MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SABODALA GOLD OPERATIONS SA |
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Registered Office : |
Rue 26 Ngor, Dakar |
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Country : |
Senegal |
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Year of Establishment : |
2007 |
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Com. Reg. No.: |
1874/30 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Mineral Sands Industry |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD650,000.00 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company
Name
Sabodala Gold Operations SA
Also Trade as:
SGO
Contact Information
|
Address |
Rue 26 Ngor, Dakar Senegal |
|
Postal Address |
- |
|
Telephone |
+ 221 338 691 383 |
Registration Data
|
Date of Registration |
2007 |
|
Registration number |
1874/30 |
|
Legal address |
Rue 26 Ngor, Dakar Senegal |
|
Legal Form |
Joint Stock Company |
|
Share Capital |
5,288,352,300.00 CFA Franc BCEAO ( XOF) |
Shareholders
with Shares
Parent Company:
Mineral Deposits Limited ( MDL)
Level 7 Exchange Tower 530 Little Collins
Street
Melbourne, VIC 3000
Australia
+61-3-99097633 (Phone)
+61-3-96211460 (Fax)
% Share Held: 90%
Board/Executive
|
Name |
Mr. Peter John Spivey |
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Position within the company |
General Director |
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Can fluently speak |
English, French |
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Name |
Mr. Ibrahima Seck |
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Position within the company |
Director |
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Country of Birth |
Senegal |
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Nationality |
Senegal |
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Can fluently speak |
French |
Changes in
Registration Data
None recorded
Activities (
realistic and officials)
Staff
|
Number of staff employed |
160 |
Export/Import
( Countries, goods and total values for the period)
|
Imports From |
Europe |
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Importing Terms |
Letters of credit |
|
Import % and type of product |
30% -
Finished Products |
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Exports To |
- |
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Exporting Terms |
- |
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Export % and type of product |
- |
Facilities
|
Owned |
Office, Warehouse, Factory |
|
Premises Size |
- |
Subsidiaries
and Participation
|
Parent Company |
Mineral Deposits Limited |
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Subsidiaries |
- |
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Affiliates |
Mineral Deposits Mauritius Limited |
Bankers
|
Bank |
Commercial Bank of Senegal |
Suppliers,
Partners
|
Suppliers |
Not known |
|
Partners |
Not Known |
Litigation,
Remarks on Payment
|
Litigation |
None Recorded |
|
Remarks on Payment |
No Complaints |
Financial
Information
It declined all financial information.
Reporter Comments
|
Comments |
In the interview conducted with Mr. Ibrahima
Seck ( Director) , he declined bank
account number and financial information citing the grounds of company
confidentiality. |
|
Local Reputation |
The company being investigated is believed by local reporters to be a Medium, Trade Risk and to be
fair. |
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Owner/Shareholders Comments |
All or most of the owners / shareholders have an active participation in
the running of the business. |
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Age of Business |
NEW Business |
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MAX CREDIT |
USD650,000.00 |
News:
Date: Nov. 23, 2008
Source: Market Watch
Mineral Deposits Limited-Finance and Development Update
- Hedge book substantially
reduced by close outs - US$60 million proceeds realised - Outstanding hedge
book - 179,500 ounces at US$861/oz - Finance Update - MDL remains well financed
- Sabodala Project Development Update -
Practical completion early January 2009
MELBOURNE, AUSTRALIA, Nov 23, 2008 (MARKET WIRE via COMTEX) -- Mineral
Deposits Limited (CA:MDM: news, chart, profile) (ASX: MDL) -
Hedge Book Restructure
MDL is pleased to report that it has taken advantage of the recent
volatility in the gold market to
restructure the gold hedge book,
which is held through its 90%-owned Senegalese subsidiary Sabodala Gold
Operations SA. The exceptionally high volatilities
evident in the gold option
market meant that the company's put option position, in particular, presented a
valuation that was extraordinary and gave it a unique opportunity to realise
substantial value that, in more normal times, would not have been available.
The entire gold put
option position of 227,000 ounces has been closed and a buy back of 280,500
ounces of flat forward sales has been completed to realise proceeds of US$60
million.
The gold hedge book now
consists of 179,500 ounces of flat forward gold
sales at a price of US$861/oz from commencement of production to August 2010.
This represents greater than 50% of planned production during that period.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
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 |
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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 |
|
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%)