MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MISSION BIOFUELS PTY LTD |
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Registered Office : |
8, 50 St Georges Tce Perth, Wa 6000 |
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Country : |
Australia |
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Date of Incorporation : |
17.11.2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The group operates a biodiesel plant |
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 : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
MISSION BIOFUELS PTY LTD
ACN: 117 065 719
ABN: 63 117 065 719
CORPORATE SEARCH
INCORPORATED 17 November 2005
REGISTERED ADDRESS 8, 50 St Georges Tce
PERTH, WA 6000
SHARECAPITAL $42,600,000
SHAREHOLDERS Not shown
DIRECTORS
AMARA,
Dario Angelo
75 Melville
Beach Rd
APPLECROSS,
WA 6153
WILLIAMS,
Peter John
3 Tetragona
Way
DIAMOND
CREEK, VIC 3089
BANSAL,
Arvind
Resident
overseas
YUSUF,
Mohamed Zain
Resident
overseas
ABDUL RAZAK
BIN RAMLI, Tan Sri
Resident
overseas
MAHALINGAM,
Swaminathan
21 Turo Cl
WILLETTON, WA 6155
SECRETARY
WILLIAMS,
Peter John
3 Tetragona
Way
DIAMOND
CREEK, VIC 3089
REGISTERED CHARGES
None on record
BUSINESS STRUCTURE
TRADING ADDRESS
Level 8, 50 St Georges Tce
PERTH, WA 6000
TELEPHONE (618) 9218 9111
FACSIMILE (618) 9218 9100
CONTROLLED ENTITIES
MISSION BIOTECHNOLOGIES SDN BHD
MISSION BIOFUELS SDN BHD
MISSION AGRO ENERGY LTD
MISSION BIOFUELS INDIA PRIVATE LTD
MISSION AGRO DIESEL INDIA PRIVATE LTD
BANK
ANZ BANKING GROUP
HSBC
EMPLOYEES
Not determined
BACKGROUND
The subject was incorporated in Western Australia on 17 November 2005 as Mission Biofuels Pty Ltd, before adopting the current style on 24 February 2006.
The subject was listed on the Australian stock Exchange on 4 February 2006.
Through its wholly owned Malaysian subsidiary, the group was formed to establish a 100,000 tonnes per annum Biodiesel refinery and a 12,000 tonnes per annum glycerine purification plant at Kuantan Port, Malaysia.
The Project will use Crude Palm Oil (CPO) as its primary feedstock. Malaysia is the world’s largest producer of CPO.
Project construction commenced in May 2006. The plant was opened on 18 December 2007
OPERATIONS
The group operates a biodiesel plant in Malaysia which was opened on 18 December 2007
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the 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 30 June 2007 the subject recorded revenue of $1,550,000, which resulted in an operating loss before tax of $1,711,000 and an operating loss after tax of $1,910,000.
In December 2007 the subject opened its Biodiesel plant in Malaysia. The $27.5 million facility uses crude palm oil s its primary feedstock and has begun to produce commercial quantities.
Below is a summary of the subject’s income results for the past two financial years.
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Mission Biofuels
Ltd |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$1,550,000 |
$424,000 |
265.57% |
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Profit b/tax |
($1,711,000) |
($386,000) |
343.26% |
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Profit a/tax |
($1,910,000) |
($613,000) |
211.58% |
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Net Profit Margin |
-123.23% |
-144.58% |
21.35% |
In May 2007, the subjects shareholders approved a $65 million convertible note issue to fund a second 250,000 tpa biodiesel facility.
During fiscal 2007, the subject recorded a deficiency in Net Cashflows from operating activities totalling $1,929,000.
As at 30 June 2007, the subject recorded total current assets of $80,979,000. They included cash of $78,962,000.
Current liabilities at the same date totalled $3,765,000 and included payables of $3,806,000.
As at 30 June 2007, the subject recorded Working Capital of $77,214,000 and a current ratio of 21.51 to 1 indicating strong liquidity levels.
Net Assets totalled $47,606,000 as at 30 June 2007. At this date, the subject further recorded a Debt to Equity ratio of 1.19 to 1.
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Mission Biofuels Ltd |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$1,550,000 |
$424,000 |
265.57% |
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Profit b/tax |
($1,711,000) |
($386,000) |
343.26% |
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Profit a/tax |
($1,910,000) |
($613,000) |
211.58% |
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Net Profit Margin |
-123.23% |
-144.58% |
21.35% |
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Current Assets |
$80,979,000 |
$35,374,000 |
128.92% |
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Non Current Assets |
$23,494,000 |
$7,014,000 |
234.96% |
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Total Assets |
$104,473,000 |
$42,388,000 |
146.47% |
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Current Liabilities |
$3,765,000 |
$635,000 |
492.91% |
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Non Current Liabilities |
$53,102,000 |
$177,000 |
29901.13% |
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Total Liabilities |
$56,867,000 |
$812,000 |
6903.33% |
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Net Assets |
$47,606,000 |
$41,576,000 |
14.50% |
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Working Capital |
$77,214,000 |
$34,739,000 |
122.27% |
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Current Ratio |
21.51 |
55.71 |
-61.39% |
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Debt to Equity |
1.19 |
0.02 |
6016.25% |
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 Western Australia on 17 November 2005 as Mission Biofuels Pty Ltd, before adopting the current style on 24 February 2006.
The subject was listed on the Australian stock Exchange on 4 February 2006.
Through its wholly owned Malaysian subsidiary, the group was formed to establish a 100,000 tonnes per annum Biodiesel refinery and a 12,000 tonnes per annum glycerine purification plant at Kuantan Port, Malaysia.
The plant was opened on 18 December 2007
for the financial year ended 30 June 2007 the subject recorded revenue of $1,550,000, which resulted in an operating loss before tax of $1,711,000 and an operating loss after tax of $1,910,000.
As at 30 June 2007, the subject recorded Working Capital of $77,214,000 and a current ratio of 21.51 to 1 indicating strong liquidity levels.
Net Assets totalled $47,606,000 as at 30 June 2007.
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%)