MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LUMWANA MINING CO LTD |
|
|
|
|
Registered Office : |
P O Box 110199, Solwezi |
|
|
|
|
Country : |
Zambia |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
20.9.1992 |
|
|
|
|
Legal Form : |
Limited Liability Company, Limited by Shares |
|
|
|
|
Line of Business : |
Mining of Copper |
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 |
|
Maximum Credit Limit : |
USD 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY REPORTED
LUMWANA MINING CO LTD
Principal Address
P O Box 110199, Solwezi, Zambia
Telephone: +260-21-8240023
Fax:+260-21-1257642
Email: None
Internet: None
Established
20/9/1992
Registration
No. Lusaka Zambia
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
600
Office & Factories
Head offices Anglo
American Building, 74 Independence Avenue, Cathedral Hill,
Branches Mwinilunga Road via Solwezi, Zambia
Company Profile
Paid in Capital ZMK. 100,000,000
Subscribed Capital ZMK. 100,000,000
Shareholders
Name Position Amount
Ratio
Mr. Craig Williams
CEO
Mr. Nathan
Chishimba Director
Mr. Michael
Klessens Director
Equinox Copper
Ventures Ltd Holding Co. 100.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 250,000 is recommendable
Affiliated Companies
Company (1) Chambishi Copper Smelter Limited
Management/ Directors
President/ CEO (1)
Name Mr. Craig Williams
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr. Nathan Chishimba
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
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
Euclid,
Customers
Group company
Recent Sales
Attached
Exports
None
Export Ratio
0.0%
Import Ratio
60.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks Stanbic 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
average.
COMMENTS
Maximum credit we recommend is USD 250,000 outstanding at any one time.
CONSOLIDATED BALANCE SHEET
CONSOLIDATED INCOME STATEMENT
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
|
UK Pound |
1 |
Rs.78.86 |
|
Euro |
1 |
Rs.63.33 |
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%)