MIRA
INFORM REPORT
|
Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SABODALA MINING COMPANY SRL |
|
|
|
|
Registered Office : |
Rue 26, N’Gor, Dakar |
|
|
|
|
Country : |
Senegal |
|
|
|
|
Date of Incorporation : |
30.04.2007 |
|
|
|
|
Com. Reg. No.: |
20B7818 Dakar, Senegal |
|
|
|
|
Legal Form : |
Limited Liability Company, Limited by shares |
|
|
|
|
Line of Business : |
Exploration and mining of gold, zircon and 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
HISTORY
COMPANY REPORTED : SABODALA MINING COMPANY SARL
Principal Address : Rue 26, N’Gor, Dakar, Senegal
Telephone :
+221-8613181
Fax : +221-8603683
Email : None
Internet : None
Established : 30/4/2007
Registration : No. 20B7818 Dakar, Senegal
Legal Form :
Limited Liability Company,
Limited by shares
Stock Listing : Not Listed
Workforce : 2007
400
Office &
Factories
Head offices Rue
26, N’Gor, Dakar, Senegal
Branches Australia
Company Profile
Paid in Capital CFA. 50,000,000
Subscribed Capital CFA. 50,000,000
Shareholders
Name Position
Amount Ratio
Mr. Sheik Faye CEO
Mr. Jeff Williams Chairman
Mr. Nicholas LimB Director
Sabodala Mining Company SARL (SMC) Holding
Co. 100.00%
Total 100.00%
Credit Opinion: Our proposed
credit amount of USD 100,000 is recommendable
Affiliated Companies
Company (1) SABODALA GOLD
MAURITIUS LIMITED
Company (2) MDML (CAPITAL)
LIMITED
Company (3) MINERAL DEPOSITS
(OPERATIONS) SENEGAL SARL
Company (4) GRANDE COTE ZIRCON
PROJECT
Management/ Directors
President/ CEO (1)
Name Mr. Sheik Faye
Remarks Top Decision Maker
President/ CEO (2)
Name Mr. Jeff
Williams
Remarks Top Decision Maker
̃ 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 gold, zircon and other minerals
Terms of payment
Buying terms 10%
in cash,90% on credit
Selling terms 80% in
cash, 20% on credit
Suppliers Various
Customers Group
companies
Recent Sales Activities
Not Started (2007)
Banking relationship
Main Banks ICB
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 still average.
COMMENTS
According to its Structuring plan, The Sabodala Gold Project is 100% wholly-owned
by Sabodala Mining Company SARL (SMC) which in turn is 100% wholly-owned by the
Mineral Deposits Limited (MDL), Maximum credit we recommend is USD 100,000
outstanding at any one time, based on the strength of group companies.
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/normal. |
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%)