MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
QIT
MADAGASCAR MINERALS SA |
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Registered Office : |
BP 614, Tolagnaro |
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Country : |
Madagascar |
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Date of Incorporation : |
10.112001 |
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Com. Reg. No.: |
12358 Madagascar |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Mining of Ilmenite and zircon etc |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
QIT
MADAGASCAR MINERALS SA
Other Name
QMM
Principal Address
BP 614, Tolagnaro, Madagascar
Telephone: +261-330781515
Fax: +261-330242506
Email: Madagascar@riotinto.com
Internet: www.riotinto.com
Established
10/11/2001
Registration
No. 12358
Madagascar
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
1000
Office & Factories
Head offices Villa 3H Lot 11J Ivandry Antananarivo
Madagascar
Branches none
Company Profile
Paid in Capital MGF. 10,000,000
Subscribed Capital MGF. 10,000,000
Shareholders
Name Position Amount
Ratio
Mr. Paul Skinner CEO
Mr. Tom Albanese Director
Mr. Guy Elliott Director
Rio Tinto Group Holding Co. 80.00%
Malagasy Government Shareholder 20.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 100,000 is recommendable
Affiliated Companies
Company (1) MADAGASCAR
TITANIUM DIOXIDE PROJECT
Company (2) TALAGNARO PROJECT
Management/ Directors
President/ CEO (1)
Name Mr. Paul Skinner
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Tom Albanese
Þ
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 ilmenite
and zircon etc
Terms of payment
Buying
terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
None
Customers
Local agencies , stores and
outlets
Recent Sales
MGF.
2,700,000,000 (2007)
Exports
None
Export Ratio
0.0%
Import Ratio
40.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks BOA 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 100,000 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%)