MIRA INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOPANI COPPER MINES PLC |
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Registered Office : |
BP 22000 Kitwe Zambia Kitwe |
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Country : |
Zambia |
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Date of Incorporation : |
14.05.1998 |
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Com. Reg. No.: |
No. 10214 Zambia |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Mining of
Copper, 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 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
MOPANI COPPER
MINES PLC
Other Name
MCM
Principal Address
BP 22000 Kitwe Zambia Kitwe
Telephone: +260-97740330/
260-2-2477000
Fax: +260-97740330
Email: vince.andrews@mopani.co.zm
Internet: None
Established
14/5/1998
Registration
No. 10214 Zambia
Legal Form
limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
15000
Office & Factories
Head offices No 96 of Farm 839 Insurance House Central
Street central Avenue Nkana West Kitwe, Zambia
Branches None
Company Profile
Paid in Capital USD. 1,000,000
Subscribed Capital USD. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Tim Henderson CEO
Mr. Tom Dale Director
Mr. Vince Andrews Director
Glencore
International Holding
Co. 73.10%
First Quantum
Minerals Ltd Shareholder 16.90%
ZCCM Investments
Holdings Plc Shareholder 10.00%
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 250,000 is recommendable
Affiliated Companies
None
Management/ Directors
President/ CEO (1)
Name Mr. Tim Henderson
Work
Experience 10 years in this
line of business
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Tom Dale
Work
Experience 10 years in this
line of business
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 copper
etc
Terms of payment
Buying terms 30%
in cash, 70% on credit
Selling terms 80% in cash/ terms, 20% on
credit
Suppliers
None
Customers
Industrial companies
Recent Sales
USD. 710,000,000
(2007)
Exports
EU and Rest of the
world
Export Ratio
60.0%
Import Ratio
20.0%
Domestic Market Share
60.0%
Banking relationship
Main Banks DBZ 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 250,000 outstanding at any one time.
Exchange Rate US$ 1 = ZMK. 3,375.5
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)