MIRA
INFORM REPORT
|
Report Date : |
12th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOCIEDADE
MINEIRA DE CATOCA LDA |
|
|
|
|
Registered Office : |
Avenida da Talatona, P.O. Box: 10257, Luanda, Angola |
|
|
|
|
Country : |
Angola |
|
|
|
|
Date of Incorporation : |
16.09.1993 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Prospecting,
mining and processing of natural diamonds. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
KWANZA
100,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME
SOCIEDADE MINEIRA DE
CATOCA LDA
ADDRESS
Street : Avenida da Talatona
P.O.
Box : 10257
Town : Luanda
Country : Angola
Telephone :
(244 222) 676 724 / 676 725
Fax : (244 222) 337 824
E-Mail : telirio@catoca.com
Shortform
Name : SMC
Trading
Styles : Catoca
Also
Known As : Catoca Lda
SENIOR COMPANY PERSONNEL
Name Position
1.
Jose Manuel Augusto Ganga, Jr Managing Director
2.
Telirio Pinto Administration
Manager
Total
Employees : 3,200
PAYMENTS
No
complaints have been heard regarding payments from local suppliers or banks.
Subject
is Angola’s main revenue earner in diamonds and currently has a 60% share of
the market in Angolan diamond production. The company is a joint venture
between Endiama-Empresa Nacional de Diamantes de Angola (Angola's national
diamond company), Construtora Norberto Odebrecht SA (the largest Brazilian
construction company) and AO Almazy Rossii - Sakha (Alrosa) (the biggest
diamond company in Russia) and operates Angola's only official Kimberlite Mine.
We
consider it is acceptable to deal with subject for LARGE amounts, although it
is normal accepted practice for international suppliers to deal on secured terms
with Angolan importers.
Opinion
on maximum credit : KWANZA 100,000,000 (higher amounts if required may be
considered with
assurances
from shareholders)
Trade
risk assessment : Normal
Opinion
on the credit figure of SA RANDS 10,330,481.25 / 30 days:
The
above figure is much higher than normally seen in one amount, however could
prove admissible in a series of transactions provided the total indebtedness is
strictly monitored.
PRINCIPAL BANKERS
NAME :
BANCO TOTTA & ACORES
Street :
Avenida 4 de Fevereiro 99
Town :
Luanda
Telephone : (244 222) 332 729
Fax :
(244 222) 334 257
Account
Number : 76212371500
FINANCIAL INFORMATION
Balance
sheets are not available. However, the subject interviewed offered the
following information :
Sales
Turnover : US DLRS 95,000,000
- 1999 - exact
: US DLRS 128,000,000 - 2000 - exact
: US DLRS 180,000,000 - 2001 - exact
: US DLRS 190,000,000 - 2002 - exact
: US DLRS 190,000,000 - 2003 - exact
: US DLRS 270,000,000 - 2004 - exact
: US DLRS 300,000,000 - 2005 - exact
Net
Profit : US DLRS
40,000,000 - 2001 - exact
: not given - 2002
: US DLRS 50,000,000 - 2003 - exact
: US DLRS 60,000,000 - 2004 - exact
: US DLRS 80,000,000 - 2005 - exact
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 16 September
1993
History :
Subject was established on 16 September 1993 and started production in 1995.
Paid
up Capital : US DLRS
29,800,000
Companhia
Limitada (Limited Liability Company) with the following shareholders :
Percentage
1.
Endiama-Empresa Nacional de 32.8%
Diamantes
de Angola (ENDIAMA)
Predio
da Endiama
Rua
Major Kanhagulo 100
P.O.
Box : 1247
Luanda
Tel
: (244 222) 333 018
Fax
: (244 222) 390 077
2.
AO Almazy Rossii - Sakha (Alrosa) 32.8%
ulitsa
Lenina 6
Mirnyj
Republika
Sakha "Yakutya"
Russian
Federation
Tel
: (7 41136) 22550
Fax
: (7 41136) 24451
3.
Daumuti Financing Cy Bv 18.0%
(Financial
arm of Lev Leviev Diamonds Ltd)
Israel
4.
Oderbrecht Mining Service Inc (Brasil) 17.0%
Represented
by OSEL-Odebrecht
Servicos
no Exterior Lda
Avenida
4 de Fevereiro 113, 2 andar
PO
Box : 8164
Luanda
Tel
: (244 222) 333 973 / 333 974 / 333
975
Fax
: (244 222) 333 974
ACTIVITIES
The
Company is involved in the following activities :
Prospecting,
mining and processing of natural diamonds.
Subject
operates the 4th most important Kimberlite mine in the world.
Catoca
facilities comprise 639 thousands sq meters kimberlite mine, the mining site
covering a diameter of 900 metre.
The
CATOCA Chimney that occupies 639 thousand square metres, is made up of a
complex geologic structure: its mineralised body is sub-divided into
Porphyritical Kimberlites, Tufistical Kimberlites and Autolytic Kimberlite
Deposits.
The
joint geologic studies in the CATOCA Chimney up to a depth of 600 metres shows
a potential of 271 million tonnes of diamonds and 189 million carats being
mined, corresponding to a profit of US DLRS11 billion until 40 years.
Production
capacity 3.2 million karats.
Imports
from Portugal, Germany, Brazil and South Africa.
FACILITIES
The
Company has the following facilities :
Rented
administrative offices located at the heading address as well as field
operations in Catoca, Saurimo in the Lunda Sul province.
Subject's
administrative offices were formely located at Predio da Endiama, Rua Major
Kanhagulo 100, 4th Floor, Luanda.
SPECIAL NOTE
The
telephone number provided by you, 244 222 3724 is incorrect.
Please
note the correct telephone number is as per heading.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|