MIRA INFORM REPORT

 

 

Report Date :

13.08.2012

 

IDENTIFICATION DETAILS

 

Name :

XSTRATA COAL SALES PTE. LIMITED

 

 

Registered Office :

Temasek Avenue #31-01 Millenia Tower Singapore 039192

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.03.2011

 

 

Com. Reg. No.:

201105601G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

Distribution and trading of coal and related products

 

 

No. of Employees :

Not Available

 

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

 

 

Status :

Satisfactory

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)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company Name:

Registered Number:

XSTRATA COAL SALES PTE. LIMITED

201105601G

 

Date Incorporated:

Registered Office:

Telephone Number:

08/03/2011

1 TEMASEK AVENUE #31-01 MILLENIA TOWER SINGAPORE 039192

NA

Age of Company:

Website:

Industry Type:

1

 

COMMERCE - WHOLESALE

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

20 Days

 

Worse off than last month;last month the entity took 0 days to pay

No. of Charges(s):
20

 

Industry DTC

 

25 Days

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

Xstrata Plc

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

8

 

Executive Summary

 

Company Name

:

Xstrata Coal Sales Pte. Limited

Registration No

:

201105601G

Date of Registration

:

08/03/2011

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

Limited Private Company

Registered Address

:

1 TEMASEK AVENUE #31-01 MILLENIA TOWER SINGAPORE 039192

Date of Change of Address

:

01/11/2011

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

1. General Wholesale Trade (Including General Importers And Exporters)

Distribution And Trading Of Coal And Related Products

2. Other Business Support Services Activities Nec (Eg Administration Of Loyalty Programmes)

Marketing Of Coal And Related Products And Provision Of Support Services

Issued Ordinary Capital*

:

$2,000,010.00 U.S. DOLLAR NO. OF SHARE : 2,000,010

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,000,010.00 U.S. DOLLAR

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

8

No. of Local Associates

:

NA

Auditor

:

Ernst & Young Llp

Bankers / Financiers

:

Marubeni Coal Pty Limited

Pos-Np Pty Limited

Citicorp Investment Bank (Singapore) Limited

Icra Oc Pty Ltd

Sumitomo Corporation

Icra Rolleston Pty Ltd

Sumisho Coal Australia Pty Limited

Itochu Coal Resources Australia Pty Limited

Icra Nca Pty Ltd

 

Turnover

:

$665,120,142.00 (FY2011)

Net Worth

:

$14,860,451.00 (FY2011)

No. of Bank Charges

:

20

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

 

 

SHAREHOLDER DETAILS

 

NAME

:

XSTRATA PLC

SHAREHOLDER ID

:

T11UF0956H

NATIONALITY

:

UNITED KINGDOM

ADDRESS

:

4TH FLOOR, PANTON HOUSE, 25/27 HAYMARKET, LONDON SW1Y 4EN, UNITED KINGDOM

NO. OF ORD SHARES

:

1,800,009

% OF SHAREHOLDING

:

90%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

XSTRATA (SCHWEIZ) AG

SHAREHOLDER ID

:

T05UF1592L

NATIONALITY

:

NA

ADDRESS

:

BAHNHOFSTRASSE 2 CH-6301 ZUG, SWITZERLAND

NO. OF ORD SHARES

:

200,001

% OF SHAREHOLDING

:

10%

CURRENCY

:

U.S. DOLLAR

 

 

 

OFFICER DETAILS

 

NAME

:

PETER CARL FREYBERG

ADDRESS

:

6 MITCHELL ROAD DARLING POINT NSW 2027, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

08/03/2011

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761293309

 

NAME

:

EARL IVAN MELAMED

ADDRESS

:

1 CHRIS BANG CRESCENT VAUCLUSE NSW 2030, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

08/03/2011

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E4002032

 

NAME

:

NICHOLAS JOHN EDWARD TALINTYRE

ADDRESS

:

UNIT 1E, 8 KING STREET, WOLLSTONECRAFT NSW, 2065, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

23/03/2012

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E4046921

 

NAME

:

GARRY MICHAEL BECK

ADDRESS

:

108 GRANGE ROAD #23-06 CLIVEDEN AT GRANGE SINGAPORE 249595

POSITION

:

DIRECTOR

DATE OF APPT

:

21/03/2012

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

G0465669K

 

NAME

:

CHRISTOPHER MARK HATHERLY

ADDRESS

:

30 MACARTHUR PARADE, DULWICH HILL NSW 2203, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

23/03/2012

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

M1682261

 

NAME

:

CHAN LAI YIN

ADDRESS

:

26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947

POSITION

:

SECRETARY

DATE OF APPT

:

19/04/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7480587F

 

NAME

:

TAN PING PING

ADDRESS

:

112 LENGKONG TIGA #11-219 SINGAPORE 410112

POSITION

:

SECRETARY

DATE OF APPT

:

19/04/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7484709I

 

 

 

KEY PERSONNEL PROFILE

 

Name:

PETER CARL FREYBERG

NRIC Number:

761293309

Available Address:

6 MITCHELL ROAD DARLING POINT NSW 2027, AUSTRALIA

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

RAVENSWORTH UNDERGROUND COAL SALES PTE. LIMITED

DIRECTOR

20/03/2012

-

NA

2

XSTRATA COAL SALES (SERVICES) PTE. LIMITED

DIRECTOR

08/03/2011

-

NA

3

XSTRATA COAL SALES PTE. LIMITED

DIRECTOR

08/03/2011

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES IN S’PORE

 

Company

Shareholdings (%)

 

XSTRATA COAL SALES (SERVICES) PTE. LIMITED

100

CUMNOCK COAL SALES PTE. LIMITED

100

LIDDELL COAL SALES PTE. LIMITED

100

MACQUARIE COAL SALES PTE. LIMITED

80

ROLLESTON COAL SALES PTE. LIMITED

75

RAVENSWORTH UNDERGROUND COAL SALES PTE. LIMITED

70

NCA COAL SALES PTE. LIMITED

55

OAKY CREEK COAL SALES PTE. LIMITED

55

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 20 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201205777

 

Date of Registration

:

25/05/2012

 

Chargee

:

MARUBENI COAL PTY LIMITED

 

Amount Secured  and Currency

:

1,400,000.00 U.S. DOLLAR

 

Address

:

---

 

2)

Charge No.

:

C201205777

 

Date of Registration

:

25/05/2012

 

Chargee

:

POS-NP PTY LIMITED

 

Amount Secured  and Currency

:

1,400,000.00 U.S. DOLLAR

 

Address

:

---

 

3)

Charge No.

:

C201205776

 

Date of Registration

:

25/05/2012

 

Chargee

:

MARUBENI COAL PTY LIMITED

 

Amount Secured  and Currency

:

1,400,000.00 U.S. DOLLAR

 

Address

:

---

 

4)

Charge No.

:

C201205776

 

Date of Registration

:

25/05/2012

 

Chargee

:

POS-NP PTY LIMITED

 

Amount Secured  and Currency

:

1,400,000.00 U.S. DOLLAR

 

Address

:

---

 

5)

Charge No.

:

C201205399

 

Date of Registration

:

17/05/2012

 

Chargee

:

CITICORP INVESTMENT BANK (SINGAPORE) LIMITED

 

Amount Secured  and Currency

:

999,999,999,999.00 U.S. DOLLAR

 

Address

:

---

 

6)

Charge No.

:

C201204657

 

Date of Registration

:

27/04/2012

 

Chargee

:

ICRA OC PTY LTD

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

7)

Charge No.

:

C201204657

 

Date of Registration

:

27/04/2012

 

Chargee

:

SUMITOMO CORPORATION

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

 

 

8)

Charge No.

:

C201204656

 

Date of Registration

:

27/04/2012

 

Chargee

:

ICRA ROLLESTON PTY LTD

 

Amount Secured  and Currency

:

1,500,000.00 U.S. DOLLAR

 

Address

:

---

 

9)

Charge No.

:

C201204656

 

Date of Registration

:

27/04/2012

 

Chargee

:

SUMISHO COAL AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,500,000.00 U.S. DOLLAR

 

Address

:

---

 

10)

Charge No.

:

C201204655

 

Date of Registration

:

27/04/2012

 

Chargee

:

ICRA ROLLESTON PTY LTD

 

Amount Secured  and Currency

:

1,500,000.00 U.S. DOLLAR

 

Address

:

---

 

11)

Charge No.

:

C201204655

 

Date of Registration

:

27/04/2012

 

Chargee

:

SUMISHO COAL AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,500,000.00 U.S. DOLLAR

 

Address

:

---

 

12)

Charge No.

:

C201204648

 

Date of Registration

:

27/04/2012

 

Chargee

:

ICRA OC PTY LTD

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

13)

Charge No.

:

C201204648

 

Date of Registration

:

27/04/2012

 

Chargee

:

ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

14)

Charge No.

:

C201204648

 

Date of Registration

:

27/04/2012

 

Chargee

:

SUMITOMO CORPORATION

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

15)

Charge No.

:

C201204184

 

Date of Registration

:

17/04/2012

 

Chargee

:

ICRA NCA PTY LTD

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

16)

Charge No.

:

C201204184

 

Date of Registration

:

17/04/2012

 

Chargee

:

ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

17)

Charge No.

:

C201204184

 

Date of Registration

:

17/04/2012

 

Chargee

:

SUMISHO COAL AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

18)

Charge No.

:

C201204162

 

Date of Registration

:

17/04/2012

 

Chargee

:

ICRA NCA PTY LTD

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

19)

Charge No.

:

C201204162

 

Date of Registration

:

17/04/2012

 

Chargee

:

ITOCHU COAL RESOURCES AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

20)

Charge No.

:

C201204162

 

Date of Registration

:

17/04/2012

 

Chargee

:

SUMISHO COAL AUSTRALIA PTY LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

---

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

 :

11/06/2012

Date of Last AR

 :

15/06/2012

Date of A/C Laid at Last AGM

 :

31/12/2011

 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

 

 

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Auditor’s Comments – True and Fair? Qualified Opinion

 

 

Company

FINANCIAL YEAR

 

08/03/2011

to

31/12/2011

$

Turnover

665,120,142

Profit Before Tax and Minority Interest

39,559,829

Profit After Tax and Minority Interest

37,581,838

ASSETS

 

Current Assets

99,932,966

Non-current Assets

3,918,938

- Fixed Assets

1,996,442

- Intangible Assets

660,183

- Long-term Investments

0

Total Assets

103,851,904

LIABILITIES

 

Current Liabilities

88,991,453

Long-Term Liabilities

0

Total Liabilities

88,991,453

SHAREHOLDERS’ FUNDS

 

Share Capital

2,524,613

Share Premium

0

Retained Earnings

12,335,838

Minority Interest

0

Other Reserves

0

Shareholders Funds

14,860,451

 

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.2623 per USD - USA in FYE11 as presented in this report.

 

 

FINANCIAL RATIOS

 

 

Company

FINANCIAL YEAR END

08/03/2011

to

31/12/2011

PROFITABILITY

 

  Rate of Net Profit (%)

5.65

  Return on Equity (%)

252.90

  Return on Assets (%)

36.19

  Return on Capital Employed

2.67

DEBT MANAGEMENT

 

  Total Liabilities/Equity (times)

5.99

  Current Liabilities/Equity (times)

5.99

  Long Term Liabilities/Equity (times)

0.00

  Debt Service Cover Ratio

868.33

  Short-term Borrowings-to-cash Ratio

NA

EFFICIENCY MANAGEMENT

 

  Total Assets Turnover (times)

6.40

  Fixed Assets Turnover (times)

169.72

  Interest Coverage Ratio

868.33

  Average Payment Period (days)

46

LIQUIDITY MANAGEMENT

 

  Current Ratio (times)

1.12

  Quick Ratio (times)

1.12

  Average Collection Period (days)

24

FINANCIAL COMMENTARY

 

Profitability

 

 

The company yielded a rate of net profit on sales of 5.65 per cent in FY11. The company is now able to book in $0.06 of profit for every dollar of sales.

 

 

Liquidity

 

Current ratio stood at 1.12 times in FY11. This means that the company has $1.12 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be within the industry norm for the sector in which the company is operating.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total liabilities-to-equity ratio notched 5.99 times in FY11. This means that the company requires additional external financing of $5.99 for every dollar injected into its operations. Subject's total liability-to-equity is noted to be higher than the industry norm for the sector in which the company is operating.

 

Generally, a total liability-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 252.90 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 36.19 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 6.40 times in FY11. This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.45

Euro

1

Rs.68.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.