MIRA INFORM REPORT

 

 

Report Date :

22.03.2013

 

IDENTIFICATION DETAILS

 

Correct Name :

PAENAL-PORTO AMBOIM ESTALEIRO NAVAL, LDA

 

 

Registered Office :

Sucursal De Angola Praia Do Kissonde Porto Amboim, Zone de Stoc, Kwanza Sul, Luanda

 

 

Country :

Angola

 

 

Date of Incorporation :

14.08.2008

 

 

Com. Reg. No.:

2079073

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

manufacture and assembly of equipment for the oil and gas in offshore and onshore and the provision of maintenance and repair

 

 

No. of Employees :

510 employees

 

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 :

Regular 

 

 

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

(31.03.2012)

Current Rating

(30.06.2012)

Angola

C1

C1

 

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

 

SUBJECT'S NAME   

 

Registered Name:                                    PAENAL-PORTO AMBOIM ESTALEIRO NAVAL, LDA

Requested Name:                                    PORTO AMBOIM ESTALEIRO

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Sucursal De Angola Praia Do Kissonde Porto Amboim, Zone de Stoc,

                                                              Kwanza Sul, Luanda

Postal Address:                                       Sucursal De Angola Praia Do Kissonde Porto Amboim, Zone de Stoc,

                                                              Kwanza Sul, Luanda

Country:                                                  Angola

Phone:                                                    244-223240394/927825268

Fax:                                                       244-223240394

Email:                                                     ilidio.silva@paenal.com

Website:                                                 None

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            14-Aug-2008

Reg. Number:                                                   2079073

Nominal Capital                                                USD. 208,300,000

Subscribed Capital                                            USD. 208,300,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Joseph Benge                                             Chairman                        

Mr. Baptista Muhongo Sumbe                            Director                           

Mr. Francis Blanchelande                                  Director                           

Sbm Offshore Ship Yard BV                              Shareholder                      30%

Daewoo Shipbuilding and Marine Eng                 Shareholder                      30%

Sonangol Group                                                Shareholder                      40%

 

 

RELATED COMPANIES  

 

Sonangol Group                                                Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

Enseada de Benguela Velha beach, Kwanza Sul province, Angola Branches of the firm

 

OPERATIONS

 

Registered to operate manufacture and assembly of equipment for the oil and gas in offshore and onshore and the provision of maintenance and repair

 

Imports:                                                           Asia, Middle East

Exports:                                                           None

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                      510 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Angola

Location:                                                          Owned premises, 1,750 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Angolan Kwanza (AOA.)

Approx. Ex. Rate:                                             1 US Dollar = 95.98 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.)

                                                                       2011                        2012

Sales                                                               14,500,000,000         15,950,000,000

 

 

BANK 

 

Bank Name:                                                     BAI Bank

Branch:                                                            Angola

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.54.28

UK Pound

1

Rs.82.06

Euro

1

Rs.70.23

 

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%)

 

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.