MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIO TINTO ALUMINIUM PTY LTD |
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Registered Office : |
Comalco Place 25/12 Creek Street Brisbane, Queensland 4000 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.12.1956 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Mining and Production of Aluminium Bauxite. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
RIO TINTO ALUMINIUM PTY LTD
ACN: 009 679 127
ABN: 51 009 679 127
CORPORATE SEARCH
Incorporation
Date: 20 Dec 1956
Incorporation
State: Queensland
Registered Office COMALCO PLACE
25/12 CREEK Street
BRISBANE,
Queensland 4000 Australia
Charges Date Registered:
04 Apr 2005
Chargee Name: 009 726 078 ALCAN SOUTH PACIFI
Charge Type: Fixed and floating charge
ASIC Charge No: 1145758
Date Registered: 04 Apr 2005
Chargee Name: 056 193 269 PECHINEY RESOURCES
Charge Type: Fixed and floating charge
ASIC Charge No: 1145755
Date Registered: 04 Apr 2005
Chargee Name: 112 905 763 ALUMINA & BAUXITE
Charge Type: Fixed and floating charge
ASIC Charge No: 1145753
Number of Shares
Issued: 404603960
Paid Capital: $406150000
Directors CATFORD, JOHN
Appointment Date: 25 Jan 2008
Date of Birth: 28 Dec 1970
Gender: Male
Address: 10 ST ANDREWS Place INDOOROOPILLY, Queensland 4068 Australia
Resident Overseas: No
LIU, XIAOLING
Appointment Date: 21 Jan 2008
Date of Birth: 03 Oct 1956
Gender: Female
Address: 12 CHRISTOWEL Street CAMBERWELL, Victoria 3124 Australia
Resident Overseas: No
HODGSON, STEVEN
Appointment Date: 20 Nov 2007
Date of Birth: 01 Dec 1966
Gender: Male
Address: 3632/30 HOLLINS Crescent NEW FARM, Queensland 4005 Australia
Resident Overseas: No
STRACHAN, PHILLIP DAVID
Appointment Date: 09 Oct 2000
Date of Birth: 01 Aug 1960
Gender: Male
Address:
Resident Overseas: Yes
Secretary MATTHEW JOHN BATES
AND OTHERS
Appointment
Date: 17 Jan 2007
BUSINESS STRUCTURE
TRADING ADDRESS Level
25 Comalco Place
12
Creek St
BRISBANE,
QLD 4000
TELEPHONE (617) 3867 1711
TRADING STYLE RIO TINTO ALCAN
BRANCHES BELL BAY,
TAS
BURNIE, TAS
LAUNCESTON, TAS
HOLDING
ENTITY RIO TINTO
LIMITED
BANK Not
determined
EMPLOYEES over
50
BACKGROUND
The subject was incorporated in Queensland on 20 December 1956.
The group is a
combination of two companies: Rio Tinto plc, based in the UK, and Rio Tinto
Limited, based in Australia.
The British based Rio
Tinto Company was formed by investors in 1873 to mine ancient copper workings
at Rio Tinto near Huelva in southern Spain.
The Consolidated Zinc
Corporation was incorporated in 1905 to treat zinc bearing mine waste at Broken
Hill, New South Wales, Australia.
The RTZ Corporation
(formerly The Rio Tinto-Zinc Corporation) was formed in 1962 by the merger of
The Rio Tinto Company and The Consolidated Zinc Corporation. CRA Limited
(formerly Conzinc Riotinto of Australia Limited) was formed at the same time by
a merger of the Australian interests of The Consolidated Zinc Corporation and
The Rio Tinto Company.
RTZ and CRA were
unified in December 1995. Directed by a common board of directors, the
companies operate as a single entity even though they maintain separate
shareholder lists in the UK and Australia.
In June 1997, The RTZ
Corporation became Rio Tinto plc and CRA Limited became Rio Tinto Limited,
together known as the Rio Tinto Group. Rio Tinto plc is listed on the London
and New York Stock Exchanges. Rio Tinto Limited is listed on the Australian Stock
Exchange. Since the 1995 merger, the Group has continued to invest in
developments and acquisitions in keeping with its strategy.
OPERATIONS
The subject operates in the mining and production of aluminium bauxite.
The Group finds, mines and
processes the earth's mineral resources - metals and minerals essential for
making thousands of everyday products that meet society's needs and contribute
to improved living standards.
The Group's major
products include aluminium, copper, diamonds, energy products, gold, industrial
minerals (borates, titanium dioxide, salt and talc), and iron ore.
Its activities span the world but are strongly represented in Australia
and North America. There are also significant businesses in South America,
Asia, Europe and southern Africa.
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
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 31 December 2007 the subject recorded revenue
of $3,767,740,000, which resulted in an operating profit before tax of
$778,235,000 and an operating profit after tax of $573,223,000 representing a
Net Profit Margin of 15.21%.
Below is a summary of the subject’s income results for the past two
financial years.
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Rio Tinto Alminium Ltd |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$3,767,740,000 |
$3,934,226,000 |
-4.23% |
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Profit b/tax |
$778,235,000 |
$910,627,000 |
-14.54% |
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Profit a/tax |
$573,223,000 |
$642,227,000 |
-10.74% |
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Net Profit Margin |
15.21% |
16.32% |
-1.11% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $772,216,000.
On 25 November 2008, BHP Billiton withdrew a take over offer for the Rio
Tinto group citing the global economic crisis as the primary reason.
As at 31 December 2007 the subject recorded total current assets of
$5,089,577,000. They included cash of $97,000 receivables of $4,807,123,000 and
inventories of $210,202,000.
Current liabilities at the same date totalled $6,517,005,000 and
included payables of $857,723,000 and interest bearing liabilities of
$5,621,807,000
As at 31 December 2007 the subject recorded a deficiency in Working
Capital of $1,427,428 and a current ratio of 0.78 to 1.
Net Assets totalled $957,367,000 as at 31 December 2007. At this date,
the subject further recorded a Debt to Equity ratio of 7.48 to 1.
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Rio Tinto Alminium Ltd |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$3,767,740,000 |
$3,934,226,000 |
-4.23% |
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Profit b/tax |
$778,235,000 |
$910,627,000 |
-14.54% |
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Profit a/tax |
$573,223,000 |
$642,227,000 |
-10.74% |
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Net Profit Margin |
15.21% |
16.32% |
-1.11% |
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Current Assets |
$5,089,577,000 |
$4,494,810,000 |
13.23% |
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Non Current Assets |
$3,028,517,000 |
$2,961,759,000 |
2.25% |
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Total Assets |
$8,118,094,000 |
$7,456,569,000 |
8.87% |
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Current Liabilities |
$6,517,005,000 |
$5,966,392,000 |
9.23% |
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Non Current Liabilities |
$643,722,000 |
$610,569,000 |
5.43% |
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Total Liabilities |
$7,160,727,000 |
$6,576,961,000 |
8.88% |
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Net Assets |
$957,367,000 |
$879,608,000 |
8.84% |
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Working Capital |
($1,427,428,000) |
($1,471,582,000) |
-3.00% |
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Current Ratio |
0.78 |
0.75 |
3.67% |
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Debt to Equity |
7.48 |
7.48 |
0.03% |
The holding entity Rio Tinto Limited recorded revenue of
US$33,518,000,000 which resulted in an operating profit before tax of
US$9,836,000,000 and after tax of $7,746,000,000.
TRADE SURVEY
During the current investigation, contact with the subjects 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 Queensland on 20 December 1956.
The group is a
combination of two companies: Rio Tinto plc, based in the UK, and Rio Tinto
Limited, based in Australia.
for the financial year ended 31 December 2007 the subject recorded
revenue of $3,767,740,000, which resulted in an operating profit before tax of
$778,235,000 and an operating profit after tax of $573,223,000 representing a
Net Profit Margin of 15.21%.
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $772,216,000.
As at 31 December 2007 the subject recorded a deficiency in Working
Capital of $1,427,428 and a current ratio of 0.78 to 1.
Net Assets totalled $957,367,000 as at 31 December 2007.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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. |
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%)