MIRA INFORM REPORT
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Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
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Name : |
VLI PTY LIMITED |
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Formerly Known As : |
VALLEY LONGWALL INTERNATIONAL PTY LTD (until 10-05-2013) |
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Registered Office : |
8 Balook Drive, Beresfield New South Wales 2322 |
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Country : |
Australia |
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Date of Incorporation : |
24.06.2005 |
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Com. Reg. No.: |
114932311 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Holding company for its subsidiaries that engages in in-seam
directional drilling services & systems, underground diesel technology, bulk materials handling technology and equipment hire. |
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No. of Employees : |
500 employees (VLI Group) |
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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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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.
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Source
: CIA |
Verified Address
Subject name : VLI
PTY LIMITED
Other style / Business name : VALLEY
LONGWALL
Business address : 8
Balook Drive
Town : Beresfield
Province : New
South Wales
Zip/postal code : 2322
Country : Australia
Tel : +61
2 49642300
Fax : +61 2 40286796
Website : www.valleylongwall.com.au
Registered address : 8
Balook Drive
Town : Beresfield
Province : New
South Wales
Zip/postal code : 2322
Country : Australia
Executive Summary
Date founded or registered : 24/06/2005
Legal form : Australian
Proprietary Company
Chief executive : Brett
Laurence Lynch
Issued & paid up capital : AUD
58,674,186.74
Line of business : Holding
company for its subsidiaries that engages in in-seam directional drilling
services & systems, underground diesel
technology, bulk materials handling technology and equipment hire.
Staff employed : 500
employees (VLI Group)
Company Analysis
Country risk : Country
risk is minimal
Operation trend : Operational
trend is steady
Management experience : Management
is reasonably experienced
Financial performance : Financial
performance is undetermined
Organization structure : Organizational
structure is stable
Detrimental : No detrimental
found
Payment history : No
payment delays noted
Comments : Larger
credit can still be considered.
Registry Data
Registration date : 24/06/2005
Legal form : Australian
Proprietary Company
Registration no Australian Company Number: 114932311
Registered authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business Number: 20114932311
Registry status : Live/Active
Previous name : VALLEY
LONGWALL INTERNATIONAL PTY LTD (until 10-05- 2013)
A.C.N. 114 932 311
PTY LIMITED (initial)
Change of legal form : None
reported.
Other registration
: VALLEY
LONGWALL is a business name owned by the Subject registered on 13/01/2006 under
the business registration no: BN98191648.
Key Management
Name : Brett
Laurence Lynch
Designation : Chief
Executive Officer
Name : Neil
Robert Guest
Designation : Chief
Financial Officer
Name : Rosalind Bailey
Designation : Group
Human Resources Manager
Appointments
Name : Christopher
John Freer
Designation : Director
Appointment date : 24/06/05
Address : 21
Palace Street
Denman, NSW 2328
Australia
Biography : Born
on 19/10/1955 in Hamley Bridge, South Australia, Australia.
Chris Freer has been involved in the mining
industry in Australia for over 20 years. He has been a Director of Valley
Longwall since 1996 and acted as General Manager from 2002 until he was
appointed to the position of Managing Director of the Valley Longwall
International Group in 2005.
Name : Brett
Laurence Lynch
Designation : Director
Appointment date : 31/10/08
Address : 2
Central Avenue
Ivanhoe, VIC 3079
Australia
Biography : Born
on 12/06/1963 in Melbourne, Victoria, Australia.
B.Eng (Mining)
Melbourne University Grad.
Dip (Business)
Monash University
Memberships: AUSIMM
(Aust Institute of Mining and Metallurgy)
AICD (Aust Institute of Company Directors)
Brett is Chief Executive Officer and
Managing Director of Valley Longwall International. Brett has over 20 years
experience in the international mining industry. He has held various management
roles in Australia coal mines with M.I.M Ltd and the mining services sectors
with Orica Mining Services across the Asia pacific region.
Name : Pei
Dong Yang
Designation : Director
Appointment date : 01/04/11
Address : Unit
3-3-44, 289 Shengli Street
Xinghualing District
Taiyuan
Shanxi
China
Biography : Born
17/11/1970 in China.
Name : Tao
Meng
Designation : Director
Appointment date : 01/04/11
Address : Unit
101 Building 4 5 Area
Xinghualing District
Taiyuan
Shanxi
China
Biography : Born
on 08/12/1959 in China.
Name : Ke
Bin Zhang
Designation : Director
Appointment date : 01/04/11
Address : Unit
19 Building 19, North 1 Lane
Xi Kuang Street
Wan Bai Lin District
Taiyuan
Shanxi
China
Biography : Born
on 26/05/1963 in China.
Name : Chuangmin
Wang
Designation : Director
Appointment date : 23/03/12
Address : C/o
TAIYUAN HEAVY INDUSTRY CO., LTD.
No. 53, Yuhe Street
Wanbolin District
Taiyuan 030024
Shanxi
China
Biography : Born
14/04/1962 in China.
Name : Neil
Robert Guest
Designation : Company
Secretary
Appointment date : 23/03/12
Address : Unit
13, 200-212 Hunter Street
Newcastle, NSW 2300
Australia
Biography : Born on 18/01/1955 in Sydney, New
South Wales, Australia.
Staff employed : 500
employees (VLI Group)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS
Level 6, 26 Honeysuckle Drive
Newcastle, NSW 2300
Australia
Composition
Authorized Capital : AUD
58,674,186.74
No of shares : 7,765,617 IP Contribution Shares
/ 5,355,598 Management Shares / 40,166,986 Ordinary Shares
Share par value : No par
value
Issued capital : AUD
58,674,186.74
Paid up capital : AUD
58,674,186.74
How listed : Full
List
Composition
Shareholder name : PACIFIC
CUSTODIANS PTY LIMITED
Address : Level
12, 680 George Street
Sydney, NSW 2000
Australia
No. of shares : 7,765,617 IP Contribution Shares /
5,355,598 Management Shares
Shareholder name : THYGCMC
SPV PTY LTD
Address : 8
Balook Drive
Beresfield, NSW 2322
Australia
No. of shares : 40,166,986
Ordinary Shares
Structure
Name : TAIYUAN HEAVY
MACHINERY GROUP COAL MACHINE CO., LTD.
Affiliation type : Ultimate
Holding Company
Address : No. 53, Yuhe
Street
Wanbolin District
Taiyuan 030024
Shanxi
China
Name : THYGCMC SPV PTY
LTD
Affiliation type : Parent Company
Address : 8 Balook Drive
Beresfield, NSW 2322
Australia
Name : VLI CONVEYORS
PTY LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 8 Balook Drive
Beresfield, NSW 2322
Australia
Name : VLI DRILLING
PTY LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address : 24 Wallarah Road
Muswellbrook, NSW 2333
Australia
Name : VLI DIESEL PTY
LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 8 Balook Drive
Beresfield, NSW 2322
Australia
Name : VLI DIESEL HIRE
PTY LIMITED
Affiliation type : Wholly-owned Subsidiary
Address : 8 Balook Drive
Beresfield, NSW 2322
Australia
Related companies and corporate affiliations comments : Other companies
of the Taiyuan Heavy Machinery
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
Comments : The Subject is classified as a small
proprietary company by the Australian Securities &
Investments Commission hence is not required
to disclose their financial statement.
A proprietary company is defined as small
for a financial year if it satisfies at least two of the following:
- The consolidated revenue for the financial
year of the company and any entities it controls is less than $25 million;
-The value of the consolidated gross assets
at the end of the financial year of the company and any entities it controls is
less than $12.5 million, and -The company and any entities it controls have
fewer than 50 employees at the end of the financial year.
The Subject meets the above criteria however
is still exempted from disclosing their financial information to the public by
the Government of Australia.
Main activities : The Subject is a holding company
for its subsidiaries that engages in in-seam directional drilling services
& systems, underground diesel technology, bulk materials handling
technology and equipment hire.
The Subject operates as a subsidiary of
Taiyuan Heavy Machinery Group Coal Machine Co., Ltd.
Purchases
Local : None reported.
International : None reported.
Sales
Local : None reported.
International : None reported.
Property &
Assets
Premises : The Subject operates from premises
at the verified heading address consisting of an administrative office.
Branches : In addition, the VLI Group
operates through branches located in Queensland, Western Australia, New South
Wales and Victoria, Australia.
Gross Domestic
Products (GDP) & Economic Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign exchange & gold : US$ 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 : Commonwealth
Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio
Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking),
Telstra (Telecommunications)
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
Local : None
International : None
Sales Term
Local : None
International : None
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.88 |
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1 |
Rs.83.66 |
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Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.