MIRA INFORM REPORT

 

 

Report Date :

22.02.2011

 

IDENTIFICATION DETAILS

 

Name :

BHP MITSUI COAL PTY LTD

 

 

Formerly Known As :

Thiess Dampier Mitsui Coal P/L

 

 

Registered Office :

'Waterfront Place' Level 20, 1 Eagle Street, Brisbane, Qld 4000

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

23.02.1962

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Subject operates as an Open Cutcoal Mining and Exploration Company

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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      

 

BHP MITSUI COAL PTY LTD

ACN: 009 713 875

ABN: 34 009 713 875

 

     

CORPORATE SEARCH

 

Incorporation State: QLD

 

Incorporation Date: 23 FEB 1962

 

Registered Office

'WATERFRONT PLACE' LEVEL 20,

1 EAGLE STREET,

BRISBANE

QLD 4000

 

Registered Charges: 1

Both Fixed &Floating

MILLENNIUM COAL PTY LTD (089566021)

1583206

Registered 04 FEB 2008

 

Current Directors Total: 6

 

PIETER LE ROUX – Appointed: 01 NOV 2010

DOB: 26 NOV 1970

Resident overseas

 

JUN KONNO – Appointed: 31 MAY 2010

DOB: 14 JUL 1966

Resident overseas

 

STEPHEN CRAIG DUMBLE – Appointed: 01 MAY 2010

15 HENRY Street ASCOT, Queensland 4007

DOB: 18 MAR 1961

 

HUBRECHT VAN DALSEN – Appointed: 01 MAR 2009

21 NOLAN Rise BROOKFIELD, Queensland 4069

DOB: 28 NOV 1960

 

GIDEON JOHANNES OBERHOLZ – Appointed: 16 DEC 2008

28 ADDISON Avenue BULIMBA, Queensland 4171

DOB: 22 DEC 1967


JILL MARGARET BUCKLE – Appointed: 12 APR 1999

30 TINARRA Crescent KENMORE HILLS, Queensland

DOB: 05 MAR 1959

 

Current Secretaries Total: 1

 

JILL MARGARET BUCKLE – Appointed: 16 AUG 1996

 

Share Structure - Classes Total: 4

C CLASS C SHARES - 11361697 – Amount Paid: $22,723,394

B CLASS B SHARES - 18260000 – Amount Paid: $36,520,000

CRP CUMULATIVE REDEEMABLE PREFERENCE SHARES

6424368 – Amount Paid: $12,848,736

A CLASS A SHARES - 48140000 – Amount Paid: $96,280,000 $0

 

Shareholders Total: 6

C CLASS - 11224809 - MITSUI & CO LTD

C CLASS -136888 - MITSUI & CO. (AUSTRALIA) LTD.

B CLASS -18260000 -DAMPIER COAL (QUEENSLAND) PROPRIETARY LIMITED

A CLASS - 48140000 - DAMPIER COAL (QUEENSLAND) PROPRIETARY LIMITED

CRP - 5475516 - MITSUI & CO. (AUSTRALIA) LTD.

CRP - 948852 - DAMPIER COAL (QUEENSLAND) PROPRIETARY LIMITED

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     71 EAGLE St

                                    BRISBANE, QLD 4000

 

CORPORATE OFFICE   1 EAGLE St

                                    BRISBANE, QLD 4000

                                   

TELEPHONE                 (617) 3835 2000

 

FACSIMILE                   (617) 3220 3881

 

ULTIMATE HOLDING

ENTITY                         BHP BILLITON LIMITED

 

BANK                           Not determined

                                               

EMPLOYEES                Nil       

 

BACKGROUND

 

The subject was incorporated in Queensland on 23 February 1962 as Peabody Coal P/L changing name on 15 February 1963 to Thiess Peabody Mitsui Coal P/L changing name on 28 July 1977 to Thiess Dampier Mitsui Coal P/L before adopting the current style on 24 January 1992.

 

 

OPERATIONS

 

The subject operates as an open cutcoal mining and exploration company in Queensland.

 

The subjects operations include the following:

 

South Walker Creek Mine

South Walker Creek Mine is located on the eastern flank of the Bowen Basin, 35km west of the town of Nebo and 132 km south west of the Hay Point port facilities.

 

South Walker Creek is a contract mining operation owned by BHP Mitsui Coal. Annual production capacity is 3.2 million tonnes of marketable coal, which is suitable for Pulverised Coal Injection (PCI).

 

Poitrel Mine

Poitrel Mine is situated south-east of the town of Moranbah, and began open-cut operations in October 2006. It is the most recent mine to be opened for the BHP Mitsui Coal owners, and at full production will have an annual capacity of three million tonnes of coal a year.

 

 

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 US$876,218,000 which resulted in an operating profit before tax of $364,297,000 and an operating profit after tax of $243,970,000 representing a Net Profit Margin of 27.84%.

 

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

 

 

BHP Mitsui Coal Pty Ltd

 

 

As at 30 June 2010 US$

As at 30 June 2009 US$

Change (%)

Revenue

$876,218,000

$1,072,303,000

-18.29%

Profit b/tax

$364,297,000

$652,968,000

-44.21%

Profit a/tax

$243,970,000

$445,315,000

-45.21%

Net Profit Margin

27.84%

41.53%

-13.69%

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totallingUS$115,835,000.

 

Dividends of US$500,000,000 were paid in fiscal 2010.

 

As at 30 June 2010 the subject recorded total current assets of US$236,451,000. They included receivables of $175,058,000 and inventories of $60,770,000.

 

Current liabilities at the same date totalledUS$127,762,000 and included payables of $76,411,000 and current tax liabilities of $48,183,000.

 

As at 30 June 2010 the subject recorded Working Capital of US$108,689,000 and a current ratio of 1.85 to 1 indicating sound liquidity levels.

 

Net Assets totalled $325,211,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.6 to 1.

 

 

BHP Mitsui Coal Pty Ltd

 

 

As at 30 June 2010 US$

As at 30 June 2009 US$

Change (%)

Revenue

$876,218,000

$1,072,303,000

-18.29%

Profit b/tax

$364,297,000

$652,968,000

-44.21%

Profit a/tax

$243,970,000

$445,315,000

-45.21%

Net Profit Margin

27.84%

41.53%

-13.69%

Current Assets

$236,451,000

$1,002,368,000

-76.41%

Non-Current Assets

$283,916,000

$241,480,000

17.57%

Total Assets

$520,367,000

$1,243,848,000

-58.16%

Current Liabilities

$127,762,000

$609,829,000

-79.05%

Non-Current Liabilities

$67,394,000

$54,245,000

24.24%

Total Liabilities

$195,156,000

$664,074,000

-70.61%

Net Assets

$325,211,000

$579,774,000

-43.91%

Working Capital

$108,689,000

$392,539,000

-72.31%

Current Ratio

1.85

1.64

12.60%

Debt to Equity

0.60

1.15

-47.61%

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s 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 23 February 1962 before adopting the current style on 24 January 1992.

 

For the financial year ended 30 June 2010 the subject recorded revenue of US$876,218,000 which resulted in an operating profit before tax of $364,297,000 and an operating profit after tax of $243,970,000 representing a Net Profit Margin of 27.84%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling US$115,835,000.

 

Dividends of US$500,000,000 were paid in fiscal 2010.

 

As at 30 June 2010 the subject recorded Working Capital of US$108,689,000 and a current ratio of 1.85 to 1 indicating sound liquidity levels.

 

Net Assets totalled $325,211,000 as at 30 June 2010.

 

           

                                               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.73.25

Euro

1

Rs.61.70

 

 

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%)

 

 

 

 

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

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