MIRA
INFORM REPORT
|
Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CITIC AUSTRALIA COMMODITY TRADING PTY LTD |
|
|
|
|
Registered Office : |
'Citic House' Level 7 99 King Street Melbourne Victoria 3000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
21.01.1994 |
|
|
|
|
Com. Reg. No.: |
063221509 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
International commodity trading focusing on trade between China and Australia. |
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 |
|
Maximum Credit Limit : |
USD 8,000,000 |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION DETAILS
Verified Address
Subject name : CITIC AUSTRALIA COMMODITY TRADING PTY LTD
Business address : 'Citic House' Level 7
99 King Street
Town : Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
Tel : +61 3 96148000
Fax : +61 3 96147157
Website : www.citicresources.com
Registered address : 'Citic House' Level 7
99 King Street Town : Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 21/01/1994
Legal form : Australian Proprietary Company
Chief executive : Chen Zeng
Issued & paid up capital : AUD 500,002
Sales turnover : AUD 3,432,122,000 (Consolidated 12 months, 31/12/2010)
Net income : AUD 20,057,000 (Consolidated 12 months, 31/12/2010)
Total fixed assets : AUD 258,752,000 (Consolidated 12 months, 31/12/2010)
Line of business : International commodity trading focusing on trade between China and Australia.
Staff employed : 50 (Subject) 140,028 (Citic Group)
CREDIT RISK OPINION
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 8,000,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.
STATUTORY DETAILS
Registry Data
Registration date : 21/01/1994
Legal form : Australian Proprietary Company
Registration no Australian Company Number: 063221509
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business
Number : 16063221509
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : Chen Zeng
Designation : Director
Name : Tinghu Guo
Designation : Director
Name : Weizhuo Tian
Designation : Export Manager
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Tinghu Guo
Designation : Director
Appointment date : 28/10/05
Address : 117 Rowell Avenue
Camberwell, VIC 3124
Australia
Biography : Born on 18-04-1962 in Zhejiang, China.
Mr. Guo Tinghu has been appointed as Executive Director of CITIC Resources Holdings Limited with effect from 1 May 2011. He has been an executive director of CITIC Resources Australia Pty Limited since 2004 and the managing director of CITIC Australia Trading Pty Limited (formerly known as CITIC Australia Trading Limited and delisted from the Australian Securities Exchange in January 2009) since 2008. Both companies are wholly-owned subsidiaries of the Company. He is also a director of several other subsidiaries of the Company. Mr. Guo is the managing director of CITIC Australia Pty Limited, a wholly-owned subsidiary of CITIC Group. Mr. Guo has over
22 years’ experience in business operations and trading in various commodities. Mr. Guo holds a Bachelor of Engineering Degree from Northeastern University in Shenyang and a Master’s Degree in Engineering from Central Iron and Steel Research Institute in Beijing.
Name : Chen Zeng
Designation : Director
Appointment date : 01/02/02
Address : 18 Malvern Avenue
Glen Iris, VIC 3146
Australia
Biography : Born on 09-10-1963 in in Jiangsu, China.
Mr. Zeng Chen is the President, Chief Executive Officer, Executive
Director of CITIC Resources Holdings Ltd with effect from 1
September 2010. He has been an Executive Director of the Company since 2004. He is also a Director of several subsidiaries of the Company. He is responsible for the corporate development, management and operations of the Group. Mr. Zeng holds a
Master’s Degree in International Finance from Shanghai University
of Finance and Economics. He is currently a Director of CITIC Group, the executive chairman of CITIC Australia Pty Limited, a
Non-executive Director of Macarthur Coal and Marathon Resources Limited (both listed on the ASX), and a Director (formerly the Chairman and a Non-Executive Director) of CATL which was delisted from the ASX in January 2009. He also holds directorships in several other subsidiaries of CITIC Group. Mr. Zeng has over 22 years’ experience in business operations and development, project investment, asset restructuring and the aluminium and coal industry.
Name : Irwin Kam
Designation : Company Secretary
Appointment date : 17/07/07
Address : 1 Maiden Court
Burwood, VIC 3125
Australia
Biography : Born on 02-10-1960 in Hong Kong.
Staff employed : 50 (Subject) 140,028 (Citic Group)
Key Advisors
Auditors : ERNST & YOUNG
8 Exhibition Street
Melbourne, VIC 3000
Australia
SHARE CAPITAL
Composition
Authorized Capital :
AUD 500,002
No of shares : 500,002 Ordinary Shares
Share par value :
AUD 1
Issued capital : AUD 500,002
Paid up capital : AUD 500,002
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : CITIC AUSTRALIA TRADING PTY LTD
Address : 'Citic House' Level 7
99 King Street
Melbourne, VIC 3000
Australia
No. of shares : 500,002 Ordinary Shares
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Name : CITIC GROUP
Affiliation type : Ultimate Holding Company
Address : Room 1004
Jingcheng Mansion No.6
Xinyuan South Road Chaoyang District Beijing, 100004
China
Comments : CITIC GROUP, with the initiation and approval by Deng Xiaoping, chief architect of China's reform and opening - up, was established on Oct. 4, 1979 by Rong Yiren, former Vice President of People Republic of China.
CITIC is a window on China's opening to the outside world. Since its inception, CITIC has always adhered to the principle of innovation. In line with government laws, regulations and policies, CITIC has attracted and utilized foreign capital, introduced advanced technologies, and adopted advanced and scientific international practice in operation and management. In the light of the law of economy, CITIC has made explorations in many business fields with remarkable success and has achieved good economic results. By doing so, CITIC has made
significant contributions to the country's reform and opening up drive and established good reputation both domestically and abroad.
CITIC has grown into a large transnational conglomerate. It now owns 44 subsidiaries ( banks ) including those in Hong Kong, the United States, Canada, Australia, New Zealand. The company has also set up representative office in Tokyo, New York and Kazakhstan. CITIC's core business ranges from financial industry, industrial investment to service industries. By the end of 2010, CITIC's total assets stood at RMB 2.5390 trillion with an after-tax profit of RMB 33.4 billion.
Name : CITIC RESOURCES HOLDINGS LIMITED
Affiliation type : Intermediate Holding Company
Address : Suites 3001-3006, 30/F One Pacific Place
88 Queensway
Hong Kong
Comments : CITIC Resources Holdings Limited, an investment holding company, operates primarily in the oil and coal business in the Peoples Republic of China (PRC), Australia, Europe, North America, the Republic of Kazakhstan, and other Asian countries. The company’s Aluminium Smelting segment engages in the operation of Portland aluminium smelter, which sources alumina and produces aluminium ingots in Australia. Its Coal segment comprises the operation of coal mines and the sale of coal in Australia. The company’s Import and Export of Commodities segment includes the export of various commodity products, such as aluminium ingots, iron ore, alumina, and coal; and the import of other commodities and manufactured goods, such as vehicle and industrial batteries, tyres, alloy wheels, and various metals comprising steel and aluminium extrusion products in Australia. Its Crude Oil segment engages in the operation of oilfields, as well as the sale of crude oil and related products in Indonesia, the PRC, and Kazakhstan. It involves in the exploration, development, production, and sale of oil from the Seram Island Non-Bula block, Indonesia; the Hainan-Yuedong block in the Bohai Bay Basin in Liaoning Province, the PRC; and the Karazhanbas oil and gas field
in Mangistau Oblast, the Republic of Kazakhstan. The company also involves in property holding, equipment lease holding, and oil technology development activities, as well as in the exploration and development of nickel mines. CITIC Resources Holdings Limited was incorporated in 1997. The company is headquartered in Queensway, Hong Kong, and is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. CITIC Resources Holdings Limited is a subsidiary of CITIC Group.
CITIC Group (formerly China International Trust and Investment Corporation) became the majority controlling shareholder of the Company in March 2004, currently indirectly holding interest in the Company of 56.54%.
Name : CITIC AUSTRALIA TRADING PTY LTD
Affiliation type : Parent Company
Address : 'Citic House' Level 7
99 King Street
Melbourne, VIC 3000
Australia
Comments : CITIC Australia Trading Ltd., through its subsidiaries, operates as an international commodity trading company that focuses on trade between China and Australia. It exports various commodity products, such as alumina, iron ore, steel, and aluminum ingot. The company also imports other commodities and manufactured goods, including vehicle and industrial batteries, tires, alloy wheels, and aluminum extrusions, as well as metals, such as steel and aluminum products. In addition, it exports steel to Europe, as well as exports steel, non-ferrous, and ferrous metals to other countries, such as Japan, Korea, and Switzerland. The company was founded in 1986 and is based in Melbourne, Australia. In January 2009, CITIC AUSTRALIA TRADING PTY LTD was successfully privatised and delisted from the Australian Securities Exchange. It now operates as a subsidiary of CITIC RESOURCES HOLDINGS LIMITED.
Name : CITIC AUTOPARTS PTY. LTD.
Affiliation type : Subsidiary
Address : Australia
Comments : Trading in Autoparts
Name : CHINA CITIC BANK CORPORATION LTD.
Affiliation type : Sister Company
Address : China
Comments : Banking and finance
Name : CITIC INTERNATIONAL COOPERATION CO., LTD
Affiliation type : Sister Company
Address : China
Comments : Construction
Name : CITIC REAL ESTATE CO,. LTD.
Affiliation type : Sister Company
Address : China
Comments : CITIC Real Estate Co., Ltd. provides real estate management and development services. The company was founded in 2007 and is based in China. CITIC Real Estate Co., Ltd. operates as a subsidiary of CITIC Group Company
Name : CITIC METAL COMPANY LIMITED
Affiliation type : Sister Company
Address : Room 1903, Capital Mansion
6 Xinyuan Nanlu, Chaoyang District
Beijing 100004
China
Comments : CITIC Metal Company Limited markets and distributes niobium products, iron ore, and non-ferrous metals like copper, lead, zinc, and their concentrates, silver and steel products. CITIC Metal Company Limited also invest in metal mining projects.
Name : CITIC HEAVY INDUSTRIES COMPANY LTD
Affiliation type : Sister Company
Address : 206 Jianshe Road Henan
Province Luoyang 471039
China
Comments : CITIC Heavy Industries Co., Ltd. engages in the manufacture of heavy machinery principally for the mining and non-ferrous, construction, metallurgical, power, environmental, and chemical industries in China and rest of Asia, Europe, the United States, Africa, and Australia. It offers grinding mills, gyratory crushers, high pressure grinding rolls, mine hoists, shaft drilling machines, crushing stations,
coal preparation equipment, vertical disk filters, rotary kilns for alumina, rotary refining furnaces, and horizontal rotary furnaces for the mining and non-ferrous industries; rotary kilns, large ball mills, and large roller presses for construction industry; metallurgical and rolling equipment, tubing and bar straighteners, bar and wire mills, oxidized pellet kilns, and plate and strip mills for the metallurgical
industry; and bridge cranes, equipment for hydropower stations, power generation equipment, and low-temperature waste heat generating equipment for the power industry. CITIC also supplies equipment for environmental protection projects; machinery for large-scale paper mills, as well as for fertilizer, phosphate fertilizer, and chemical plants; and large gear reducers, and castings and forgings. The company was founded in 2008 and is based in Luoyang, China. CITIC Heavy Industries Co., Ltd. operates as a subsidiary of CITIC Group Company.
Name : CITIC AUTOMOBILE CO., LTD
Affiliation type : Sister Company
Address : Suite A11
Honghua Golf Commercial Garden
No.108 Beiyuan Road
Beijing 100012
China
Comments : CITIC Automobile Co., Ltd invests, imports, and manufactures technology and equipment for automobiles, and components. The company is based in China. CITIC Automobile Company Limited operates as a subsidiary of CITIC Group Company.
Related companies and corporate affiliations comments: Other companies of the Citic Group should be considered affiliates of the Subject
BANK & MORTGAGES
Bank Details
Name of bank : Australia And New Zealand Banking Group Limited
Address : Australia
Account details : Current Account
Name of bank : The Hongkong and Shanghai Banking Corporation Limited
Address : Australia
Account details : Current Account
Name of bank : Bank of China (Australia) Limited
Address : Australia
Account details : Current Account
Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
FINANCIAL DATA
Description
Source of financial statement :
Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts :
Full audited
Currency : Australia Dollar (AUD)
Exchange rate :
1 USD = AUD 0.93 as of 28-10-2011
Summarized Financial
Information
Consolidation type : Consolidated Consolidated Group Consolidated Currency : Australia Dollar (AUD) Australia Dollar (AUD) HongKong,
Dollar
(HKD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/12/10 31/12/09 31/12/10
|
Length of
accounts : |
12 months |
12 months |
12 months |
|
Sale turnover /
Income : |
3,432,122,000 |
2,117,749,000 |
32,252,330,000 |
|
Gross profit : |
52,693,000 |
41,107,000 |
2,941,512,000 |
|
Profit before
tax : |
31,557,000 |
21,796,000 |
675,576,000 |
|
Net income : |
20,057,000 |
15,908,000 |
1,794,414,000 |
|
Non current
assets : |
2,871,000 |
1,800,000 |
20,925,323,000 |
|
Current assets : |
255,881,000 |
279,091,000 |
6,137,683,000 |
|
Inventories : |
23,452,000 |
58,199,000 |
963,700,000 |
|
Total assets : |
258,752,000 |
280,891,00 |
27,063,006,000 |
|
Current
liabilities : |
201,213,000 |
243,384,000 |
2,749,933,000 |
|
Non current
liabilities : |
32,000 |
57,000 |
13,646,665,000 |
|
Total
liabilities : |
201,245,000 |
243,441,000 |
16,396,598,000 |
|
Share equity : |
57,507,000 |
37,450,000 |
10,666,408,000 |
|
Reserve : |
-1,851,000 |
194,000 |
9,875,118,000 |
|
Retained earning : |
58,858,000 |
36,756,000 |
|
Comments:
The non-consolidated financial
information above relates to the Subject only.
The group’s consolidated financial
information above relates to the Subject’s Intermediate Holding Company Citic
Resources Holdings Limited and all its subsidiaries which include the Subject.
OPERATION DETAILS
Main activities : The Subject is engaged in international commodity trading focusing on trade between China and Australia.
The Subject exports alumina, iron ore, aluminium ingot and coal mainly to China and other countries.
The Subject imports are vehicles and industrial battery, tyres and steel.
The Subject is part of CITIC Group which operates as an industrial conglomerate that offers banking, financial, manufacturing, and communication services through its subsidiaries. It provides securities, insurance, and trusts and funds related services. Additionally, CITIC Group offers construction contracting; and real estate and infrastructure development, trading, and information technology related services. The company has a strategic alliance with Itochu Corp. CITIC Group was founded in 1979 and is based in Beijing, China with additional offices in New York, New York; Tokyo, Japan; and Almaty, Kazakhstan.
Purchases
International : Worldwide: Mainly China and Asian countries
Sales
Local : Yes
International : Mainly China
Key events : 2011 Fortune Global 500: CITIC Group continued to lift its ranking to 220th July 7, 2011
"Fortune" magazine just released the 2011 Global Top 500 list, based on operating income in 2010.
1. Ranking of CITIC Group
CITIC Group was enlisted again and continued to lift its ranking by 34 notches to 220 with its operating income of 263.9 billion RMB (39 billion US dollar) in 2010.
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of administrative office.
Branches : None reported.
SUMMARIZED COUNTRY RISK
Gross Domestic
Products (GDP) & Economic
Overview Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product – GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate : 2008: 4.2%
2009: 5.6%
2010: 5.2%
Public debt
(General Government gross
debt as a % GDP) : 2008: 11.6%
2009: 17.6%
2010: 22.3%
Government bond ratings : Standard & Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares : US$1.258 trillion
Largest companies in the country : Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports : US$210.7 billion
Exports commodities : coal, iron ore, gold, meat, wool, alumina, wheat
Total imports : US$187.2 billion
Imports commodities : machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products
Export - major partners : Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners : China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows : 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows : 2007: US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best countries for doing business: 10 out of 183 countries
Global competitiveness ranking : 16 (ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population : 22.23 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users as % of total population: 74.00%
PAYMENT HISTORY
Purchase Term
Local : Prepayment, Cash against document,
Credit up to 120 days
International : L/C, Credit up to 120 days
Sales Term
Local : Prepayment, Cash against document,
Credit up to 120 days
International : L/C, Credit up to 120 days
Trade Reference/ Payment
Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other official and local
business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.28 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.