MIRA INFORM REPORT

Report No. :	304983
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	SIBELCO AUSTRALIA LIMITED
Formerly Known as :	STEETLEY PTY LTD
Registered Office :	Level 16, 111 Pacific Highway, North Sydney, New South Wales, Zip Code NSW 2060
Country :	Australia
Financials (as on) :	31.12.2013 (Group Consolidated)
Date of Incorporation :	19.01.1972
Com. Reg. No.:	ACN: 000971844
Legal Form :	Australian Public Company (Unlisted)
Line of Business :	· Engaged in Mining and distributing industrial and Commercial Minerals. · Engaged in processing and Supplying Raw Materials for Manufacturing and Primary Industries. · Subject company offers Alumina Hydrate, Barytes, Bentonite, Clay, Dolomite, Feldspar, Gypsum, Lime, Limestone, Magnetite, Mineral Sands, Manganese Dioxide, Natural Red Iron Oxide, Nepheline Syenite, Silica, and Talc.
No of Employees :	10,000+ (SIBELCO Group)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Australia	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

IDENTIFICATION
Given
Subject name:	Sibelco Australia Limited
Address:	200 Holt Street pinkenba Old
Country:	Australia
Verified
Subject name:	SIBELCO AUSTRALIA LIMITED
Address:	Level 16, 111 Pacific Highway		Postal address:		Locked Bag 969
Town:	North Sydney		Town:		North Sydney
State/province:	New South Wales		State/province:		New South Wales
Zip/postal code:	NSW 2060		Zip/postal code:		NSW 2059
Country:	Australia
Telephone:	+61 (2) 94582929
Fax:	+61 (2) 94582900
Email:	info@sibelco.com.au
Website:	www.sibelco.com.au
EXECUTIVE SUMMARY
Date registered:	19-01-1972
Legal form:	Australian Public Company (Unlisted)
Share capital	AUD 400,514,453
Sales turnover:	AUD 2,968,722,000 (Group consolidated 12 months, 31-12-2013)
Main activities:	· Engaged in Mining and distributing industrial and Commercial Minerals. · Engaged in processing and Supplying Raw Materials for Manufacturing and Primary Industries. · Subject company offers Alumina Hydrate, Barytes, Bentonite, Clay, Dolomite, Feldspar, Gypsum, Lime, Limestone, Magnetite, Mineral Sands, Manganese Dioxide, Natural Red Iron Oxide, Nepheline Syenite, Silica, and Talc.
Employees:	10,000+ (SIBELCO Group)
Comments	*Higher credits may be considered if guaranteed by the Group.
REGISTRY DATA
Key Facts
Date registered:	19-01-1972
Legal form:	Australian Public Company (Unlisted)
Registration no:	ACN: 000971844
Registry auth.	Australian Securities & Investments Commission
Tax number:	ABN: 20000971844
Registry status:	Live/Active
Previous names:	SIBELCO AUSTRALIA LTD UNIMIN AUSTRALIA LIMITED NORMANDY INDUSTRIAL MINERALS LIMITED COMMERCIAL MINERALS LTD STEETLEY AUSTRALASIA PTY LTD STEETLEY INDUSTRIES LTD STEETLEY PTY LTD Present style adopted on 06-12-2010.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Campbell John Jones
Job title:	Director
Name:	Joseph Carl Shapiro
Job title:	Director
Name:	Kevin Francis Crawford
Job title:	Director
Name:	Thomas Charles Cutbush
Job title:	Director
Name:	Derick Korte
Job title:	Director and Company Secretary
Staff
No of employees	10,000+ (SIBELCO Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Campbell John Jones
Board function:	Director
Date appointed:	30-06-2000
Address:	16 Westleigh Drive Westleigh, NSW 2120 Australia
Biography:	Born: 04/09/1960 in Melbourne, Victoria
Name:	Joseph Carl Shapiro
Board function:	Director
Date appointed:	30-06-2000
Address:	73 Blackman Rd Ridgefield, CT 06877 USA
Biography:	Born: 25/12/1951 in New York, United States
Name:	Kevin Francis Crawford
Board function:	Director
Date appointed:	30-06-2000
Address:	377 Ponus Ridge Rd New Canaan, CT 06840 USA
Biography:	Born: 28/07/1948 in New York, United States
Name:	Thomas Charles Cutbush
Board function:	Director
Date appointed:	26-10-2000
Address:	Kortvoortbaan 29 2970 Schilde Belgium
Biography:	Born: 17/02/1955 in Sydney, New South Wales
Name:	Derick Korte
Board function:	Director and Company Secretary
Date appointed:	01-03-2011
Address:	7 Sequoia Close West Pymble, NSW 2073 Australia
Biography:	Born: 09/02/1963 in Pretoria, South Africa
SHARE CAPITAL
Composition
Authorised:	AUD 400,514,453
Number/type:	379,539,803 ordinary shares 20,974,650 ORD1 shares
Share value:	AUD 1
Issued:	AUD 400,514,453
Paid-up:	AUD 400,514,453
Shareholders/Owners
How Listed	Full List
Composition
Name:	S.C.R SIBELCO N.V
% of shares:	100%
Address:	Quellinstraat 49 2018 Antwerpen Belgium
CORPORATE AFFILIATIONS
Structure
Name:	S.C.R SIBELCO N.V
Affiliation type:	Parent Company
Address:	Quellinstraat 49 2018 Antwerpen Belgium
Comments	Other companies of the S.C.R SIBELCO Group should also be considered as affiliates of the Subject. A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-12-2013
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.23 as of 23-01-2015
Summarised
	31-12-2013			31-12-2012
Consolidation:	Group consolidated			Group consolidated
Period:	12 months			12 months
Sales turnover:	2,968,722,000			3,039,906,000
Gross profit:	593,983,000			639,713,000
Operating profit:	284,497,000			372,241,000
Profit before tax:	206,314,000			296,655,000
Profit after tax:	151,019,000			215,394,000
Non-current assets:	2,683,409,000			2,846,166,000
Current assets:	1,056,000,000			1,114,088,000
Inventories:	434,180,000			420,889,000
Total assets:	3,739,409,000			3,960,254,000
Current liabilities:	703,224,000			638,349,000
Non-cur liabilities:	1,195,309,000			1,444,336,000
Total liabilities:	1,898,533,000			2,082,685,000
Shareholders' equity:	1,840,876,000			1,877,569,000
Comments	The above group consolidated figures relate to the Subject's Parent Company S.C.R SIBELCO N.V and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	· Engaged in Mining and distributing industrial and Commercial Minerals. · Engaged in processing and Supplying Raw Materials for Manufacturing and Primary Industries. · Subject company offers Alumina Hydrate, Barytes, Bentonite, Clay, Dolomite, Feldspar, Gypsum, Lime, Limestone, Magnetite, Mineral Sands, Manganese Dioxide, Natural Red Iron Oxide, Nepheline Syenite, Silica, and Talc.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	200 Holt Street Pinkenba QLD 4008 Australia The subject operates in Queensland, South Australia, Tasmania, Victoria and Western Australia.
Capital Equipment	ISO 9001:2008
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Group consolidated financial statements List of affiliated companies

Group Consolidated Financial Statements

List of Affiliated Companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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%)

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