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Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
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Name : |
MT. ISA METALS LTD |
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Formerly Known As : |
MT. ISA METALS PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.06.2006 |
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Com. Reg. No.: |
120212017 |
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Legal Form : |
Australian Public Company |
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Line of Business : |
Exploration and development of mineral deposits mainly gold and copper in the Mt Isa Region and West Africa ( |
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No. of Employees : |
150 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : MT. ISA METALS LTD
Business address :
'Amp Place' Level 32
10 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Tel : +61 7 31983040
Fax : +61 7 32365036
Email : info@mtisametals.com.au
Website : www.mtisametals.com.au
Registered address
: 'Amp Place' Level 32
10 Eagle Street
Town : Brisbane
Province : Queensland
Zip/postal code : 4000
Country : Australia
Executive Summary
Date founded or
registered : 15/06/2006
Legal form : Australian Public
Company
Chief executive : Peter David Spiers
Issued & paid
up capital : AUD 30,297,098.32
Sales turnover : AUD 313,493 (Consolidated 12
months, 30/06/2011)
Net income : AUD -2,605,811
(Consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 24,290,661
(Consolidated 12 months, 30/06/2011)
Line of business : Exploration and
development of mineral deposits mainly gold and copper in the
Mt Isa Region and West Africa (Burkina Faso).
Staff employed : 150 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is in
start-up phase
Management experience
: Management is modestly
experienced
Financial
performance : Financial
performance is poor
Organization
structure : Organizational
structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : The
Subject's activities in both Mt Isa Region and West Africa are still in
discovery & exploration stage. Small credit can be considered as the
Subject's equity balance is sufficient.
Registry Data
Registration date
: 15/06/2006
Legal form : Australian Public Company
Registration no Australian Company Number:
120212017
Registered
authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business Number:
59120212017
Registry status : Live/Active
Previous name : MT. ISA METALS PTY LTD
D'AGUILAR MINERALS PTY LTD
D'AGUILAR URANIUM PTY. LTD. (initial)
Change of legal
form : None reported.
Key Management
Name : Peter David Spiers
Designation : Managing Director
Name : Peter Harding-Smith
Designation : Chief Financial Officer
Name : Peter Ledwidge
Designation : Business Development Manager
Name : Jennifer Gunter
Designation : Manager of Exploration Projects
Appointments
Name : Nicholas Mather
Designation : Director
Appointment date :
15/06/06
Address : 30 Batman Street
Clayfield, QLD 4011
Australia
Biography : Born on 23-06-1957 in
Brisbane, Queensland, Australia.
Mr. Nicholas Mather serves as Non-Executive Director of Mt Isa
Metals Limited. Mr. Mather’s special area of experience is the
generation of and entry into undervalued or unrecognised resource
exploration opportunities. He has been involved in the junior resource
sector at all levels for more than 25 years. In that time he has been
instrumental in the delivery of resource projects that have delivered
gains to shareholders. Mr. Mather is currently CEO (and cofounder)
of Solomon Gold plc (AIM) and Managing Director (and founder) of
D’Aguilar Gold Ltd (ASX). As an Executive Director (and cofounder)
of Arrow Energy Ltd until 2004, Mr. Mather was responsible for the
generation of its Surat Basin Coal Bed Methane project. Arrow
Energy Ltd now has a market capitalisation of over $3 billion.
Previously as CEO of BeMax Resources Limited, Mr. Mather was
instrumental in the discovery of the company’s Pooncarie mineral
sands project in 1998. Mr. Mather has also been a nonexecutive
Director of Ballarat Goldfields, having assisted with the
recapitalisation of the company in 2002. Mr. Mather is a member of
the Audit and Risk Management Committee.
Name : Peter David Spiers
Designation : Director
Appointment date :
04/03/08
Address : 72 Ironside Street
St Lucia, QLD 4067
Australia
Biography : Born on 06-06-1962 in
Hastings, Victoria, Australia.
Mr. Peter Spiers serves as Managing Director, Executive Director of
MT Isa Metals Limited. Mr. Spiers is a qualified geologist with in
excess of 20 years of experience in the resources industry. Mr Spiers
has substantial operations and exploration experience having worked
in a wide range of commodities and operating environments both
within Australia and offshore. A proportion of his career to date was
spent with Western Mining Corporation (WMC) where he held
numerous senior technical and commercial roles. His most recent
role was Group Manager – Business Development, where he
managed the targeting and evaluation of mineral investment
opportunities including copper, gold, nickel, iron ore, mineral sands,
coal and other industrial minerals. Previously Mr. Spiers was also
responsible for WMC’s operations strategic planning which included
planning oversight for a multibillion dollar asset portfolio comprising
the company’s nickel, coppergolduranium, and phosphate fertilizer
operations. More recently Mr. Spiers held an executive position with
ASX listed Atlas Group Holdings Limited where he was focused on
the development of businesswide improvement initiatives and the
definition of strategies for growth.
Name : John Graham Bovard
Designation : Director
Appointment date :
06/06/08
Address : 195 Hawken Drive
St Lucia, QLD 4067
Australia
Biography : Born on 27-09-1945 in Taree, New
South Wales, Australia.
Mr. John G. Bovard serves as Non-Executive Independent Chairman
of the Board of Mt Isa Metals Limited. Mr. Bovard is a civil engineer
and has over 40 years experience in mining, heavy construction,
project development and corporate management. His career has
included roles as CEO of public companies and both executive and
nonexecutive directorships and he is currently a Non–Executive
Director of Australian Solomons Gold Limited. He holds a Bachelor of
Civil Engineering, and is a Fellow of the Australian Institute of Mining
and Metallurgy and a Fellow of the Australian Institute of Company
Directors. Mr. Bovard is a member of the Audit and Risk Management
Committee.
Name : Michele Muscillo
Designation : Director
Appointment date : 06/06/08
Address : 163 Annie Street
New Farm, QLD 4005
Australia
Biography : Born on 30-10-1980 in
Brisbane, Queensland, Australia.
Mr. Michele Muscillo serves as Non-Executive Director of Mt Isa
Metals Ltd. Mr. Muscillo is a Partner specialising in corporate law with
Hopgood Ganim Lawyers. He was admitted as a Solicitor in 2004 and
has a practice focusing almost exclusively on mergers and
acquisitions, and capital raising. He has a Bachelor of Laws from
Queensland University of Technology and was a recipient of the QUT
University Medal. In his role with Hopgood Ganim Lawyers, Mr.
Muscillo has acted on a variety of corporate transactions including
initial public offerings, takeovers and other acquisitions. Mr. Muscillo
is the Chairman of the Audit and Risk Management Committee.
Name : Peter Laurence
Harding-Smith
Designation : Company Secretary
Appointment date :
06/06/11
Address : 164 Main Avenue
Windsor, QLD 4030
Australia
Biography : Born on 19-12-1968 in Brisbane,
Queensland, Australia.
Mr. Peter Harding-Smith serves as Chief Financial Officer and
Company Secretary of Mt Isa Metals Ltd since June 6, 2011. He joins
Mt Isa Metals with past senior financial management and company
secretarial positions with DPSA Holdings Pty Ltd and ASX-listed
Silver Chef Limited and Provet Holdings Limited. He is a Chartered
Accountant with over 20 years of business experience with a
Bachelor of Business from Queensland University of Technology. He
is a member of the Institute of Chartered Accountants of Australia
and Chartered Secretaries Australia and is a Fellow of the Financial
Services Institute of Australia.
Staff employed : 150 employees
Key Advisors
Auditors : BDO AUDIT (QLD) PTY LTD
Level 18, 300 Queen Street
Brisbane, QLD 4000
Australia
Solicitors : HOPGOODGANIM LAWYERS
Level 8, Waterfront Place
1 Eagle Street
Brisbane, QLD 4000
Australia
Composition
Authorized Capital
: AUD 30,297,098.32
No of shares : 167,036,056 Ordinary Shares
Share par value : No par value
Issued capital : AUD 30,297,098.32
Paid up capital : AUD 30,297,098.32
How listed : Major Shareholders Only
Composition
Shareholder name :
DGR GLOBAL LIMITIED
Address : Level 13, 145 Eagle Street
Brisbane, QLD 4000
Australia
No. of shares : 52,000,000 Ordinary Shares
% of shares : 31.77%
Shareholder name :
NATIONAL NOMINEES LIMITED
Address : Level 12, 500 Burke Street
Melbourne, VIC 3000
Australia
No. of shares : 14,908,736 Ordinary Shares
% of shares : 9.11%
Shareholder name :
Jointly held by Mr. Peter David
Spiers & Mrs Fiona Lynette Spiers
Address : 72 Ironside Street
St Lucia, QLD 4067
Australia
No. of shares : 1,930,000 Ordinary Shares
% of shares : 1.18%
Shareholder name :
UBS NOMINEES PTY LTD
Address : Level 16, The Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
No. of shares : 5,710,554 Ordinary Shares
% of shares : 3.49%
Shareholder name :
J P MORGAN NOMINEES AUSTRALIA
LIMITED
Address : Level 32, 225 George Street
Sydney, NSW 2000
Australia
No. of shares : 4,529,046 Ordinary Shares
% of shares : 2.77%
Comments : The Subject is public listed on
Australian Stock Exchange since 22 August, 2008.
Structure
Name : DGR GLOBAL LIMITED
Affiliation type :
Shareholder
Address : Level 13, 145 Eagle Street
Brisbane, QLD 4000
Australia
Comments : DGR Global Limited engages in
the exploration of mineral properties in Australia,
the Solomon Islands, and the United States. It explores for copper,
gold-silver,
nickel-cobalt, molybdenum, uranium, iron-titanium-aluminum, and oil and
gas.
The company was formerly known as D’Aguilar Gold Limited and changed its
name to DGR Global Limited in November 2011. DGR Global Limited is based
in
Brisbane, Australia.
Name : MET BF PTY LTD
Affiliation type :
Wholly-owned Subsidiary
Address : 'Amp Place' Level 32
10 Eagle Street
Brisbane, QLD 4000
Australia
Name : BIRIMIAN RESOURCES PTY
LTD
Affiliation type :
Wholly-owned Subsidiary
Address : 'Amp Place' Level 32
10 Eagle Street
Brisbane, QLD 4000
Australia
Name : BIRIMIAN RESOURCES SARL
Affiliation type :
Wholly-owned Subsidiary
Address : Burkina Faso
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 0.99 as of
27-06-2012
Summarized Financial Information
Consolidation type
: Consolidated Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 31/12/11 30/06/11 30/06/10
Length of accounts
: 6 months 12 months 12 months
Sale turnover /
Income : 367,292 314,493 46,153
Profit before tax
: -1,045,153 -2,605,811 -2,040,521
Net income : -1,045,153 -2,605,811 -2,040,521
Non current assets
: 11,372,629 8,574,369 3,711,169
Current assets : 12,707,132 15,716,292 1,448,470
Total assets : 24,079,761 24,290,661 5,159,639
Current
liabilities : 712,043 856,131 439,804
Non current
liabilities : 0 0 0
Total liabilities
: 712,043 856,131 439,804
Share equity : 23,367,718 23,434,530 4,719,835
Reserve : 3,575,743 3,396,305 957,539
Retained earning :
-7,574,455 -6,701,981 -4,155,004
Comments : The
consolidated financial information above relates to the Subject and its
subsidiaries.
Main activities : The Subject engages in exploration
and development of mineral deposits
mainly gold and copper in the Mt Isa Region and West Africa (Burkina
Faso).
The Subject holds substantial tenement positions in two world renowned
mineral provinces.
The Birimian Gold Province of West Africa is a world-class gold province
with more than fifty +1Moz gold deposits discovered across the region to
date. Subject has secured (via option agreements) a large tenement
position in the Birimian centered on Burkina Faso. The tenements include
multiple prospects with identified high grade gold assays and are
considered highly prospective for future gold discoveries.
Subject also holds a significant tenement position in the Mount Isa
region
of north-west Queensland. Mount Isa is a world-class mineral province
noted for a long history of base metal and precious metal discoveries.
Product &
services : Exploration of gold and
copper
Purchases
International : None reported.
Sales
Local : Yes
International : None reported.
History : The Subject was
incorporated on 15 June 2006 as a wholly-owned
subsidiary of D'Aguilar Gold Limited. Following the successful
completion
of an Initial Public Offering (IPO), subject was admitted to the
official list of
the Australian Securities Exchange as an independent company on 21
August 2008 (ASX:MET).
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of an administrative office.
Branches : In addition, the Subject
operates from mines located at The Birimian Gold
Province of West Africa and Mount Isa region of north-west Queensland.
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$ 1.586
trillion
GPP (Purchasing
power parity) : 954.296
billion of International dollars
GDP per capita -
current prices : US$ 68,916
GDP - composition
by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
: 2009:
5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General
Government gross debt as
a % GDP): 2009:
16.9%
2010: 20.4%
2011: 22.9%
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$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 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%
Purchase Term
International : L/C, Prepayment, Telegraphic
transfer, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, Credit 30-90 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.56.92 |
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|
1 |
Rs.88.91 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
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-- |
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.