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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL DE MEDICAMENTOS E ARTIGOS MÉDICOS
(CMAM) |
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|
|
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Registered Office : |
Agostinho
Neto Savador Allede Hcm, Maputo |
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Country : |
Mozambique |
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Year of Establishments: |
1992 |
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Legal Form : |
State Corporation |
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Line of Business : |
subject operate as dealers in pharmaceutical products and related facilities |
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No. of Employees : |
250 |
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 |
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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 – 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: CENTRAL DE MEDICAMENTOS E ARTIGOS MÉDICOS
(CMAM)
Requested Name: CENTRAL DE MEDICAMENTOS E ARTIGOS
Other Names: None
Physical Address: Agostinho Neto Savador Allede
Hcm, Maputo
Postal Address: P. o. Box 286
Maputo,
Country: Mozambique
Phone: 258-21-308735
Fax: 258-21-308735
Email: None
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.
Legal Form: State Corporation
Date Incorporated: 1992
Reg. Number: Mozambique
BudgetCapital MZN. 1,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Paulo Nhaducue Director
M. Dgedge P. Director
Government Of
Mozambique Parent 100%
Government Of
Mozambique Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
Major towns in
Mozambique Branches of the firm
Registered to operate as dealers in pharmaceutical products and related facilites
Imports: Worldwide
Exports: None
Trademarks: None
Terms of sale: 100%
tenders
Main Customers: Local
agencies, distributors, firms and organizations
Employees: 250
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mozambique Meticals (MZN.)
Approx. Ex. Rate: 1 US Dollar = 30.07 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 250,000,000
Bank Name: Banco de Moçambique
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.61.99 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
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.