MIRA INFORM REPORT
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Report No. : |
318969 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MIDDLEMOUNT COAL PTY LTD |
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Registered Office : |
100 Melbourne Street South Brisbane QLD, 4101 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.10.2006 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is engaged in the Middlemount Mine in Queensland |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Australia |
A1 |
A1 |
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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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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 |
Company
name
MIDDLEMOUNT COAL PTY
LTD
Summary
Panel
|
Established |
2006 |
|
Incorporated |
2006 |
|
Line of Business |
Operation of a coal mine |
|
Status |
Trading |
|
Adverse Listings |
EXECUTIVE
SUMMARY
|
|
As at 31 December 2013 |
As at 31 December 2012 - 6 months |
Change (%) |
|
Revenue |
$345,257,000.00 |
$107,845,000.00 |
220.14% |
|
Profit b/tax |
($132,691,000.00) |
($102,755,000.00) |
29.13% |
|
Profit a/tax |
($95,339,000.00) |
($71,900,000.00) |
32.60% |
|
Net Profit Margin |
-27.61% |
-66.67% |
39.06% |
During fiscal 2013, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $50,640,000.
As at 31 December 2013 the subject recorded a deficiency in Working Capital
of $81,833,000 and a current ratio of 0.44 to 1 indicating tight liquidity
levels.
The subject recorded a deficiency in Net Assets totalling $224,504,000
as at 31 December 2013.
Despite the
losses and deficiencies in cashflows, Working Capital and Net Assets the 2013
accounts were prepared on a going concern basis. The Group has shareholder loan
facilities in place to enable it to continue operations to a stage of producing
cash and therefore enabling it to continue as a going concern.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 24
Oct 2006
Incorporation State VIC
Registered Office 100
MELBOURNE STREET
SOUTH BRISBANE QLD, 4101
Current Directors Total: 6
Director Name SALEM,
MARK ANTHONY
Appointment Date 01
Sep 2014
Date of Birth 01
Nov 1966
Place of Birth SYDNEY
NSW
Gender MALE
Resident Overseas N
Address 30
THE MARINER, 823 NEW
SOUTH HEAD RD, ROSE BAY
NSW 2029
Document Number 7E6369373
Director Name SCHMIDT,
REINHOLD HANS
Appointment Date 20
Sep 2013
Date of Birth 23
Dec 1965
Place of Birth JOHANNESBURG
SOUTH
AFRICA
Gender MALE
Resident Overseas N
Address 265
WELLINGTON ST,
ORMISTON QLD 4160
Document Number 7E6369373
Director Name WOODWARD,
CHRISTOPHER THOMAS
Appointment Date
06 Mar 2013
Date of Birth 23
Jun 1962
Place of Birth WOLVERHAMPTON
UNITED
KINGDOM
Gender MALE
Resident Overseas N
Address 27
WESTBROOK AVE,
WAHROONGA NSW 2076
Document Number 7E5106505
Director Name SCHULLER,
GEORGE JOHN
Appointment Date 19
Feb 2013
Date of Birth 24
May 1963
Place of Birth ELWOOD
CITY UNITED STATES
Gender MALE
Resident Overseas N
Address 1,
32 AUSTRAL ST, ST LUCIA
QLD 4067
Document Number 7E5106505
Director Name HARVEY,
GEOFF
Appointment Date 04
Apr 2012
Date of Birth 02
Oct 1959
Place of Birth BUNDABERG
QLD
Gender MALE
Resident Overseas N
Address 664
MT CROSBY RD, ANSTEAD
QLD 4070
Document Number 7E4617192
Director Name LEE,
GARRY EDWIN
Appointment Date 01
Sep 2010
Date of Birth 30
Mar 1955
Place of Birth SYDNEY
NSW
Gender MALE
Resident Overseas N
Address 41
DAIRY SWAMP RD, BELMONT
QLD 4153
Document Number 7E3153863
Current Secretaries Total: 1
Secretary Name PRATT,
MARK LAWRENCE
Appointment Date 30
Jul 2010
Date of Birth 10
Dec 1971
Place of Birth BRISBANE
QLD
Address 17
MORGAN ROAD ALBANY
CREEK QLD, 4035
Document Number 1F0171904
Current Other Officers Total: 3
Officer Role Alternate
Director
Officer Name WOODWARD,
CHRISTOPHER
THOMAS
Appointment Date 16
Apr 2012
Date of Birth 23
Jun 1962
Place of Birth WOLVERHAMPTON
UNITED
KINGDOM
Address 27
WESTBROOK AVENUE
WAHROONGA NSW, 2076
Document Number 7E4617192
Officer Role Alternate
Director
Officer Name HEDGES,
STEVEN JOHN
Appointment Date 19
Feb 2013
Date of Birth 09
Mar 1961
Place of Birth SINGLETON
NSW
Address 119
FIFTH AVENUE BALMORAL
QLD, 4171
Document Number 7E5106505
Officer Role Appointed
Auditor
Officer Name DU
PREEZ, GERT THOMAS
Appointment Date 06
Jul 2012
Date of Birth -
Address ERNST
& YOUNG LEVEL 5, 1
EAGLE STREET BRISBANE QLD,
4000
Document Number 7E5318657
Company Shares Total: 321450 Amount: $64,550,353
Class ORDINARY
SHARES [ORD]
Number of Shares Issued 321450
Paid Capital $64,550,353.26
Total Amount Due and Payable $0.00
Document Number 024501392
Current Shareholders
Shareholder Name PEABODY
CUSTOM MINING PTY LTD
ACN 109159471
ABN 99109159471
Address LEVEL
5, 100 MELBOURNE
STREET SOUTH BRISBANE QLD,
4101
Class ORD
Number Held 160726
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E3520370
Shareholder Name GLOUCESTER
(SPV) PTY LTD
ACN 145498380
ABN 66145498380
Address LEVEL
26, 357-363 GEORGE
STREET SYDNEY NSW, 2000
Class ORD
Number Held 160724
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 7E6369373
SECURITY
INTERESTS
Effective 30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system.
As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. Subsequently Registered Charges are no longer lodged with the Australian Securities and Investments Commission (ASIC).
BUSINESS STRUCTURE
TRADING ADDRESS Level 1,
100 Melbourne Street
South Brisbane QLD 4101
GPO Box 241
Brisbane QLD 4001
Australia
TELEPHONE (617) 3179 2000
MINE SITE Dysart Road Middlemount
Middlemount QLD 4746
WEBSITE http://www.middlemountcoal.com.au/
HOLDING
ENTITY PEABODY CUSTOM
MINING PTY LTD
ULTIMATE
HOLDING
ENTITY PEABODY ENERGY AUSTRALIA PCI PTY LTD
HOLDING ENTITIES PEABODY CUSTOM MINING PTY LTD
GLOUCESTER
(SPV) P/L
BANK Not
determined
EMPLOYEES 300
BACKGROUND
The subject was incorporated in Victoria on 24 October 2006 as Custom Mining Holdings Pty Ltd changing name to Custom Mining (Middlemount) Pty Ltd before adopting the current style on 17 March 2008.
Full scale operations at the open-cut mine commenced in November 2011. Production is expected to ramp up to approximately 3.8Mtpa of saleable production by the middle of 2014.
OPERATIONS
The subject operates in the management of the Middlemount Mine in Queensland.
Middlemount Mine is an open-cut mine located approximately 90 kilometres
north-east of Emerald and some 7 kilometres west of the township of Middlemount
in Queensland's Bowen Basin. The mine produces medium-volatile pulverized coal
injection (PCI) coal and semi-hard coking coal for the export market.
Middlemount has contracted rail and port capacity through Dalrymple Bay Coal
Terminal (DBCT) and Abbot Point Port (APCT).
Marketing of the coal is conducted by Yancoal on Middlemount's behalf.
The subject is an incorporated joint venture between Peabody Energy Australia Pty Ltd
(50.003 % interest through Peabody Custom Mining Pty Ltd) and Yancoal Australia
Ltd (49.997% interest through Gloucester
(SPV) Pty Ltd).
Peabody
Energy is the world's largest private-sector coal company and a global leader
in sustainable mining and clean coal solutions. The company serves
metallurgical and thermal coal customers in nearly 30 countries on six
continents. The company has approximately 9 billion tons of proven and probable
coal reserves and owns, through its subsidiaries, majority interests in 28 coal
operations located throughout all major U.S. coal-producing regions and in
Australia.
Peabody
markets, brokers and trades coal in the world's fastest-growing economies and
has trading and business offices in China, Australia, the United Kingdom,
Singapore, Indonesia, Germany and the United States. Other energy-related
commercial initiatives include the development of supercritical generation, the
management of vast coal reserves and Btu Conversion technologies to transform
coal to natural gas and transportation fuels.
Yancoal
Australia Ltd is a listed public company (ASX listed) with a business focus on
the Australian coal industry. The company is one of the largest export coal
producers in Australia, producing both thermal and metallurgical coals from
mines located in Queensland and New South Wales. Group coal production is
planned to grow over the next five years from a number of brownfields projects.
Growth plans are underpinned by a large reserve base of 800Mt coal, sufficient
port allocation and a supportive major shareholder - Yanzhou Coal Mining
Company Ltd (78% holding). Yancoal also manages on behalf of its major
shareholder an additional two mines located in Queensland and Western
Australia.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of of
on 22 April 2015 failed to trace any litigation listed against the subject at
that date.
FINANCES
For the financial year ended 30 the subject recorded revenue of
$345,257,000, which resulted in an operating Loss before tax of $132,691,000
and an operating Loss after tax of $95,339,000.
Below is a summary of the subject’s income results for the past two
financial years.
|
|
As at 31 December 2013 |
As at 31 December 2012 - 6 months |
Change (%) |
|
Revenue |
$345,257,000.00 |
$107,845,000.00 |
220.14% |
|
Profit b/tax |
($132,691,000.00) |
($102,755,000.00) |
29.13% |
|
Profit a/tax |
($95,339,000.00) |
($71,900,000.00) |
32.60% |
|
Net Profit Margin |
-27.61% |
-66.67% |
39.06% |
During fiscal 2013, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $50,640,000.
As at 31 December 2013 the subject recorded total current assets of
$65,270,000. They included cash of $1,873,000, receivables of $41,078,000 and
inventories of $22,319,000.
Current liabilities at the same date totalled $147,103,000 and included
payables of $117,853,000 and loans and borrowings of $23,742,000.
As at 31 December 2013 the subject recorded a deficiency in Working
Capital of $81,833,000 and a current ratio of 0.44 to 1 indicating tight
liquidity levels.
The subject recorded a deficiency in Net Assets totalling $224,504,000
as at 31 December 2013.
Despite the
losses and deficiencies in cashflows, Working Capital and Net Assets the 2013
accounts were prepared on a going concern basis. The Group has shareholder loan
facilities in place to enable it to continue operations to a stage of producing
cash and therefore enabling it to continue as a going concern.
Loans of $667.2
million have been provided by the shareholders at 31 December 2013. These loans
are unsecured with a maturity date of 24 December 2015.
|
|
As at 31 December 2013 |
As at 31 December 2012 - 6 months |
Change (%) |
|
Revenue |
$345,257,000.00 |
$107,845,000.00 |
220.14% |
|
Profit b/tax |
($132,691,000.00) |
($102,755,000.00) |
29.13% |
|
Profit a/tax |
($95,339,000.00) |
($71,900,000.00) |
32.60% |
|
Net Profit Margin |
-27.61% |
-66.67% |
39.06% |
|
Current Assets |
$65,270,000.00 |
$60,070,000.00 |
8.66% |
|
Non Current Assets |
$539,117,000.00 |
$518,366,000.00 |
4.00% |
|
Total Assets |
$604,387,000.00 |
$578,436,000.00 |
4.49% |
|
Current Liabilities |
$147,103,000.00 |
$93,047,000.00 |
58.10% |
|
Non Current Liabilities |
$681,788,000.00 |
$614,554,000.00 |
10.94% |
|
Total Liabilities |
$828,891,000.00 |
$707,601,000.00 |
17.14% |
|
Net Assets |
($224,504,000.00) |
($129,165,000.00) |
73.81% |
|
Working Capital |
($81,833,000.00) |
($32,977,000.00) |
148.15% |
|
Current Ratio |
0.44 |
0.65 |
-31.27% |
|
Debt to Equity |
-3.69 |
-5.48 |
-32.60% |
TRADE SURVEY
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $2,863
Total Past Due: $2,863
Average Late Payment Days: 15
All Industries Late Payment Days: 9
-
Within
terms: $0
-
1 – 30
days past due: $2,863
-
31 – 60
days past due: $0
-
61 – 90
days past due: $0
-
91+
days: $0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.69.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
VNT |
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.