MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Name :

AQUARIUS PLATINUM LTD

 

 

Registered Office :

Clarendon House 2 Church Street PO Box HM 666 Hamilton HMCX

 

 

Country :

Bermuda

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

08.04.1999

 

 

Com. Reg. No.:

26290

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore Company

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1,000,000.00

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Bermuda

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

                                                                                                                                      

GEOPOLITICS - BERMUDA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system


Economic Risk: Nil

Currency: 100 BMD = 100.00 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Aquarius Platinum Ltd

Address in the order:

BERMUDA

 

 

Legal Name:

Aquarius Platinum Ltd

 

 

Legal Address

Clarendon House 2 Church Street PO Box HM 666 Hamilton HMCX Bermuda (Registered Agents Address)

 

 

Telephone:

(441) 295-1422 (Registered Agents Number)

Registration Number :

26290

Fax:

(441) 292-4720 (Registered Agents Fax)

Legal Form:

International Business Company

Email:

N.A.

Registered in:

Bermuda

Website:

N.A.

Date Created:

April 8, 1999

Manager:

N.A.

Date Incorporated:

April 8, 1999

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company

 

 

BANKS

 

Name of the Bank

HSBC

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

AQUARIUS PLATINUM LIMITED is an International Business Company / Offshore Company incorporated in Bermuda for tax purposes.

 

However the company does not carry any operation in Bermuda.

 

It is not registered with the Bermuda Chamber of Commerce as being an active business.

 

It is not listed with the Bermuda yellow pages.

 

It is not listed with the major local credit bureaus.

 

The company does not have any employee in the Bermuda. It uses the registered agent staff.

Trade References:

 

In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.

PAYMENTS

 

regular

Comments on location:

 

The address mentioned above is that of the registered agent:

 

Conyers Dill & Pearman Limited

Clarendon House, 2 Church Street

PO Box HM 666, Hamilton HMCX Bermuda

Tel: +1 (441) 295 1422

Fax: +1 (441) 292 4720

Email: bermuda@conyersdill.com

 




Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Shareholders Parent Company(ies):

 

The company is owned by foreign shareholders.

Management:

 

It is locally managed by the registered agent mentioned above.

 

The agent declined to give any information on the subject, who is protected by the law of non disclosure.

 

However we found through outsides sources the operational management:

 

SOUTH AFRICA:

 

Stuart A Murray, Executive Chairman

Anton Lubbe, Managing Director, AQPSA

Mkhululi Duka, Director of Human Capital

Helene Nolte, Finance Director

Hulme Scholes, Commercial Director

Abraham van Ghent, Senior General Manager Operations

Gabriel (Gawie) de Wet, Engineering General Manager

Graham Ferreira, Group Administration and Company Secretary General Manager

Tony Joubert, Blue Ridge General Manager Operations

Wessel Phumo, Marikana General Manager Operations

Gus Simbanegavi, Everest General Manager Operations

 

ZIMBABWE:

 

Winston Chitando, Managing Director

Herbert S. Mashanyare, Technical Director

Peter R Chimboza, Resident Director

Fungai Makoni, General Manager Finance and Administration

Nathan Shoko, General Manager Commercial Services

Tapson Nyamambi, General Manager Mining Services

Admire I. Makuvaro, General Manager Engineering Services

Related Companies:

 

Through outside sources we could learn that the subject would be related to:

 

Aquarius Platinum Ltd (Aquarius), a mid-tier PGM producer with assets in southern Africa, is the world’s fourth largest primary platinum producer. Aquarius has five operating, highly mechanised, low cost mines and two retreatment operations, in each of which it has a 50% interest, apart from Everest (100%).

 

PO Box 485

South Perth WA 6951

Australia

Company Secretary: Mr Willi Boehm

Telephone: + 61 8 9367 5211

Facsimile: +61 8 9367 5233

Email: info@aquariusplatinum.com

 

However, the subject being an offshore company, the link could not be verified.



Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the Australian Stock Exchange (ASX) Code: AQP.AX and as well at the London Stock Exchange (LSE) Code: AQP.L.

 

Please find enclosed the consolidated financial statements in US Dollars.

 

Comments on the financial data:

Revenue increased by 52% to $472.2 million (FY2009: $310.6 million).
Mine operating net cash flow increased six-fold to $94.0 million (FY2009: $12.0 million).
Mine EBITDA increased by $175.5 million to $145.1 million (FY2009: -$30.5 million).
Adjusted Net profit of $62.1 million (before exceptional charges).
Reported Net profit increased by $73.5 million to $27.8 million (US 6.09 cents per share).
Group cash balance at FY close of $381.7 million, an increase of $228.1 million on the prior year.
Final dividend of US 4 cents per share declared, taking full year dividend to US 6 cents per share (FY2009: nil).

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

Rating

 

Local credit bureau did not rate this company.

 

 

 Final Opinion

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the Bermuda, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject.

 

A credit line may be considered for USD 1,000,000.00



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public

NO

 

Indebtedness

NIL

Payments

REGULAR

 

Cash

GOOD

 

 

 

 


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.29

UK Pound

1

Rs.73.84

Euro

1

Rs.64.18

 

 

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.