MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
ACUCAREIRA DE XINAVANE SARL |
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Registered Office : |
Predio 33 Andares, 4 Andar , Avenida Zedequias
Manganhela No.95 |
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Country : |
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Year of Establishment : |
1914 |
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Com. Reg. No.: |
564 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as sugar
cane mill for production of Sugar, molasses, Ethanol, & other by products |
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
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Registered Name: |
ACUCAREIRA DE
XINAVANE SARL |
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Requested Name: |
ACUCAREIRA DE XINAVANE SA |
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Other Names: |
None found. |
ADDRESS AND TELECOMMUNICATION
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Physical Address: |
Predio 33 Andares, 4 Andar , |
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Avenida Zedequias Manganhela No.95 |
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Postal Address: |
Caixa Postal 583, |
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Country: |
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Phone: |
258 21 87005 |
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Fax: |
258 21 87005 |
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Email: |
info@xinavane.co.mz |
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Website: |
CREDIT OPINION & RISK RATING
ASSESSMENT
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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
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Legal Form: |
Limited Corporation |
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Established |
1914 |
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Date Incorporated: |
06/06/1920 |
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Reg. Number: |
564 |
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Nominal Capital |
Rs.
61,000,000 |
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Paid Up Capital |
Rs.
61,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr.
P H Staude |
MD/
CEO |
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Mr.
J D Bhana |
Director |
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Mr.
B G Dunlop |
Director |
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Mr.
M H Munro |
Director |
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Tongaat
Hulett Sugar Co Pty Ltd |
Holding
Company |
88% |
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Government
of |
Shareholder |
12% |
RELATED COMPANIES
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Tongaat
Hulett Sugar Co Pty Ltd |
Parent company. |
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None |
Subsidiary company. |
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Acucaeira de Mozambique
(Mafambisse) Tongaat Hulett Acucar Limitada |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
OPERATIONS
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Registered to operate as
sugar cane mill for production of Sugar, molasses, Ethanol, & other by
products |
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Imports: |
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Exports: |
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Trademarks: |
None |
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Terms of sale: |
Cash (70%) and 30 days (30%), invoices. |
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Main Customers: |
Distribution firms and Associated organizations |
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Employees: |
2500 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
South Africa & Europe |
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Location: |
Owned premises, 10,300 (hectares), |
AUDITORS AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
FINANCE
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Currency Reported: |
South African |
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Approx. Ex. Rate: |
1 US Dollar = 8 South
African 1 US Dollar = 24000 |
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Fiscal Year End: |
December 31, 2007 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2007 was of 13%. |
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Financial Information Not
Submitted |
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Profit and Loss
(expressed in RS (south African).) |
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2007 |
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Sales |
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245,000,000 |
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Net Profit (Loss) |
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21,000,000 |
BANK
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Bank Name: |
BFC
Banco |
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Branch: |
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Comments: |
None |
TRADE
REFERENCES
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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. The interest in Acucareira de Xinavane, SARL
(Mozambique) was increased to 88% from 49% with effect from 1 January 2007,
being the effective date from which this company has been consolidated.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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%)