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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
EDM - ELECTRICIDADE DE MOCAMBIQUE E P |
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Registered Office : |
Avenida Agostinho Neto, No 70, Maputo |
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Country : |
Mozambique |
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Date of Incorporation : |
06.02.1977 |
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Com. Reg. No.: |
25178 |
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Legal Form : |
State Corporation |
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Line of Business : |
Engaged in generation, transmission and supply of electricity and
power |
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No. of Employees : |
5000 |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Mozambique |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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: EDM - ELECTRICIDADE DE MOCAMBIQUE E P
Requested Name: ELECTRICIDADE
DE MOCAMBIQUE
Other Names: None
Physical Address: Avenida Agostinho Neto, No 70, Maputo
Postal Address: C.P 2447/2532,
Maputo,
Country: Mozambique
Phone: 258-21-492011/ 490636/ 491079/ 310719/
481501/8/ 307254
Fax: 258-21-492014/ 491048/ 307250/ 493002
Email: asousa@edm.co.mz/lamado@edm.co.mz
Website: www.edm.co.mz
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: State Corporation
Date Incorporated: 6-Feb-1977
Reg. Number: 25178
Budget Capital MZN. 100,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Augusto de Sousa
Fernando Chairman
Engº Adriano Jonas Director
Engº Cirilo Fabião Director
Engº Orlando Paulo
Missa Director
Drª Isaura Cuambe Director
Dr. Edgar Cossa Director
Dr. Henrique
Anuário Director
Government of
Mozambique Parent 100%
Government of
Mozambique Parent.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
Branches of the firm
368, Filipe Samuel Magaia Ave, Sofala-Dondo, Gaza-Chibuto, Gaza-Praia Bilene, Inhambane-Homoine, Manica, Maputo-Moamba, Maputo-Manhica, Gaza-Macia, Maputo-Corrumana, Inhambane-Massinga, Maputo Namaacha, Inhambane-Praia do Tofo, Gaza-Manjacaze, Maputo-Magude in Mozambique
Registered to operate generation, transmission and supply of electricity
and power
Imports: Europe,
Asia
Exports: None
Trademarks: None
Terms of sale: 100%
tenders
Main Customers: General
Public
Employees: 5000
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Owned
premises, 300,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mozambique Metical (MZN.)
Approx. Ex. Rate: 1 US Dollar = 31.05 Mozambique Metical
Fiscal
Year End: December 31, 2013
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in USD.)
2013
Sales 300,000,000,000
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
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 |
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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 |
|
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.