MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILLENNIUM COAL PTY LTD |
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Registered Office : |
27, 10 Eagle St Brisbane, QLD 4000 |
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Country : |
Australia |
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Date of Incorporation : |
24.09.1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Management of the Millennium Coal Mine in Moranbah,
Queensland |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
MILLENNIUM COAL PTY LTD
ACN: 089 599 021
ABN: 21 089 599 021
CORPORATE SEARCH
INCORPORATED 24 September 1999
REGISTERED ADDRESS 27, 10 Eagle St
BRISBANE, QLD 4000
SHARECAPITAL $74,251,424
SHAREHOLDERS EXCEL COAL LTD Holds 23,468
NANDARA COAL P/L Holds 2,070
HONG KONG QINFA TRADING Holds 636
CATHERINE HILL RESOURCES Holds250 VISA COMTRADE Holds 150
DHARMARAJA, Varo Holds100
CARR, Anne Francis Holds 60
LIUBINSKAS, Jack Holds 48
DHARMARJA COAL P/L Holds 38
BROWN, Ian Holds 35
DIRECTORS WICKSTRA, Gregg
Peter
526, 420 Queen St
BRISBANE, QLD 4000
CRAIG, Ian Stuart
22 York St
HAMILTON, QLD 4007
VORIAS, Cameron
35 Ryan Ave
BALMORA, QLD 4171
COCHRANE, Gary William
11 Auckland St
ENGADINE, NSW 2233
KIRSTEN, Ernst Detlef
1, 128 Fullarton Rd
NORWOOD, SA 5067
SECRETARY SMITH,
Stephen John
REGISTERED CHARGES None on record
SPECIAL NOTE During the current investigation it was advised that on 23 October 2006 the subject was acquired by Peabody Australia P/L
BUSINESS STRUCTURE
TRADING ADDRESS Locked Bag 1005
MORANDAH, QLD 4744
TELEPHONE (617) 4950 7068
HOLDING ENTITY PEABODY AUSTRALIA P/L
ULTIMATE HOLDING
ENTITY PEABODY ENERGY
BANK COMMONWEALTH BANK OF AUSTRALIA
EMPLOYEES 10
BACKGROUND
The subject was incorporated in South Australia on 24 September 1999 as Modern Mining Technologies P/L, before adopting the current style on 17 September 2001.
On 23 October 2006 the subject was acquired by Peabody Australia P/L
The subject commenced mining activities at the Millennium Coal Mine in March 2007.
OPERATIONS
The subject operates in the management of the Millennium Coal Mine in Moranbah, Queensland.
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, she advised that the subject commenced mining activities at the Millennium Coal Mine in May 2006.
The mine plans to increase its annual saleable PCI and coking coal production to three million tonnes (3.3 million tons) as port constraints are eased at Dalrymple Bay Coal Terminal.
Details pertaining to the subject’s financial position were not disclosed for the current enquiry.
The subject is ultimately owned by Peabody Energy Corporation, the world's largest coal producer. The group operates more than 40 mines and processing facilities in the US and Australia. It produces about 250 million tons of coal annually and maintains 10 billion tons in reserve.
Peabody Energy is listed on the New York Stock Exchange and employs 9,200 staff globally.
For the last financial year ended 31 December 2006, the global group recorded consolidated revenue of US$5,256.3 million which resulted in a Net Income of US$600.7 million.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Nominated supplier declined to provide a reference owing to company policy.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in South Australia on 24 September 1999 as Modern Mining Technologies P/L, before adopting the current style on 17 September 2001.
On 23 October 2006 the subject was acquired by Peabody Australia P/L
The subject commenced mining activities at the Millennium Coal Mine in March 2007.
Details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.
The subject is ultimately owned by Peabody Energy Corporation, a corporation that is listed on the New York Stock Exchange and employs 9,200 staff globally.
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%)