MIRA INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DOWNER EDI LTD |
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Formerly Known As : |
Downer Group Ltd |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
21.09.1989 |
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Legal Form : |
Limited Company |
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Line of Business : |
engineering and infrastructure
management services company to the public, private transport, energy,
communications and resources sectors |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
DOWNER EDI LTD
ACN: 003 872 848
ABN: 97 003 872
848
ADDRESS PROVIDED
SPECIAL NOTE The address
provided is a trading address for one of the subjects subsidiaries - CPG
Resource Mineral Technologies Pty Ltd.
CORPORATE SEARCH
Incorporation
Date: 21 Sep 1989
Registered Office 39
Dehli Rd
Structure
Number
of Shares Issued: 343178483
Paid
Capital: $1,009,405,206.28
Directors THORNE,
Charles Grant
BUDERIM,
QLD 4556
FENN,
Grant Anthony
CHAPLAIN, SALLY ANNABELLE
Appointment Date: 01 Jul 2008
Date of Birth: 28 Jan 1958
Gender: Female
Address:
Resident Overseas: No
HARDING, RICHARD MICHAEL
Appointment Date: 01 Jul 2008
Date of Birth: 20 May 1949
Gender: Male
Address:
Resident Overseas: No
DI BARTOLOMEO, LUCIO
Appointment Date: 22 Jun 2006
Date of Birth: 05 Aug 1953
Gender: Male
Address:
Resident Overseas: No
HUMPHREY, JOHN SCOTT
Appointment Date: 11 Apr 2001
Date of Birth: 10 Apr 1955
Gender: Male
Address:
Resident Overseas: No
Secretary BRUCE
JOHN CRANE
Appointment
Date: 19 Aug 2008
BUSINESS STRUCTURE
HEAD OFFICE 39 Delhi Road
North
North
TELEPHONE 612) 9468 9700
FACSIMILE (612) 9813
8915
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CBP New Zealand Ltd (iii)
Cendrill Supply Pty Limited
Century Administration Pty Ltd
Chan Lian Construction Pte Ltd
Chang Chun Ao Da Technical Consulting Co Ltd
Choad Pty Ltd
Construction Professionals Pte Ltd
Coomes AC Consulting Pty Ltd
Coomes Consulting Group Unit Trust
Corke Instrument Engineering (
CPG Advisory (
CPG Australia Pty Limited
CPG Consultants (
CPG Consultants (Macau) Pte Ltd
CPG Consultants Pte Ltd
CPG Consultants
CPG Corp Philippines Inc
CPG Corporation Pte Ltd
CPG Environmental Engineering Co. Ltd
CPG Facilities Management (
CPG Facilities Management Pte Ltd
CP Green Pte Ltd
CPG Holdings Pte Ltd
CPG Hubin (
CPG Investments Pte Ltd
CPG Laboratories Pte Ltd
CPG New Zealand Ltd New
CPG Resources Pty Ltd
CPG Traffic Pty Ltd
CPG Vietnam Co Ltd
D’Axis Planners & Consultants Co. Ltd
(i)
DCE Limited New
Dean Adams Consulting Pty Ltd
DGL Investments Ltd New
DJC & Associates Limited New
DMQA Technical Services (
DMQA Training Limited
Downer Australia Pty Ltd
Downer Bitumen Surfacing Limited
Downer Construction (
Downer Construction (Hong Kong) Limited
Downer Construction (
Downer Construction Tonga Ltd
Downer Construction (PNG) Ltd PNG
Downer EDI Consulting Pty Ltd
Downer EDI Engineering - QCC Pty Ltd
Downer EDI Engineering Communications
Limited
Downer EDI Engineering Company Pty Limited
Downer EDI Engineering Construction (
Downer EDI Engineering CWH Pty Limited
Downer EDI Engineering Electrical Pty Ltd
Downer EDI Engineering Group (
Downer EDI Engineering Group Limited
Downer EDI Engineering Group Pty Limited
Downer EDI Engineering Holdings Pty Ltd
Downer EDI Engineering Holdings (
Downer EDI Engineering Limited
Downer EDI Engineering (M) Sdn Bhd
Downer EDI Engineering Power Limited
Downer EDI Engineering Power Pty Ltd
Downer EDI
Engineering Pty Limited
Downer EDI Engineering-Projects Pty Ltd
Downer EDI Engineering (S) Pte Ltd
Downer EDI Engineering Telco Services Sdn
Bhd
Downer EDI Engineering Thailand Limited
Downer EDI Engineering Transmission Pty Ltd
Downer EDI Finance (NZ) Ltd New
Downer EDI Finance Pty Ltd
Downer EDI Group Finance (NZ) Limited
Downer EDI Limited
Downer EDI Mining-Mineral Technology SA
(Proprietary) Ltd
Downer EDI Mining-Mineral Technology (
Downer EDI Mining NZ Limited
Downer EDI Mining Pty Ltd
Downer EDI Mining Services (Proprietary) Ltd
Downer EDI Mining-Blasting Services Pty Ltd
Downer EDI Mining-Mineral Technologies Pty
Ltd
Downer EDI Mining-Minerals Exploration Pty
Ltd
Downer EDI Rail (
Downer EDI Rail Pty Ltd
Downer EDI Rail V/Line Maintenance Pty Ltd
Downer EDI Rail (
Downer EDI Rail (
Downer EDI (
Downer EDI (
Downer EDI Properties Limited
Downer EDI Resource Holdings Limited
Downer EDI Services Pty Ltd
Downer EDI Works (Hong Kong) Limited
Downer EDI Works Limited (ii) (iii)
Downer EDI Works Pte Ltd
Downer EDI Works Pty Ltd
Downer EDI Works Vanuatu Limited
Downer Energy Systems Pty Limited
Downer Group
Finance International Pty Ltd
Downer Group Finance Pty Limited
Downer Holdings Pty Ltd
Downer MBL Limited
Downer MBL Pty Limited
Downer NZ Finance Pty Ltd
Downer PPP Investments Pty Ltd
Downer Signs Limited
Duffill Watts Pte Limited
Duffill Watts Vietnam Ltd
EDI Rail (Maryborough) Pty Ltd
EDI Rail Investments Pty Ltd
EDI Rail PPP Maintenance Pty Ltd
EDICO Pty Ltd
Emoleum Road Services Pty Limited
Emoleum Roads Group Pty Limited
Emoleum Services Pty Limited
Evans Deakin Industries Pty Ltd
Faxgroove Pty Ltd
Gaden Drilling Pty Limited
H.R.S. New Zealand Ltd (ii)
Indeco Consortium Pte Ltd
Killbeen Pty Ltd
Locomotive Demand Power Pty Ltd
Lowan (Management ) Pty Ltd
MPE Facilities Management Sdn Bhd
New Zealand Vegetation Control Ltd (iii)
On Track Services New Zealand Ltd (iii)
Otraco Brasil Gerenciamento de Pneus Ltda
Otraco Canada Inc
Otraco Chile SA
Otraco International Pty Limited
Otracom Pty Ltd
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Technology Proprietary Ltd
Peridian Asia Pte Ltd
Peridian India Pvt Ltd
PM Link Pte Ltd
Primary Producers Improvers Pty Ltd
PT Duffill Watts
PT Otraco
PT QDC Technologies
Rail Services Victoria Pty Ltd
Rayfall Pty Ltd
Rayjune Pty Ltd
REJV Services Pty Ltd
Reussi Pty Limited
Richter Drilling Indonesia Pty Limited
Richter Drilling International Pty Ltd
Richter Drilling (PNG) Limited PNG
RIMTEC Pty Ltd
Rimtec USA Inc
Roche Bros (Hong Kong) Ltd
Roche Bros. Superannuation Pty Ltd
Roche Castings Pty Ltd
Roche Contractors Pty Limited
Roche Highwall Mining Pty Limited
Roche Mining (MT) Brasil Ltda
Roche Mining (MT) Holdings Pty Ltd
Roche Mining (MT) India Pvt Ltd
Roche Mining (PNG) Ltd PNG
Roche Services Pty Ltd
RPC IT Pty Ltd
RPC Roads Pty Ltd
Sach Infrastructure Pty Ltd
Scanbright Pty Ltd
Shanghai CPG Architectural and Design Co.
Ltd
Sillars (B&CE) Ltd
Sillars (FRC) Ltd
Sillars (TMWC) Ltd
Sillars (TMWD) Ltd
Sillars Holdings Limited
Sillars Road Construction Ltd
Singleton Bahen Stansfield Pty Ltd
SIP-CPG Facilities Management Co. Ltd
Snowden Consultoria do Brasil Limitada
Snowden Mining Industry Consultants Inc.
Snowden Mining Industry Consultants Limited
Snowden Mining Industry Consultants Pty Ltd
Snowden Mining Industry Consultants (Pty)
Ltd
Snowden Technologies Pty Ltd
Snowden Training (Pty) Ltd
Southern Asphalters Pty Ltd
Starblake Pty Ltd
Suzhou PM Link Co Ltd
TSE Wall Arlidge Ltd New
TSG Architects Pte Ltd
Undergrounds Locators Ltd
Waste Solutions Limited
Works Infrastructure (Holdings) Limited
Works Infrastructure (
Works Finance (NZ) Limited
Works
Infrastructure Ltd -
BANK Not
determined
EMPLOYEES over
24,000
BACKGROUND
The subject was incorporated in
The subject 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 as an engineering and infrastructure management
services company to the public, private transport, energy, communications and
resources sectors.
The subject operates in the following divisions:
Consulting: multi-disciplinary
consulting business providing a broad range of services including scoping and
feasibility studies and the design, implementation and management of projects
Engineering: one of
Mining: delivering contract mining and civil
earthmoving services to a list of global clients for almost 90 years. It is now
one of
Rail: Rail division has over 100
years’ experience and is the leading provider and maintainer of passenger and
freight rolling stock in
Works: supplies products and services to support
the maintenance and development of road and rail networks, airfields, ports and
water services.
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 consolidated revenue of $5,814,717,000, which resulted in an operating profit before tax of $2,067,000 and an operating profit after tax of $3,052,000 representing a Net Profit Margin of 0.05%.
Below is a summary of the subject’s income results for the past two financial years.
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Downer EDI Limited - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$5,814,717,000 |
$5,861,410,000 |
-0.80% |
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Profit b/tax |
$2,067,000 |
$259,025,000 |
-99.20% |
|
Profit a/tax |
$3,052,000 |
$189,376,000 |
-98.39% |
|
Net Profit Margin |
0.05% |
3.23% |
-3.18% |
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $204,266,000.
During the year the engineering division record revenue of
$1.9 million resulting in EBIT of $112.5 million. The division continued to win
major projects during the year including securing contracts with Wesfarmers
Curragh Coal, BHP Billiton
The mining division recorded revenue of $973.5 million resulting in EBIT of $68.2 million.
During the year the rail division recorded revenue of $1,046.8 million resulting in EBIT of $77.9 million.
The Works division recorded revenue of $2.1 billion for the year ended 30 June 2010 which resulted in EBIT of $102.9 million.
At 31 December 2010, Downer had over $20 billion of work-in-hand.
On 28 July 2010, the Group’s Mining division signed
contracts with BHP Billiton Mitsubishi
On 5 August 2010, the Group’s Mining division signed a six year contract, valued at approximately A$3 billion, with
Fortescue Metals Group Limited for the provision of mining
services at its Christmas Creek operation in the East Pilbara region of
As at 30 June 2010 the subject recorded total current assets of $1,817,402,000. They included cash of $385,126,000, receivables of $1,183,878,000 and inventories of $193,138,000.
Current liabilities at the same date totalled $1,505,372,000 and included payables of $987,266,000 and provisions of $199,414,000.
As at 30 June 2010 the subject recorded consolidated Working Capital of $312,030,000 and a current ratio of 1.21 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $1,242,851,000 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 1.78 to 1. After deducting intangibles of $589,414,000 this resulted in a Net Worth of $653,437,000.
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Downer EDI Limited - consolidated |
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As at 30 June 2010 |
As at 30 June 2009 |
Change (%) |
|
Revenue |
$5,814,717,000 |
$5,861,410,000 |
-0.80% |
|
Profit b/tax |
$2,067,000 |
$259,025,000 |
-99.20% |
|
Profit a/tax |
$3,052,000 |
$189,376,000 |
-98.39% |
|
Net Profit Margin |
0.05% |
3.23% |
-3.18% |
|
Current Assets |
$1,817,402,000 |
$1,787,288,000 |
1.68% |
|
Non-Current Assets |
$1,638,598,000 |
$1,595,801,000 |
2.68% |
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Total Assets |
$3,456,000,000 |
$3,383,089,000 |
2.16% |
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Current Liabilities |
$1,505,372,000 |
$1,405,360,000 |
7.12% |
|
Non-Current Liabilities |
$707,777,000 |
$647,341,000 |
9.34% |
|
Total Liabilities |
$2,213,149,000 |
$2,052,701,000. |
7.82% |
|
Net Assets |
$1,242,851,000 |
$1,330,388,000 |
-6.58% |
|
Working Capital |
$312,030,000 |
$381,928,000 |
-18.30% |
|
Current Ratio |
1.21 |
1.27 |
-5.07% |
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Debt to Equity |
1.78 |
1.54 |
15.41% |
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 subject was listed on the Australia Stock Exchange on 20 December 1990.
For the financial year ended 30 June 2010 the subject recorded consolidated revenue of $5,814,717,000, which resulted in an operating profit before tax of $2,067,000 and an operating profit after tax of $3,052,000 representing a Net Profit Margin of 0.05%.
During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $204,266,000.
At 31 December 2010, Downer had over $20 billion of work-in-hand.
As at 30 June 2010 the subject recorded consolidated Working Capital of $312,030,000 and a current ratio of 1.21 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $1,242,851,000 as at 30 June 2010. After deducting intangibles of $589,414,000 this resulted in a Net Worth of $653,437,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
RATING EXPLANATIONS
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.