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MIRA INFORM REPORT
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Report No. : |
487869 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TRONOX MINERAL SALES PL |
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Registered Office : |
Lot 22 Mason Road Kwinana, Beach WA, 6167 |
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Country : |
Australia |
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Date of Incorporation : |
30.09.1988 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the sale of heavy mineral sands of behalf of
the Group in Australia. |
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No. of Employees : |
7 – 8 600 (Australian Group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
AUSTRALIA - ECONOMIC OVERVIEW
Following two decades of continuous growth, low unemployment, contained
inflation, very low public debt, and a strong and stable financial system,
Australia enters 2018 facing a range of growth constraints, principally driven
by the sharp fall in global prices of key export commodities. Demand for
resources and energy from Asia and especially China has stalled and sharp drops
in current prices have impacted growth.
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 benefited from a dramatic surge in its terms of trade in recent
years, although this trend has reversed due to falling 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 WTO, APEC, the G20, and other trade forums.
Australia’s free trade agreement (FTA) with China entered into force in 2015,
adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New
Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New
Zealand. Australia continues to negotiate bilateral agreements with India and
Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf
Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic
Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New
Zealand and India.
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Source
: CIA |
CORPORATE
REPORT
REGISTERED NAME TRONOX MINERAL SALES PL
ACN
009344094
ABN
40009344094
Summary
Panel
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Established |
1988 |
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Incorporated |
1988 |
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Line of Business |
Sale of mineral sands |
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Status |
Trading |
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EXECUTIVE
SUMMARY
The subject’s sales generate revenue in the order of US$300 million per
annum.
The subject is ultimately owned by Tronix Limited, a Western Australian
based corporation that is listed on the New York Stock Exchange under the
symbol TROX.
For the year ended 31 December 2016 the Group recorded consolidated
revenue of US$2,093 million which resulted in a Net Loss before tax of US$173
million and a Net Loss after tax of US$58 million.
CORPORATE
SEARCH
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 30 Sep
1988
Incorporation State WA
Registered Office Lot 22
Mason Road Kwinana
Beach WA, 6167
Current Directors Total: 3
Director Name KAYE, STEVEN ANDREW
Appointment Date 30.09.2016
Date of Birth 05.04.1976
Resident Overseas Y
Director Name MUGLIA, RICHARD LAWRENCE
Appointment Date 28 May 2014
Date of Birth 29 Jan 1951
Place of Birth NORTH PLAINFIELD NEW
JERSEY UNITED STATES
Gender UNKNOWN
Resident Overseas Y
Director Name ORRELL, ANTHONY MARTIN
Appointment Date 15 Jun 2012
Date of Birth 06 Sep 1957
Place of Birth PERTH WA
Gender MALE
Resident Overseas N
Address 5 PERSIMMON PL, KALAMUNDAWA 6076
Current Secretaries Total: 2
Secretary Name WALKER, EMMA LOUISE
Appointment Date 30 Oct 2014
Date of Birth 21 Nov 1970
Place of Birth WARRINGTON UNITED KINGDOM
Address 16 CRINIA DRIVE BALDIVIS WA, 6171
Secretary Name KAYE, STEVEN ANDREW
Appointment Date 28 Jan 2015
Date of Birth 05 Apr 1976
Place of Birth NEW YORK CITY UNITED
STATES
Address 61 IRVING PLACE, APARTMENT
8B NEW YORK 10003 UNITEDSTATES
Current Other Organisation Officers Total: 1
Officer Role Ultimate Holding Company
Officer Name TRONOX LIMITED
ACN 153348111
Appointment Date -
Address -
Company Shares Total: 200 Amount: $200
Class ORDINARY SHARES [ORD]
Number of Shares Issued 200
Paid Capital $200.00
Total Amount Due and Payable $0.00
Document Number 025690409
Current Shareholders
Shareholder Name YALGOO MINERALS PTY. LTD.
ACN 008948383
ABN 21008948383
Address LEVEL 1, 1 BRODIE-HALL DRIVE
BENTLEY WA, 6102
Class ORD
Number Held 200
Beneficially Held Y
Fully Paid Y
Jointly Held N
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 Lot
22 Mason Rd
KWINANA
BEACH, WA 6167
POSTAL ADDRESS Postal address: P.O. Box 305, Kwinana,
Western Australia 6966
TELEPHONE (618)
9361 4700
FACSIMILE (618)
9361 1418
WEBSITE http://australia.tronox.com
EMAIL tony.orrell@tronox.com
ASSOCIATED ENTITY TRONOX WESTERN AUSTRALIA P/L
TRONOX
PIGMENTS LTD
ULTIMATE HOLDING
ENTITY TRONOX
LTD
PROCESSING PLANT MUCHEA,
WA
PIGMENT PLANT KWINANA,
WA
BANK ANZ
BANKING GROUP
EMPLOYEES 7
– 8
600 (Australian
Group)
BACKGROUND
The subject was incorporated in Western Australia on 30 September 1988
as Colonydane P/L, changing name on 12 April 1990 to Ti-West P/L before
adopting the current style on15 June 2012.
Operations commenced in 1988 as a new venture.
On April 1, 2015 (the “Alkali Transaction
Date”), we
completed the acquisition of 100% of the
Alkali Chemicals
OPERATIONS
The subject operates in the sale of heavy mineral sands of behalf of the
Group in Australia.
The group are a global
leader in the production and marketing of titanium bearing mineral sands and
titanium dioxide (“TiO2”) pigment, and the world’s largest producer of natural
soda ash. Titanium feedstock is primarily used to manufacture TiO2. Zircon, a
hard, glossy mineral, is used for the manufacture of ceramics, refractories, TV
screen glass, and a range of other industrial and chemical products. Pig iron
is a metal material used in the steel and metal casting industries to create
wrought iron, cast iron, and steel.
The group have global operations in North
America, Europe,
South Africa, and the Asia-Pacific region.
Within our TiO2
segment, the group operate three pigment
production facilities
at the following locations: Hamilton,
Mississippi; Botlek,
the Netherlands; and Kwinana, Western
Australia, and we
operate three separate mining operations:
KwaZulu-Natal
(“KZN”) Sands and Namakwa Sands both located
in South
Africa, and Cooljarloo located in Western
Australia.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 24 January 2018 failed to trace any litigation listed
against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the Australian
Securities and Investments Commission.
During the current investigation contact with Finance director Toney
Orrell was unable to be established. During a recent interview with him he
advised that the subject operates in the sale of heavy mineral sands on behalf
of the Group in Australia.
The subject’s sales generate revenue in the order of US$300 million per
annum.
The subject operates purely as a sales and marketing company and carries
no fixed assets.
The subject is ultimately owned by Tronix Limited, a Western Australian
based corporation that is listed on the
New York Stock Exchange under the symbol TROX.
For the year ended 31 December 2016 the Group recorded consolidated
revenue of US$2,093 million which resulted in a Net Loss before tax of US$173
million and a Net Loss after tax of US$58 million.
At 31 December 2016 the group recorded total assets of US$4,950 million
and Net Assets of US$1,161,000.
TRADE
SURVEY
During the current investigation, contact with the subjects principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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AUD |
1 |
INR 51.34 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.