|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KESTREL
COAL SALES PTY LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.11.1983 |
|
|
|
|
Com. Reg. No.: |
010486307 |
|
|
|
|
Legal Form : |
Australian Proprietary Company |
|
|
|
|
Line of Business : |
Export
& distribution of coal produced from Kestrel Mine, |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.12.2011) |
Current Rating (31.03.2012) |
|
|
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 : KESTREL COAL SALES PTY
LIMITED
Business
address :
Town :
Province
:
Zip/postal
code : 4000
Country
:
Tel : +61 7 36253000
Fax : +61 7 36253001
Website
: www.riotintocoalaustralia.com.au
Registered
address :
Town :
Province
:
Zip/postal
code : 4000
Country
:
Postal
address : GPO
Town :
Province
:
Zip/postal
code : 4001
Country
:
Executive Summary
Date
founded or registered : 29/11/1983
Legal
form : Australian
Proprietary Company
Chief
executive : Anthony
David Miller
Issued
& paid up capital : AUD 2
Sales
turnover : USD 60,537,000,000
(Group-consolidated 12 months, 31/12/2011)
Net
income : USD
4,365,000,000 (Group-consolidated 12 months, 31/12/2011)
Total
fixed assets : USD
119,545,000,000 (Group-consolidated 12 months, 31/12/2011)
Line
of business : Export
& distribution of coal produced from Kestrel Mine,
Staff
employed : 15
employees (Subject); 67,930 (Rio Tinto Group)
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 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 : 29/11/1983
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 010486307
Registered
authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian
Business Number: 70010486307
Registry
status : Live/Active
Previous
name : GORDONSTONE
COAL SALES PTY. LTD.
DENHAM
COAL SALES PTY. LTD. (initial)
Change
of legal form : None
reported.
Key Management
Name :
Anthony
David Miller
Designation
: Director
Name :
Kieran
Gary Olsen
Designation
: Director
Name :
Matthew
William Halliday
Designation
: Director
Appointments
Name :
Anthony
David Miller
Designation
: Director
Appointment
date : 18/01/08
Address
:
Auchenflower, QLD 4066
Biography
: Born on
20-09-1955 in
Name :
Kieran
Gary Olsen
Designation
: Director
Appointment
date : 20/09/11
Address
:
Graceville, QLD 4075
Biography
: Born on
12-07-1973 in
Name :
Matthew
William Halliday
Designation
: Director
Appointment
date : 01/02/10
Address
:
Biography
: Born on
23-07-1976 in
Name :
Simon
John Ellinor
Designation
: Alternate
Director
Appointment
date : 22/11/11
Address
: 34
Hannah Circuit
Manly West, QLD 4179
Biography
: Born on
07-02-1973 in
Name :
Paul
Matthew Borg
Designation
: Company
Secretary
Appointment
date : 01/03/09
Address
:
Biography
: Born on
26-11-1969 in
Name :
Claire
Elizabeth Fidler
Designation
: Company
Secretary
Appointment
date : 29/06/11
Address
:
Paddington, QLD 4064
Biography
: Born on
21-03-1977 in
Staff
employed : 15
employees (Subject); 67,930 (Rio Tinto Group)
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 : QUEENSLAND COAL PTY. LIMITED
Address
:
Brisbane, QLD 4000
No. of
shares : 2 Ordinary Shares
% of
shares : 100%
Structure
Name :
Jointly held by RIO TINTO
LIMITED / RIO TINTO PLC
Affiliation
type : Ultimate Holding Company
Address
: Level
Melbourne, VIC 3000
2
Comments
: The company is listed on the
Australian Stock Exchange and London Stock Exchange.
RIO
TINTO LIMITED / RIO TINTO PLC together is engaged in minerals exploration,
development, production and processing. The Company’s product groups include
aluminum, copper, diamonds and minerals, energy, and iron ore. Its major
products are aluminum, copper, diamonds, coal, iron ore, uranium, molybdenum,
gold, borates, titanium dioxide, salt and talc. The Company’s businesses
include open pit and underground mines, mills, refineries and smelters, as well
as a number of research and service facilities.
Name :
QUEENSLAND COAL PTY. LIMITED
Affiliation
type : Parent Company
Address
:
Brisbane, QLD 4000
Comments
: Queensland Coal Pty. Limited engages
in coal mining and exploration. The company was incorporated in 1909 and is
based in
Queensland
Coal Pty. Limited operates as a subsidiary of Rio Tinto Group.
Name :
KESTREL COAL PTY LIMITED
Affiliation
type : Sister Company
Address
:
Brisbane, QLD 4000
Comments
: Operator of Kestrel Mines.
Name : ARGYLE DIAMONDS LIMITED
Affiliation
type : Sister Company
Address
:
Comments
: Mining and processing of diamonds.
Name :
COAL & ALLIED INDUSTRIES
LIMITED
Affiliation
type : Sister Company
Address
:
Comments
: Coal mining.
Name :
DAMPIER SALT LIMITED
Affiliation
type : Sister Company
Address
:
Comments
: Salt production.
Name :
RIO TINTO COAL AUSTRALIA PTY
LIMITED
Affiliation
type : Sister Company
Address
:
Comments
: Rio Tinto Coal
partners,
Queensland Coal Pty Limited (82 per cent), Nippon Steel Australia Pty
Ltd (8
per cent), Marubeni Coal Pty Ltd (6.67 per cent) and Sumisho Coal
Development
Pty Ltd (3.33 per cent).
Name :
HAIL CREEK COAL PTY LTD
Affiliation
type : Sister Company
Address
:
Comments
: Coal mining.
Name :
Affiliation
type : Sister Company
Address
:
Comments
: Bauxite mining; alumina production;
primary aluminium smelting.
Name :
HAMERSLEY IRON PTY LIMITED
Affiliation
type : Sister Company
Address
:
Comments
: Iron ore mining.
Related
companies and corporate
affiliations
comments
:
Other companies of the Rio Tinto Group should be considered affiliates of the
Subject.
Bank Details
Name
of bank : National Australia
Bank Limited
Address
:
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 : Commercial Registry
Filings
Financial
statement date : 31/12/11
Type
of accounts : Full
audited
Currency
: US
Dollar (USD)
Consolidation
type : Group
Consolidated Group Consolidated
Currency
: US
Dollar (USD)
Denomination
: (x1) One (x1) One
Date
of financial year end : 31/12/11 31/12/10
Length
of accounts : 12 months 12 months
Operating
profit : 13,940,000,000
19,608,000,000
Profit
before tax : 13,214,000,000
20,491,000,000
Net
income : 4,365,000,000
16,492,000,000
Non
current assets : 97,559,000,000
89,608,000,000
Current
assets : 21,986,000,000
23,165,000,000
Inventories
: 5,307,000,000
4,756,000,000
Total
assets : 119,545,000,000
112,773,000,000
Current
liabilities : 14,966,000,000
12,876,000,000
Non
current liabilities : 45,371,000,000
35,385,000,000
Total
liabilities : 60,337,000,000
48,261,000,000
Share
equity : 59,208,000,000
64,512,000,000
Retained
earning : 27,784,000,000
32,499,000,000
Comments
: The group’s consolidated financial information above relates to the Subject’s
jointly
Ultimate Holding Company TINTO LIMITED / RIO TINTO PLC and all its
subsidiaries
which include the Subject.
Main activities
: The Subject is engaged in export &
distribution of coal produced from
Kestrel
Mine,
Kestrel
Mine, located 40 km north east of Emerald in central
an
underground operation, supplying world markets with around 4 million
tonnes
of coking and thermal coal per annum.
Previously
known as Gordonstone Mine, the operation was opened by the
Atlantic
Richfield Company (ARCO) in 1992. Rio Tinto purchased ARCO's
80 per
cent interest in February 1999 and the operation was reopened
under
the employee-voted name Kestrel Mine, in honour of the small falcon
bird
that can regularly be seen flying over the area.
Kestrel
Mine is operated by Kestrel Coal Pty Ltd "Kestrel Coal".
Kestrel
Coal manages the Kestrel Mine on behalf of the Kestrel Joint
Venture
(“Kestrel JV”) which participants are:
-
Queensland Coal Pty Limited (“Queensland Coal”) with a 80% interest in
Kestrel
Coal; and Mitsui Kestrel Coal Investment (“Mitsui Kestrel”) with a
20%
interest in Kestrel Coal.
Queensland
Coal is a wholly owned subsidiary of Rio Tinto Plc which
effectively
manages Kestrel Mine as part of its operating division Rio Tinto
Coal
Kestrel
Mine had marketable reserves of 122 million tonnes as at 31
December
2011.
The
Kestrel Mine extension was announced in 2007 is currently under
construction.
The extension will allow the mine to access remaining
resources
more efficiently and will extend the life of the mine by 20 years
while
increasing capacity to up to 5.7 million tonnes per annum.
Product & services :
Coking Coal
Thermal
Coal
Sales
International :
Key events : 24
April 2012
Rio
Tinto starts exporting coal from
The
first lots of coal mined by Anglo-Australian group Rio Tinto in Tete,
specifically
Eric
Finlayson said that the trains and coal trucks acquired by the company
to
carry the coal mined in Moatize to the
page
13 / 20
Railroad
had been tested and approved by state rail and port manager
Portos
e Caminhos de Ferro de Moçambique.
According
to Mozambican daily newspaper Notícias, Finlayson also noted
the importance
of finishing building work at the provisional coal terminal at
the
rail and port complex in
development
of facilities to transport the product.
The
managing director of Rio Tinto Coal
Tinto
group is setting itself up in
exporter
of coal from the Moatize basin, a region which has large coal
reserves.
Rio
Tinto is one of the world’s largest mining companies and operates in
40
countries with around 77,000 workers. Each year it exports 230 million
tons
of iron ore from
and
other minerals.
Mar 2,
2012
Tinto
use the
export,
the deputy mining minister said on Friday.
The
southern African country's environment ministry worried the operation
might
harm the ecosystem, Deputy Minister Abdul Razak told AFP.
"For
now, according to the information passed on by Micoa (the
environment
ministry), it is not possible to use the river to export coal," said
Razak.
"It
is because of the ecosystem. More studies need to be done."
Environmental
groups had raised concern about using the river for barge
transportation.
The
ocean
through the Zambezi Delta wetland system, rich with wildlife and
birds
including some endangered species like the wattled crane.
Infrastructure
is the biggest challenge in exploiting the country's massive
coal
reserves, which have gone largely untapped since independence from
Razak said
the Sena railway line to
the
Nacala line in the north were the preferred export routes for coal, which
is
tucked into the northwestern
But he
acknowledged the railroads would not be enough once the mines hit
full
capacity.
"For
now the lines are sufficient for initial coal exports, but we are working
with
companies eventually to find supplementary means," he said.
Brazilian
miner Vale opened a coal mine last year, and has rights to the
bulk of
the Sena line's capacity. It also owns the controlling share in the
Nacala
line. Coal exports are expected to rise 22 percent this year to
around
$2.3 billion (1.7 billion euros).
February
27, 2012
Mitsui
Gets $259 Million Loan for Rio-led Kestrel Coal Mine
Mitsui
& Co,
borrowed
$259 million from Japan Bank for International Cooperation to
help
develop the Kestrel coal mine in
Tinto
Group.
The
expansion will boost capacity at the mine by 63 percent to 6.5 million
metric
tons a year, the Tokyo-based bank said today in a statement.
Mitsui,
which owns 20 percent of the Kestrel venture, has agreed to provide
A$415
million ($444 million) of the total spending on the extension. The
expansion
may cost A$2.1 billion, Mitsui said Oct. 14
Mitsui
forecast its attributable coal output may slide 4.5 percent to 8.5
million
tons in the year ending March 31, according to the company’s Feb.
2
presentation.
6
January 2011
Rio
Tinto bringing Queensland Kestrel coal mine back to production
Rio
Tinto Coal
Kestrel
underground coking and thermal coal mine in
production
following extensive flooding in the Australian state.
The
Kestrel coal mine is 40 km (24.8 miles) east of the town of
the
southern part of the
Goonyella
coal supply chain and produces 4.2 million mt/year of coking
and
thermal coal, according to Rio Tinto's website.
"I
can confirm that yesterday [Wednesday] we had some road access
restored
to the Kestrel mine, so we have begun to bring crews in to focus
on recommencing
operations and bringing the mine back into production,"
said a
RTCA spokeswoman by email.
The
RTCA spokeswoman went on to state that its December 29
declaration
of force majeure to customers of its four
mines,
Blair Athol, Clermont, Hail Creek and Kestrel remained in force.
"In
the meantime, the force majeure declaration on sales contracts for
Tinto
Coal
railing
rates are restored," she said.
17
December 2007
Rio
Tinto approves US$991 million Kestrel Mine extension
Rio
Tinto has announced a significant new investment in its coal production
capacity
in the
The
US$991 million investment in the extension of the Kestrel Mine
(nominal
terms, 100 per cent basis, Rio Tinto share US$793 million) will
allow
Rio Tinto to capture more of the growing demand for export coal.
Higher
quality metallurgical coal is vital to boost steel production needed to
satisfy
fast growing demand driven by rapid urbanisation and rising
incomes
in Asian markets. The extension is subject to government
approvals.
Preston
Chiaro, chief executive Energy, said the Kestrel Mine extension
will
extend the life of the mine and increase production to an average of 5.7
million
tonnes of coal a year until 2031.
"This
represents a further 20 year commitment to the
strong
vote of confidence in the Asian coal market. The extension will
enable
us to tap into 112 million tonnes (1) of high quality hard and
semi-hard
coking coal and thermal coal for export."
Mr
Chiaro said the Kestrel Mine extension will incorporate sustainable
development
in its design to improve energy efficiency and reduce water
usage.
It is expected to create up to 250 jobs during construction and the
current
operating workforce of 320 will transition to the new extension.
Rio
Tinto's Australian-based managing director Strategy, Doug Ritchie,
said,
"This extension is one of a number of recent investment decisions
aimed at
fulfilling Rio Tinto's unrivalled strategy and growth plans. It comes
hard
on the heels of the 26 November announcements to Rio Tinto's
investors
on the key value drivers underpinning Rio Tinto's growth
strategy."
"Our
primary objective is to create further value for our shareholders and
deliver
very substantial returns in the future. We are entering into an
unprecedented
period of demand growth and Rio Tinto is well paced to
meet
this demand," he said.
Investments
approved in 2007 include the underground development of the
Diavik
Diamond Mine in
in the
underground mine to US$787 million, the new Mesa A/Warramboo
and
Brockman 4 mines in
Alcan
acquisition completed in November 2007 (US$38.1 billion), the Hope
Downs
iron ore expansion to 30 million tonnes per year (US$350 million),
the
Yarwun alumina refinery expansion to 3.4 million tonnes per year
(US$1.8
billion) and the
per
year (US$860 million).
(1)
Please refer to previously announced ore reserves in the Rio Tinto
2006
Annual report and financial statements
Notes
to editors:
Kestrel
Mine Extension
The
Kestrel Mine, located 51 kilometres north-east of the central
of
high volatile coking and thermal coal per year for the export market,
using
the longwall mining method.
First
longwall coal from the Kestrel Mine extension is expected in 2012,
when
the existing mine starts ramping down. The extension will require a
new
automated run of mine stockpile system and a seven kilometre
overland
conveyor to the existing coal handling and preparation plant.
A 375 metre
wide longwall will replace the existing 250 metre wide
longwall.
This new longwall will achieve a substantially lower unit cost for
mining
and increased productivity. A new workshop, warehouse, storage
facilities
and administration building will be constructed, however many of
the
existing Kestrel Mine facilities will continue to be used.
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address
consisting of administrative office.
Branches : None
reported.
Gross
Domestic Products (GDP) & Economic Overview
Central
bank : Reserve
Bank of
Reserve
of foreign exchange & gold : US$
43.879 billion
Gross
domestic product - GDP : US$
1.448 trillion
GPP
(Purchasing power parity) : 918.529
billion of International dollars
GDP
per capita - current prices : US$
64,351
GDP -
composition by sector : agriculture:
4.0%
industry: 26%
services: 70%
Inflation
: 2008:
4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment
rate : 2008: 4.2%
2009: 5.6%
2010: 5.2%
2011: 5.0%
Public
debt
(General
Government gross debt as
a %
GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
2011: 24.1%
Government
bond ratings : Standard
& Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market
value of publicly traded
shares
: US$1.258 trillion
Largest companies in the country : Westpac Banking Group (Major Banks), BHP Billiton
(Diversified Metals & Mining), Commonwealth Bank (Major Banks), National
Australia Bank
(Major Banks), ANZ Banking (Major Banks), Telstra
(Telecommunications services), Wesfarmers (Food Retail)
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%,
5.5%,
Import
- major partners :
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
:
Currency
: Australian
dollars (AUD)
Internet
users as % of total
population
: 76.00%
Sales Term
International
: L/C, D/A, D/P, Bank 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.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.