MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
VITOGAZ 122 |
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Registered Office : |
BP 3984101 Antanarivo |
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Country : |
Madagascar |
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Date of Incorporation : |
20.4.1999 |
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Com. Reg. No.: |
B051478 Antanarivo, Madagascar |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Distributors
and Retailers of Petroleum products,
LPG, Oil, Lubricants etc |
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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
VITOGAZ 122
Actual Name
VITOGAZ
Principal Address
BP 3984101 Antanarivo, Madagascar
Telephone: +261-20-2236400/ 2236800
Fax: +261-20-2237721
Email: vitogazmada@iris.mg
Internet: www.vitogaz.mg
Established
20/4/1999
Registration
No. B051478 Antanarivo,
Madagascar
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
400
Office & Factories
Head offices 122, Rue Rainandariamampandry, Farvohitra ,
Antanarivo, Madagascar
Branches Ambohidratrimo & Mahajanga
Company Profile
Paid in Capital MGF. 1,000,000,000
Subscribed Capital MGF. 1,000,000,000
Shareholders
Name Position Amount
Ratio
Mr. Arnaud Havard CEO
Mr. Remy Grondin Director
Mr. Gilles Gobin Director
Vitogaz SA Holding Co. 100.00%
Total 100.00%
Credit Opinion
Our proposed maximum credit amount of USD 500,000 is recommendable
Affiliated Companies
Company (1) VITOGAZ ITALY
Company (2) VITOGAZ MOROCCO
Company (3) VITOGAS SENEGAL
Management/ Directors
President/ CEO (1)
Name Mr.
Arnaud Havard
Work
Experience 10 years in this
line of business
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Remy Grondin
Þ
Top decision maker is the person who has the ultimate authority or power
to make important managerial decisions. He/She may or may not be officially
registered as a president or an executive director.
Business Activities
Distributors &
Retailers of Petroleum products, LPG, Oil, Lubricants etc
Terms of payment
Buying
terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
Oil
Companies
Customers
Petroleum Distribution
companies, petrol stations etc
Recent Sales
MGF.
26,000,000,000 (2007)
Exports
Neighboring
Countries, Comoros
Export Ratio
30.0%
Import Ratio
70.0%
Domestic Market Share
25.0%
Banking relationship
Main Banks HSBC Bank, MCB Bank
Credit Check of Subject,
President & CEO (as of report date)
Payment Morale: In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING: Financial situation is
average.
COMMENTS
The subject is considered equal to US$ 300,000 at 30 days and a maximum
figure of US$ 500,000 at any one time,
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%)