MIRA INFORM REPORT

 

 

 

Report Date :

28.08.2008

 

IDENTIFICATION DETAILS

 

Name :

CORRIDOR SANDS LIMITADA (CSL)

 

 

Registered Office :

CP 1312 Maputo

 

 

Country :

Mozambique

 

 

Date of Incorporation :

20.9.1996

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

Line of Business :

Mining Metal Ores and Titanium etc

 

 

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

 

Maximum Credit Limit :

USD 80,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

COMPANY REPORTED  

 

CORRIDOR SANDS LIMITADA (CSL)

 

 

Principal Address

 

CP 1312 Maputo, Mozambique

Telephone:                                     +258-21-225532/ 28-272031/

Fax:                                              +258-28-272031

Email:                                           None

Internet:                                         none

 

 

Established    

 

20/9/1996

 

 

Registration  

 

No. Maputo, Mozambique

 

 

Legal Form     

 

Limited Liability Company, Limited by shares

 

 

Stock Listing 

 

Not Listed

 

 

Workforce

 

2007                                                                                         

500                                                                                           

 

 

Office & Factories  

 

Head offices                                   27 Rua Comte Moura Bras Malanga, Maputo, Mozambique

Branches                                       Chibuto & South Africa

 

 

Company Profile 

 

Paid in Capital                               MZN. 150,000,000

Subscribed Capital                         MZN. 150,000,000

 

 

Shareholders     

 

Name                                           Position                          Amount                    Ratio

Mr. Dunbar Dales                           CEO                                                             

Mr. Don R Argus                            Director                                                         

BHP Billiton Ltd                             Holding Co.                                                    90.00%

Industrial Development Corporation, SA                                Shareholder                10.00%

Total                                                                                                                  100.00%

 

 

Credit Opinion     

 

Our proposed credit amount of USD 80,000 is recommendable

 

 

Affiliated Companies   

 

Several

 

 

Management/ Directors    

 

President/ CEO (1)

 

Name

Mr. Dunbar Dales

Remarks

Top Decision Maker

 

President/ CEO (2)

 

Name

Mr. Don R Argus

 

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 Metal Ores & titanium etc

 

 

Terms of payment

 

Buying terms                     30% in cash, 70% on credit

Selling terms                     80% in cash, 20% on credit

                                       

 

 

Suppliers   

 

CAT, FAW etc

 

 

Customers 

 

Industries & affiliated company

                                       

 

Recent Sales  

 

USD. 618,000,000  (2007)

 

 

Exports

None

 

 

Export Ratio  

 

20.0%

 

 

Import Ratio  

 

40.0%

 

 

Domestic Market Share    

 

30.0%

 

 

Banking relationship  

 

Main Banks                      BCA 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.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.73

UK Pound

1

Rs.80.31

Euro

1

Rs.64.61

 

 

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.

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions