MIRA
INFORM REPORT
|
Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALBIDON ZAMBIA
LTD |
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Registered Office : |
2nd Floor 4953 Mpile House 74 Independence
Avenue,Lusaka |
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Country : |
Zambia |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
10.42000 |
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Com. Reg. No.: |
58134 Zambia |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
Exploration and mining of nickel, uranium & other minerals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
COMPANY REPORTED
ALBIDON ZAMBIA LTD
Principal Address
2nd Floor 4953 Mpile House 74 Independence Avenue,Lusaka,Zambia
Telephone: +260-211256712
Fax: +260-211256595
Email: info@albidon.com
Internet: www.albidon.com
Established
10/4/2000
Registration
No. 58134 Zambia
Legal Form
Limited Liability Company,
Limited by shares
Stock Listing
Not Listed
Workforce
2007
400
Office & Factories
Head offices 2nd Floor 4953 Mpile House 74 Independence
Avenue,Lusaka,Zambia
Branches Australia & Cape town
Company Profile
Paid in Capital ZMK. 100,000,000
Subscribed Capital ZMK. 100,000,000
Shareholders
Name Position Amount
Ratio
Mr. Alasdair Cooke CEO
Mr Eben Swanepoel Director
Mr. Richard Dick
Potts Director
Mr. Dale Rogers M Director
Mr. Nicholas Day CFO
Mr. Valentine
Chitalu Chairman
Mr. Paul Chapman Director
Albildon Ltd
Australia Holding Co. 100.00%
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 200,000 is recommendable
Affiliated Companies
|
Company (1) |
ABILDON AFRICA |
|
Company(2) |
ABILDON MALAWI |
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Company(3) |
ABILDON MOZAMBIQUE LIMITADA |
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Company(4) |
ABILDON (UK) LTD |
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Company (5) |
ABILDON AUSTRALIA |
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Company (6) |
ABILDON SOUTH AFRICA |
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Company (7) |
TUMBILI VENTURES LIMITED |
Management/ Directors
|
President/
CEO (1) |
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Name |
Mr. Alasdair Cooke |
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Age |
43years |
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Education |
Graduated
from University of Western Australia (Major: Business) |
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Work Experience |
20 years in this line of business |
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Major Experience (Last Position) |
BHP Minerals Business Development Group (CEO) |
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Remarks |
Top Decision Maker |
|
President/
CEO (2) |
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Name |
Mr. Dale Rogers |
̃ 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
Exploration and
mining of nickel, uranium & other minerals
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
Associated Companies
Customers
Industries & Companies
Recent Sales
USD 1,326,638 (2007)
Exports
Australia, Europe
Export Ratio
0.0%
Import Ratio
20.0%
Domestic Market Share
NA
Banking relationship
Main Banks BARCLAYS BANK
ZAMBIA
Auditors
ERNST & YOUNG
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.
CONSOLIDATED INCOME STATEMENT
|
|
2007 |
2006 |
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|
US$ |
US$ |
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|
|
|
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Continuing Operations |
|
|
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Revenue |
1,326,638 |
732,557 |
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Other income |
2,886,159 |
1,187,845 |
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Staff costs |
(4,946,944) |
(1,573,431) |
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Depreciation and amortisation |
(110,362) |
(38,940) |
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Exploration & evaluation expenditure |
(395,942) |
(1,588,001) |
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Other expenses |
(964,624) |
(1,387,664) |
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Loss before income tax |
(2,205,075) |
(2,667,634) |
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Income tax expense |
- |
- |
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Loss for the year |
(2,205,075) |
(2,667,634) |
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Loss attributable to equity holders of the parent |
(2,205,075) |
(2,667,634) |
CONSOLIDATED BALANCE SHEET
|
|
2007 |
2006 |
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|
US$ |
US$ |
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Assets |
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|
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Current assets |
|
|
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Trade and other receivables |
4,175,383 |
826,626 |
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Inventories |
106,912 |
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Other financial assets |
254,415 |
401,758 |
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Prepayments |
698,257 |
129,384 |
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Cash and cash equivalents |
16,365,129 |
38,276,017 |
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Total current assets |
21,600,096 |
39,633,785 |
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Non-current assets |
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Plant and equipment |
51,206,397 |
266,734 |
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Mine properties & development |
51,510,067 |
20,841,917 |
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Deferred tax asset |
3,790,608 |
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Total non–current assets |
106,507,072 |
21,108,651 |
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Total assets |
128,107,168 |
60,742,436 |
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Liabilities |
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Current liabilities |
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Trade and other payables |
18,321,041 |
1,579,575 |
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Other financial liabilities |
76,749 |
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Provisions |
366,592 |
97,461 |
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Total current liabilities |
18,764,382 |
1,677,036 |
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Non-current liabilities |
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Interest bearing loans and borrowings |
33,733,809 |
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Financial derivative liabilities |
15,162,431 |
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Provisions |
445,598 |
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Total non-current liabilities |
49,341,838 |
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Total liabilities |
68,106,220 |
1,677,036 |
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Net assets |
60,000,948 |
59,065,400 |
CONSOLIDATED CASH FLOW STATEMENT
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|
2007 |
2006 |
|
|
US$ |
US$ |
|
Cash flows from/(used in) operating activities |
|
|
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Payment to suppliers |
(1,707,092) |
(3,319,433) |
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Payment to employees |
(1,864,190) |
(726,963) |
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Interest and other revenue received |
1,592,425 |
736,580 |
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Net cash flows used in operating activities |
(1,978,857) |
(3,309,816) |
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Cash flows from/(used in) investing activities |
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|
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Purchase of property, plant and equipment, and mine development |
(63,275,156) |
(203,269) |
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Borrowing and transaction costs |
(3,554,040) |
- |
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Payment to suppliers (exploration) |
(4,293,728) |
(11,782,959) |
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Repayments from other entities |
404,282 |
419,600 |
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Net cash flows used in investing activities |
(70,718,642) |
(11,566,628) |
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Cash flows from/(used in) financing activities |
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|
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Proceeds from issue of ordinary shares |
11,936,775 |
45,837,797 |
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Share issue transaction costs |
(40,582) |
(1,603,963) |
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Proceeds from loans |
36,000,000 |
- |
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Net cash flows from financing activities |
47,896,193 |
44,233,834 |
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Net (decrease)/increase in cash and cash equivalents |
(24,801,306) |
29,357,390 |
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Effects of exchange rate changes |
2,890,418 |
1,183,822 |
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Cash and equivalents at beginning of the period |
38,276,017 |
7,734,805 |
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Cash and equivalents at end of the period |
16,365,129 |
38,276,017 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.58 |
|
UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
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 |
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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 |
|
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. |
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 |
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<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 |
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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%)