MIRA INFORM REPORT

 

 

Report No. :

337654

Report Date :

27.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MAURITANIA COPPER MINES SA

 

 

Registered Office :

Ilot D49 Tevrang Zeina, B.P. 5045, Nouakchott

 

 

Country :

Mauritania

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

05.06.1998

 

 

Com. Reg. No.:

RNC884881B

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject operate mining and exlploration services

 

 

No. of Employees :

2050 Employees.

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Mauritania

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. Recently, GDP growth has been driven by foreign investment in the mining and oil sectors. 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 about three-quarters of Mauritania's total exports, subjecting the economy to price swings in world commodity markets. Mining is also a growing source of government revenue, rising from 13% to 29% of total revenue between 2006 and 2013. China was Mauritania’s main export and import partner 2013. The nation's coastal waters are among the richest fishing areas in the world, and fishing accounts for about 25% of budget revenues, but overexploitation by foreigners threatens this key source of revenue. Risks to Mauritania's economy include its recurring droughts, dependence on foreign aid and investment, and insecurity in neighboring Mali, as well as significant shortages of infrastructure, institutional capacity, and human capital. Mauritania has sought additional IMF support by focusing efforts on poverty reduction. Investment in agriculture and infrastructure are the largest components of the country’s public expenditures.

 

Source : CIA

 

 

SUBJECT'S NAME

 

Registered Name:

MAURITANIA COPPER MINES SA

Requested Name:

MAURITANIA COPPER MINES SA

Other Names:

MCM

 

 

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

 

 

LEGAL

 

Legal Form:

Societe Anonyme

Date Incorporated:

05-June-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 R. 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 exlploration 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:

2050 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Mauritania

Location:

Ownned premises, 300,000 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 = 3310.89 Mauritanian Ouguiya

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Group Financial Information Submitted below

 

 

 

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.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.16

UK Pound

1

Rs.103.88

Euro

1

Rs.75.89

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

 

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.