MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRONTIER
SPRL |
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Registered Office : |
Avenue Kamanyola n° 1029, Immeuble,
Lubumbashi/Gombe, Democratic |
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Country : |
Republic of Congo |
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Date of Incorporation : |
26.10.2006 |
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Com. Reg. No.: |
60589 Congo |
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Legal Form : |
Limited Liability company, Limited by Shares |
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Line of Business : |
Mining of copper and cobalt |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
FRONTIER
SPRL
Actual Name
SOCIETE
FRONTIER SPRL
Principal Address
Avenue Kamanyola n° 1029, Immeuble, Lubumbashi/Gombe, Democratic Republic
of Congo
Telephone: +243-8140000/ 51/ 966
994672/739
Fax: +243-2342212
Email: info@fqml.com
Internet: www.first-quantum.com
Established
26/10/2006
Registration
No. 60589 Congo
National ID
011181 N45037
Legal Form
Limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
900
Office & Factories
Head offices Sakania, Democratic republic of Congo
Branches None
Company Profile
Paid in Capital CFA. 400,000,000
Subscribed Capital CFA. 400,000,000
Shareholders
Name Position Amount
Ratio
Mr. Clive
Newall Chairman
Mr. Philip Pascall CEO
Mr. L Christopher Director
First Quantum
Minerals Ltd Holding Co. 1,999 100.00%
Raphael Ngoy
Mushila Shareholder 1 0.00%
Total 2,000 100.00%
Credit Opinion
Our proposed credit amount of USD 100,000 is recommendable
Affiliated Companies
Several
Company (1) COMPAGNIE MINIERE
DE SAKANIA SPRL
Company (2) BWANA MKUBWA MINING CONGO SPRL
Management/ Directors
President/ CEO (1)
Name Mr. Clive Newall
Remarks Top Decision Maker
President/ CEO (2)
Name Mr.
Philip Pascall
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 of copper
and cobalt
Terms of payment
Buying
terms 10% in cash, 90% on credit
Selling
terms 80% in cash/LC, 20% on
credit
Suppliers
SDS
Drilling, SMS Drilling & STS Drilling companies, Bell, Liebher
Customers
Industries
Recent Sales
USD.
62,500,000 (Estimated 2007)
Exports
Europe, SA, Asia
etc
Export Ratio
<
80.0%
Import Ratio
20.0%
Domestic Market Share
10.0%
Banking relationship
Main Banks Banque Belgolaise
S.A.
CITI 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
Satisfactory.
COMMENTS
Company has just started mining activities in 2007, at present we recommend is USD 100,000 outstanding at any one time.
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%)