MIRA
INFORM REPORT
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Report Date : |
21.09.2011 |
IDENTIFICATION DETAILS
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Name : |
MINES DE CUIVRE DE MAURITANIE |
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Registered Office : |
Ilot D49 Tevrag Zeina, Nouakchott |
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Country : |
Mauritania |
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Date of Incorporation : |
01.12.2004 |
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Com. Reg. No.: |
46381 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Mining of other non‑ferrous metal ores |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Mauritania |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
MINES DE CUIVRE DE MAURITANIE
Original Investigation Details
Investigation
Number: 141584
Company
Name: Mines
De Cuivre De Mauritanie
Country: MM
Street
Name: Guelbs
Maghrein Mine, Akjoujt
City
Code:
Akjoujt
Comments: REC
CR USD 500 000
RNC
884881B NIF 30300067
We
require FRESHLY Investigated Report (with last 2/3 years
financials
– if possible) in lights of current scenario and
development
in and around the subject and any important
guidelines
or suggestions to make on
Please
provide the maximum credit limit & latest financials on
the
subject company
Company Details
Company
Name: MINES
DE CUIVRE DE MAURITANIE
Also
trades as: MAURITANIAN
COPPER MINES
Headquarter
Address: Guelb
Moghrein Copper‑Gold Operations Ilot D49,
Tevrag
Zeina,
Nouakchott,
Mauritania
Postal
Address: P.O.Box
5045,
Nouakchott
Telephone: +2224524
4813
Fax: +2224524
4735
Web
Site: www.first‑quantum.com
Company
was originally started on 01/07/2006
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Ilot
D49 Tevrag Zeina,
Nouakchott
Registration
Number: 46381
Registration
Date: 01/12/2004
Year/Date
Company Established: 01/07/2006
Registration
Town: Nouakchott
Capital
Currency: Mauritanian
Ouguiya
Authorized
Capital: 5,000,000
Paid
Up Capital: 5,000,000
Shareholders
Parent
Company: FIRST
QUANTUM MINERALS LTD FQM,
8th
Floor
543
Granville Street,
Vancouver,
Canada
%
Shares Held: 100.00%
Principals
Name: Mr
Thomas Merlin
Position
within the company: General
Manager
Can
fluently speak: English
& French
Name: Mr
Alassane Maiga
Position
within the company: Financial
Controller
Can
fluently speak: French
Company Activities
NACE Codes: 0729 Mining of other non‑ferrous metal ores
The Guelb Moghrein mine is owned 100% by Mauritanian Copper Mines (MCM), a First Quantum subsidiary. The mine is located 250 kilometres northeast of the nation’s capital, Nouakchott, near the town of Akjoujt. Mining at Guelb Moghrein started in April 2006. Commissioning of the copper flotation plant commenced in July 2006 and commercial production began in October 2006. Mining at Guelb Moghrein is carried out in a single open pit using hydraulic excavators and mechanical drive haul trucks. Sulphide ore is treated in the processing plant at Guelb Moghrein to produce copper‑gold concentrate.
Local Reporters consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company
Employs: 1216
HQ Premises Operates
from: Rented Offices
Location: Central Business Area
Branches Ichiri
(250 Km from Nouakchott),
Akjoujt,
Mauritania
Branch
is: Owned
Description
of branch: Factory, Mine
Imports
Import
% and type of product: 80% Finished
Goods
Imports
From: Australia,
Europe, South Africa
Importing
Terms: Bank
transfer
Trading & Selling
Territory: 100%
International
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
GENERALE
DE BANQUE DE MAURITANIE GBM,
Branch:
Nouakchott
Avenue
de l'Independance PO BOX 5558,
Nouakchott,
Mauritania
Financial Information
Financial
Interview Date: 19/09/2011
Source: www.first‑quantum.com
Figures
are: Official
Figures
Currency: US
Dollars
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2010 266,000,000
12 31/12/2009 197,299,270
12 31/12/2008 191,120,000
12 31/12/2007 228,000,000
Payments
Subject's
payments reported to be: UNDETERMINED
Interview & Reporter Comments
Name/Title: Mr.
Alassane Maiga Financial Controller
Comment: We
have sent a fax/e‑mail/questionnaire however no reply has been eceived as
of yet.
Reporter
Comment Date: 19/09/2011
Reporter Comment: Please note that we have tried many times
to contact the subject company, the phone rings but no one responds.
A fax was sent to the company however no
reply was received as of yet.
All the above mentioned information is from
a previous report on 18/03/2010.
Conclusions
Local Reputation: The company being investigated is considered
by local reporters to be a Medium Trade Risk.
Financial Results Trend: Financial Information
indicates that the business activities of the company are showing an upward
turn.
Age
of Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.22 |
|
|
1 |
Rs.75.63 |
|
Euro |
1 |
Rs.65.64 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.