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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
TRONOX PIGMENTS
LTD |
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Formerly Known As : |
KERR-MCGEE PIGMENTS LTD |
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Registered Office : |
C/o CITCO BANK & TRUST COMPANY (BAHAMAS) LIMITED 1st Floor, One Montague Place East Bay Street P.O. Box N-4906 Nassau Bahamas |
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Country : |
Australia |
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Financials (as on) : |
31.12.2012 (Group Consolidated) |
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Date of Incorporation : |
22.07.1991 |
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Com. Reg. No.: |
052533829 |
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Legal Form : |
Foreign Company (Bahamas) |
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Line of Business : |
Marketing arm for the Tronox Group operations in Australia for titanium ore and titanium dioxide. |
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No. of Employees : |
20 employees (Subject) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
AUSTRALIA - ECONOMIC OVERVIEW
The Australian economy has experienced continuous growth and
features low unemployment, contained inflation, very low public debt, and a
strong and stable financial system. By 2012, Australia had experienced more
than 20 years of continued economic growth, averaging 3.5% a year. Demand for
resources and energy from Asia and especially China has grown rapidly, creating
a channel for resources investments and growth in commodity exports. The high
Australian dollar has hurt the manufacturing sector, while the services sector
is the largest part of the Australian economy, accounting for about 70% of GDP
and 75% of jobs. Australia was comparatively unaffected by the global financial
crisis as the banking system has remained strong and inflation is under
control. Australia has benefited from a dramatic surge in its terms of trade in
recent years, stemming from rising global commodity prices. Australia is a
significant exporter of natural resources, energy, and food. Australia's
abundant and diverse natural resources attract high levels of foreign
investment and include extensive reserves of coal, iron, copper, gold, natural
gas, uranium, and renewable energy sources. A series of major investments, such
as the US$40 billion Gorgon Liquid Natural Gas project, will significantly
expand the resources sector. Australia is an open market with minimal
restrictions on imports of goods and services. The process of opening up has
increased productivity, stimulated growth, and made the economy more flexible
and dynamic. Australia plays an active role in the World Trade Organization, APEC,
the G20, and other trade forums. Australia has bilateral free trade agreements
(FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has
a regional FTA with ASEAN and New Zealand, is negotiating agreements with
China, India, Indonesia, Japan, and the Republic of Korea, as well as with its
Pacific neighbors and the Gulf Cooperation Council countries, and is also
working on the Trans-Pacific Partnership Agreement with Brunei Darussalam,
Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and
Vietnam.
Source
: CIA
Verified Address
Subject name : TRONOX PIGMENTS LTD
Business address :
Level 1, 1 Brodie-Hall Drive
Town : Bentley
Province : Western Australia
Zip/postal code : 6102
Country : Australia
Tel : +61 8 93651333
Fax : +61 8 93651390
Website : www.australia.tronox.com
Registered address
: C/o CITCO BANK & TRUST COMPANY
(BAHAMAS) LIMITED
1st Floor, One Montague Place East Bay Street
P.O. Box N-4906
Town : Nassau
Country : Bahamas
Postal address : Locked Bag 381, Bentley Delivery
Centre
Town : Bentley
Province : Western Austtralia
Zip/postal code : 6983
Country : Australia
Comments : The Subject is registered as a
Private Limited Company in Bahamas and
operates as a registered Foreign Company in Australia.
Executive Summary
Date founded or
registered : 22/07/1991
Legal form : Foreign Company
(Bahamas)
Chief executive : Anthony Martin Orell
Issued & paid
up capital : N/A
Sales turnover : USD 1,832,000,000
(Group-Consolidated 12 month, 31/12/2012)
Net income : USD 1,133,000,000
(Group-Consolidated 12 month, 31/12/2012)
Total fixed assets
: USD 5,511,000,000
(Group-Consolidated 12 month, 31/12/2012)
Line of business :
Marketing arm for
the Tronox Group operations in Australia for titanium ore and
titanium dioxide.
Staff employed : 20 employees (Subject)
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 found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered if guaranteed by Ultimate Holding Company.
Registry Data
Registration date
: 22/07/1991
Legal form : Foreign Company (Bahamas)
Registration no Australian Registered Body Number:
052533829
Registered
authority : Australian Securities
& Investments Commission
Fiscal/ Tax no : Australian Business Number:
63052533829
Registry status : Live/Active
Previous name : KERR-MCGEE PIGMENTS LTD
KERR-MCGEE PIGMENT LTD (initial)
Change of legal
form : None reported.
Comments : The Subject is registered as a
Private Limited Company in Bahamas and
operates as a registered Foreign Company in Australia.
Key Management
Name : Anthony Martin Orell
Designation : Director of Finance
Appointments
Name : John David Romano
Designation : Director
Appointment date :
15/07/08
Address : 316 Heritage Green Road
Edmond, OK 73003
United States
Biography : Born on 22-11-1964 in Morgan City, United
States.
Name : Anthony Martin Orell
Designation : Director
Appointment date :
05/05/10
Address : 5 Persimmon Place
Kalamunda, WA 6076
Australia
Biography : Born on 06-09-1957 in Subiaco, Western Australia,
Australia.
Name : TRONOX WESTERN AUSTRALIA PTY LTD
Designation : Local Agent
Appointment date :
28/06/91
Address : Level 1, 1 Brodie-Hall Drive
Bentley, WA 6102
Australia
Staff employed :
20 employees (Subject)
Composition
Authorized Capital
: N/A
Issued capital : N/A
Paid up capital : N/A
How listed : Full List
Composition
Shareholder name :
TRONOX WORLDWIDE PTY LIMITED
Address : Level 1, 1 Brodie-Hall
Drive
Bentley, WA 6102
Australia
% of shares : 100%
Structure
Name : TRONOX LIMITED
Affiliation type :
Ultimate Holding Company
Address : One Stamford Plaza, Suite 1100
263 Tresser Boulevard
Stamford, CT 06901
United States
Comments : Tronox Limited produces and markets
titanium ore and titanium dioxide in the
Americas, Europe, and the Asia-Pacific. It offers titanium dioxide
pigment, which
is used in consumer products, such as paint, plastic, and certain
specialty
products. In addition, the company manufactures and markets electrolytic
and
specialty chemical products, such as electrolytic manganese dioxide;
sodium
chlorate for manufacturing pulp and paper; and boron-based and other
specialty
chemicals serving the semi-conductor, pharmaceutical, and igniter
industries.
Further, it produces various mineral sands, including ilmenite, natural
rutile,
titanium slag, synthetic rutile, zircon, activated carbon, staurolite,
leucoxene, and
pig iron. The company was founded in 2005 and is headquartered in
headquartered in Stamford, Connecticut.
Name : TRONOX GLOBAL HOLDINGS PTY LIMITED
Affiliation type :
Superior Holding Company
Address : Level 1, 1 Brodie-Hall Drive
Bentley, WA 6102
Australia
Name : TRONOX AUSTRALIA HOLDINGS PTY
LIMITED
Affiliation type :
Intermediate Holding Company
Address : Level 1, 1 Brodie-Hall Drive
Bentley, WA 6102
Australia
Name : TRONOX WORLDWIDE PTY LIMITED
Affiliation type :
Parent Company
Address : Level 1, 1 Brodie-Hall Drive
Bentley, WA 6102
Australia
Name : TRONOX MINERAL SALES PTY LTD
Affiliation type :
Sister Company
Address : Level 1, 1 Brodie-Hall Drive
Bentley, WA 6102
Australia
Related companies
and corporate
affiliations
comments
: Other companies of the Tronox Group should be considered affiliates of
the
Subject.
Bank Details
Name of bank : Australia and New Zealand Banking
Group 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 : 31/12/12
Type of accounts :
Full audited
Currency : US Dollar (USD)
Consolidation type
: Group Consolidated Group Consolidated
Currency : US Dollar
(USD) US Dollar
(USD)
Denomination : (x1) One (x1) One
Date of financial
year end : 31/12/12 31/12/11
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 1,832,000,000 1,543,000,000
Gross profit : 264,000,000 439,000,000
Operating profit :
25,000,000 302,000,000
Profit before tax
: 1,008,000,000 262,000,000
Net income : 1,133,000,000 242,000,000
Non current assets
: 3,338,000,000 888,000,000
Current assets : 2,173,000,000 769,000,000
Inventories : 914,000,000 311,000,000
Total assets : 5,511,000,000 1,657,000,000
Current liabilities
: 467,000,000 281,000,000
Non current
liabilities :
2,162,000,000 624,000,000
Total liabilities
: 2,629,000,000 905,000,000
Share equity : 2,882,000,000 752,000,000
Retained earning :
1,314,000,000 242,000,000
Comments : The
group’s consolidated financial information above relates to the Subject’s
Ultimate Holding
Company Tronox Limited and all its subsidiaries which include
the Subject.
Main activities : The Subject engages as a marketing arm
for Tronox Group operations in
Australia for titanium ore and titanium dioxide.
The Subject is ultimately owned by Tronox Limited.
Tronox Limited is engaged in production and marketing of titanium
bearing
mineral sands and titanium dioxide pigment (TiO2).The Company’s TiO2
products are components of everyday applications, such as coatings,
plastics, paper and other applications. The Company’s mineral sands
business consists primarily of two product streams: titanium feedstock
and
zircon. The Company operates in three segments: minerals, pigment and
corporate and other. The corporate and other segments include its
electrolytic manufacturing business. The Company has operations in North
America, Europe, South Africa and the Asia-Pacific region. The Company
operates three TiO2 facilities at the locations in Hamilton,
Mississippi,
Botlek, The Netherlands, and Kwinana, Western Australia, representing
approximately 465,000 tons of annual TiO2 production capacity. On June
15, 2012, the existing business of Tronox Incorporated was combined with
the mineral sands business under Tronox Limited.
Product & services : - Mineral Sands: Titanium feedstock and zircon
- Titanium dioxide pigment (TiO2)
Purchases
International :
United States
Sales
Local : Yes
International :
Asia, Europe, United States, New Zealand
Property & Assets
Premises : The
Subject operates from premises at the verified heading address
consisting of an
administrative office.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 46.714
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 : 2010:
2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate
: 2010: 5.2%
2011: 5.1%
2012: 5.2%
Public debt
(General
Government gross debt as
a % GDP): 2010:
20.4%
2011: 22.9%
2012: 24%
Government bond
ratings : Standard
& Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
Market value of
publicly traded
shares: US$1.198
trillion
Largest companies
in the country : Qantas Airways
(Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),
Brambles (Business & Personal Services),Crown Ltd (Casinos &
Gaming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified
Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining
(Diversified Metals & Mining), Orica (Diversified Metals & Mining),
Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric
Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail),
Woolworths (Food Retail), Metcash (Food Retail), Macquarie Group (Investment
services), AMP (Investment services), Challenger Ltd (Investment services),
Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel),
Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National
Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil &
Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil &
Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings
(Other Transportation), Transurban Group (Other Transportation), QBE Insurance
Group (Property & Casualty Insurance), Insurance Australia Group (Property
& Casualty Insurance), QR National (Railroads), Westfield Group (Real
Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real
Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate),
Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank
of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra
(Telecommunications Services)
Trade & Competitiveness Overview
Total exports : US$263.9 billion
Exports
commodities : Coal, iron
ore, gold, meat, wool, alumina, wheat, machinery and transport
equipment
Total imports : US$239.7 billion
Imports
commodities : Machinery and
transport equipment, computers and office machines,
telecommunication equipment and parts; crude oil and petroleum products
Export - major
partners : China 27.4%, Japan
19.2%, South Korea 8.9%, India 5.8%
Import - major
partners : China 18.5%, US
11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI Inflows : 2009: US$26,554
million
2010: US$35,556 million
2011: US$41,317 million
FDI Outflows : 2009: US$16,693
million
2010: US$12,791 million
2011: US$19,999 million
Best countries for
doing business : 10 out of 185 countries
Global
competitiveness ranking : 20 (ranking by country on a basis of 144, the first
is the best)
Country and Population Overview
Total population :
22.68 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users as
% of total
population: 79%
Purchase Term
International :
L/C, Telegraphic transfer, Credit 60-120 days
Sales Term
Local : Bank
transfer, D/P, Credit 30-120 days
International :
L/C, Telegraphic transfer, D/P, Credit 30-120 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.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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 |
|
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.