MIRA INFORM REPORT

 

 

Report Date :

09.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CHEMAF RUASHI MINING SPRL

 

 

Registered Office :

144 Avenue Usoke, Lubumbashi

 

 

Country :

Congo

 

 

Date of Incorporation :

01.01.2001

 

 

Legal Form :

Societe Anonyme Responsibilitee Limitee

 

 

Line of Business :

Operate mining and processing of copper and cobalt products

 

 

No. of Employees :

300

 

 

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 

 

 

Payment Behaviour :

No complaints 

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Congo

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CONGO - ECONOMIC OVERVIEW

 

The economy is a mixture of subsistence hunting and agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, that may enter production as early as late 2013 may add as much as $1 billion to annual government revenue. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF, including recently concluded Article IV consultations. Denis SASSOU-Nguesso, who returned to power when the war ended in October 1997, publicly expressed interest in moving forward on economic reforms and privatization and in renewing cooperation with international financial institutions. Economic progress was badly hurt by slumping oil prices and the resumption of armed conflict in December 1998, which worsened the republic's budget deficit. The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices boosted the economy's GDP from 2009-12. In March 2006, the World Bank and the International Monetary Fund (IMF) approved Heavily Indebted Poor Countries (HIPC) treatment for Congo, which received $1.9 billion in debt relief under the program in 2010. Congo also restructured old defaulted London Club debt in 2007, which effectively cancelled 80% of its private debt. Contracts with China have increased Congo's publicly held debt. Officially the country became a net external creditor as of 2011, with external debt representing less than 22% of GDP and debt servicing less than 3% of government revenue

Source : CIA

SUBJECT'S NAME

                                                           

Registered Name:

CHEMAF RUASHI MINING SPRL

Requested Name:

CHEMAF RUASHI MINING KINSEVERE

Trade Names:

CHEMICALS OF AFRICA

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

144 Avenue Usoke Lubumbashi

Postal Address:

144 Avenue Usoke,

 

Lubumbashi

Country:

Democratic Republic of Congo

Phone:

243-818150091/997011425/-995000393/3322884143

Fax:

243-997011425/ 8180005972

Email:

info@chemaf.com

Website:

www.chemaf.com

 

 

LEGAL

                                                                    

Legal Form:

Societe Anonyme Responsibilitee Limitee

Date Incorporated:

01-Jan-2001

Reg. Number:

14/10/1982

Nominal Capital

CFA. 50,000,000

Subscribed Capital

CFA. 50,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Anar Ansel

CEO

 

Mr. Virji Shiraz

Director

 

Mr. Sandip Bakshi

Director

 

Mr. Rajeev Bohra

Director

 

Mr. Shilpa Palasule Tel:

Manager

 

Shalina Resources Ltd, Uk

Holding Co.

100%

 

RELATED COMPANIES 

 

Shalina Resources Ltd, Uk

Parent company.

None

Subsidiary company.

ETOILE OPEN PIT MINE,

USOKE PROCESSING PLANT.

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

OPERATIONS

 

Registered to operate mining and processing of copper and cobalt products

Imports:

Asia, Europe

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Industries, firms and organizations  

Employees:

300 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Democratic Republic of Congo

Location:

Owned premises, 100,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

                                                                    

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 485.45 West African Franc

Fiscal Year End:

December 31, 2012

Inflation:

According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in CFA.)

 

2011

2012

Sales

60,000,000

62,000,000

 

 

BANK

                                                                    

Bank Name:

Afriland First Bank

Branch:

Democratic Republic of Congo

Comments:

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.