MIRA INFORM REPORT

 

 

Report Date :

13.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SANDVIK MINING AND CONSTRUCTION PERTH PTY LIMITED

 

 

Formerly Known As :

Sandvik Materials Handling P/L

 

 

Registered Office :

60 Qantas Drive, Agle Farm, Queensland 4009

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

04.09.2001

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Import, Sale and Service of mining equipment and associated parts

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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      

 

SANDVIK MINING AND CONSTRUCTION PERTH PTY LIMITED

ACN: 098 055 497

ABN: 66 098 055 497

 

 

CORPORATE SEARCH

 

Incorporation Date:                     04 Sep 2001

 

Incorporation State:                    Australian Capital Territory

 

Registered Office                       60 QANTAS Drive

AGLE FARM, Queensland 4009 Australia

 

Number of Shares Issued:           1

 

Paid Capital:                              1

 

Shareholders                             SANDVIK MINING AND CONSTRUCTION AUS

Number of Shares: 1

 

Directors                                   ZEME, ALEXANDER KARL

Appointment Date: 17 Oct 2008

Date of Birth: 13 Jul 1956

Gender: Male

Address: 15 BROWN Street BARDON, Queensland 4065 Australia

Resident Overseas: No

 

DEAN COOGAN, MATTHEW

Appointment Date: 08 Jul 2008

Date of Birth: 31 May 1966

Gender: Male

Address: 53 GILBERT Road WINDSOR, Queensland 4030 Australia

Resident Overseas: No

 

MELROSE, ROWAN JAMES

Appointment Date: 18 Jun 2008

Date of Birth: 30 Sep 1962

Gender: Male

Address: 94 TURNBULL Street MEREWETHER, New South Wales 2291 Australia

Resident Overseas: No

 

SCHAFFER, MANFRED

Appointment Date: 11 Aug 2005

Date of Birth: 21 Feb 1958

Gender: Unknown

Address:

Resident Overseas: Yes

 

Secretary                                  NOEL PETER REYNOLDS

Appointment Date: 19 Aug 2008

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     285 Collier St

                                    BAYSWATER, WA 6053                                   

 

TELEPHONE                 (618) 9347 8500

 

FACSIMILE                   (618)

 

HOLDING ENTITY          SANDVIK MINING AND CONSTRUCTION AUSTRALIA P/L

 

ULTIMATE HOLDING

ENTITY                         SANDVIK AB

 

BANK                           Not determined

                                   

EMPLOYEES                332

 

 

BACKGROUND

 

The subject was incorporated in the ACT on 4 September 2001 as Sandvik Materials Handling P/L before adopting the current style on 25 January 2007.

 

 

OPERATIONS

 

The subject operates in the import, sale and service of mining equipment and associated parts including bulk materials handling equipment, conveyor belt reconditioning and the supply of industrial rubber products for the excavation and sizing of rock and minerals in the mining and construction industries.

 

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

 

ADVERSE

                                               

A search of the records on 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 2009 the subject recorded revenue of $99,438,302, which resulted in an operating Loss before tax of $6,924,573 and an operating Loss after tax of $4,652,427.

 

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

 

 

Sandvik Mining and Construction Perth Pty Ltd

 

31-Dec-09

31-Dec-08

Change (%)

Revenue

$99,438,302

$127,299,686

-21.89%

Profit b/tax

($6,924,573)

$3,346,711

-306.91%

Profit a/tax

($4,652,427)

$2,810,206

-265.55%

Net Profit Margin

-4.68%

2.21%

-6.89%

 

During fiscal 2009, the subject recorded a deficiency in Net Cashflows from operating activities totalling $4,884,265.

 

As at 31 December 2009 the subject recorded total current assets of $33,595,394. They included cash of $77,488, receivables of $15,845,769 and inventories of $17,672,137.

 

Current liabilities at the same date totalled $35,348,122 and included payables of $13,583,300 and borrowings of $10,076,877.

 

As at 31 December 2009 the subject recorded a deficiency in Working Capital of $1,752,728 and a current ratio of 0.95 to 1.

 

Despite the trading loss and deficiency in working capital the accounts for the year ended 31 December 2009 were prepared on a going concern basis. This is based on:

 

Prepared cashflow projections which demonstrate the company will have sufficient cashflows to meet its debts as and when they become due.

 

The subject had received a letter of financial support for the Australian ultimate holding company, Sandvik Mining and Construction Australia P/L for the 12 months from the date of the 31 December 2009 financial report of the company is lodged with ASIC. The report was lodged on 30 April 2010

 

Net Assets totalled $23,432,662 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 1.52 to 1.

Sandvik Mining and Construction Perth Pty Ltd

 

31-Dec-09

31-Dec-08

Change (%)

Revenue

$99,438,302

$127,299,686

-21.89%

Profit b/tax

($6,924,573)

$3,346,711

-306.91%

Profit a/tax

($4,652,427)

$2,810,206

-265.55%

Net Profit Margin

-4.68%

2.21%

-6.89%

Current Assets

$33,595,394

$43,297,726

-22.41%

Non-Current Assets

$25,556,150

$23,531,550

8.60%

Total Assets

$59,151,544

$66,829,276

-11.49%

Current Liabilities

$35,348,122

$38,363,827

-7.86%

Non-Current Liabilities

$370,760

$380,360

-2.52%

Total Liabilities

$35,718,882

$38,744,187

-7.81%

Net Assets

$23,432,662

$28,085,089

-16.57%

Working Capital

($1,752,728)

$4,933,899

-135.52%

Current Ratio

0.95

1.13

-15.79%

Debt to Equity

1.52

1.38

10.50%

 

 

The subject is ultimately owned by SandvikAB of Sweden, a public company that employs 50,028 worldwide.

 

For the financial year ended 31 December 2008, the global group recorded consolidated revenue of US$11,933.8 million which resulted in Net income after tax of US$1,009.3 million.

 

 

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 the ACT on 4 September 2001 as Sandvik Materials Handling P/L before adopting the current style on 25 January 2007.

 

For the financial year ended 31 December 2009 the subject recorded revenue of $99,438,302, which resulted in an operating Loss before tax of $6,924,573 and an operating Loss after tax of $4,652,427.

 

During fiscal 2009, the subject recorded a deficiency in Net Cashflows from operating activities totalling $4,884,265.

 

As at 31 December 2009 the subject recorded a deficiency in Working Capital of $1,752,728 and a current ratio of 0.95 to 1.

 

Despite the trading loss and deficiency in working capital the accounts for the year ended 31 December 2009 were prepared on a going concern basis.

 

Net Assets totalled $23,432,662 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 1.52 to 1.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.16

UK Pound

1

Rs.70.64

Euro

1

Rs.58.68

 

 

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

----

NB

New Business

----

 

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.