MIRA INFORM REPORT

 

 

Report Date :

03.12.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERMETAL SARL

 

 

Registered Office :

Rua Comandante Baeta Neves No. 53 Maputo, P.o Box 1162, Maputo

 

 

Country :

Mozambique

 

 

Date of Incorporation :

26.12.1998

 

 

Com. Reg. No.:

42156

 

 

Legal Form :

Private Corporation

 

 

LINE OF BUSINESS :

EXPORTERS OF STEEL PRODUCTS

 

 

No. of Employees :

220

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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)

Mozambique

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MOZAMBIQUE - ECONOMIC OVERVIEW

 

At independence in 1975, Mozambique was one of the world's poorest countries. Socialist mismanagement and a brutal civil war from 1977-92 exacerbated the situation. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities. In spite of these gains, Mozambique remained dependent upon foreign assistance for 40% of its 2012 annual budget and over half the population remained below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's work force and smallholder agricultural productivity and productivity growth is weak. A substantial trade imbalance persists although aluminum production from the Mozal smelter has significantly boosted export earnings in recent years. In 2012, The Mozambican government took over Portugal's last remaining share in the Cahora Bassa Hydroelectricity Company (HCB), a signficant contributor to the Southern African Power Pool. The government has plans to expand the Cahora Bassa Dam and build additional dams to increase its electricity exports and fulfill the needs of its burgeoning domestic industries. Mozambique's once substantial foreign debt has been reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level. In July 2007, the US government's Millennium Challenge Corporation (MCC) signed a $506.9 million Compact with Mozambique. Compact projects will end in September 2013 and are focusing on improving sanitation, roads, agriculture, and the business regulation environment in an effort to spur economic growth in the four northern provinces of the country. Citizens rioted in September 2010, after fuel, water, electricity, and bread price increases were announced. In an attempt to lessen the negative impact on people, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures. Mozambique grew at an average annual rate of 6%-8% in the decade up to 2012, one of Africa's strongest performances. Mozambique's ability to attract large investment projects in natural resources is expected to fuel continued high growth in coming years. Revenues from these vast resources, including natural gas, coal, titanium and hydroelectric capacity, could overtake donor assistance within five years.

 

Source : CIA

 

SUBJECT'S NAME

           

Registered Name:

INTERMETAL SARL

Requested Name:

INTERMETAL S.A.

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Rua Comandante Baeta Neves No. 53 Maputo

Postal Address:

P.o Box 1162

 

Maputo

Country:

Mozambique

Phone:

258-21-400448/4548/4756/7876/7877/0449　

Cell:

258-823149530/843007539

Fax:

258-21-400449/7877/300449

Email:

intermetal@teledata.mz/ e.duarte@intermetalsa.co.mz/ Comercial@intermetalsarl.co.mz/ intermetalsarlvendas@tdm.co.mz/ intermetalsarlserver@tdm.co.mz/ Jorge.Chang@intermetalsarl.co.mz/ intermetalsarljc@tdm.co.mz

Website:

www.intermetalsarl.co.mz

 

 

LEGAL

                                                                    

Legal Form:

Private Corporation

Date Incorporated:

26-Dec-98

Started:

1996

Reg. Number:

42156

Nominal Capital

MZN. 50,000,000

Subscribed Capital

MZN. 50,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Eduardo António Duarte

Chairman

 

Mrs. Helena T. Chang Duarte

MD

 

Mr. Fernando Urgel Antunes

Director

 

Mr. Ezequiel Dima

Director

 

Mr. Nino Duarte

Director

 

Mr. Jorge Agostinho Chang

Director

 

Mr. Albino Gaspar Chaúque

Director

 

Mr. Arlindo António Duarte

Director

 

Mr. Armindo Manhiça

Admin

 

 

RELATED COMPANIES

           

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as exporters of steel products

Imports:

Asia

Exports:

Neighboring countries, Asia

Trademarks:

None

Terms of sale:

Cash (40%) and 30 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

220 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Mozambique

Location:

Leased premises, 55,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

                                                                    

Currency Reported:

Mozambique Meticals (MZN.)

Approx. Ex. Rate:

1 US Dollar = 29 Mozambique Meticals

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 MZN.)

 

 

2012

Sales

 

90,000,000

 

 

BANK

 

Bank Name:

MOZA BANCO S.A.

Branch:

Av. Kwame Nkrumah No. 97,Caixa Postal 1012,Maputo, Mozambique

Account Number:

000 200 018 590 0101

Comments:

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.102.14

Euro

1

Rs.84.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.