|
Report Date : |
16.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
WESFARMERS CURRAGH PTY LTD |
|
|
|
|
Registered Office : |
C/O Wesfarmers Limited Level 11, Wesfarmers House, 40 The Esplanade |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
12.01.1989 |
|
|
|
|
Com. Reg. No.: |
009362565 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Retail, coal mining, gas processing
and distribution, insurance, chemicals and fertilizers |
|
|
|
|
No. of Employees : |
400 employees |
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 3,000,000 |
|
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 – 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 |
Verified Address
Subject
name : WESFARMERS CURRAGH PTY LTD
Business
address : 'Central Plaza 1' Level 31
345 Queen Street
Town : Brisbane
Province : Queensland
Zip/postal
code : 4000
Country : Australia
Tel : +61 7 30317777
Fax : +61 7 32117908
Website :
www.curragh.com.au
Registered
address : C/o WESFARMERS LIMITED Level 11,
Wesfarmers House
40 The Esplanade
Town : Perth
Province : Western Australia
Zip/postal
code : 6000
Country : Australia
Postal
address : GPO Box 51
Town : Brisbane
Province : Queensland
Zip/postal
code : 4000
Country : Australia
Executive Summary
Date
founded or registered : 12/01/1989
Legal
form : Australian Proprietary Company
Chief
executive : Rodney Neville Bridges
Issued
& paid up capital : AUD 2
Sales
turnover : AUD 54,875,000,000 (Group-consolidated
12 months, 30/06/2011)
Net
income : AUD 1,922,000,000 (Group-consolidated
12 months, 30/06/2011)
Total
fixed assets : AUD 40,814,000,000 (Group-consolidated
12 months, 30/06/2011)
Line
of business : Operation of the Curragh Mine.
Staff employed : 400 employees (Subject); 200,000 (Wesfarmers
Group)
Country
risk : Country risk is minimal
Operation
trend : Operational trend is progressing
Management
experience : Management is adequately experienced
Financial
performance : Financial performance is very good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit amount suggestion : USD 3,000,000
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.
Registry Data
Registration
date : 12/01/1989
Legal
form : Australian Proprietary Company
Registration
no Australian Company Number : 009362565
Registered
authority : Australian Securities & Investments
Commission
Fiscal/
Tax no : Australian Business Number: 90009362565
Registry
status : Live/Active
Previous name : WESFARMERS COAL HOLDINGS PTY LTD (until
10-11-2000) WESFARMERS NITROGEN COMPANY PTY LTD WESFARMERS LPG FINANCE PTY LTD
BACKWELL HOLDINGS PTY LTD (initial)
Change of legal form : None reported.
Key Management
Name : Stewart Anthony Butel
Designation : Chief
Executive Officer
Name : Rodney Neville Bridges
Designation : General
Manager
Name : Michael Garth Ball
Designation : Director
Name : Michael William Dixon
Designation : Director
Name : William Roderick Ash
Designation : Director
Appointments
Name : Richard James Barr Goyder
Designation : Director
Appointment
date : 01/07/02
Address : C/o WESFARMERS LIMITED Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 18-01-1960 in Tambellup, Western Australia,
Australia.
Mr.
Richard Goyder serves as Chief Executive Officer, Group Managing Director,
Executive Director of Wesfarmers Limited. He holds a Bachelor of Commerce
degree from the University of Western Australia and has completed the Advanced
Management Program at the Harvard Business School. He held a number of
positions with Tubemakers of Australia, particularly business development
roles, before joining Wesfarmers in 1993. He is a director of Gresham Partners
Holdings and a number of Wesfarmers group subsidiaries and related companies.
Name : Rodney Neville Bridges
Designation : Director
Appointment
date : 13/06/07
Address : 3 Arran Avenue
Hamilton, QLD 4007
Australia
Biography : Born on 27-02-1957 in
Sydney, New South Wales, Australia.
Name : Stewart Anthony Butel
Designation : Director
Appointment
date : 17/06/05
Address : 18 Incana Street
Chapel Hill, QLD 4069
Australia
Biography : Born on 08-01-1956 in Sydney, New South Wales, Australia.
Mr.
Stewart A. Butel serves as Managing Director of Wesfarmers Resources of
Wesfarmers Limited. He holds a Bachelor of Science (Geology), Graduate Diploma
in Business, Diploma of Mining, and has completed the Advanced Management
Program at Harvard Business School. In addition he holds both NSW and QLD Mine
Managers Certificates. He has worked in the coal mining industry in New South
Wales, Queensland and Western Australia. He joined Wesfarmers in 2000 following
Wesfarmers' acquisition of the Curragh mine. In June 2002 he was appointed
Managing Director of Wesfarmers Premier Coal and in April 2005 became Director
Coal Operations for Wesfarmers Energy. He was appointed Managing Director of
Wesfarmers Resources (formerly Wesfarmers Coal) in September 2006. He is a
director of a number of Wesfarmers subsidiaries and is also on the board of the
Queensland Resources Council. He was previously on the Executive Council of the
WA Chamber of Mines and Energy and served on the South West Development
Commission in Western Australia.
Name : Michael Garth Ball
Designation : Director
Appointment
date : 29/02/08
Address : 72 Twickenham Street
Chelmer, QLD 4068
Australia
Biography : Born on 04-01-1967 in Sydney, New South Wales, Australia.
Name : Terence James Bowen
Designation : Director
Appointment
date : 01/05/09
Address : C/o WESFARMERS LIMITED Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 24-12-1966 in London, United Kingdom.
Mr. Terry J. Bowen is the Finance Director, Executive Director of Wesfarmers Limited. He appointed in 2009 as an executive director (non-independent). He holds a Bachelor of Accountancy degree and is a Fellow of CPA Australia. He has held a number of finance positions with Tubemakers of Australia Ltd, culminating in his appointment as General Manager Finance. He joined Wesfarmers in 1996 and undertook various roles with Wesfarmers Landmark, where he was appointed Chief Financial Officer, until its acquisition by AWB Limited in 2003. He was then appointed the inaugural Chief Financial Officer for Jetstar Airways, prior to rejoining Wesfarmers as Managing Director, Wesfarmers Industrial and Safety in November 2005. He became Finance Director, Coles in 2007, and was appointed Finance Director, Wesfarmers in May 2009. He is also a director of Gresham Partners Holdings Ltd, the Western Australian Opera Company Incorporated, the Western Australian Institute for Medical Research Incorporatedand a number of Wesfarmers Group subsidiaries. He is a member of both the National Executive of the Group of 100 Inc and Curtin University School of Accountancy Advisory Board.
Name : Michael William Dixon
Designation : Director
Appointment
date : 29/06/10
Address : 62 Rennie Street
Indooroopilly, QLD 4068
Australia
Biography : Born on 04-09-1975 in Perth, Western Australia, Australia.
Name : William Roderick Ash
Designation : Director
Appointment
date : 29/06/10
Address : 434 Grandview Road
Pullenvale, QLD 4069
Australia
Biography : Born on 26-01-1952 in Sydney, New South Wales, Australia.
Name : Robert Brenchley
Designation : Director
Appointment
date : 17/06/05
Address : Hong Kong
Biography : Born on 05-05-1959 in Manly, New South Wales, Australia.
Name : Linda Jayne Kenyon
Designation : Company Secretary
Appointment
date : 13/03/07
Address : C/o WESFARMERS LIMITED Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 25-04-1959 in
Subiaco, Western Australia, Australia.
Ms.
Linda J. Kenyon serves as Company Secretary of Wesfarmers Limited since April
2002. She holds Bachelor of Laws and Bachelor of Jurisprudence degrees from the
University of Western Australia and is a Fellow of the Institute of Chartered
Secretaries. She joined
Wesfarmers
in 1987 as legal counsel and held that position until 2000 when she was
appointed Manager of Bunnings Property
Management
Limited, the responsible entity for the listed Bunnings Warehouse Property
Trust. She is also Company Secretary of a number of Wesfarmers Group
subsidiaries.
Staff
employed : 400 employees (Subject); 200,000
(Wesfarmers Group)
Auditors : ERNST
& YOUNG Ernst & Young Building
11 Mounts Bay Road
Perth, WA 6000
Australia
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
How
listed : Full List
Composition
Shareholder
name : WESFARMERS LIMITED
Address : Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
No.
of shares : 2 Ordinary Shares
% of shares : 100%
Structure
Name : WESFARMERS LIMITED
Affiliation
type :
Parent Company
Address :
Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Comments : Wesfarmers
Limited engages in retail, coal mining, gas processing and distribution, insurance,
chemicals and fertilizers, and industrial and safety product distribution
activities. The company operates 741 supermarkets, including BI-LO branded
stores; 785 liquor stores trading as Liquorland, Vintage Cellars, and 1st
Choice Liquor Superstores brand names; 93 hotels; 620 fuel and convenience
store outlets under Coles Express brand name; and an online supermarket. It
also retails and supplies home improvement and outdoor living products,
building materials, and office and technology products. In addition, the
company offers clothing and home ware through 291 Target and Target Country
stores; sells apparel and general merchandise, including garden, home, health
and beauty, outdoor living, entertainment, toys and sporting, camping and
fishing, and automotive products, as well as men’s, women’s, and children’s
wear through 186 Kmart stores; engages in automotive service, repair, and tire
businesses through 251 Kmart Tyre and Auto Service stores; is involved in
open-cut mining business; produces metallurgical and steaming coal with mining
interests in Australia; and provides insurance broking, underwriting, and
financial services to individual, SME, and corporate clients. Further, it
manufactures and supplies chemicals, including ammonia, ammonium nitrate,
sodium cyanide, polyvinyl chloride resin, and wood-plastic composite products;
manufactures, imports, and distributes phosphate, nitrogen, and potassium based
fertilizers; produces, distributes, and markets LPG; and offers industrial and
safety products and services. Additionally, the company provides investment
banking advisory and structured finance services; manages investment funds in
private equity and property; and operates a softwood sawmill. It primarily
operates in Australia and New Zealand. The company was founded in 1914 and is
based in Perth, Australia.
Name : CURRAGH QUEENSLAND MINING PTY LTD
Affiliation
type :
Subsidiary
Address :
Hibiscus Crescent
Blackwater, QLD 4717
Australia
Name : CURRAGH COAL SALES CO. PTY. LTD.
Affiliation
type :
Subsidiary
Address :
'Central Plaza 1' Level 31
345 Queen Street
Brisbane, QLD 4000
Australia
Name : KMART AUSTRALIA LIMITED
Affiliation
type :
Sister Company
Address :
Level 3, 690 Springvale Road
Mulgrave, VIC 3170
Australia
Name : COLES GROUP LIMITED
Affiliation
type :
Sister Company
Address :
800 Toorak Road
Hawthorn East, VIC 3123
Australia
Name : TARGET AUSTRALIA PTY LTD
Affiliation
type :
Sister Company
Address :
12-14 Thompson Road
North Geelong, VIC 3215
Australia
Name : WESFARMERS RESOURCES LIMITED
Affiliation
type :
Sister Company
Address :
'Central Plaza 1' Level 31
345 Queen Street
Brisbane, QLD 4000
Australia
Name : OAMPS (UK) LIMITED
Affiliation
type :
Sister Company
Address :
Windsor House
High Street, Esher
Surrey KT10 9RY United Kingdom
Name : BENGALLA MINING COMPANY PTY LIMITED
Affiliation
type :
Sister Company
Address :
Bengalla Road
Muswellbrook, NSW 2333
New South Wales
Australia
Name : LUMLEY GENERAL INSURANCE (NZ) LIMITED
Affiliation
type :
Sister Company
Address :
Level 21, Lumley Centre
88 Shortland Street
Auckland
New Zealand
Related
companies and corporate affiliations comments
Bank Details
Name
of bank : National Australia Bank 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.
Description
Source
of financial statement : Public Record Sources
Financial
statement date : 30/06/11
Type
of accounts : Full audited
Currency : Australia Dollar (AUD)
Exchange
rate : 1 USD = AUD 0.94 as of 14-02-2012
Summarized Financial
Information
Consolidation type : Group
Consolidated Group
Consolidated
Currency : Australia
Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1)
One (x1)
One
Date of financial year end : 30/06/11 30/06/10
Length of accounts : 12
months 12
months
Sale turnover / Income : 54,875,000,000 51,827,000,000
Profit before tax : 2,706,000,000 2,215,000,000
Net income : 1,922,000,000 1,565,000,000
Non current assets : 30,596,000,000 29,562,000,000
Current assets : 10,218,000,000 9,674,000,000
Inventories : 4,987,000,000 4,658,000,000
Total
assets : 40,814,000,000 39,236,000,000
|
Current liabilities : |
8,722,000,000 |
7,852,000,000 |
|
Non current liabilities : |
6,763,000,000 |
6,690,000,000 |
|
Total liabilities : |
15,485,000,000 |
14,542,000,000 |
|
Share equity : |
25,329,000,000 |
24,694,000,000 |
|
Retained earning : |
1,774,000,000 |
1,414,000,000 |
Comments :
The group’s consolidated financial
information above relates to the Subject’s Parent / Ultimate Holding Company
Wesfarmers Limited and all its subsidiaries which include the Subject.
Main activities : The
Subject is engaged in the operation of the Curragh Mine and covers an area of
approximately 12,600 hectares in Bowen Basin of Central Queensland, 14
kilometers north-wesr of Blackwater and approximately
200 kilometers west of
Rockhampton.
The Curragh Mine predominantly
produces a low-ash, low volatile hard coking coal and PCI coal products for
export metallurgical markets, as well as a steam coal for domestic power
utility markets.
The Subject is part of Wesfarmers
Limited, which is an Australia based company. The Company’s principal
activities are retailing operations, including supermarkets, general
merchandise and specialty department stores; fuel, liquor and convenience
outlets; retailing of home improvement and outdoor living products and supply
of building materials; retailing of office and technology products; coal mining
and production; gas processing and distribution; insurance; industrial and
safety product distribution; chemicals and fertilizers manufacture, and
investments. It operates in 10 segments: coles; home improvement and office
supplies; resources; insurance; KMART; Target; industrial and safety; energy;
chemicals and fertilizers, and other. During the fiscal year ended June 30,
2010, the Company operated 742 supermarket stores, 766 liquor outlets and 96
hotels.
Purchases
Local : Yes
International : Asia,
Europe
Sales
Local : Yes
International : Japan,
South-East Asia, Europe and South America
Key events : Wesfarmers
Curragh Pty Ltd. Reports Production Results for the Quarter and Full Year to Date
Ended December 31, 2011
01/17/2012
Wesfarmers Curragh Pty Ltd.
reported production results for the quarter and full year to date ended
December 31, 2011. For the quarter, the company reported metallurgical coal of
1,567,000 tonnes and steaming cola of 640,000 tonnes compared to metallurgical
coal of 1,736,000 tonnes and steaming cola of 644,000 tonnes a year ago. For
the year to date, the company reported metallurgical coal of 5,350,000 tonnes
and steaming cola of 2,493,000 tonnes compared to metallurgical coal of
6,272,000 tonnes and steaming cola of 2,648,000 tonnes a year ago.
Wesfarmers Curragh Pty Ltd.
Announces Production Results for the
Quarter and Year-to-Date Ended
June 30, 2011
07/20/2011
Wesfarmers Curragh Pty Ltd.
announced production results for the quarter and year-to-date ended June 30,
2011. Coal production for the quarter was
1,906,000 tonnes (comprising
1,253,000 tonnes of metallurgical coal and
653,000 tonnes of steaming coal),
28.4% higher than the previous quarter. Metallurgical coal production increased
by 24.1% and steaming coal production increased by 37.5% compared to the
previous quarter due to improved pit access and mining rates associated with
the recovery from significant flooding experienced during the previous quarter.
In 2010 June quarter, Coal production was 2,298,000 tonnes (comprising
1,612,000 tonnes of metallurgical coal and 686,000 tonnes of steaming coal).
For
year-to-date, coal production was
7,853,000 tonnes (comprising 5,383,000 tonnes of metallurgical coal and
2,470,000 tonnes of steaming coal) against 9,083,000 tonnes (comprising
6,613,000 tonnes of metallurgical coal and 2,470,000 tonnes of steaming coal) a
year ago period.
Property & Assets
Premises : The Subject
operates from head office located at the verified heading address consisting of
administrative office.
Branches : In
addition, the Subject operates from mine operations town office located at:
Hibiscus Crescent (PO Box 322)
Blackwater QLD 4717
Australia
Tel: +61 7 49869383
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: 4.1%
4.1% industry: 26%
services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment
rate : 2008: 4.2%
2009: 5.6%
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
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
Local : Cash against document, Bank transfer,
Credit up to 120 days
International : L/C, Cash against document, Credit up
to 120 days
Sales Term
Local : Cash against document, Bank transfer,
Credit up to 120 days
International : L/C, Cash against document, 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.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.