|
Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROFARMA LDA |
|
|
|
|
Registered Office : |
Av
Ahmed Sekou Toure Nr Nr 2547-R/S Maputo |
|
|
|
|
Country : |
Mozambique |
|
|
|
|
Date of Incorporation : |
10.07.2007 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
distributors of
pharmaceuticals and medicinal drugs |
|
|
|
|
No. of Employees : |
20 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Registered Name: PROFARMA LDA
Requested Name: PROFARMA
LDA
Other Names: None
Physical Address: Av Ahmed Sekou Toure Nr Nr
2547-R/S Maputo
Postal Address: P. o. Box 6687
Maputo,
Country: Mozambique
Phone: 258-21-300951
Fax: 258-21-300933
Email: None
Website: None
Financial
Index as of December 2012 shows subject firm with a medium risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 10-July-2007
Reg. Number: Mozambique
Nominal Capital MZN. 100,000
Subscribed Capital MZN. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Jagdish
Araquechande Director
Mr. Amir P. Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as distributors of pharmaceuticals and medicinal
drugs
Imports: Asia,
Europe
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, stores, outlets
Employees: 20
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Rented
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mozambique Meticals(MZN.)
Approx. Ex. Rate: 1 US Dollar = 29.98 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 120,000,000
Bank Name: Banco Comercial de Investimentos
(BCI)
Branch: Mozambique
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.61.62 |
|
|
1 |
Rs.100.84 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.