MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN
OCEAN AQUACULTURE SARL |
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Registered Office : |
Alto Gingone 002, Bairro do Aeroporto, P.O. Box: 33, Pemba, Cabo Delgado, Mozambique |
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Country : |
Mozambique |
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Date of Incorporation : |
2002 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engaged
in farming and processing of prawns. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
NEW
METICAL 1,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
INDIAN OCEAN AQUACULTURE
SARL
ADDRESS
Street : Alto Gingone 002
Area : Bairro do Aeroporto
P.O. Box :
33
Town : Pemba
Province :
Cabo Delgado
Country : Mozambique
Telephone :
(258 27) 221 715 / 220 185 / (258 82) 322 7030 (mobile)
Fax : (258 27) 220 596
Shortform Name : IOA
SENIOR COMPANY PERSONNEL
Name Position
1. Charles F.
Woodhouse Honorary Chief Executive Officer
2. Peter Harris Vice-President
3. Marcos Henrique
Moya General Director
4. Nadalino Bento
Sitoi Human Resources Manager
Total Employees : 500
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for SMALL amounts, although it is normal accepted
practice for international suppliers to deal on secured terms with Mozambique
importers.
Opinion on maximum credit
: NEW METICAL 1,500,000*
Trade risk assessment :
Normal
* On 1 July 2006 the
Government of Mozambique redenominated its currency the METICAL. One NEW
METICAL now equals 1,000 old Meticals.
PRINCIPAL BANKERS
NAME :
STANDARD BANK (FORMERLY BANCO STANDARD TOTTA DE MOCAMBIQUE)
Branch :
Pemba
Street :
Av. Eduardo Mondlane No.14
P.O. Box : 1119
Town :
Pemba
Province : Cabo Delgado
Telephone : (258 27) 221 643
Fax :
(258 27) 220 524
The company also has an
account with the following banks :
1. Banco Austral
2. Banco Millennium BIM
(fmly Banco Internacional de Mocambique)
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover :
US DLRS 3,000,000 - 2005 - approx
: US DLRS 3,000,000 - 2006 - estimated
Net Profit : not given
Total Invested Capital : US DLRS 1,995,000
Financial year ends 31
December.
LEGAL STATUS AND HISTORY
Date Started : 2002
History : The company was
incorporated in Mozambique in 2002 and commenced operations in June 2003.
Tax No.:400100901
Capital : not given
Sociedade Anonima de
Responsabilidade Limitada (limited liability company) with the following
shareholders :
1. Willy Pabit 51% (approx)
2. Charles F. Woodhouse
3. Others undisclosed US
investors
ACTIVITIES
The Company is involved
in the following activities :
Engaged in farming and
processing of prawns.
Production capacity: over
4 tonnes of prawns per day.
Subject
had its licence issued by The Aquaculture Certification Council, Inc. (ACC) of
USA, a nongovernmental body established to certify social, environmental and
food safety standards at aquaculture facilities throughout the world.
Imports from South
Africa.
Exports mainly to Japan.
Subject also imports to EU and USA.
FACILITIES
The Company has the
following facilities :
Offices premises and
production plant located at the heading address as well as an laboratory in
Murebue and a prawn farm in Nieze.
Subject also has a fleet
of 12 trucks.
SPECIAL NOTE
The address provided by
you, Bairro do Aeropuerto 002, Pemba, Cabo Delgado is incomplete. Please note
the complete address is as per heading.
The telephone number
provided by you, 00258 722 0596 is infact a fax number. Please note the correct
telephone number is as per heading.
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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