MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CHAMBISHI METALS
PLC |
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Registered Office : |
Chambishi Metals Mine, |
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Country : |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
12.8.1998 |
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Com. Reg. No.: |
41151 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Mining of 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 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: CHAMBISHI METALS PLC
Requested Name: Chambishi
Metals Plc
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Chambishi
Metals Mine,
Postal Address: P.o
Country:
Phone: 260-2-744555
Fax: 260-2-744035
Email: mail@chambishimetals.com
Website: www.chambishimetals.com
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. However, bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 1,000,000 on 90
days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 12/8/1998
Reg. Number: 41151
Nominal Capital ZMK. 100,000,000
Subscribed Capital ZMK. 100,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Chikwanda Alexander MD/ CEO
Mr.
Shaw Craig William Director
Mr.
Campbell James Director
Mr.
Gorman Jerry Director
Mr.
Sittard Johannes Director
Mr.
Saraf Krishna Jai Director
Mr.
Mutati Urbano M Director
Mr.
Malama Steven Director
Anglovaal
Mining Limited Holding Company 90%
RELATED COMPANIES
As above Parent company.
None Subsidiary company.
chambishi Acid plant
Nkana Slag Dump Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate Mining of Cobalt
Imports: Tiles
and materials from
Exports:
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: Industrial
firms and organizations
Employees: 460
employees.
Vehicles: Several
motor vehicles.
Territory of sales:
Location: Owned
premises, 2.000 square feet,
AUDITORS AND INSURANCE
Auditors: Ernst & Young
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Zambian Kwacha (ZMK.)
Approx. Ex. Rate: 1 US Dollar = 4600 Zambian Kwacha
Fiscal Year End: 12,
Aug, 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.)
2007
Sales 530,000,000
Net Profit (Loss) 82,000,000
BANK
Bank Name: Stanbic Bank
Branch:
Account Number: 0240010580401
Enquiry Amount: 400,000
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.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)