|
Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENSHAM COAL
SALES PTY. LTD. |
|
|
|
|
Registered Office : |
'Riparian Plaza
KPMG' Level 16, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
27.11.1990 |
|
|
|
|
Com. Reg. No.: |
050411713 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Marketing &
sales of coal. |
|
|
|
|
No. of Employees : |
8,201 employees
(Idemitsu Group) |
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 4,500,000 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : ENSHAM COAL SALES PTY. LTD.
Business address : Level 28, 10 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61 7 32225600
Fax : +61 7 30031900
Email :
enquiries@ensham.com.au
Website :
www.ensham.com.au
Registered address
: 'Riparian Plaza KPMG' Level 16
71 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Postal address : GPO Box 1127
Town : Brisbane
Province : Queensland
Zip/postal code : 4001
Country : Australia
Executive Summary
Date founded or
registered : 27/11/1990
Legal form : Australian Proprietary Company
Chief executive : Peter Westerhuis
Issued & paid
up capital : AUD 1,000
Sales turnover : JPY 3,659,302,000,000
(Group-consolidated 12 months, 31/03/2011)
Net income : JPY 60,684,000,000 (Group-consolidated
12 months, 31/03/2011)
Total fixed assets
: JPY 2,517,849,000,000
(Group-consolidated 12 months, 31/03/2011)
Line of business : Marketing & sales of coal.
Staff employed : 8,201 employees (Idemitsu Group)
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 consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount
suggestion : USD 4,500,000
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.
Registry Data
Registration date : 27/11/1990
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 050411713
Registered
authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number: 13050411713
Registry status : Live/Active
Previous name : AVETON INVESTMENTS PTY. LTD. (initial)
Change of legal
form : None reported.
Key Management
Name : Peter Westerhuis
Designation : Chief Executive Officer
Name : Allan Dawson
Designation : General Manager for
Commercial
Name : Richard Bradshaw
Designation : General Manager for
Marketing
Appointments
Name : Tetsuya Furuno
Designation : Director
Appointment date : 01/07/10
Address : Unit 3069, 3 Parkland
Boulevard,
Brisbane, QLD 4000
Australia
Biography : Born on 05-03-1962 in
Fukuoka, Japan.
Name : Koji Arai
Designation : Director
Appointment date : 15/07/11
Address : Unit 82, 30 Macrossan
Street
Brisbane, QLD 4000
Australia
Biography : Born on 16-04-1954 in
Fukuoka, Japan.
Name : Jang Hee Cho
Designation : Director
Appointment date : 17/02/12
Address : 106-302
E-pyeonhansesang Apt
Seocho, 4-dong 1686-1
Seocho-gu, Seoul
South Korea
Biography : Born on 04/12/1962 in
South Korea.
Name : Brian Wayne Cox
Designation : Alternate Director
Appointment date : 02/04/08
Address : 9 Scarba Street, page 6
/ 18
Middle Park, QLD 4074
Australia
Biography : Born on 10-09-1953 in
Rockhampton, Queensland, Australia.
Name : Toshiro Shibahara
Designation : Alternate Director
Appointment date : 15/07/11
Address : Unit 44, 501 Queen
Street
Brisbane, QLD 4000
Australia
Biography : Born on 05-10-1956 in
Japan.
Name : Hyek Seo Koo
Designation : Alternate Director
Appointment date : 17/02/12
Address : 2608-501 Jai Apt
Yoido-dong
Youngdungpo-gu, Seoul
South Korea
Biography : Born on 15-09-1967 in
South Korea.
Staff employed : 8,201 employees (Idemitsu Group)
KEY ADVISORS
Auditors : OSAMU UCHIMURA
'Riverside Centre' Level 26
123 Eagle Street
Brisbane, QLD 4000
Australia
Composition
Authorized Capital
: AUD 1,000
No of shares : 1,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,000
Paid up capital : AUD 1,000
How listed : Full List
Composition
Shareholder name : LG INTERNATIONAL (AUSTRALIA) PTY
LIMITED
Address : Suite 3, Level 14, 201
Miller Street
North Sydney, NSW 2060
Australia
No. of shares : 150 Ordinary Shares
Shareholder name : BLIGH COAL LIMITED
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
No. of shares : 475 Ordinary Shares
Shareholder name : IDEMITSU AUSTRALIA RESOURCES PTY LTD
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
No. of shares : 375 Ordinary Shares
Structure
Name : IDEMITSU KOSAN CO.,
LTD.
Affiliation type : Ultimate Holding Company
Address : 1-1 Marunouchi 3-chome
Chiyoda-ku, Tokyo 100-8321
Japan
Comments : Idemitsu Kosan Co., Ltd.
engages in the exploration, development, refining,
production, and sale of petroleum, petrochemical, and resources
products. Its Petroleum Products segment manufactures and sells fuel oils and
lubricant oils. This segment offers catalyst-based technologies for refining
heavy oil and conserving fuel and energy; and engages in the refining and
import of crude oil, and the sale of car-related products. The company’s
Petrochemical Products segment is involved in manufacturing and selling basic
chemicals as raw materials for various petrochemical products, as well as
solvents and various functional materials. It develops materials for the
manufacture of photoresists for semiconductors; functional materials needed to
manufacture flat-panel displays; raw materials for adhesives and lubricants,
and plasticizers; and engineering plastics comprising polycarbonate,
syndiotactic polystyrene, and polyphenylene sulfide resins. This segment also
offers plastic processing products, such as protein leather and other
artificial leather, as well as products for the electronics market, such as
liquid crystal display panel components. Its Resources segment engages in the
exploration, development, production, and sale of energy resources, including
crude oil and coal. This segment is also involved in geothermal energy and
uranium mining activities. In addition, the company engages in the research and
development, manufacture, and sale of electronic materials, such as organic
light-emitting diode materials and transparent electrode materials; and uses
technologies, which utilize micro-organisms and natural products for food
safety and environmental protection in the fields of crops, livestock, greenery
management, and healthcare. Idemitsu Kosan Co., Ltd. operates primarily in
Japan, Asia, Oceania, North America, Europe, and internationally. The company,
formerly known as Idemitsu Shokai, was founded in
1911 and is headquartered in Tokyo, Japan.
Name : IDEMITSU AUSTRALIA
RESOURCES PTY LTD
Affiliation type : Shareholder
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
Comments : Wholly owned subsidiary of
Idemitsu Kosan Co., Ltd.
Name : BLIGH COAL LIMITED
Affiliation type : Shareholder
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
Comments : Wholly owned subsidiary of
Idemitsu Australia Resources Pty Ltd.
Name : IDEMITSU AUSTRALIA
RESOURCES PTY LTD
Affiliation type : Shareholder
Address : Suite 3, Level 14, 201
Miller Street
North Sydney, NSW 2060
Australia
Name : ENSHAM RESOURCES
PTY. LIMITED
Affiliation type : Sister Company
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
Name : IDEMITSU BOGGABRI
COAL PTY. LIMITED
Affiliation type : Sister Company
Address : Level 28, 10 Eagle
Street
Brisbane, QLD 4000
Australia
Name : IDEMITSU
INTERNATIONAL (ASIA) PTE.LTD.
Affiliation type : Sister Company
Address : 163 Penang Road
#06-01/05 Winsland House II
Singapore 238463
Singapore
Name : IDEMITSU LUBE
(MALAYSIA) SDN. BHD.
Affiliation type : Sister Company
Address : 3&5, Jalan PJU 3/47
Sunway Damansara Technology Park
47810 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : P.T. IDEMITSU LUBE
INDONESIA
Affiliation type : Sister Company
Address : Jl. Perrmata Raya Lot
BB-4A
Kawasan Industri KIIC
Karawang 41361, West Java
Indonesia
Name : IDEMITSU LUBRICANTS
AMERICA CORPORATION
Affiliation type : Sister Company
Address : 701 Port Road
Jeffersonville, IN 47130-8425
United States
Related companies and corporate affiliations
comments : Other companies of the Idemitsu Kosan Group should be considered
affiliates ofthe Subject.
Bank Details
Name of bank : National Australia Bank Limited
Address : Australia
Account details : Current Account
Name of bank : The Bank of Tokyo-Mitsubishi
UFJ, Ltd
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.
Description
Source of
financial statement : Public Record
Sources
Financial
statement date : 31/03/11
Type of accounts : Full audited
Currency : Japan, Yen
(JPY)
Exchange rate : 1 USD = JPY 81.68 as
of 19-04-2012
Summarized Financial Information
Consolidation type
: Group Consolidated Group Consolidated
Currency : Japan, Yen
(JPY) Japan, Yen (JPY)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/03/11 31/03/10
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 3,659,302,000,000 3,112,305,000,000
Gross profit : 387,000,000,000 293,968,000,000
Operating profit : 128,771,000,000 44,463,000,000
Profit before tax : 101,244,000,000 19,498,000,000
Net income : 60,684,000,000 5,978,000,000
Non current assets
: 1,370,770,000,000 1,450,058,000,000
Current assets : 1,147,079,000,000 1,026,084,000,000
Inventories :
521,150,000,000 432,344,000,000
Total assets :
2,517,849,000,000 2,476,142,000,000
Current
liabilities :
1,003,585,000,000 981,733,000,000
Non current
liabilities :
973,384,000,000 997,123,000,000
Total liabilities : 1,976,969,000,000 1,978,856,000,000
Share equity : 540,880,000,000 497,286,000,000
Retained earning : 230,936,000,000 179,955,000,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Ultimate Holding Company Idemitsu Kosan Co., Ltd. and all its subsidiaries
which include the Subject.
Main activities : The Subject is
engaged in marketing & sales of coal produced by Ensham
Resources Pty Limited. The Subject operates as the marketing arm of
Ensham Resources Pty
Limited.
Ensham Resources Pty Limited was established in 1993 as a joint venture
among major international companies and their Australian subsidiaries.
Idemitsu Australia Resources Pty Ltd and its Australian subsidiary,
Bligh Coal Limited together own 85% of the joint venture, and LG International
(Australia) Pty Ltd makes up the remaining 15% of the joint venture.
Idemitsu is one of the world’s largest energy companies with major
investments in oil refineries and petroleum products, primarily in Japan.
LG International is one of Korea’s largest diversified conglomerates
with interests in a vast array of international businesses including
electronics. Bligh Coal is a 100% subsidiary of Idemitsu.
Ensham Resources Pty Limited is one of Queensland’s largest and fastest
growing thermal coal producers.
Ensham Resources Pty Limited produces around 7 million tonnes per annum
of high energy low ash thermal coal. The coal is mainly exported to leading
energy producers in Japan, Korea, Taiwan, India and China.
The Ensham project is a major open cut coal operation in the western
Bowen Basin approximately 40 km northeast of the regional centre Emerald in the
Central Queensland coalfields. Emerald is some 200 km west of Rockhampton.
The Bowen Basin is Queensland’s premier coal producing region, estimated
to contain more than 70% of the state’s total coal reserves and accounting for
approximately 85% of the state’s total coal exports.
Ensham has vast resources totalling 1 billion tonnes of mostly high
energy, low ash thermal coal.
The Subject is ultimately owned by Idemitsu Kosan Co.,Ltd.
Idemitsu Kosan Co.,Ltd. is a Japanese petroleum company. It owns and
operates oil platforms, refineries and produces and sells petroleum, oils, coal
and petrochemical products products. Idemitsu is the 2nd largest petroleum
refiner in Japan, after Nippon Oil.
Product &
services : Coal
Purchases
International : Asian countries
Sales
Local : Yes
International : Japan, Korea,
China, Taiwan, India, Middle East, Europe,
Key events : 15 November
2011
Ensham Joint Venture Restructure Announced
Idemitsu Australia Resources Pty Ltd (IAR) and its Australian subsidiary
Bligh Coal Limited have reached agreement with their partner LG International
(Australia) Pty Limited to restructure the Ensham Joint Venture effective from
1 December 2011.
IAR and Bligh Coal are wholly?owned by Idemitsu Kosan Co Ltd which
together hold an 85% interest in the Ensham Joint Venture, while LG
International (Australia) Pty Ltd is a 15% participant in the joint venture.
Managing Director of IAR, Mr Koji Arai, said under the terms of the
restructuring, IAR would become operator and undertake all management,
administration and marketing activities related to Ensham’s major open cut coal
project in the Bowen Basin in the Central Queensland coalfields.
Mr Arai said Ensham Resources Pty Ltd (ER) and Ensham Coal Sales Pty Ltd
would remain the nominal operating and marketing companies respectively.
“We are pleased to announce this new structure, which demonstrates to
Idemitsu’s stakeholders our long?term and firm commitment to our coal business
in Australia,” Mr Arai said.
“ The restructure will enable IAR to operate its coal mines and projects
in Australia more efficiently and strategically, providing benefit to its
operations and its partner in Ensham.”
ER comprises a major open cut coal operation and an underground mine
under construction in the Bowen Basin in Central Queensland. Other mining
projects operated by IAR include Boggabri Coal Mine in Gunnedah Basin and
Muswellbrook Coal Company in the Hunter Valley.
Ensham Resources Chief Executive Officer, Mr Peter Westerhuis, will
continue his involvement with Ensham and will become an Executive Director of
IAR.
The Ensham project is situated approximately 40 km northeast of the
regional centre Emerald in Central Queensland. Ensham Resources produces around
7 million tonnes per annum of high energy low ash thermal coal. The coal is
exported to leading energy producers in Japan, Korea, China, Taiwan, Malaysia,
India and other countries.
Property & Assets
Premises : The Subject
operates from head office located at the verified heading
address consisting of an administrative office.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve Bank of Australia
Reserve of foreign
exchange & gold : US$ 43.879 billion
Gross domestic
product - GDP : US$ 1.448 trillion
GPP (Purchasing
power parity) : 918.529 billion of International dollars
GDP per capita -
current prices : US$ 64,351
GDP - composition
by sector : agriculture: 4.0%
Industry : 26%
Services : 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment rate : 2008: 4.2%
2009: 5.6%
2010: 5.2%
2011: 5.0%
Public debt
(General
Government gross debt as
a % GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
2011: 24.1%
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: Westpac Banking Group (Major Banks), BHP Billiton (Diversified
Metals &
Mining), Commonwealth Bank (Major Banks), National Australia Bank
(Major Banks), ANZ Banking (Major Banks), Telstra (Telecommunications
services), Wesfarmers (Food Retail)
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 : 2008: US$46,722
million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows : 2008: US$32,819
million
2009: US$18,426 million
2010: US$26,431 million
Best countries for
doing business : 10 out of 183 countries
Global
competitiveness ranking : 20 (ranking by country on a basis of 142,
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 : 76.00%
Purchase Term
International : L/C, Telegraphic
transfer, Credit up to 120 days
Sales Term
International : L/C, D/P, D/A, ,
Telegraphic transfer, 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.51.89 |
|
|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
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.