MIRA
INFORM REPORT
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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TASIAST MAURITANIE LIMITED |
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Registered Office : |
ZRC
420, Nouakchott, 53 BP 5051, Nouakchott |
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Country : |
Mauritania |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
12.06.2008 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate mining
and exploration of gold |
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No. of Employees : |
1400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
MAURITANIA - ECONOMIC OVERVIEW
Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world but overexploitation by foreigners threatens this key source of revenue. The country's first deepwater port opened near Nouakchott in 1986. Before 2000, drought and economic mismanagement resulted in a buildup of foreign debt. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and nearly all of its foreign debt has since been forgiven. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Mauritania and the IMF agreed to a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in 2006. Mauritania made satisfactory progress, but the IMF, World Bank, and other international actors suspended assistance and investment in Mauritania after the August 2008 coup. Since the presidential election in July 2009, donors have resumed assistance. Oil prospects, while initially promising, have largely failed to materialize, and the government has placed a priority on attracting private investment to spur economic growth. The government also emphasizes reduction of poverty, improvement of health and education, and privatization of the economy. Economic growth remained around 5% in 2010-12, mostly because of rising prices of gold, copper, iron ore, and oil.
|
Source
: CIA |
SUBJECT'S NAME
|
Registered Name: |
TASIAST
MAURITANIE LIMITED |
|
Requested Name: |
TASIAST MAURITANIE LIMITED |
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Other Names: |
None |
ADDRESS AND TELECOMMUNICATION
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Physical Address: |
ZRC
420, Nouakchott, |
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Postal Address: |
53
BP 5051, |
|
|
Nouakchott, |
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Country: |
Mauritania |
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Phone: |
222-45254824 |
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Fax: |
222-45293895 |
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Email: |
infotasiast@kinross.com/ info@kinross.com |
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Website: |
www.kinross.com |
LEGAL
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
12-June-2008 |
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Reg. Number: |
Mauritania |
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Nominal Capital |
MRO.
10,000,000 |
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Subscribed Capital |
MRO. 10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. John E. Oliver |
Chairman |
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Mr. John A. Brough |
Director |
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Mr. John K. Carrington |
Director |
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Mr. John M.H. Huxley |
Director |
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Mr. Kenneth C. Irving |
Director |
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Mr. John A. Keyes |
Director |
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Mr. John Huffman |
Manager
|
|
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Mr. Nicolas Suizid |
Manager |
|
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Kinross Gold Corporation |
Holding
Co. |
100% |
RELATED COMPANIES
|
Kinross Gold Corporation |
Parent company. |
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None |
Subsidiary company. |
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In Group |
Affiliated companies. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
OPERATIONS
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Registered to operate mining
and exploration of gold |
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Imports: |
Asia, Europe |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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|
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Main Customers: |
Industries, firms and organizations |
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Employees: |
1400 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Mauritania |
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Location: |
Owned premises, 100,000 square feet, |
AUDITORS AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
FINANCE
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Currency Reported: |
Mauritanian Ouguiya (MRO.) |
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Approx. Ex. Rate: |
1 US Dollar = 290.50
Mauritanian Ouguiya |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Group Financial
Information Submitted below |
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BANK
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Bank Name: |
Société
Générale Mauritanie (SGM) |
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Branch: |
Mauritania |
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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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.