MIRA
INFORM REPORT
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Report Date : |
1st March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
RIVERSDALE MINING LTD |
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Formerly Known as: |
WAVE CAPITAL LIMITED |
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Registered Office : |
3/2 Elizabeth Plaza, North Sydney, NSW 2060 |
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Country : |
Australia |
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Date of Incorporation : |
26.05.1982 |
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Com. Reg. No.: |
006 031 161 |
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Legal Form : |
Australian Public Company, Limited By Shares. |
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Line of Business : |
Engaged as a junior mining company listed
on the Australian Stock Exchange under the ASX code RIV. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REGISTERED NAME: |
RIVERSDALE
MINING LTD |
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AUSTRALIAN
COMPANY NUMBER: |
006 031 161 |
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AUSTRALIAN BUSINESS
NUMBER: |
53 006 031 161 |
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OPERATING
ADDRESS: |
3/2 Elizabeth Plaza, NORTH SYDNEY,
NSW 2060 |
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REGISTERED
ADDRESS: |
3/2 Elizabeth Plaza, NORTH SYDNEY,
NSW 2060 |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(02) 8299 7900 |
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WEB SITE
ADDRESS: |
www.riversdalemining.com.au |
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DATE OF
INCORPORATION: |
26 May 1982 – Incorporated in Victoria |
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CHANGE OF NAME: |
30 July 2004 - To present name. |
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PAID CAPITAL: |
$82,921,586 |
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DIRECTORS: |
ANDREW LOVE 61 Ocean Street, WOOLLAHRA, NSW 2025 NIALL LENAHAN 10 Cowles Road, MOSMAN, NSW 2088 RICHARD POTTS 14 Wright Street, CLIFTON HILL, VIC 3068 WILLIAM MICHAEL
O’KEEFFE 18 Pymble Avenue, PYMBLE, NSW 2073 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
NIALL LENAHAN |
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AUDITORS: |
Not shown |
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REGISTERED
CHARGES: |
Nil |
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PAYMENTS: |
Refer TRADING |
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LEGAL ACTIONS /
DEFAULTS: |
Refer RECORDED ACTIONS |
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EMPLOYEES: |
The number of employees have been declined |
PARENT COMPANY
NIL – Public
Company
ACTIVITIES
Riversdale Mining Limited
is a junior mining company listed on the Australian Stock Exchange under the ASX
code RIV. The Company intends to develop as a diversified mining finance house,
focused on growth through investment in suitable mining opportunities. It is
the company’s intention to assemble a portfolio of suitable assets through
rapid growth for the benefit of all shareholders, and emerge as a diversified
mid-tier mining house with excellent returns on shareholder funds, a strong
orientation to growth, and a pipeline of projects.
Zululand Anthracite Colliery (ZAC)
On 1 December 2005 Riversdale completed the acquisition of 74% in ZAC, an
operating underground anthracite mine located in the Zululand coalfield of
northern Kwa-Zulu Natal, South Africa. The run of mine (ROM) coal production
was 741,144 tonnes for the year ended 30 June 2006, resulting in a saleable
production of prime low ash of 433,791 tonnes and middlings of 126,996 tonnes.
At the 30 June 2006 ZAC had Mineral Resources of over 47.5 million tonnes of
coal in situ and the mine life has been extended to 17 years at current
production levels.
Mozambique Coal Project
Riversdale has completed the acquisition of 100% interest in coal bearing
tenements in Mozambique.
Settlement occurred on 26
October 2006 following due diligence and satisfaction of conditions precedent.
The Riversdale project is located in the Lower Zambezi Coal Basin of Mozambique
in four separate provinces including the Moatize sub-basin. The tenements cover
a total area of approximately 203,000 hectares and represent a significant
strategic holding in the Moatize Coal Province. This province is considered to
be one of the largest known undeveloped coking and thermal coal regions in the
world. The region is within economic reach of the East African coast, with
access to naturally occurring deep water ports.
Operations are conducted from premises situated at the
heading address.
HISTORY
The subject was incorporated in Victoria on 26 May 1982 as Thirteenth
Butterfly Pty Ltd, changing name to Waiviata International Pty Ltd on 21 June
1982, changing name to Waiviata International Limited on 29 August 1985,
changing name to Waivcom Worldwide Limited on 3 March 2000, changing name to
Wave Capital Limited on 1 September 2003 and adopting the present name on 30
July 2004, being an Australian Public Company, Limited By Shares.
Australian Company Number: 006 031 161.
Paid capital $82,921,586 in 128,802,201 issued shares.
Shares are held by: (Top 10)
WESTPAC CUSTODIAN NOMINEES LIMITED 17,421,526
ANZ NOMINEES LIMITED 13,735,040
RBC DEXIA INVESTOR SERVICES AUSTRALIA 13,337,769
NATIONAL NOMINEES LIMITED
10,704478
CITICORP NOMINEES PTY LTD 9,385,263
SUMITOMO CORPORATION 4,012,599
AMP LIFE LIMITED 3,149,000
SALIM CASSIM
2,155,852
BEIRNE TRADING PTY LTD 1,744,683
COGENT NOMINEES PTY LIMITED 1,681,800
The above information is in accordance with the last Company Statement
Annual lodged with the Australian Securities and Investments Commission and
compiled at report date.
DIRECTORS
Chief
Executive Officer and Chairman
Mr William Michael O'Keeffe
B.App.Sc (Metallurgy) Mr O’Keeffe commenced work with Mt Isa
Mines in 1975. He held a series of positions, rising to Executive Management
level in commercial activities. In 1995 he became Managing Director of Glencore
Australia Pty Ltd and held this position until July 2004. Mr O'Keeffe is
currently a director of BMA Gold Limited and has previously held directorships
in Anaconda Nickel Limited and Mt Lyell Mining Co Limited.
Finance
Director and Company Secretary
Mr Niall Lenahan
BCOMM, MBA, CA (Aust), FCA (IRE) Mr Lenahan has over 20 years experience
in the resources sector as a finance executive. He was previously CFO of
Kingsgate Consolidated Limited and prior to that CFO of AurionGold Limited and
Goldfields Limited. He has broad commercial and financial experience in
industries involved in mineral resources, construction/engineering and
shipping/ transport. Mr Lenahan has previously acted as a director of
Goldfields Kalgoolie Limited.
Non
Executive Director
Mr Richard Potts
ARSM, BSc Mining Engineering, FIMM, FAusIMM, C.Eng has over 35 years
experience in the minerals industry and has worked in Zambia, South Africa,
Oman, UK and Australia. He is a mining engineer by profession, and has broad
experience across a wide range of minerals, ranging from exploration to
finished mineral products. He has held senior management or consulting
positions with a number of mining companies including Rio Tinto, Pasminco and
Mt Isa Mines. Mr Potts is currently Non-Executive Chairman of Albidon Limited,
an ASX-listed mining exploration and development company.
Deputy
Chairman and Non Executive Director
Mr Andrew Love
BCOM, FCA, MAICD is a senior partner in the firm Ferrier Hodgson, Charted
Accountants. As a partner of Ferrier Hodgson and a Non- Executive Director of a
number of resource companies, he has had extensive experience in the energy and
resources sectors both within Australia and internationally. Mr Love is
currently Non-Executive Chairman of Roc Oil Limited, a Non-Executive Director
of PrimeLife Corporation Limited and a Director of the Museum of Contemporary
Art, Sydney.
BANK
WESTPAC BANKING CORPORATION
SYDNEY, NSW
The bank does not hold a Registered Charge over company assets.
TRADING
Trade references in relation to the subject have been declined.
FINANCE
disclose the following inquiries in relation
to finance applications:
Nothing has been recorded to date in 2007 or during 2006.
On 22 July 2005 to GE Capital Finance Australia for Credit Card for an
amount of $2,000.
On 8 June 2005 to WPAC NAT Telemarketing Centre NSW for Lending Proposal
for an amount of $20,000.
On 18 May 2005 to Sharp Corporation NSW for Leasing for an amount of
$12,500.
REGISTERED CHARGES
There are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
The following has been recorded against the subject:
External
Administration:
ADMINISTRATION TITLE: ADMINISTRATION
(Deed Of Company Arrangement)
ADMINISTRATION NAME: DAVID
LAURENCE MCEVOY
ADDRESS: PRICEWATERHOUSECOOPERS
215
SPRING STREET,
MELBOURNE,
VIC 3000
START DATE: 28
JUNE 2001
CEASE DATE:
DOCUMENT NUMBER: 017
184 856
COURT NUMBER:
ADMINISTRATION TITLE: ADMINISTRATOR
(Deed Of Company Arrangement)
ADMINISTRATION NAME: NICHOLAS
BROOKE
ADDRESS: 8TH
FLOOR
215
SPRING STREET,
MELBOURNE,
VIC 3000
START DATE: 28
JUNE 2001
CEASE DATE:
DOCUMENT NUMBER: 017
184 856
COURT NUMBER:
No cease date is shown for the above, however this would have ceased.
The subject is listed on the Australian Stock Exchange.
INVESTIGATION
An interview was conducted with a spokesperson from the subject in
February 2007. At this time she declined all information in relation to the
subject’s activities, trading and financial position, stating that if this
request is placed in writing consideration would be given to providing the
relevant details.
A letter and questionnaire has been sent, however to date a reply has
not been received.
Should additional information come to hand this will be sent to you as
an addendum to this report.
Enquiries made with trade sources failed to trace any additional
information in relation to the subject.
A Land Titles Search has not been undertaken to ascertain what land, if
any, stands in the subject’s name. This
can be undertaken on request.
CONCLUSION
The subject was incorporated in Victoria on 26 May 1982 as Thirteenth
Butterfly Pty Ltd, changing name to Waiviata International Pty Ltd on 21 June
1982, changing name to Waiviata International Limited on 29 August 1985,
changing name to Waivcom Worldwide Limited on 3 March 2000, changing name to
Wave Capital Limited on 1 September 2003 and adopting the present name on 30
July 2004, being an Australian Public Company, Limited By Shares.
Paid capital $82,921,586 in 128,802,201 issued shares.
Riversdale Mining Limited
is a junior mining company listed on the Australian Stock Exchange under the
ASX code RIV.
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions