MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOGAS SOCIEDADE
MOCAMBICANA DE GASES |
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Registered Office : |
KM 2 Avendia De Mozambique Maputo |
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Country : |
Mozambique |
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Date of Incorporation : |
06.05.1957 |
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Com. Reg. No.: |
7496 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Production of Industrial Gases and Energy |
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 : |
USD 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: MOGAS SOCIEDADE MOCAMBICANA DE GASES
Requested Name: MOGAS SOCIEDADE
MOCAMBICANA DE GASES
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: KM 2 Avendia De Mozambique Maputo,
Postal Address: P.o Box 501
Maputo
Country: Mozambique
Phone: 258-21-475058/475195/475942
Fax: 258-21-475196
Email: mogas@mail.tropical.co.mz
/ mogas@mogas.co.mz
Website: www.mogas.co.mz
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a low risk of credit. We recommend Credit of USD 400,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 06/05/1957
Reg. Number: 7496
Nominal Capital MZM. 100,000,000
Subscribed Capital MZM. 100,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Eng.
José Esteves GM
Mr. J Alehandro Director
Mr. D Eduardo Director
Mr. M Heriera Director
Other Public Shareholders Shareholders 100%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Angases, SARL(Angola) Affiliated company.
None Shareholder of subject firm.
Beira, Nacala and Tete in Mozambique Branches of the firm
OPERATIONS
Registered to operate in the production of industrial
gases and energy
Imports:
China, India and South Africa
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 60
employees.
Vehicles: Several
motor vehicles.
Territory of sales: South
Africa
Location: Owned
premises, 20.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Mozambique Metical (MZM)
Approx. Ex. Rate: 1 US Dollar = 24183.2 Mozambique Metical
Fiscal Year End: December 31, 2007
Inflation: According to information
given by independent sources, the inflation at December 31st, 2007 was of
13%.
Financial Information Not Submitted
Profit and Loss (expressed in MZM)
2007
Sales 380,000,000,000
BANK
Bank Name: ABC BANK
Branch: Maputo
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.82 |
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UK Pound |
1 |
Rs.73.08 |
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Euro |
1 |
Rs.65.56 |
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. |
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%)