MIRA INFORM REPORT

 

 

Report Date :           

10.03.2011

 

IDENTIFICATION DETAILS

 

Name :

XSTRATA COAL PTY LTD

 

 

Formerly Known As :

MM Coal P/L

 

 

Registered Office :

Level 38, 1 Macquarie Place, Sydney Nsw 2000

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

14.09.2001

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

mining and exploration of coal.

 

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 – 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      

 

XSTRATA COAL PTY LTD

ACN: 098 156 702

ABN: 69 098 156 702

 

 

CORPORATE SEARCH

 

Incorporation State: QLD

 

Incorporation Date: 14 SEP 2001

 

Registered Office

XSTRATA COAL PTY LTD

LEVEL 38,

1 MACQUARIE PLACE,

SYDNEY

NSW 2000

 

Registered Charges: 4

 

ICRA WANDOAN PTY LTD (106260619), SUMISHO COAL

AUSTRALIA PTY LIMITED (061524249)

Both Fixed & Floating

1923768

Registered 05 FEB 2010

 

ICRA ROLLESTON PTY LTD (106260600), SUMISHO

COAL AUSTRALIA PTY LIMITED (061524249)

Both Fixed & Floating

1157004

Registered 06 MAY 2005

 

ICRA NCA PTY LTD (106260584), SUMISHO COAL

AUSTRALIA PTY LIMITED (061524249), ITOCHU COAL

RESOURCES AUSTRALIA PTY LIMITED (072596733)

Both Fixed Floating

1003951

Registered 15 DEC 2003

 

ITOCHU COAL RESOURCES AUSTRALIA PTY LIMIT

ED (072596733), ICRA OC PTY LTD (106260593),

SUMISHO COAL AUSTRALIA PTY LIMITED (061524249)

Both Fixed & Floating

1003950

Registered 15 DEC 2003

 

Current Directors Total: 2

REINHOLD HANS SCHMIDT – Appointed: 01 MAR 2009

265 WELLINGTON Street ORMISTON, Queensland

DOB: 23 DEC 1965

 

MARK JOHN MCMANUS – Appointed: 01 FEB 2008

4 DANMARAN Court HIGHVALE, Queensland 4520

DOB: 22 APR 1965

 

Current Secretaries Total: 2

NICHOLAS JOHN EDWARD TALINTYRE – Appointed: 10 DEC 2007

ROSEMARY VICTORIA SUMMERS – Appointed: 24 JUN 2003

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES -1000 –Amount paid: $1,000

 

Shareholders Total: 1

 

ORD 1000 - XSTRATA QUEENSLAND LIMITED

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Level 10

                                               123 Eagle St
Riverside Centre
Brisbane QLD 4000

 

TELEPHONE                             (617) 3115 5300

 

HOLDING ENTITY                   XSTRATA COAL QUEENSLAND LTD

 

ULTIMATE HOLDING

ENTITY                                       XSTRATA PLC

 

BANK                                       Not determined 

                                               

EMPLOYEES                            1,560

 

           

BACKGROUND

 

The subject was incorporated in Queensland on 14 September 2001 as MM 410 P/L changing name on 28 November 2002 to MM Coal P/L before adopting the current style on 25 June 2003.

 

The Xstrata Coal group is the world’s largest exporter of thermal coal and the fifth largest producer of hard coking coal, producing both premium quality hard coking coal and semi-soft coal. Headquartered in Sydney, Australia, Xstrata Coal has interests in over 30 operating coal mines throughout Australia, South Africa and Colombia.

                                                                       

OPERATIONS

 

The subject operates in the mining and exploration of coal.

 

The group is the world’s largest exporter of thermal coal and the fifth largest producer of hard coking coal, producing both premium quality hard coking coal and semi-soft coal.

 

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

 

 

ADVERSE

                                               

A search of records failed to trace any adverse findings 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 $1,926,697,000, which resulted in an operating profit before tax of $624,750,000 and an operating profit after tax of $447,785,000 representing a Net Profit Margin of 23.24%.

 

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

 

 

Xstrata Coal Queensland Pty Ltd

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$1,926,697,000

$2,452,417,000

-21.44%

Profit b/tax

$624,750,000

$1,283,094,000

-51.31%

Profit a/tax

$447,785,000

$900,422,000

-50.27%

Net Profit Margin

23.24%

36.72%

-13.47%

 

During fiscal 2009, the subject recorded Net Cashflows from operating activities totalling $606,515,000.

 

As at 31 December 2009 the subject recorded total current assets of $476,202,000. They included cash of $27,178,000, receivables of $210,277,000 and inventories of $170,054,000.

 

Current liabilities at the same date totalled $282,130,000 and included payables of $217,948,000 and provisions of $28,292,000.

 

As at 31 December 2009 the subject recorded Working Capital of $194,072,000 and a current ratio of 1.69 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $3,519,264,000 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 0.19 to 1 showing low levels of gearing.

Xstrata Coal Queensland Pty Ltd

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$1,926,697,000

$2,452,417,000

-21.44%

Profit b/tax

$624,750,000

$1,283,094,000

-51.31%

Profit a/tax

$447,785,000

$900,422,000

-50.27%

Net Profit Margin

23.24%

36.72%

-13.47%

Current Assets

$476,202,000

$416,467,000

14.34%

Non Current Assets

$3,697,702,000

$3,249,550,000

13.79%

Total Assets

$4,173,904,000

$3,666,017,000

13.85%

Current Liabilities

$282,130,000

$288,402,000

-2.17%

Non Current Liabilities

$372,510,000

$319,117,000

16.73%

Total Liabilities

$654,640,000

$607,519,000

7.76%

Net Assets

$3,519,264,000

$3,058,498,000

15.07%

Working Capital

$194,072,000

$128,065,000

51.54%

Current Ratio

1.69

1.44

16.89%

Debt to Equity

0.19

0.20

-6.35%

 

 

TRADE SURVEY

 

During the current investigation, contact with the subjects 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 14 September 2001 before adopting the current style on 25 June 2003.

 

The Xstrata Coal group is the world’s largest exporter of thermal coal and the fifth largest producer of hard coking coal, producing both premium quality hard coking coal and semi-soft coal.

 

For the financial year ended 31 December 2009 the subject recorded revenue of $1,926,697,000, which resulted in an operating profit before tax of $624,750,000 and an operating profit after tax of $447,785,000 representing a Net Profit Margin of 23.24%.

 

During fiscal 2009, the subject recorded Net Cashflows from operating activities totalling $606,515,000.

 

As at 31 December 2009 the subject recorded Working Capital of $194,072,000 and a current ratio of 1.69 to 1 indicating satisfactory liquidity levels.

 

Net Assets totalled $3,519,264,000 as at 31 December 2009.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.02

UK Pound

1

Rs.72.70

Euro

1

Rs.62.54

 

 

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.