MIRA INFORM REPORT

 

 

Report Date :           

05.04.2011

 

IDENTIFICATION DETAILS

 

Name :

CPG RESOURCES–MINERAL TECHNOLOGIES PTY LTD 

 

 

Formerly Known As :

Downer EDI Mining-Mineral Technologies Pty LTD

 

 

Registered Office :

Triniti 111 Triniti Busin 2/39 Delhi Road North Ryde, New South Wales 2113

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

27.06.2003

 

 

Legal Form :

Prorpietray Company

 

 

Line of Business :

Manufacturer wet gravity separation equipment, electrostatic & magnetic separation equipment & services for the mineral processing industry; design, construction & commission of mineral separation plants (world-wide basis)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                       

REGISTERED NAME 

 

CPG RESOURCES–MINERAL TECHNOLOGIES PTY LTD

ACN: 105 309 260

ABN: 52 105 309 260

 

     

CORPORATE SEARCH

 

Incorporation Date:                     27 Jun 2003

 

Incorporation State:                    Victoria

 

Registered Office                       TRINITI 111 TRINITI BUSIN 2/39 DELHI Road

NORTH RYDE, New South Wales 2113 Australia

 

Number of Shares Issued:           2

 

Paid Capital:                              2

 

Shareholders                             DOWNER EDI RAIL PTY LTD

Number of Shares: 2

 

Directors                                   FLETCHER, Kevin John

Appointment Date: 27 Oct 2010

Date of Birth: 20 Nov 1961

Gender: Male

Address: 129 Sydney St WILLOUGHBY NORTH, NSW 2068 Resident Overseas: No

 

CRANE, BRUCE JOHN

Appointment Date: 11 Jun 2010

Date of Birth: 25 Jul 1950

Gender: Male

Address: 42 FORSYTH Street KILLARA, New South Wales 2071 Australia

Resident Overseas: No

 

WEAVER, CHRIS

Appointment Date: 01 Jun 2010

Date of Birth: 28 Sep 1962

Gender: Male

Address: 34 VIDA Street ABERFELDIE, Victoria 3040 Australia

Resident Overseas: No

 

SETTER, CRAIG

Appointment Date: 01 Jun 2010

Date of Birth: 01 Dec 1956

Gender: Male

Address: 152 BROKERS Road BALGOWNIE, New South Wales 2519 Australia

Resident Overseas: No

 

Secretary                                  GEOFFREY KENNETH BIGG

Appointment Date: 16 Jun 2009

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     11 Elysium Rd

                                    CARRARA, QLD 4211                           

 

TELEPHONE                 (617) 5569 1300

 

FACSIMILE                   (617) 5525 3810

 

HOLDING ENTITY          DOWNER EDI RAIL P/L

 

ULTIMATE HOLDING

ENTITY                         DOWNER EDI LIMTED

 

BANK                           Not determined

                                               

EMPLOYEES                130                  

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 27 June 2003 as Roche Mining (MT) Pty Ltd changing name on 30 November 2006 to Roche Mineral Technologies Pty Ltd, changing name on 22 June 2007 to Downer EDI Mining-Mineral Technologies Pty Ltd before adopting the current style on 26 August 2010.

 

The change of name to the current style reflected an internal restructure within the group.

 

The subject is ultimately owned by Downer Edi Ltd a corporation that was listed on the Australia Stock Exchange on 20 December 1990.

 

In February 2001, the Downer Group acquired Evans Deakin Industries Ltd in a $250 million take over bid.

 

 

OPERATIONS

 

The subject operates in the manufacture wet gravity separation equipment, electrostatic & magnetic separation equipment & services for the mineral processing industry; design, construction & commission of mineral separation plants (world-wide basis).


Activities are conducted from premises located at the above listed trading address.

 

ADVERSE

                                               

A search of 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 2010 the subject recorded revenue of $36,571,000, which resulted in an operating profit before tax of $3,469,000 and an operating profit after tax of $2,445,000 representing a Net Profit Margin of 6.69%.

 

Below is a summary of the subject’s income results for the past two financial years.

 

 

CPG Resources Mineral Technologies Pty Ltd

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$36,571,000

$40,795,000

-10.35%

Profit b/tax

$3,469,000

$4,965,000

-30.13%

Profit a/tax

$2,445,000

$3,408,000

-28.26%

Net Profit Margin

6.69%

8.35%

-1.67%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,472,000.

 

As at 30 June 2010 the subject recorded total current assets of $18,016,000. They included cash of $2,856,000, receivables of $9,875,000 and inventories of $5,060,000.

 

Current liabilities at the same date totalled $38,189,000 and included payables of $8,380,000 and borrowings of $27,227,000.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $20,173,000 and a current ratio of 0.47 to 1 indicating some tightness in liquidity levels.

 

Despite the deficiency the accounts for the last financial year have been prepared on a going concern basis. The company has a number of long term contracts with customers across a variety of industries and geographic areas and as a consequence the directors believe that the group is well placed to manage its business risks successfully. The ultimate holding entity has also agreed to subordinate all intercompany debts of $27.23 million. The Directors do not believe such intercompany support will be required.

 

Net Assets totalled $31,558,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.25 to 1.

 

 

 

 

 

 

 

 

 

 

 

CPG Resources Mineral Technologies Pty Ltd

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$36,571,000

$40,795,000

-10.35%

Profit b/tax

$3,469,000

$4,965,000

-30.13%

Profit a/tax

$2,445,000

$3,408,000

-28.26%

Net Profit Margin

6.69%

8.35%

-1.67%

Current Assets

$18,016,000

$18,752,000

-3.92%

Non Current Assets

$52,902,000

$50,916,000

3.90%

Total Assets

$70,918,000

$69,668,000

1.79%

Current Liabilities

$38,189,000

$38,657,000

-1.21%

Non Current Liabilities

$1,171,000

$1,159,000

1.04%

Total Liabilities

$39,360,000

$39,816,000

-1.15%

Net Assets

$31,558,000

$29,852,000

5.71%

Working Capital

($20,173,000)

($19,905,000)

1.35%

Current Ratio

0.47

0.49

-2.75%

Debt to Equity

1.25

1.33

-6.49%

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (Blackwoods) Nominated supplier failed to respond to correspondence despite chasing.

 

            (ERA Polymers) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 27 June 2003 before adopting the current style on 26 August 2010.

 

The subject is ultimately owned by Downer Edi Ltd a corporation that was listed on the Australia Stock Exchange on 20 December 1990.

 

for the financial year ended 30 June 2010 the subject recorded revenue of $36,571,000, which resulted in an operating profit before tax of $3,469,000 and an operating profit after tax of $2,445,000 representing a Net Profit Margin of 6.69%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $2,472,000.

 

As at 30 June 2010 the subject recorded a deficiency in Working Capital of $20,173,000 and a current ratio of 0.47 to 1 indicating some tightness in liquidity levels.

 

Despite the deficiency the accounts for the last financial year have been prepared on a going concern basis. The ultimate holding entity has also agreed to subordinate all intercompany debts of $27.23 million. The Directors do not believe such intercompany support will be required.

 

Net Assets totalled $31,558,000 as at 30 June 2010.

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.