MIRA INFORM REPORT

 

 

Report Date :           

21.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TASIAST MAURITANIE LIMITED SA

 

 

Registered Office :

Zar 53 BP 5051, Nouakchott

 

 

Country :

Mauritania

 

 

Date of Incorporation :

19.01.2004

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Mining of other non‑ferrous metal ores

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

1,102,000 EUR

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

TASIAST MAURITANIE LIMITED SA

 

 

Rating Briefing

 

Current Recommended Credit:              1,102,000 EUR

Payment Record:                                   UNDETERMINED

                                                              This rating is based on available data. In the event of additional

                                                              information a possibility for a different rating applies.

 

 

Registration Briefing

 

Registration Number:                             N/A

Registration Date:                                  19/01/2004

Legal Form:                                           SOCIETE ANONYME

Latest Financials:                                  N/A

 

Financial Briefing

 

Nominal Capital:                                    N/A

Issued Capital:                                       N/A

Turnover:                                               78,000,000 US Dollars

Net Profit:                                               N/A

Net Worth:                                              N/A

 

Original Investigation Details

 

Company Name:                                          Tasiast Mauritanie Limited SA

Country:                                                      MM

Street Name:                                               Zar 53, BP 5051, Nouakchott

City Code:

Comments:                                                 RE CR:  USD 500,000

                                                                  Notes:  RNC N 867389/RC 2945 9995

 

 

Company Details

 

Company Name:                                          TASIAST MAURITANIE LIMITED SA

Headquarter Address:                                   Zar 53 BP 5051,

Nouakchott,

Mauritania

Telephone:                                                  +2224525 2428

Fax:                                                            +2224529 3895

Web Site:                                                    www.kinross.com

 

Company was originally started on 2008

 

 

Registration & Legal Details

 

Current Legal Form:                                   SOCIETE ANONYME

Registration Address:                                 Zar 53 BP 5051,

Nouakchott

Registration Date:                                      19/01/2004

Year/Date Company Established:                2008

 

 

Capital

 

Capital is NOT disclosed.

 

Shareholders

 

Parent Company:                                     KINROSS GOLD CORPORATION,

                                                                25 York Street, 17th Floor,

                                                                Toronto,

                                                                Canada

                                                                % Shares Held:   100.00%

 

 

Principals

 

Name:                                                       Mr Melainine Ould Tomy

Position within the company:                      Joint General Director

Country of Birth:                                         Mauritania

Nationality:                                                Mauritanian

Can fluently speak:                                    Arabic, French, English & Spanish

 

Name:                                                       Mr Haroun Ould Ragel

Position within the company:                      Administration Director

Country of Birth:                                         Mauritania

Nationality:                                                Mauritanian

Can fluently speak:                                    Arabic, French & English

 

 

Company Activities

 

NACE Codes:    0729     Mining of other non‑ferrous metal ores

 

The Tasiast mine is an open pit operation located in north‑western Mauritania and is approximately 300 kilometers north of the capital Nouakchott and 162 kilometers east‑southeast of the port city of Nouadhibou.

 

Kinross acquired its 100% interest in the Tasiast gold mine on September 17, 2010 upon completing its acquisition of Red Back Mining Inc.

 

Tasiast began commercial operations in 2008. Mining operations consist of conventional open pit mining methods. High grade ore processing is based on three stage crushing, ball milling, and a carbon‑in‑leach circuit. Lower grade oxide ore is processed in a run‑of‑mine heap leach facility.

 

 

Operations

 

Employees                                               Company Employs: 724

 

 

HQ Premises                                            Operates from:     Offices

Location:                                                   Central Business Area

 

Branches                                                 Trarza,

300 Km North of Nouakchott,

Tasiast,

Mauritania

Description of branch: Mine

 

Trading & Selling

Territory:           100% International

 

 

Related Companies

 

Subsidiaries

Affiliates

Information on Related Companies is not available/applicable

 

 

Bankers

 

Information on Bankers is not available/applicable

 

 

Financial Information

 

Source:                                                     www.kinross.com

Figures are:                                               Official Figures

Currency:                                                  US Dollars

 

Months                       Sales Figures        Sales   Gross Profit/Loss Net Profit/Loss

 12          31/12/2010    78,000,000

 

 

Payments

 

Subject's payments reported to be:        UNDETERMINED

 

 

Interview & Reporter Comments

 

Name/Title:                                            Mr. Haroun Ould Ragel Administration Director

Comment:                                             We have been unable to contact a company official.

 

We have sent a fax/e‑mail/questionnaire however no reply has been received as of yet.

Reporter Comment:        Please note that we contacted the subject company and they confirmed that Mr.

Haroun Ould Ragel, who has the authority to divulge such information, however,

                                    they confirmed that he is not available at the present.

 

                                    We sent a fax to Mr. Haroun Ould Ragel, however no reply was received as of yet.

 

                                    All the above information was obtained from the company web site.

 

 

Conclusions

 

Local Reputation:           The company being investigated is considered by local reporters to be a Fair / Normal

Trade Risk.

 

Owner/Shareholders

Comments:                   The owners / shareholders do not have an active role in the running of the business.

 

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

UK Pound

1

Rs.75.63

Euro

1

Rs.65.65

 

 

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

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

----

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.