MIRA INFORM REPORT

 

 

Report Date :

26th May 2006

 

IDENTIFICATION DETAILS

 

Name :

AQUATEC LDA

 

 

Registered Office :

Avenida Romao Fernandes Farinha 154

107, Maputo, Mozambique

 

 

Country :

Mozambique

 

 

Financials (as on) :

2005

 

 

Date of Incorporation :

September 1998

 

 

Com. Reg. No.:

40005

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :
  • Importers, wholesalers and installers of plastic and iron tubes and pumps for water conduction.
  • Providers of water treatment services.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

CO. NAME

 

AQUATEC LDA

 

 

ADDRESS

 

Street                           :  Avenida Romao Fernandes Farinha 154

P.O. Box           :  107

Town                 :  Maputo

Country             :  Mozambique

Telephone         :  (258 21) 308 851

Fax                   :  (258 21) 303 940

E-Mail               :  aquatec@aquatec.co.mz

 

 

SENIOR COMPANY PERSONNEL

 

Name                                                    Position

 

Aguinaldo Espada Oliveira Santos           Managing Director

 

Total Employees : 30

 

 

PAYMENTS

 

No serious complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a subsidiary of Aguas De Portugal SGPS SA of Portugal, which heads a group of companies located in Portugal, Mozambique, Brazil and Cape Verde. All companies are engaged in water treatment

systems and products.

 

We consider it is acceptable to deal with subject for SMALL amounts, it is normal accepted practice for international suppliers to deal on secured terms with Mozambique importers.

 

Opinion on maximum credit : METICAL 700,000,000  (higher amounts if required may be considered with

assurances from the parent company)

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 296,000 - 30/90 days :

 

The above amount is higher than normally seen in one amount from regular suppliers. For an individual principal supplier possible already having the additional comfort of specially negotiated terms we consider this could prove admissible provided the total indebtedness is strictly monitored.

 

 

PRINCIPAL BANKERS

 

NAME     : BANCO COMERCIAL DE INVESTIMENTO (BCI)

 

Branch   : Formento Pgall

Town     : Maputo

 

Telephone: (258 21) 307 263

 

Acc. No. : 40749810001

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. However, the subject interviewed offered the following information :

 

Sales Turnover  : METICAL 1,510,000,000 - 1999 - exact

                        : METICAL 1,510,000,000 - 2000 - exact

                        : not given - 2001/2

                        : US DLRS 1,100,000     - 2003 - exact

                        : US DLRS 1,000,000     - 2004 - approx

                        : US DLRS 1,000,000     - 2005 - exact

                      

Loss                : not given             - 1999/2001

Net profit          : not given             - 2002 to 2005

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : September 1998

 

C.R. No. : 40005

 

Paid up Capital : METICAL 500,000,000

 

Sociedade Limitada Por Quotas (Limited Liability Company) with the following shareholders :

 

                                                                        Share Percentage  

 

1. Aguas de Portugal SGPS SA                                       60 %

   Campo Grande, 14 6D

   1700  Lisboa

   Portugal

   Tel: (351 1) 323 0778

   Fax: (351 1) 347 2643

 

 

2. Linea  Lda

   Avenida Zedequias Managanhela 1320              40 %

   Tel : (258 21) 422 471

   Fax : (258 21) 422 470

 

 

Parent Company

 

Aguas De Portugal SA was established in 1868 and is a supplier and distributor of electricity and water in Portugal. It also offers feasibility studies on planning construction and distribution of electricity and water, technical projects, construction and assembly of Diesel Power Stations and desalination plants, execution of transport networks for electricity and drinking water, execution of rural electrification projects, monitoring and inspection of industrial installations.

 

Affiliated companies of Aquatec Lda :

 

Associates

 

Subject is a member of the Aguas De Portugal Group of companies which comprises 67 companies, the majority of them located in Portugal. The most significant group members are the following companies :

 

1. Empresa De Electricidade E Agua Electra Sarl

   Avenida Dr Baltazar Lopes da Silva 10, 1 andar

   Centro

   PO Box 137

   Mindelo

   Sao Vicente

   Cape Verde

   Tel: (238 2) 303 030

   Fax: (238 2) 324 446

Trading as supplier and distributor of electricity and water in Cape Verde.

 

2. Aguas De Mozambique

   Av. Eduardo Mondlane, nº 1352 , 5º CP nº 2952

   Maputo

   Tel: (258 21) 302 431

   Fax: (258 21) 424 675

 

3. Aguas Do Brasil

   Rua Visconde de Piraja,

   407 Salas 801 / 804

   Bairro de Ipanema

   CEP 22410 001

   Rio De Janeiro

   Brasil

 

4. EBAL "Empresa Brasileira de Aguas Livres, S.A."

   Rua Visconde de Piraja, 407 Salas 801 / 804

   Bairro de Ipanema

   CEP 22410 - 001

   Rio De Janeiro

   Brasil

   Tel: (55 21) 247 3172 

   Fax: (55 21) 247 3894

 

5. PROLAGOS

   Largo do Itajuru, 131

   Bairro de Cabo Frio

   CEP 28905  060

   Rio De Janeiro

   Brasil

   Tel: (55 24) 647 9210

   Fax: (55 24) 647 2410

   E-mail: info@prolagos.com.br

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and installers of plastic and iron tubes and pumps for water conduction.

 

Providers of water treatment services.

 

Imports from Portugal, South Africa, Zimbabwe and other neighboring countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices, wholesale outlet  with storage facilities located at the heading address.

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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