MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOPANI COPPER MINES PLC |
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Registered Office : |
96 of
Farm 839 Insurance House Central Street Centyral Ave Nkama, West Kitwe |
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Country : |
Zambia |
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Date of Incorporation : |
14.5.1998 |
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Com. Reg. No.: |
10214 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Copper Mines |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: MOPANI COPPER MINES PLC
Requested Name: MOPANI
COPPER MINES PLC
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: 96 of
Farm 839 Insurance House Central Street Centyral Ave Nkama, West Kitwe
Postal Address: P.o Box 22000
West Kitwe
Country: Zambia
Phone: 260-2-2477000
Fax: 260-2-2477000
Email: vince.andrews@mopani.co.zm
Website: www.mopani.co.zm
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a low risk of credit. We recommend Credit of USD 4,000,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 14/5/1998
Reg. Number: No.
10214
Nominal Capital USD. 1,000,000
Subscribed Capital USD. 1,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Tim Henderson MD/ CEO
First
Quantum Minerals Ltd Shareholder 16.9%
ZCCM
Investments Holdings Plc Shareholder 10.0%
Glencore
International AG Holding Company 73.1%
RELATED COMPANIES
Glencore International AG Parent company.
None Subsidiary company.
Various worlwide Affiliated company.
None Shareholder of subject firm.
Mufulira in Zambia Branches of the firm
OPERATIONS
Registered to operate copper mines
Imports: Tiles
and materials from Italy, China, India and
South Africa
Exports: Uganda
and Tanzania (10%)
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 60
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Zambia
Location: Rented
premises, 2.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Zambian Kwacha (ZMK)
Approx. Ex. Rate: 1 US Dollar = 4855 Zambian Kwacha
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 Submitted
Profit and Loss (expressed in ZMK)
2007
Sales USD. 800,000,000
BANK
Bank Name: DBZ Bank
Stanbic Bank
Enquiry Amount: 4,000,000
Terms: 30 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: - None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
CHECK
INSOLVENCIES
The checks have been
made on: The company
and managers
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources
other than the subject company itself and confirmed the above subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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%)