MIRA
INFORM REPORT
|
Report Date : |
19.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STANLEY MINING SERVICES LTD |
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|
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Registered Office : |
Lot 126-128 Bwiru Kijjini Block A Pasiansi Mwanza |
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Country : |
Tanzania |
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Date of Incorporation : |
14.03.1995 |
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Com. Reg. No.: |
3579 |
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|
Legal Form : |
Private Limited Company |
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Line of Business : |
Drilling for Mineral Exploration, at Mine Sites, for Water Bores. |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
Company
Name
Stanley Mining Services Ltd
Company acronym:
SMS
Contact Information
|
Address |
Lot 126-128 Bwiru Kijjini Block A Pasiansi Mwanza Tanzania |
|
Postal Address |
P.O.Box 2372 Mawanza Tanzania |
|
Telephone |
+ 255 7845 29634 + 255 7845 29635 + 255 7845 29636 + 255 7845 29637 |
|
Fax |
+ 255 784560465 |
|
Email |
info@layne.co.tz |
|
Website |
- |
|
Other Information |
|
Registration Data
|
Date of Registration |
14/03/1995 |
|
Registration number |
3579 |
|
Legal address |
Lot 126-128 Bwiru Kijjini Block A Pasiansi Mwanza Tanzania |
|
Legal Form |
Private Limited Company |
|
Share Capital |
4,400,000,000.00 TZS |
|
Other Registration Data |
- |
Shareholders
with Shares
|
Shareholder Names |
Share% |
|
Layne
Christensen Company |
100% |
Board/Executive
|
Name |
Mr. Colin B. Kinley |
|
Position within the company |
Director |
|
Country of Birth |
USA |
|
Nationality |
American |
|
Can fluently speak |
English |
|
Name |
Mr. Hashim Duggal |
|
Position within the company |
Director |
|
Country of Birth |
Tanzania |
|
Nationality |
Tanzanian |
|
Can fluently speak |
Swahili |
|
Name |
Mr. M. Mtango |
|
Position within the company |
Assistant |
|
Country of Birth |
Tanzania |
|
Nationality |
Tanzanian |
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Can fluently speak |
Swahili |
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E-mail |
|
Changes in
Registration Data
None recorded
Activities
( realistic and officials)
The subject is involved in Drilling for Mineral Exploration, at Mine
Sites, for Water Bores.
Staff
|
Number of staff employed |
450 |
Export/Import
( Countries, goods and
total values for the period)
|
Imports From |
USA, Europe |
|
Importing Terms |
Letters of credit |
|
Import % and type of product |
50% - Raw Materials |
|
Exports To |
Latin America, Far East |
|
Exporting Terms |
Letters of credit |
|
Export % and type of product |
10% -
Finished Products |
Facilities
|
Owned |
Office, Warehouse, Factory |
|
Premises Size |
- |
Subsidiaries
and Participation
|
Parent Company |
Layne
Christensen Company |
|
Subsidiaries |
|
|
Affiliates |
Stanley Mining Services Zambia Ltd Stanley Mining Services Uganda Ltd |
Branches
|
Address |
- |
Bankers
|
Bank |
HSBC |
|
Branch |
- |
|
Address |
- |
|
Telephone |
- |
Suppliers,
Partners
|
Suppliers |
Not known |
|
Partners |
Not Known |
Litigation,
Remarks on Payment
|
Litigation |
None Recorded |
|
Remarks on Payment |
No Complaints |
Financial
Information
It declined all financial information.
Representation
|
Auditors |
- |
|
Solicitors |
- |
Reporter Comments
|
Comments |
In the interview conducted with Mr. M. Mtango, he declined bank account
number citing the grounds of company confidentiality. |
|
Local Reputation |
The company being investigated is believed by local reporters to be a Medium Trade Risk and to be
fair. The company is known on Tanzania market. |
|
Owner/Shareholders Comments |
All or most of the owners / shareholders have an active participation in
the running of the business. |
|
Age of Business |
Old Business |
|
MAX CREDIT |
USD1,500,000.00 |
NEWS
|
Source |
BNET News |
|
Article |
Layne Christensen Agrees to Acquire Assets of
DrillCorp Tanzania Ltd Layne Christensen Company (Nasdaq: LAYN), today announced that the Company's
subsidiary, Stanley Mining Services (Tanzania) Limited ("SMS
Tanzania") has agreed to acquire the drilling equipment and inventory of
DrillCorp Tanzania Ltd ("DrillCorp Tanzania") for $3.5 million. The
transaction will be financed by a related entity of DrillCorp Tanzania and
will be payable over 23 months. The financing will be secured by certain
assets in Australia and a guarantee from Layne Christensen Company
("Layne"). The transaction is scheduled to close on November 10,
2003. DrillCorp Tanzania has entered into a 5-year non-compete agreement with
SMS Tanzania and, as a result, will be terminating all drilling operations in
Tanzania. Eric R. Despain, President of Layne's Mineral Exploration Division,
stated: "We are very pleased with the purchase of DrillCorp Tanzania's
assets. These assets are extremely well suited for our African markets. The
drilling rigs and inventory will immediately be used to satisfy current
customer demand on mineral exploration projects. We anticipate the revenue generated
will produce profits accretive to Layne's operations in Africa." This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange
Act of 1934. Such statements are based on current expectations and are
subject to certain risks, uncertainties and assumptions, including but not
limited to prevailing prices for various metals and unanticipated slowdowns
in the Company's major markets. Should one or more of these underlying
assumptions prove incorrect, actual results may vary materially from those
currently estimated. These statements are made as of the date of this
release, and the Company assumes no obligation to update such forward-looking
statement or to update the reasons why actual results could differ
materi0ally from those anticipated in such forward-looking statements. Layne Christensen Company provides sophisticated services and related
products for the water, mineral, construction and energy markets. |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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. |
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%)