MIRA INFORM REPORT

 

 

Report Date :

29.07.2014

 

IDENTIFICATION DETAILS

 

Name :

MAURITANIA COPPER MINES SA

 

 

Registered Office :

Ilot D49 Tevrang Zeina

 

 

Country :

Mauritania

 

 

Financials (as on) :

31.12.2013 (Group Financial - Consolidated statements )

 

 

Year of Establishments :

1998

 

 

Com. Reg. No.:

RNC884881B

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as mining and exploration services

 

 

No of Employees :

2000

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Mauritania

C1

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

Mauritania ECONOMIC OVERVIEW

 

Mauritania's economy is dominated by natural resources and agriculture. 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's extensive mineral resources include iron ore, gold, copper, gypsum, and phosphate rock and exploration is ongoing for uranium, crude oil, and natural gas. Extractive commodities make up 75% of Mauritania's total exports. The nation's coastal waters are among the richest fishing areas in the world, and fishing accounts for 20% of budget revenues, but overexploitation by foreigners threatens this key source of revenue. Risks to Mauritania's economy include its recurring exposure to droughts, dependence on foreign aid and investment, and insecurity in neighboring Mali, as well as significant shortages of infrastructure, institutional capacity, and human capital.

 

 

Source : CIA

 

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                    MAURITANIA COPPER MINES SA

Requested Name:                                    MAURITANIA COPPER MINES

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Ilot D49 Tevrang Zeina

Postal Address:                                       B.P. 5045

                                                              Nouakchott

Country:                                                  Mauritania

Phone:                                                    222-5244813

Fax:                                                       222-5244735

Email:                                                     Merlin.thomas@fqml.com

Website:                                                 www.first-quantum.com

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            1998

Reg. Number:                                                   RNC884881B

Tax Number:                                                    NIF 3030067

Nominal Capital                                                MRO. 50,000,000

Subscribed Capital                                            MRO. 50,000,000

 

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Philip K.R. Pascall                                      CEO                               

Mr. Clive Newall                                                President                        

Mr. Hannes Meyer                                            CFO                               

Mr. Martin Rowley                                             Director                           

Mr. Peter St. George                                         Director                           

Mr. Andrew Adams                                           Director                           

Mr. Paul Brunner                                              Director                           

Mr. Michael Hanley                                           Director                           

Mr. Robert Harding                                            Director                           

Mr. Michael Martineau                                       Director                           

Mr. Anthony Lawrence                                      Director                           

First Quantum Minerals Ltd                               Holding Co.                      100%

 

 

RELATED COMPANIES  

 

First Quantum Minerals Ltd                               Parent company.

None                                                               Subsidiary company.

Various worldwide                                             Affiliated companies.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate mining and exploration services

 

Imports:                                                           Europe, Asia

Exports:                                                           Worldwide

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Industries, firms and organizations  

Employees:                                                      2000 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Mauritania

Location:                                                          Owned premises, 200,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Mauritanian Ouguiya (MRO.)

Approx. Ex. Rate:                                             1 US Dollar = 290.89 Mauritanian Ouguiya

Fiscal Year End:                                               December 31, 2013

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2013 was of 13%.

 

BANK 

 

Bank Name:                                                     Banque El Amana (BEA)

Branch:                                                            Mauritania

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.

                                                                      

 

Group Financial Information

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.04

Euro

1

Rs.80.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

 

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.