENTITY
CVRD
ULTIMATE HOLDING
ENTITY
CVRD
ASSOCIATED ENTITY
CABOROUGH DOWNS
COAL MANAGEMENT P/L
BANK
ANZ BANKING GROUP
EMPLOYEES
Nil
BACKGROUND
The subject was
incorporated in
The mine was
originally developed in 2005 with initial mining activities commencing in late
2006. The first coal sale was recorded in January 2007.
OPERATIONS
The subject operates as the sales arm of the group involved in the sale of coal from the Carborough Downs Coal Mine in Moranbah, Qld.
The mine is managed by Carborough Downs Coal Management P/L
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the of
Credit Advantage Limited failed to trace any litigation listed against the
subject at that date.
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial Controller, Brett Math he advised that the subject commence its first sales in January 2007.
For the current
financial year ending 31 December 2007, the subject expects to record revenue
of $120,000,000.
On a projected
basis revenue is forecast to reach $160,000,000 for the current next financial
year ending 31 December 2008.
The subject acts as
the sales arm of the group and subsequently maintains only nominal fixed
assets.
Further financial
information pertaining to the subject was unable to be obtained for the current
enquiry.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Nominated supplier
failed to respond to correspondence despite chasing.
SUMMARY
The subject was
incorporated in
The mine was
originally developed in 2005 with initial mining activities commencing in late
2006. The first coal sale was recorded in January 2007.
For the current
financial year ending 31 December 2007, the subject expects to record revenue
of $120,000,000.
On a projected
basis revenue is forecast to reach $160,000,000 for the current next financial
year ending 31 December 2008.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)