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MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEST AFRICA MINING
SERVICES(PTY) LTD |
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Registered Office : |
No 3 North Airport Road
Airport Residential Area Accra |
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Country : |
Ghana |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
24.5.1993 |
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Com. Reg. No.: |
38846 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Provide Mining Services
and Exploration Drilling Services |
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 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: WEST AFRICA MINING
SERVICES(PTY) LTD
Requested Name: AFRICA MINING SERVICES
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: No 3 North Airport Road Airport Residential
Area
Accra, Ghana
Postal Address: P.o Box 9255
Accra,
Country: Ghana
Phone: +233-21-763875
Cell: +233-244-334158
Fax: +233-21-763875
Email: jkavanagh@amsgh.com
or info@amsgh.com
Website: www.amsgh.com
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a low risk of credit. We recommend Credit of USD 200,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 24/5/1993
Reg. Number: 38846
Nominal Capital GHC. 50,000,000
Subscribed Capital GHC. 50,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Chris Tuckwell MD/ CEO
Mr. Ron Sayers Director
Mr. John Kavanagh Director
Ausdrill (Ghana) Pty Ltd Holding Company 100%
RELATED COMPANIES
Ausdrill (Ghana) Pty Ltd Parent company.
None Subsidiary company.
Ausdrill Northwest
Diamond Communications
Drilling Tools Australia
Westrans Services WA Pty Ltd Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to provide mining services and exploration
drilling services
Imports: Australia,
South Africa, Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(20%) and (80%), invoices.
Main Customers: Abosso
Goldfields, RC, Diamond & RAB drilling
Employees: 810
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Ghana
Location: Owned
premises, 20.000 square feet,
AUDITORS AND INSURANCE
Auditors: Price waterhouse coopers
Insurance Brokers: Alexander Forbes
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 10,098 Ghanaian Cedi (GHC.)
Fiscal Year End: December
31, 2007
Inflation: According to
information given by independent sources, the inflation at December 31st,
2007 was of 13%.
Financial Information Attached
Profit and Loss (expressed in GHC.)
2007
Sales 157,064,000
Net Profit (Loss) 60,000,000
BANK
Bank Name: Barclays Bank
Bank of Ghana
Enquiry Amount: 200,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL
BONDS
None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources
other than the subject company itself and confirmed the above subject.
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Consolidated Balance Sheets |
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As at 30 June 2007 |
2007 |
2006 |
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$'000 |
$'000 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
48.555 |
45.425 |
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Trade and other receivables |
54.501 |
48.581 |
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Inventories |
33.966 |
29.869 |
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137.022 |
123.875 |
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Assets of a disposal group held for sale |
- |
115 |
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Total current assets |
137.022 |
123.99 |
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Non-current assets |
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Receivables |
1.055 |
1.582 |
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Investments accounted for using the equity method |
2.34 |
2.104 |
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Available-for-sale financial assets |
1.636 |
99 |
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Other financial assets |
- |
- |
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Property, plant and equipment |
164.899 |
136.907 |
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Deferred tax assets |
133 |
1.581 |
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Total non-current assets |
170.063 |
142.273 |
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TOTAL ASSETS |
307.085 |
266.263 |
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LIABILITIES |
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Current liabilities |
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Trade and other payables |
48.563 |
40.843 |
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Borrowings |
28.608 |
24.588 |
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Current tax liabilities |
3.921 |
1.386 |
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Provisions |
2.527 |
1.976 |
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83.619 |
68.793 |
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Liabilities of a disposal group held for sale |
63 |
69 |
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Total current liabilities |
83.682 |
68.862 |
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Non-current liabilities |
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Payables |
- |
- |
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Borrowings |
68.896 |
60.771 |
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Deferred tax liabilities |
2.47 |
119 |
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Provisions |
806 |
883 |
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Total non-current liabilities |
72.172 |
61.773 |
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TOTAL LIABILITIES |
155.854 |
130.635 |
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NET ASSETS |
151.231 |
135.628 |
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EQUITY |
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Contributed equity |
95.826 |
93.598 |
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Reserves |
(2,816) |
2.166 |
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Retained profits |
58.221 |
39.864 |
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TOTAL EQUITY |
151.231 |
135.628 |
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%)