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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CANON IMPEX PTE LTD. |
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Registered Office : |
907 Avenue Zedequias Manganhela Maputo |
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Country : |
Mozambique |
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Year of Incorporation : |
2008 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in general merchandise such as food products, beverages etc |
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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 : |
Usually Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Mozambique |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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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 |
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. Inspite of these gains, Mozambique remains dependent upon
foreign assistance for more than half of its annual budget, and in 2008 54% of
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 the opening of the Mozal aluminum
smelter, the country's largest foreign investment project to date, has
increased export earnings. At the end of 2007, and after years of negotiations,
the government took over Portugal's majority share of the Cahora Bassa
Hydroelectricity Company (HCB), a dam that was not transferred to Mozambique at
independence because of the ensuing civil war and unpaid debts. More electrical
power capacity is needed for additional investment projects in titanium
extraction and processing and garment manufacturing that could further close
the import/export gap. 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 Millennium Challenge Corporation (MCC) signed a compact
with Mozambique; the compact entered into force in September 2008 and will
continue for five years. Compact projects will focus 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. Mozambique
grew at an average annual rate of 9% in the decade up to 2007, one of Africa's
strongest performances. However, heavy reliance on aluminum, which accounts for
about one-third of exports, subjects the economy to volatile international
prices. The sharp decline in aluminum prices during the global economic crisis
lowered GDP growth by several percentage points. Despite 6.8% GDP growth in
2010, the increasing cost of living prompted citizens to riot in September
2010, after fuel, water, electricity, and bread price increases were announced.
In an attempt to contain the cost of living, the government implemented
subsidies, decreased taxes and tariffs, and instituted other fiscal measures.
Real growth of 7.2% was achieved in 2011.
Source
: CIA
Registered Name: CANON IMPEX PTE LTD.
Requested Name: CANON
IMPEX PTE LTD.
Other Names: CANON
IMPEX INTERNATIONAL LTDA
Physical Address: 907
Avenue Zedequias Manganhela Maputo, Mozambique
Postal Address: P. o. Box 2129
Maputo
Country: Mozambique
Phone: 258-21322522/461495
Fax: 258-21322522
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: Limited Corporation
Date Incorporated: 2008
Reg. Number: Mozambique
Nominal Capital MZN. 100,000
Subscribed Capital MZN. 100,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Manuel
Ferreira Director
Ms. Ana Costa Manager
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 general merchandise such as food
products, beverages etc
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: General
Public, distributors etc
Employees: 15
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Mozambique Meticais (MZN.)
Approx. Ex. Rate: 1 US Dollar = 30.61 Mozambique Meticais
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 45,000,000
Bank Name: BancABC
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
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 |
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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 |
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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 |
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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 |
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<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.