MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PALADIN RESOURCES LIMITED |
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Registered Office : |
1, |
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Country : |
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Date of Incorporation : |
24 September 1993 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The subject operates in the resource industry involved in the
evaluation and development of uranium products in Africa and |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
PALADIN RESOURCES LIMITED
ACN
061 681 098
ABN
47 061 681 098
INCORPORATED
24 September 1993
REGISTERED ADDRESS
1,
SHARECAPITAL
$148,182,332
SHAREHOLDERS
CDS & Co Holds
137,151,727
Westpac Custodian Holds 45,536,732
JP Morgan Nominees Holds 30,902,663
Citycorp Nominees Holds 25,690,245
National Nominees Holds 25,690,245
ANZ Nominees Holds 24,871,918
Aylworth Holdings Holds 15,976,237
HEALY, Robert
Anthony Holds 12,512,159
HSBC Custody
Nominees Holds 10 156 513
Mlae Nominees P/L Holds 6,329,218
DIRECTORS
NOBLE, Ian
Urquart
10 Banool
Cct
PIRIE,
George Edward
Resident
overseas
LLEWELYN,
Sean Reveille
CRABB, Rick
Wayne
7 Acer Glen
BORSHOFF,
john
SECRETARY
SWABY, Gillian
REGISTERED CHARGES
Registered Charge Number : 1311914
Date Registered : 13.06.2006
Status : Fixed
Creditor : Societe Generale
BUSINESS STRUCTURE
TRADING ADDRESS
1,
TELEPHONE (618) 9381 4366
FACSIMILE (618) 9381 4978
CONTROLLED ENTITIES
PALADIN FFINANCE P/L
PALADIN ENERGY MINERALS NL
EDEN CREEK P/L
ETRON PROPERTIES P/L
PALADIN *
LAHNDRIK HOLDINGS SA
LANGER HEINRICH
URANIUM (PTY) LTD
TARQUIN INVESTMENTS (PTY) LTD
BANK
Not determined
EMPLOYEES
31
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the resource industry involved in the
evaluation and development of uranium products in Africa and
The company is listed on the Australian Stock Exchange with
addition listings on the Toronto Stock Exchange in
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the of Credit Advantage Limited traced any litigation listed against the subject at that date.
Writs and summonses
Creditor : Worldwide IQ Information
Date : 05.07.2007
Amount : $17,022
Plaint No. : 009596/07/WPER
Court :
Assoc code : Companys Account
FINANCES
The company is listed on the Australian Stock Exchange with
addition listings on the Toronto Stock Exchange in
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2006 the subject recorded revenue of $5,355,000, which resulted in an operating loss before and after tax $7,486,000.
Below is a summary of the subject’s income results for the past two financial years.
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Paladin Resources Ltd - Consolidated |
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As at 30 June
2006 |
As at 30 June 2005 |
Change (%) |
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Revenue |
$5,355,000 |
$1,582,000 |
238.50% |
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Profit b/tax |
($7,486,000) |
($9,538,000) |
-21.51% |
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Profit a/tax |
($7,486,000) |
($9,538,000) |
-21.51% |
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Net Profit Margin |
-139.79% |
-602.91% |
463.11% |
During fiscal 2006, the subject recorded Net Cashflows from operating activities totalling $648,000.
As at 30 June 2006, the subject recorded total current assets of $63,473,000. They included cash of $59,788,000 and receivables of $3,695,000.
Current liabilities at the same date totalled $11,644,000 and included payables of $11,074,000 and provisions of $328,000.
As at 30 June 2006, the subject recorded Working Capital of $51,829,000 and a current ratio of 5.45 to 1 indicating strong liquidity levels.
At 30 June 2006 the subject had access to financing facilities with a total combined limited of $97,246,000. These facilities were drawn to $23,241,000 at 30 June 2006.
Net Assets totalled $124,725,000 as at 30 June 2006. At this date, the subject further recorded a Debt to Equity ratio of 0.29 to 1.
For the six months ended 31 December 2006, the subject recorded revenue of US$1,549,000 which resulted in an operating loss before tax of US$8,879,000 and after tax of US$8,781,000.
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Paladin Resources Ltd - Consolidated |
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As at 30 June
2006 |
As at 30 June
2005 |
Change (%) |
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Revenue |
$5,355,000 |
$1,582,000 |
238.50% |
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Profit b/tax |
($7,486,000) |
($9,538,000) |
-21.51% |
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Profit a/tax |
($7,486,000) |
($9,538,000) |
-21.51% |
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Net Profit Margin |
-139.79% |
-602.91% |
463.11% |
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Current Assets |
$63,473,000 |
$40,057,000 |
58.46% |
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Non Current
Assets |
$96,835,000 |
$5,384,000 |
1698.57% |
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Total Assets |
$160,308,000 |
$45,441,000 |
252.78% |
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Current Liabilities |
$11,644,000 |
$1,325,000 |
778.79% |
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Non Current
Liabilities |
$23,939,000 |
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- |
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Total Liabilities |
$35,583,000 |
$1,325,000 |
2585.51% |
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Net Assets |
$124,725,000 |
$44,116,000 |
182.72% |
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Working Capital |
$51,829,000 |
$38,732,000 |
33.81% |
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Current Ratio |
5.45 |
30.23 |
-81.97% |
TRADE SURVEY
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.
SUMMARY
The subject was incorporated in
For the financial year ended 30 June 2006 the subject recorded revenue of $5,355,000, which resulted in an operating loss before and after tax $7,486,000.
During fiscal 2006, the subject recorded Net Cashflows from operating activities totalling $648,000.
As at 30 June 2006, the subject recorded Working Capital of $51,829,000 and a current ratio of 5.45 to 1 indicating strong liquidity levels.
Net Assets totalled $124,725,000 as at 30 June 2006.
For the six months ended 31 December 2006, the subject recorded revenue of US$1,549,000 which resulted in an operating loss before tax of US$8,879,000 and after tax of US$8,781,000.
Credit Line : AUD 50 mil. To $ 99999999
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)