MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTRICIDADE DE MOCAMBIQUE EP |
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Registered Office : |
Avenida Agostinho Neto 70, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1977 |
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Legal Form : |
State Owned Company |
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Line of Business : |
Generation, transmission and distribution of electricity, responsible
for the installation and maintenance of the electricity supply throughout the
country. |
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 30,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
ELECTRICIDADE DE
MOCAMBIQUE EP
ADDRESS
Street : Avenida Agostinho Neto 70
P.O. Box :
2447
Town :
Country :
Telephone :
(258 21) 492 011 / 492 014 / 429 626 / 430 680 / 490 636 / (258 82) 300
1550 / 312 5580
(mobiles)
Fax : (258 21) 491 048
E-Mail : amuchanga@edm.co.mz
Shortform Name
EDM
SENIOR COMPANY
PERSONNEL
Name Position
1. Manuel Cuampe President
2. Manuuel Armindo Machiana Financial
Administrator
3. Max Tonela Financial Director
4. Rute Mabunda Chief Accountant
5. Augusto de Sousa Fernando Productions
manager
6. Fernando Miguel Dias I.T.
Administrator
7. Angela Beatriz Chade Dava Human
Resources Director
8. Marcelino Alberto Projects
Manager
9.
10. Adelino Muchanga Director
11. Higinio Fabiao Director
Total Employees
3,000 plus
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a well
established public company operating since 1977, two years after the independence
of
We consider it is
acceptable to deal with subject for LARGE amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Opinion on maximum credit
: NEW METICAL 30,000,000 (higher amounts may be considered with suitable
governmental assurances)
Trade risk assessment :
TRADE REFERENCES
NAME :
EKSOM ELECTRICITY SUPPLY COMISSION
Street :
Town :
Country :
PRINCIPAL BANKERS
NAME :
BANCO MILLENNIUM BIM (fmly BANCO INTERNACIONAL DE MOCAMBIQUE)
Branch :
Avenida Samora Machel
Town :
Telephone : (258 21) 307 482
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Net Assets :
METICAL 8,909,744,000,000 - 2003 -
exact
: METICAL
10,167,239,000,000 - 2004 - exact
: METICAL
11,558,375,000,000 - 2005 - exact
Shareholders’ :
METICAL 1,876,996,000,000 - 2003 -
exact
Funds :
METICAL 2,139,639,000,000 - 2004 -
exact
: METICAL
2,290,952,000,000 - 2005 - exact
Operating Costs :
METICAL 2,624,919,000,000 - 2003 -
exact
: METICAL
1,408,672,000,000 - 2004 - exact
: METICAL
1,074,121,000,000 - 2005 - exact
Total Revenue :
METICAL 513,500,000,000 - 1996 -
exact
: METICAL
658,000,000,000 - 1997 - exact
: METICAL
793,000,000,000 - 1998 - exact
: METICAL
850,000,000,000 - 1999 - exact
: METICAL
1,030,604,000,000 - 2000 - exact
: METICAL
1,259,069,000,000 - 2001 - exact
: METICAL
1,587,538,105,032 - 2002 - exact
: METICAL
1,938,149,000,000 - 2003 - exact
: METICAL
2,361,053,000,000 - 2004 - exact
: METICAL
2,663,244,000,000 - 2005 - exact
: NEW METICAL
2,654,291,500 - 2006 - exact*
: NEW METICAL
3,258,015,700 - 2007 - projected*
Loss :
METICAL (322,683,260,000)- 1996 -
exact
: METICAL
(161,233,485,000)- 1997 - exact
Net Profit :
METICAL 24,000,000,000 - 1998 -
exact
:
METICAL 22,000,000,000 - 1999 -
exact
Loss :
METICAL (142,000,000,000)- 2000 -
exact
: METICAL
(480,000,000,000)- 2001 - exact
Net Profit/ Loss : not given - 2002
Net Profit :
METICAL 50,184,000,000 - 2003 -
exact
Net Profit :
METICAL 21,669,000,000 - 2004 -
exact
Loss :
METICAL (171,444,000,000)- 2005 -
exact
Net Profit :
NEW METICAL 378,064,200 - 2006 -
exact*
: NEW
METICAL 706,974,400 - 2007 -
projected*
Financial year ends 31
December.
* On 1 July 2006 the
Government of Mozambique redenominated its currency the METICAL. One NEW
METICAL now equals 1,000 old Meticals.
LEGAL STATUS AND
HISTORY
Date Started : 1977
History : Subject was
established in 1977 as a state owned company responsible to the Ministry of
Mineral Resources and Energy under the style Empresa Nacional de Electricidade
de Mocambique EE. On 17 July 1995, it became a "Empresa Publica"
under law decree 28/25 and adopted the present style.
Capital : NEW METICAL*
258,000,000,000
Empresa Publica (state
owned company) responsible to the following :
Ministerio dos Recursos
Minerais e Energia (Ministry of Mineral
Resources and Energy)
Avenida Fernao Magalhaes
34
P.O. Box : 294
Tel : (258 21) 429 507 /
429 615 / 425 682
Fax : (258 21) 427 103
Current Minister : Dr
Salvador Namburete
Affiliated companies of
Electricidade De Mocambique Ep :
Associates
Mozambique Transmission
Company
Tel : (258 21) 313 427
Fax : (258 21) 313 447
ACTIVITIES
The Company is involved
in the following activities :
Generation, transmission
and distribution of electricity, responsible for the installation and maintenance
of the electricity supply throughout the country.
Main supplier and
distributor of electricity in
The investment program
for the years 1995 to 2005 is estimated of US DLRS 400 million.
Total Invested in 2006 :
US DLRS 12,000,000
Imports electricity and
technology from
FACILITIES
The Company has the
following facilities :
Head office located at
the heading address, in the commercial area of
BRANCH OFFICES
1. Avenida Filipe Samuel Magaia No.368
P.O. Box : 2532
Tel
: (258 21) 325 743
Fax
: (258 21) 322 074
Email :
edm.fer@teledata.mz
2. Av. de Namaacha km 1.5
P.O. Box : 381
Tel
: (258 21) 401 116
Fax
: (258 21) 400 798
3. Av. Milagra Mabote nº.3660
P.O. Box : 990
Tel
: (258 21) 460 235 / 460 090-91
Fax : (258 21) 460 258
4. Av. Eduardo Mondlane nº. 1398
P.O. Box : 990
Tel
: (258 21) 323 274
Fax
: (258 21) 323 586
5. Av. 5 de Outubro, nº. 118
P.O. Box : 308
Tel
: (258 21) 720 689-90
Fax
: (258 21) 720 144
6. Av. 1º. De Maio
P.O. Box : 48
Tel
: (258 22) 51045
Fax
: (258 22) 51006
7. Av. de Moçambique
P.O. Box : 48
Tel
: (258 21) 20159 / 20243
Fax
: (258 21) 20137
8. Av. Mártires de Mueda
P.O.
: 160
Tel
: (258 22) 22610 / 22912
Fax
: (258 22) 22771
9. Rua Companhia de Moçambique, nº. 342
P.O.Box
: 1304
Tel
: (258 03) 325002-5
Fax
: (258 03) 324944
10. Rua Patrice Lumumba,
nº. 323
P.O. Box : 39
Tel
: (258 51) 23133-4
Fax
: (258 51) 22598
11. Av. da Independência
P.O. Box : 207
Tel
: (258 52) 23032-3
Fax
: (258 52) 23239
12. Av. Patrice Lumumba
P.O. Box : 73
Telefone : (258 4) 810179
Fax
: (258 4) 810179
13. Av. do Trabalho nº.
3-A
P.O. Box : 494
Tel
: (258 6) 214501/2
Fax
: (258 6) 213226
14. Rua 7 de Abril
P.O.Box : 36
Tel
: (258 67) 24182529
Fax +258.67.2945
15. Av. Josina Machel
P.O. Box : 194
Tel
: (258 72) 20533
Fax
: (258 72) 20253
16. Av. FPLM
P.O. Box : 120
Tel
: (258 71) 20525
Fax
: (258 71) 20356
GENERAL INFORMATION
Besides Electricidade de
Mozambique, the main electricity authority, there are other companies that
produce and distribute electricity. The main one is Hidroelectrica de Cahora
Bassa, a company jointly owned by
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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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%)