MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEWMONT GHANA
GOLD LTD |
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Registered Office : |
C 825/26 Lagos Ave, East Legon Accra |
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Country : |
Ghana |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.04.2001 |
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Com. Reg. No.: |
96927 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Operate as Gold Miners |
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 1,000,000 |
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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: NEWMONT GHANA GOLD LTD
Requested Name: NEWMONT
GHANA GOLD LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: C 825/26 Lagos
Ave, East Legon Accra
Postal Address: CB25/28 Lagos Avenue, East
Legon, Accra
Greater Accra
Country: Ghana
Phone: 233-21-7011852
Fax: 233-21-7011855
Email: mawuena.dumor@newmont.com
Website: www.newmontghana.com
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 1,000,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 20-April-01
Reg. Number: 96927
Nominal Capital USD 10,000,000
Paid Up Capital USD 10,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Bill Zisch MD/ CEO
Mr.
Wayne Murdy Chairman
Mr.
Chris Anderson Director
Mr.
Danielle Martin Director
Mr.
Mawuena Dumor Director
Newmont
Mining Corporation Holding Company 100
RELATED COMPANIES
Newmont Mining Corporation Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as gold Miners
Imports: Europe,
Asia & South Africa (equipment)
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 3600
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Ghana
Location: Owned
premises, 25.000 square feet office,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ghanaian CEDI (GHC)
Approx. Ex. Rate: 1 US Dollar = 12,000 Ghanaian CEDI
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 Not Submitted
Profit and Loss (expressed in USD Million)
2006 2007
Sales 124,000,000 306,000,000
BANK
Bank Name: CITIBANK 600 LONDON
Branch: Enterprise Rd, Nairobi
Account Number: 11213466
Enquiry Amount: 1,000,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
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.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)