MIRA INFORM REPORT

 

 

Report No. :

313592

Report Date :

25.03.2015

 

IDENTIFICATION DETAILS

 

Name :

M RESOURCES TRADING PTY LTD

 

 

Registered Office :

Level 3 Dimension, Accounting, 167 Eagle, Street Brisbane Qld, 4000

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2013

 

 

Year of Establishments :

2011

 

 

Com. Reg. No.:

156 582 320

 

 

Legal Form :

Australian Proprietary Company

 

 

Line of Business :

·         Engaged in the Consulting, Investing and Trading of Coking Coal.

·         Engaged in trading Metallurgical Coal products including Hard Coking Coal, Semi Hard Coking Coal, Semi Soft Coking Coal and PCI Coals  and Thermal Coal used for the production of Steel Products from Pacific (mainly Australia) and Atlantic markets

·         Subject company also Provides Consulting Services to Industry Players, including Steel Mills and Investors to improve their performance in the business

 

 

No of Employees :

07

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

CORPORATE REPORT  

 

REGISTERED NAME                M RESOURCES TRADING PTY LTD

ACN: 156 582 320

ABN: 58 156 582 320

 

 

company Summary

Established

2011

 

Incorporated

2012

 

Line of Business

·         Engaged in the Consulting, Investing and Trading of Coking Coal.

·         Engaged in trading Metallurgical Coal products including Hard Coking Coal, Semi Hard Coking Coal, Semi Soft Coking Coal and PCI Coals  and Thermal Coal used for the production of Steel Products from Pacific (mainly Australia) and Atlantic markets

·         Subject company also Provides Consulting Services to Industry Players, including Steel Mills and Investors to improve their performance in the business

Status

Trading

Chief Executive Officer

LATIMORE, MATTHEW JAMES

 

 

EXECUTIVE SUMMARY

 

 

As at 30 June 2013

As at 30 June 2012

Change (%)

Revenue

$302,216,114.00

$69,121,779.00

337.22%

Profit b/tax

$18,539,107.00

$4,463,637.00

315.34%

Profit a/tax

$13,369,559.00

$3,102,002.00

331.00%

Net Profit Margin

4.42%

4.49%

-0.06%

 

 

 

 

 

 

For the last financial year ended 30 June 2014 the subject recorded revenue of $570 million and traded profitably.

 

On a projected basis a similar result with tighter margins is forecast for the current financial year ending 30 June 2015.

 

For the financial year ended 30 June 2013 the subject recorded revenue of $302,216,114, which resulted in an operating profit before tax of $18,539,107 and an operating profit after tax of $13,369,559 representing a Net Profit Margin of 4.42%.

 

As at 30 June 2013 the subject recorded Working Capital of $19,388,735 and a current ratio of 3.13 to 1 indicating strong liquidity levels.

 

Net Assets totalled $19,471,561 as at 30 June 2013. Nil intangibles assets were recorded at this time.

 

 

CORPORATE SEARCH

 

Company Type              Australian Proprietary Company

 

Status                           Registered

 

Incorporation Date         30 Mar 2012

 

Incorporation State        QLD

 

Registered Office          LEVEL 3 DIMENSION

ACCOUNTING, 167 EAGLE

STREET BRISBANE QLD, 4000

 

Current Directors Total: 2

Director Name LATIMORE, MATTHEW JAMES

Appointment Date 30 Mar 2012

Date of Birth 22 May 1972

Place of Birth TAREE NSW

Gender MALE

Resident Overseas N

Address 9 WATERCRESS PL, THE GAP

QLD 4061

Document Number 2E0195971

 

Director Name SMITH, BRADLEY EUGENE

Appointment Date 30 Mar 2012

Date of Birth 26 Oct 1953

Place of Birth PITTSBURGH UNITED STATES

Gender UNKNOWN

Resident Overseas Y

Address -

Document Number 1E8237672

 

Current Secretaries Total: 1

Secretary Name LATIMORE, MATTHEW JAMES

Appointment Date 30 Mar 2012

Date of Birth 22 May 1972

Place of Birth TAREE NSW

Address 9 WATERCRESS PLACE THE

GAP QLD, 4061

Document Number 2E0195971

 

Officer Role Appointed Auditor

Officer Name MGI ASSURANCE (SOUTH QLD) PTY LTD

ACN 123509160

Appointment Date 02 Jul 2012

Address LEVEL 1, 200 MARY STREET

BRISBANE QLD, 4000

Document Number 028224557

 

Company Shares Total: 100 Amount: $3,000,000

Class ORDINARY SHARES [ORD]

Number of Shares Issued 100

Paid Capital $3,000,000.00

Total Amount Due and Payable $0.00

Document Number 1E8237672

 

Current Shareholders

Shareholder Name AUSTRALIA ASIA RESOURCES LLC

FLORIDA UNITED STATES

Class ORD

Number Held 34

Beneficially Held Y

Fully Paid Y

Jointly Held N

Document Number 028334140

 

Shareholder Name M RESOURCES PTY LTD

BRISBANE QLD, 4000

Class ORD

Number Held 66

Beneficially Held Y

Fully Paid Y

Jointly Held N

Document Number 2E0708995

 

 

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).

 

Please contact us should you require a search of the PPSR.

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Level 9, 100 Eagle St

                                                BRISBANE, QLD 4000                          

 

TELEPHONE                             (617) 3236 5515

 

WEBSITE                                  www.mresources.com.au

           

HOLDING ENTITY                      M RESOURCES PTY LTD - AUSTRALIA

 

ASSOCIATED ENTITIES            AUSTRALIA ASIA RESOURCES LLC - USA

 

BANK                                       WESTPAC BANKING CORPORATION

                                               

EMPLOYEES                            7         

 

 

BACKGROUND

 

The subject was incorporated in Queensland on 30 March 2012 under the current style.

 

The subject was formed to take over the operations of the holding entity M Resources Pty Ltd, a business that commenced trading in October 2011 and were founded by Director Matt Latimore.

 

 

OPERATIONS

 

·         Engaged in the Consulting, Investing and Trading of Coking Coal.

·         Engaged in trading Metallurgical Coal products including Hard Coking Coal, Semi Hard Coking Coal, Semi Soft Coking Coal and PCI Coals  and Thermal Coal used for the production of Steel Products from Pacific (mainly Australia) and Atlantic markets

·         Subject company also Provides Consulting Services to Industry Players, including Steel Mills and Investors to improve their performance in the business

·         Subject company has several metallurgical coal operations in each of Australia’s main ports, including Newcastle, Gladstone, Mackay and Abbot Point.

·         Currently, M Resources works with eight metallurgical coal suppliers for its coal sources.

·         Subject company also provides consulting services to industry players, including steel mills and investors to improve their performance in the business

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

We failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

During an interview conducted with the subject’s financial controller, he advised that for the last financial year ended 30 June 2014 the subject recorded revenue of $570 million and traded profitably.

 

On a projected basis a similar result with tighter margins are forecast for the current financial year ending 30 June 2015.

 

The subject operates purely as a trading company and carries no inventories on hand.

 

For the financial year ended 30 June 2013 the subject recorded revenue of $302,216,114, which resulted in an operating profit before tax of $18,539,107 and an operating profit after tax of $13,369,559 representing a Net Profit Margin of 4.42%.

 

Below is a summary of the subject’s income results for the past two financial years.

 

 

As at 30 June 2013

As at 30 June 2012

Change (%)

Revenue

$302,216,114.00

$69,121,779.00

337.22%

Profit b/tax

$18,539,107.00

$4,463,637.00

315.34%

Profit a/tax

$13,369,559.00

$3,102,002.00

331.00%

Net Profit Margin

4.42%

4.49%

-0.06%

 

During fiscal 2013, the subject recorded Net Cashflows from operating activities totalling $19,008,422.

 

As at 30 June 2013 the subject recorded total current assets of $28,497,958. They included cash of $13,549,759 and receivables of $14,948,199.

 

Current liabilities at the same date totalled $9,109,223 and included payables of $4,877,094 and tax liabilities of $3,051,553.

 

As at 30 June 2013 the subject recorded Working Capital of $19,388,735 and a current ratio of 3.13 to 1 indicating strong liquidity levels.

 

Net Assets totalled $19,471,561 as at 30 June 2013. Nil intangibles assets were recorded at this time.

 

 

As at 30 June 2013

As at 30 June 2012

Change (%)

Revenue

$302,216,114.00

$69,121,779.00

337.22%

Profit b/tax

$18,539,107.00

$4,463,637.00

315.34%

Profit a/tax

$13,369,559.00

$3,102,002.00

331.00%

Net Profit Margin

4.42%

4.49%

-0.06%

Current Assets

$28,497,958.00

$43,884,863.00

-35.06%

Non-Current Assets

$82,826.00

$68,162.00

21.51%

Total Assets

$28,580,784.00

$43,953,025.00

-34.97%

Current Liabilities

$9,109,223.00

$37,851,023.00

-75.93%

Non-Current Liabilities

 

 

#DIV/0!

Total Liabilities

$9,109,223.00

$37,851,023.00

-75.93%

Net Assets

$19,471,561.00

$6,102,002.00

219.10%

Working Capital

$19,388,735.00

$6,033,840.00

221.33%

Current Ratio

3.13

1.16

169.83%

Debt to Equity

0.47

6.20

-92.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

1.         (BHP) Nominated supplier declined to provide a reference owing to company policy.

2.         (Jillinbar) Nominated supplier failed to respond to correspondence despite chasing.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.92.93

Euro

1

Rs.68.03

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.