MIRA INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MORANBAH NORTH COAL PTY LTD |
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Formerly Known As : |
ADVAMAR PTY. LTD. |
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Registered Office : |
201 Charlotte Street, Brisbane, Queensland , Zip/postal code 4000 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.10.1988 |
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Com. Reg. No.: |
007083249 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Operations of the Moranbah North mine |
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No. of Employees : |
650 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1,750,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Australia |
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 |
Identification details
Verified Address
Subject name : MORANBAH NORTH COAL PTY LTD
Business address : 201 Charlotte Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61 7 38341333
Fax : +61 7 38341390
Email : marketing@anglocoal.com.au
Website : www.angloamerican.com.au
Registered address : 201 Charlotte Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Postal address : GPO Box 1410
Town : Brisbane
Province : Queensland
Zip/postal code : 4001
Country : Australia
Summary details
Executive Summary
Date founded or registered : 05/10/1988
Legal form : Australian Proprietary Company
Chief executive : Murray Wood
Issued & paid up capital : AUD 2
Sales turnover : USD 27,960,000,000 (Group consolidated 12 months, 31/12/2010)
Net income : USD 8,119,000,000 (Group consolidated 12 months, 31/12/2010)
Total fixed assets : USD 66,656,000,000 (Group consolidated 12 months, 31/12/2010)
Line of business : Operations of the Moranbah North mine.
Staff employed : 650 employees (Subject)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
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 1,750,000
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 : 05/10/1988
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 007083249
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business Number: 99007083249
Registry status : Live/Active
Previous name : ADVAMAR PTY. LTD.
GRACIOUS PTY. LTD. (initial)
Change of legal form : None reported.
Management / directors
Key Management
Name : Murray
Wood
Designation : General Manager
Board of directors / other
appointments
Appointments
Name : Seamus Gerard French
Designation : Director
Appointment date : 06/12/07
Address : 175 Virginia Avenue
Hawthorne, QLD 4171
Australia
Biography : Born on 22-05-1962 in Dublin, Ireland.
Name : Dieter Paul Haage
Designation : Director
Appointment date : 02/06/09
Address : 57 Seacrest Court
Cleveland, QLD 4163
Australia
Biography : Born on 01-01-1963 in Hertford, United Kingdom.
Name : Gerhard Ziems
Designation : Director
Appointment date : 10/03/11
Address : 51 Orleigh Street
West End, QLD 4101
Australia
Biography : Born on 18-06-1969 in Salzgitter, Germany.
Name : Matthew Paul Boland
Designation : Company Secretary
Appointment date : 09/08/04
Address : 26 Yardley Avenue
Ashgrove, QLD 4060
Australia
Biography : Born on 26-07-1969 in Brisbane, Queensland, Australia.
Name : Benjamin David Houston
Designation : Company Secretary
Appointment date : 31/10/08
Address : 50 Wellington Street
Wooloowin, QLD 4030
Australia
Biography : Born on 28-12-1976 in Frankston, Victoria, Australia.
Name : Helen Patricia Kelly
Designation : Company Secretary
Appointment date : 12/07/11
Address : 7 Edred Street
Carindale, QLD 4152
Australia
Biography : Born on 31-08-1969 in Rockhampton, Queensland, Australia.
Staff employed : 650 employees (Subject)
Key Advisors
Auditors : DELOITTE
TOUCHE TOHMATSU
123 Eagle Street
Brisbane, QLD 4000
Australia
Share capital
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD 2
ownership / shareholders
How listed : Full List
Composition
Shareholder name ANGLO AMERICAN METALLURGICAL COAL ASSETS EASTERN
AUSTRALIA LIMITED
Address 201 Charlotte Street
Brisbane, QLD 4000
Australia
No. of shares 2 Ordinary Shares
% of shares 100%
Related companies & corporate Affiliations
Structure
Name : ANGLO AMERICAN PLC
Affiliation type : Ultimate Holding
Company Address : 20 Carlton House Terrace
London SW1Y 5AN
United Kingdom
Comments : Anglo American plc operates in the mining industry. The company’s portfolio of mining
assets includes precious, base and bulk commodities.
The company’s mining businesses are Platinum, Diamonds, Base Metals, Iron
Ore (Ferrous Metals) and Coal. It has operations in approximately 45 countries.
Platinum
The company
mines, processes and refines the entire range of platinum group metals
(platinum, palladium, rhodium, ruthenium, iridium and osmium). All of Anglo
Platinum’s operations are located in South Africa. Anglo Platinum wholly owns
five mining operations, a tailings re-treatment facility, three smelters, a
base metals refinery and a precious metals refinery, all in the Limpopo
and North West provinces of South Africa. Each of its mines operates its own
concentrator facilities, with smelting and refining of the output being
undertaken at Rustenburg Platinum Mines’ metallurgical facilities. The
company’s 100% owned mining operations comprise Rustenburg Platinum Mines’
Rustenburg, Amandelbult, Mogalakwena and Twickenham sections as well as Lebowa
Platinum Mines, 51% of which is held for sale. Rustenburg Platinum Mines’ Union
Section is 85% held, with a black economic empowerment (BEE) partner, the
Bakgatla-Ba-Kgafela traditional community, holding the remainder. Anglo
Platinum also has a 50:50 joint venture with a BEE consortium, led by African
Rainbow Minerals, over the Modikwa platinum mine, a joint venture with Royal
Bafokeng Resources, a BEE partner, over the combined Bafokeng-Rasimone platinum
mine and Styldrift properties and a joint venture with Xstrata over the
Mototolo mine. In addition, Anglo Platinum has joint ventures with Aquarius
Platinum covering the shallow reserves of the Kroondal and Marikana mines and
portions of the reserves at Anglo Platinum’s Rustenburg Section.
Diamonds
Anglo
American’s diamond interests are represented by its 45% shareholding in De
Beers. De Beers operates in the diamond business. Its activities include all
aspects of the diamond pipeline, including prospecting, mining and recovery. De
Beers produces approximately 40% of the rough diamonds by value from its mines
in Botswana, Canada, Namibia and South Africa. De Beers holds a 50% interest in
Debswana Diamond Company and in Namdeb Diamond Corporation, owned jointly with
the Government of Botswana and the Government of Namibia, respectively, and a
70% shareholding in De Beers Marine Namibia. In addition, De Beers has a 74%
shareholding in South African based De Beers Consolidated Mines Limited, with a
broad-based black economic empowerment consortium (the Ponahalo group) holding
the balance. De Beers owns 100% of The Diamond Trading Company (DTC), the sales
and rough diamonds distribution arm of De Beers. It also has a 50% interest
with the Government of Botswana in Diamond Trading Company Botswana (DTCB) and
a 50% ownership, along with the Government of Namibia’s matching shareholding,
in Namibia Diamond Trading Company (NDTC). De Beers and LVMH Moët Hennessy
Louis Vuitton have established a high-end retail jewellery joint venture,
through De Beers Diamond Jewellers (DBDJ), with stores in the areas of New
York, Los Angeles, London, Paris, Tokyo and Dubai. De Beers, through Element
Six, is a major producer of synthetic industrial diamond material; applications
include cutting, grinding, polishing, wire making and other technical and
scientific uses.
Base Metals
Anglo Base
Metals has interests in 13 operations in six countries, producing copper,
nickel, zinc, niobium and phosphate fertilizers, together with associated
by-products, including lead, molybdenum and silver. In Chile, its six copper
operations comprise the wholly owned Los Bronces, El Soldado, Mantos Blancos
and Mantoverde mines, the Chagres smelter and a 44% interest in the Collahuasi
mine. Other South American operations are the Loma de Níquel nickel mine in
Venezuela, and the Codemin nickel and Catalăo niobium mines in Brazil. Anglo
Base Metals also has a controlling interest in Copebrás, a Brazilian producer
of phosphate fertilisers and phosphoric acid. In southern Africa, the Skorpion
mine produces zinc and the Black Mountain mine produces zinc and associated
by-products such as lead. Anglo Base Metals’ sole European operation is the
Lisheen zinc and lead mine in Ireland.
Ferrous Metals
Anglo Ferrous Metals’ primary business is iron ore. In South
Africa, it holds a
63% shareholding in Kumba Iron Ore and in Brazil, it holds a
99.4% interest in the
Minas-Rio iron ore project, a 69.2% interest in the Amapá
iron ore system and a
49% interest in
LLX Minas-Rio, the owner of the port of Açu. Other interests principally
comprise Samancor Manganese (manganese ore and alloy mining) and Scaw Metals
(carbon steel products). Through Kumba Iron Ore, Anglo American engages in the
iron ore production.
Coal
The company’s
coal interests are held through its wholly owned Anglo Coal business. Anglo
Coal produces approximately 100 million tonnes of thermal and metallurgical
coal from four geographic regions: South Africa, Australia, South America
(Venezuela and Colombia) and North America (Canada).
Industrial Minerals
Anglo
Industrial Minerals’ sole business is Tarmac, the aggregate and building
products business. Tarmac has operations in the U.K construction materials
industry, as well as markets in continental Europe and the Middle East. History
Anglo American PLC was founded in 1917.
Name : ANGLO AMERICAN METALLURGICAL COAL HOLDINGS LIMITED
Affiliation type : Intermediate Holding Company
Address : 201 Charlotte Street
Brisbane, QLD 4000
Australia
Comments : Anglo American Metallurgical Coal Holdings Limited a wholly owned subsidiary of Anglo
American PLC holds a proportionately consolidated jointly controlled operations in 5 mines/sites in Australia:
1) Drayton (88.2% owned)
2) Moranbah North (88% owned)
3) German Creek (70% owned)
4) Foxleigh (70% owned)
5) Dawson (51% owned)
Name : ANGLO AMERICAN METALLURGICAL COAL ASSETS EASTERN AUSTRALIA
LIMITED
Affiliation type Parent Company
Address 201
Charlotte Street
Brisbane, QLD 4000
Australia
Name :
ANGLO COAL (MORANBAH NORTH MANAGEMENT)
PTY LIMITED
Affiliation type : Sister Company
Address : 201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : MORANBAH NORTH COAL (SALES) PTY LTD
Affiliation type : Sister
Company
Address :
201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : MORANBAH NORTH COAL (NO2) PTY LTD
Affiliation
type :
Sister Company
Address :
201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : NS COAL (MORANBAH NORTH) PTY LTD
Affiliation
type :
Sister Company
Address :
201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : ANGLO AMERICAN METALLURGICAL COAL PTY
LTD
Affiliation
type :
Sister Company
Address :
201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : ANGLO AMERICAN METALLURGICAL COAL
FINANCE LIMITED
Affiliation type : Sister Company
Address : 201 Charlotte Street
Brisbane, QLD 4000
Australia
Name : ANGLO AMERICAN METALLURGICAL COAL ASSETS PTY LTD
Affiliation type : Sister Company
Address : 201 Charlotte Street
Brisbane, QLD 4000
Australia
Related companies and corporate affiliations comments
Other companies of the Ingram Anglo American Group should be considered affiliates of the Subject.
Bank & mortgages
Bank Details
Name of bank : HSBC Bank 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
Bankruptcy fillings None reported.
Court judgements None reported.
Tax liens None reported.
Others : None reported.
financial data
Description
Source of financial
statement Public Record Sources
Financial statement date 31/12/10
Type of accounts Full audited
Currency US Dollar (USD)
Consolidation type Group Consolidated Group Consolidated
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Currency : |
US Dollar (USD) |
US Dollar (USD) |
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Denomination : |
(x1) One |
(x1) One |
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Date of
financial year end : |
31/12/10 |
31/12/09 |
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Length of
accounts : |
12 months |
12 months |
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Sale turnover /
Income : |
27,960,000,000 |
20,858,000,000 |
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Operating profit : |
11,067,000,000 |
4,436,000,000 |
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Profit before
tax : |
10,928,000,000 |
4,029,000,000 |
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Net income : |
8,119,000,000 |
2,912,000,000 |
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Non current
assets : |
51,978,000,000 |
45,277,000,000 |
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Current assets : |
14,348,000,000 |
10,411,000,000 |
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Inventories : |
3,604,000,000 |
3,212,000,000 |
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Total assets : |
66,656,000,000 |
56,308,000,000 |
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Current
liabilities : |
7,882,000,000 |
6,745,000,000 |
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Total
liabilities |
: 28,685,000,000 |
28,239,000,000 |
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Share equity |
37,971,000,000 |
28,069,000,000 |
|
Retained earning |
27,146,000,000 |
21,291,000,000 |
Comments The group’s
consolidated financial information above relates to the Subject’s Ultimate
Holding
Company Anglo American PLC and all its subsidiaries which include the Subject
Operation details
Main activities : The Subject is engaged in mining of
coal in Moranbah North mine in
Australia.
Moranbah North
is located in the northern part of the Bowen Basin in Central Queensland, 15
kilometres north of Moranbah township and 150 kilometres south west of
Dalrymple Bay Coal Terminal at Hay Point.
Moranbah North
is an underground longwall mining operation which began operating in 1998. The
mining lease covers approximately 100 square kilometres. The mining lease
covers an annual production of 4.5 Mt of hard coking. Estimated coal reserves
indicate a mine life of more than 20 years.
Moranbah North
is 88% owned by Anglo American Metallurgical Coal Holdings Limited, with the
remaining 12% owned by joint venture partners Nippon Steel, Mitsui Coal,
Shinsho Australia, NS Resources and Kokan Kogyo. The mine is operated and
managed by Anglo American Metallurgical Coal Holdings Limited.
The Subject is ultimately owned by Anglo American PLC,
incorporated in United Kingdom.
Anglo American
PLC is a large mining company. Anglo American PLC is engaged in mining
platinum, diamonds, coal, base metals, iron ore, metallurgical coal and thermal
coal in Africa, Europe, South and North America, Australia, and Asia.
Product & services : Hard Coking coal
Purchases
International : Asia countries
Sales
International : Taiwan, Japan, China, Brazil, India,
South Korea, Europe
Key events : Anglo Reaches 8-Month High on Buyout
Talk
2 February 2012
Feb. 2
(Bloomberg) -- Anglo American Plc climbed to its highest in eight months amid
speculation a combined Xstrata Plc and Glencore International Plc could make a
bid for the diversified mining company.
The stock gained as much as 4.3 percent and closed 3.4
percent up at
340.63 rand in
Johannesburg, the highest since May 31. Shares worth 244 billion rand traded
($31.8 billion), 247 percent of the three-month average volume and almost twice
as much as rival BHP Billiton Ltd.
“What is affecting sentiment the most is the speculation
about Xstrata and Glencore,” Doug Blatch, head of equity trading at
Investec Asset
Management,
said by phone from Cape Town. “Immediately the market starts thinking what else
could be in play. It’s a game of chess; who makes the next move?”
Glencore is
looking to buy the shares it doesn’t already own in Xstrata to add coal, copper
and nickel mines from Africa to Asia. Xstrata dropped a proposed 29.2
billion-pound ($46.2 billion) offer to merge with Anglo and create one of the
world’s largest mining companies in October 2009 after the London-based
company’s board snubbed the approach.
“We know that
Anglo has potentially been a target before,” Blatch said. “What would be the next
move for a combined Xstrata-Glencore if that were to happen?”
‘Different Drivers’
Anglo may not
be a good fit for Xstrata and Glencore if they were to merge, Peter Davey, a
London-based mining analyst with SBG Securities said by phone.
“Glencore is
primarily a trading house; you don’t trade diamonds and platinum,” Davey said.
“I think a combined entity of Xstrata and Glencore might have different drivers
than where Xstrata was coming from before.”
Improved
sentiment after data showed an expansion in manufacturing across the globe may
also be boosting mining shares, while a report in today’s Business Day that
South Africa’s ruling African National Congress found that the nationalization
of mines would be unconstitutional and too expensive also contributed,
Investec’s Doug Blatch said.
U.S.
manufacturing grew at the fastest pace since June, a report showed yesterday.
The U.K.’s factory measure unexpectedly reached an
eight-month
high, and manufacturing gauges in South Africa, Europe, China and India rose in
January.
“I don’t think
the market has given too much credence to the fact that full nationalization
was on the cards,” Blatch said. “Increased royalties would probably be more
acceptable to most. At the margin, it certainly is positive.”
The government
can’t afford to buy stakes in South Africa’s mines, and it would be against the
constitution to seize them, the Johannesburg-based newspaper said. Mining
companies should pay more tax and royalties, and there should be more
processing of raw materials locally with higher duties on the export of
unprocessed minerals, Business Day said.
“The good news
is there’s no point in killing the golden goose; the sting in the tail is we
need to take more royalties and taxes,” Davey said. “Anglo is going to get taxed
even more in South Africa where it makes half its revenue. Where’s the good
news in that?”
Anglo American Seen Takeover Bait by Glencore-Xstrata
3
February 2012
Feb. 3
(Bloomberg) -- Already one of the cheapest major mining companies, Anglo American
Plc is becoming an even more likely takeover target with Xstrata Plc and
Glencore International Plc’s potential merger threatening to leave it dwarfed
by three of its closest rivals.
London-based
Anglo may attract interest from Xstrata and Glencore should they combine to
create an $82 billion company, people familiar with the matter said. Anglo,
which is less than half the size of either BHP Billiton
Ltd. or Rio
Tinto Group, sold for 6.4 times earnings yesterday, according to data compiled
by Bloomberg. That’s cheaper than any of its biggest competitors, apart from
Rio de Janeiro-based Vale SA.
Glencore and
Xstrata together could have the financial wherewithal to take over Anglo, worth
$59 billion yesterday, after Xstrata failed in 2009 to convince Anglo to
combine in a “merger of equals.” By acquiring Anglo’s assets in diamonds,
platinum and steelmaking coal, the Glencore-Xstrata entity would vault past Rio
and rival BHP, the world’s largest mining company by revenue, data compiled by
Bloomberg show. Anglo may also be attractive to BHP, according to WallachBeth
Capital LLC and Lutetia Capital.
“Anglo hasn’t
closed the ranks sufficiently to prevent” a takeover, Timothy Parker, manager
of the $4.5 billion T. Rowe Price New Era Fund in Baltimore, said in a
telephone interview. The fund owns shares of Anglo, Xstrata, BHP and Rio. “You
can see the obvious allure” for Glencore and Xstrata, he said.
“Buying Anglo
would let them enter the ranks of the true majors. Anglo is the right size for
a combined company. It’s big, but it’s doable,” Parker said.
Diamonds, Coal
James
Wyatt-Tilby, a spokesman for Anglo, declined to comment on whether it has been
approached about an acquisition.
Simon Buerk, a
spokesman at Baar, Switzerland-based Glencore, Alison Flynn, a spokeswoman for
Xstrata in Zug, Switzerland, and Kelly Quirke, a spokeswoman for
Melbourne-based BHP, all declined to comment on whether the companies are
interested in acquiring Anglo.
Anglo, which
mines for everything from diamonds to platinum and coal and has operations on
almost every continent, was founded in Johannesburg
by Ernest
Oppenheimer in 1917. It grew to become South Africa’s biggest company during
apartheid as sanctions limited its ability to expand abroad. The company, which
moved its headquarters to London in 1999, controls Anglo American Platinum
Ltd., the biggest producer of the metal used in catalytic converters that make
exhaust fumes less toxic.
Anglo also bid
$5.1 billion in November to boost its stake in De Beers, the world’s largest
diamond miner, to 85 percent.
Back Together
Anglo
climbed 3.6 percent to a six-month high of 2,830.5 pence in London yesterday
on speculation that a combined Glencore and Xstrata may eventually make a bid
for the company. The shares advanced 2.4 percent at 2:56 p.m. today in London.
Xstrata in
October 2009 dropped its proposed 29.2 billion- pound ($47.4 billion) offer to
merge with Anglo, five days before a deadline for it to make a formal bid or
walk away. Anglo, which had turned down the merger plan in June of that year,
rejected the strategic rationale and “underwhelming valuation” of the proposal.
“Anglo American has always been within the sights of the
Glencore
group,” Sachin
Kumar, an analyst with Paris-based AlphaValue, said in an e-mail. Glencore is
“better placed to merge Xstrata with itself. So this may be why markets are
more confident of a takeover of Anglo American this time,” he said.
Glencore, which
holds 34 percent of Xstrata, made an approach regarding an all-share “merger of
equals,” Xstrata said in a statement yesterday.
Financial Power
Glencore, the
world’s largest publicly traded commodities supplier, said there’s no certainty
of an offer. A combination would bring together two groups that separated a
decade ago when Xstrata bought Glencore’s Australian and South African coal
mines for $2.5 billion and went public in London.
A merger
between Glencore and Xstrata would also create an $82 billion rival to BHP,
valued at $203 billion yesterday, and Rio, which had a market capitalization of
$123 billion, data compiled by Bloomberg show.
Together,
Glencore and Xstrata would have the flexibility and financial power to make
large acquisitions, according to people familiar with the discussions.
They may
consider an offer for Anglo, though any such move would be unlikely to happen
before they complete their merger, said the people, who declined to be
identified because the matter is private. That process may take as long as six
to eight months, one person said, adding that any offer for Anglo could be
preempted by rival bids from its competitors.
Not Imminent
“Anglo is
undervalued and has good prospects,” said David Winters, the Mountain Lakes,
New Jersey-based manager who oversees the $1.5 billion Wintergreen Fund, which
has beaten 99 percent of its competitors in the past five years and owns shares
of Anglo. Still, “we have to see what happens with Glencore and Xstrata.
Nothing’s confirmed yet so I think we have to wait on that,” he said.
Anglo yesterday
traded at 6.4 times its earnings in the past 12 months, data compiled by
Bloomberg show. That was less than half its average of 14 times in the past
decade and about a third lower than the average for base metal mining companies
and raw materials suppliers with more than $20 billion in value.
“It must be very attractive to take out companies as cheap as
Anglo,” Gerhard Lampen, head of Sanlam iTrade, a unit of South Africa’s biggest
insurer, said in a telephone interview from Johannesburg. “They are targets for
sure.”
Potential Buyers
BHP could also be interested in Anglo, according to Lutetia
Capital and
WallachBeth Capital.
Anglo’s diamond holdings would be an attraction for BHP,
according to
Jean-Francois
Comte, co-founder of Lutetia, which manages a $100 million event-driven fund in
Paris.
BHP, which
needs a large deal to “move the needle,” may be interested in Anglo’s coal
assets, according to Yemi Oshodi, managing director of M&A and special
situations trading at New York-based WallachBeth. Anglo may also pursue an
acquisition of its own, he said.
“The likely
Xstrata-Glencore deal means it’s more pressing now for Anglo to look for a
corporate tie-up of its own,” said Gavin Wendt, founder and senior resource
analyst at Mine Life Pty in Sydney. Anglo “will be feeling the pressure because
it risks being left behind,” he said.
BHP, Rio
T. Rowe’s
Parker said that combining Anglo with Glencore and Xstrata makes the most sense
and would help the new entity compete with two of the world’s largest mining
companies by revenue, BHP and Rio.
BHP had $72
billion in sales in the past 12 months, while Rio had $60 billion, data
compiled by Bloomberg show. Together, sales at Anglo and Xstrata reached $64
billion.
Buying Anglo
would also give Glencore, which trades commodities including coal, oil and
metals, a greater supply of materials to put through its network, Parker said.
“In the past,
there has been a lot of speculation about such an end game,” Jeff Largey, an
analyst at Macquarie Group Ltd. in London, said in a telephone interview. “The
market thinks that this could be a natural combination. You would see Xstrata
and Glencore pair up and ultimately merge with Anglo.”
Property &
assets
Premises : The Subject operates from headquarters
located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from mine
operations located at:
Moranbah North Mine
Goonyella Road
PO Box 172
Moranbah, QLD 4744
Australia
Phone +61 7 4968 8600
Fax +61 7 4968 8678
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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: 4.1% 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 :
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%
Payment history
Purchase Term
International : L/C, Telegraphic transfer, Credit up to
120 days
Sales Term
Local : Prepayment, Bank transfer, Credit up to
120 days
International :
L/C, 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.49.07 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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.