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Report Date : |
10.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAFCOM ANGOLA |
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Registered Office : |
Rua
Sebastiao Destavez, House No. 72 BC Bairo Valodia,Luanda, |
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Country : |
Angola |
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Date of Incorporation : |
08.04.2007 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in general
merchandises |
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No. of Employees : |
15 employees. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report number,
name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Angola |
C1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ANGOLA - ECONOMIC OVERVIEW
Angola's high growth rate in recent years was driven by high
international prices for its oil. Angola became a member of OPEC in late 2006
and its current assigned a production quota of 1.65 million barrels a day
(bbl/day). Oil production and its supporting activities contribute about 85% of
GDP. Diamond exports contribute an additional 5%. Subsistence agriculture
provides the main livelihood for most of the people, but half of the country's
food is still imported. Increased oil production supported growth averaging
more than 17% per year from 2004 to 2008. A postwar reconstruction boom and
resettlement of displaced persons has led to high rates of growth in
construction and agriculture as well. Much of the country's infrastructure is
still damaged or undeveloped from the 27-year-long civil war. Land mines left
from the war still mar the countryside, even though peace was established after
the death of rebel leader Jonas SAVIMBI in February 2002. Since 2005, the
government has used billions of dollars in credit lines from China, Brazil,
Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure.
The global recession that started in 2008 temporarily stalled economic growth.
Lower prices for oil and diamonds during the global recession slowed GDP growth
to 2.4% in 2009, and many construction projects stopped because Luanda accrued
$9 billion in arrears to foreign construction companies when government revenue
fell in 2008 and 2009. Angola abandoned its currency peg in 2009, and in
November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to
rebuild international reserves. Consumer inflation declined from 325% in 2000
to about 10% in 2012. Higher oil prices have helped Angola turn a budget
deficit of 8.6% of GDP in 2009 into an surplus of 12% of GDP in 2012.
Corruption, especially in the extractive sectors, also is a major challenge.
|
Source : CIA |
SUBJECT'S NAME
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Registered Name: |
MAFCOM ANGOLA |
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Requested Name: |
MAFCOM ANGOLA |
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Other Names: |
MAFCOM ANGOLA COMERCIO GERAL LDA |
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ADDRESS AND
TELECOMMUNICATION
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Physical Address: |
Rua
Sebastiao Destavez, House No. 72 BC Bairo Valodia,Luanda, |
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Postal Address: |
Rua
Sebastiao Destavez, House No. 72 BC Bairo Valodia, |
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Luanda |
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Country: |
Angola |
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Phone: |
244-939769355/243-812700444/222-393889 |
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Fax: |
244-222-393889 |
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Email: |
finance@mafricom.com/paul@mafcomangola.com |
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Website: |
None |
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CREDIT OPINION
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Financial Index as of December
2012 shows subject firm with a medium risk of credit. However, bank and
credit information obtained reveal a history of prompt payments. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
08-April-2007 |
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Reg. Number: |
Angola |
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Nominal Capital |
AOA.
1,000,000 |
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Subscribed Capital |
AOA.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Paul Ganesan |
Director |
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Mr. Mohammad Monzurul Islam |
Manager |
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RELATED COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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Praceta Farinja Leitao, No. 3 R/C, Luanda, Angola and 1 in DRC |
Branches of the firm |
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OPERATIONS
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Registered to operate as
dealers in general merchandises |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (60%) and 25-90 days (40%), invoices. |
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Main Customers: |
Local agencies, general public |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Angola |
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Location: |
Rented premises, 1,500 square feet, |
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AUDITORS AND
INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Angolan Kwanza (AOA.) |
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Approx. Ex. Rate: |
1 US Dollar = 95.65
Angolan Kwanza |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in AOA.) |
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2012 |
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Sales |
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250,000,000 |
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BANK
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Bank Name: |
BCA
BANK |
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Branch: |
Angola |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS /
ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and confirmed
the above subject. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
UK Pound |
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.