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Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GRUPO TWAPASUKA |
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Registered Office : |
Rua 16, Projecto Nova Vida, Luanda |
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Country : |
Angola |
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Date of Incorporation : |
05.10.2008 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in construction and building materials |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Registered Name: GRUPO TWAPASUKA
Requested Name: GRUPO
TWAPASUKA
Other Names: GRUPO
TWAPASUKA LDA
Physical Address: Rua 16, Projecto Nova Vida,
Luanda
Postal Address: Rua 16, Projecto Nova Vida,
Luanda,
Country: Angola
Phone: 244-923388217
Fax: 244-222-326582
Email: dchingunji@aol.com
Website: None
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. We recommend Credit of USD 80,000 on 90 days.
Legal Form: Limited Corporation
Date Incorporated: 05-Oct-2008
Reg. Number: Angola
Nominal Capital AOA. 1,000,000
Subscribed Capital AOA. 1,000,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Eduardo
Jonatao Chingunji CEO
Mr. Eduardo Dinho Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in construction and building materials
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 45
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Angola
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Angolan Kwanza (AOA.)
Approx. Ex. Rate: 1 US Dollar = 95.65 Angolan Kwanza
Fiscal Year End: December
31, 2012
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2012 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in AOA.)
2012
Sales 550,000,000
Bank Name: BCA
Branch: Angola
Comments: None
Experiences: Good
None
This information was obtained from outside sources other than the
subject company itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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 |
|
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.