MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NORTH
MARA GOLDMINE LTD |
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Registered Office : |
P O Box 422, Tarime, |
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Country : |
Tanzania |
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Date of Incorporation : |
10/9/1996 |
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Com. Reg. No.: |
No. 981484 Tanzania |
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Legal Form : |
Limited Liability Company, Limited By Shares |
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Line of Business : |
Mining
of gold |
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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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
NORTH MARA GOLDMINE LTD
Address
P.o Box 422, Tarime Tanzania
Telephone: +255-282-621900
Fax: +255-282-621900
Email: aarbu@barrick.com
Internet: www.barrick.com
Established
10/9/1996
Registration
No. 981484 Tanzania
Legal Form
Limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
40
Office &
Factories
Head offices Plot 1736 Kahama Road/Hamza Aziz Road,
Msasani, Dar es Salaam
Branches None
Company Profile
Paid in Capital TZS. 1,000,000,000
Subscribed Capital TZS. 1,000,000,000
Shareholders
Name Position Amount
Ratio
Mr. Gareth Taylor Director
Mr. Peter
Crossgrove Director
Barrick Gold
Corporation Holding Co.
100.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 150,000 is recommendable
Owned Mines
Mine (1) BULYANHULU MINE
Mine (2) NORTHMARA MINE
Mine (3) TULAWAKA MINE
Mine (4) KABANGA MINE
Management/ Directors
President/ CEO (1)
Name Mr. Gareth
Taylor
Remarks Top Decision Maker
Top decision maker is the person who has the
ultimate authority or power to make important managerial decisions. He/She may
or may not be officially registered as a president or an executive director.
Business Activities
Mining of gold
Terms of payment
Buying terms 20%
in cash, 80% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Distributors
Recent Sales
USD. 13,000,000
(2006)
Exports
Europe, USA, Asia,
and South Africa
Export Ratio
90.0%
Import Ratio
0.0%
Domestic Market Share
30.0%
Banking relationship
Main Banks Barclays Bank
Credit Check of
Subject, President & CEO
(as of report date)
Payment Morale: In the documents at our disposal
nothing adverse has been shown so far.
CREDIT RATING: Financial situation is average.
COMMENTS
Maximum credit we recommend is USD 150,000 outstanding at any one time.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)