MIRA INFORM REPORT
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Report Date : |
04.07.2011 |
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Tel. No.: |
0061 89434 1688 |
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Fax No.: |
0061 894341835 |
IDENTIFICATION DETAILS
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Name : |
ONESTEEL TRADING PTY LTD |
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Formerly Known As : |
Tubemakers of
Australia Ltd |
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Registered Office : |
40, 259 George St, SYDNEY, NSW 2000 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
03.06.1946 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
distribution of coated and uncoated steel sheet and coil products |
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 : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
ONESTEEL TRADING PTY
LTD
ACN: 007 519 646
ABN: 50 007 519
646
ADDRESS PROVIDED 6 Wellard Street
Bibra
Lake WA 6163, Australia
SPECIAL NOTE The
address provided is a branch of the subject.
CORPORATE SEARCH
INCORPORATED 3
June 1946
REGISTERED ADDRESS 40,
259 George St
SYDNEY,
NSW 2000
SHARECAPITAL $141,432,665
SHAREHOLDERS ONESTEEL
LTD Holds
282,856,330
DIRECTORS BAKEWELL, Robert
Canvin
11
Ellery Pde
SEAFORTH,
NSW 2092
HAMER,
Stephen Herbert
1 Crompton Pl
WEST PENNANT HILLS, NSW 2125
PLUMMER, Geoffrey John
10 Burwood Rd
WHITEBRIDGE, NSW 2290
SECRETARY NICHOLLS,
Kara-Lyn
REGISTERED CHARGES None on record
BUSINESS STRUCTURE
TRADING ADDRESS Unit 5, 268
Evans Rd
SALISBURY,
QLD 4107
POSTAL ADDRESS PO Box 255
SALISBURY,
QLD 4107
TELEPHONE (617) 3277 3762
GROUP HEAD OFFICE Level 23, 1 York St
SYDNEY,
NSW 2000
TRADING STYLES ONESTEEL
SHEET AND COIL
ONESTEEL
METALAND
ONESTEEL
RURAL
PIPELINE
SUPPLIES OF AUSTRALIA
HOLDING ENTITY ONESTEEL LIMITED
BANK Not
determined
EMPLOYEES 11,104 (Group)
BACKGROUND
The subject was incorporated in South Australia on 3 June 1946 as Tubemakers of Australia Ltd, adopting the current style on 9 November 2001.
The Holding Entity
Onesteel Ltd was created through a decision by BHP to split its flat and long
product steel divisions.
Onesteel Ltd was listed on the Australian Stock Exchange on
23 October 2000 and was formed to combine
eight historically-diverse yet related businesses to form a
vertically-integrated mining, steel manufacturing, and steel and metal products
distribution company.
In June 2007, OneSteel and Smorgon Steel, became a single entity. With
more than 10,000 employees in over 200 locations across Australia and 13
offshore facilities.
OPERATIONS
The subject operates in the distribution of coated and uncoated steel sheet and coil products.
The Group
manufactures steel long products including structural steel, pipe and tube,
rails, reinforcing steel, rod, bar and wire. The majority of OneSteel’s
products are used in the construction, manufacturing, housing, mining and
agricultural industries.
The Group is a market-leading business focussed around four core elements:
· OneSteel Distribution, which takes products to a broad customer base;
· OneSteel Market Mills, which manufactures and wholesales the Groups products;
· OneSteel Whyalla Steelworks, a low-cost steelmaking and rolling business; and
· Steel and Tube Holdings, which operates throughout New Zealand and British Columbia, and in which OneSteel has a 50.01% interest.
ADVERSE
A search of 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.
The subject is noted to have
entered into a Deed of Cross Guarantee pursuant to a Class Order with its
Holding entity Onesteel Limited. The effect of the Deed is that each party that
forms part of the closed group guarantee the debts of each other.
From the most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the Group recorded consolidated revenue of $6,204,600,000, which resulted in an operating profit before tax of $334,000,000 and an operating profit after tax of $260,700,000 representing a Net Profit Margin of 4.2%.
For the same period the closed group recorded revenue of $5,118,400,000 which resulted in an operating profit before tax of $81,800,000 and an operating profit after tax of $24,700,000.
Below is a summary of the Group’s consolidated income results for the past two financial years.
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One Steel Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$6,204,600,000 |
$7,241,500,000 |
-14.32% |
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Profit b/tax |
$334,000,000 |
$223,100,000 |
49.71% |
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Profit a/tax |
$260,700,000 |
$239,600,000 |
8.81% |
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Net Profit Margin |
4.20% |
3.31% |
0.89% |
During fiscal 2010 the Group recorded Net Cashflows from operating activities totalling $602,100,000.
As at 30 June 2010, the Group recorded consolidated total current assets of $2,364,300,000. They included cash of $83,400,000, inventories of $1,433,000,000 and receivables of $829,300,000.
Current liabilities at the same date totalled $1,488,600,000 and included payables of $861,100,000 and provisions of $278,800,000.
As at 30 June 2010 the Group recorded consolidated Working Capital of $875,700,000 and a current ratio of 1.59 to 1 indicating sound liquidity levels.
At this time the closed group recorded consolidated working capital of $394.7 million a current ratio of 1.24 to 1.
The Group recorded consolidated Net Assets of $4,492,700,000 as at 30 June 2010. At this date, the Group further recorded a Debt to Equity ratio of 0.57 to 1 showing low levels of gearing.
At this time the closed group recorded Net Assets of $4,103.6 million. After deducting intangibles of $1,848.6 million this results in a Net Worth of $2,255 million.
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One Steel Ltd - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
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Revenue |
$6,204,600,000 |
$7,241,500,000 |
-14.32% |
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Profit b/tax |
$334,000,000 |
$223,100,000 |
49.71% |
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Profit a/tax |
$260,700,000 |
$239,600,000 |
8.81% |
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Net Profit Margin |
4.20% |
3.31% |
0.89% |
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Current Assets |
$2,364,300,000 |
$2,229,100,000 |
6.07% |
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Non-Current Assets |
$4,703,400,000 |
$4,704,000,000 |
-0.01% |
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Total Assets |
$7,067,700,000 |
$6,933,100,000 |
1.94% |
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Current Liabilities |
$1,488,600,000 |
$1,161,400,000 |
28.17% |
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Non-Current Liabilities |
$1,086,400,000 |
$1,435,400,000 |
-24.31% |
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Total Liabilities |
$2,575,000,000 |
$2,596,800,000 |
-0.84% |
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Net Assets |
$4,492,700,000 |
$4,336,300,000 |
3.61% |
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Working Capital |
$875,700,000 |
$1,067,700,000 |
-17.98% |
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Current Ratio |
1.59 |
1.92 |
-17.25% |
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Debt to Equity |
0.57 |
0.60 |
-4.29% |
For the six months ended 31 December 2010 the group recorded consolidated revenue of $3,315 million which resulted in an operating profit after tax of $116 million.
TRADE SURVEY
During the current investigation, details pertaining to the subject’s suppliers were unable to be obtained.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in South Australia on 3 June 1946 as Tubemakers of Australia Ltd, adopting the current style on 9 November 2001. Records disclose Share Capital of $141,432,665.
The subject is noted to have entered into a Deed of Cross Guarantee pursuant to a Class Order with Onesteel Limited.
For the financial year ended 30 June 2010 the Group recorded consolidated revenue of $6,204,600,000, which resulted in an operating profit before tax of $334,000,000 and an operating profit after tax of $260,700,000 representing a Net Profit Margin of 4.2%.
For the same period the closed group recorded revenue of $5,118,400,000 which resulted in an operating profit before tax of $81,800,000 and an operating profit after tax of $24,700,000.
As at 30 June 2010 the closed group recorded consolidated working capital of $394.7 million a current ratio of 1.24 to 1.
At this time the closed group recorded Net Assets of $4,103.6
million. After deducting intangibles of $1,848.6 million this results in a Net
Worth of $2,255 million.
For the six months ended 31 December 2010 the group recorded consolidated revenue of $3,315 million which resulted in an operating profit after tax of $116 million.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.59 |
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UK Pound |
1 |
Rs.71.75 |
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Euro |
1 |
Rs.64.80 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.