MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AFZAL TRADING |
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Registered Office : |
Av. Paulo Samuel Kamkomba, nº 38, R/C,
Nampula |
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Country : |
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Date of Incorporation : |
05.03.2002 |
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Com. Reg. No.: |
45307 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
distributors of
food products such as Cashew nuts, beans, seeds and tea |
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No. of Employees : |
58 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Mozambique |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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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. 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.
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Source : CIA |
Registered Name: AFZAL TRADING
Requested Name: AFZAL
TRADING
Other Names: AFZAL
TRADING, LDA
Physical Address: Av. Paulo Samuel
Kamkomba, nº 38, R/C, Nampula
Postal Address: P. o. Box 117
Nampula,
Country: Mozambique
Phone: 258-26-215940/215937/215939
Fax: 258-26-215940
Email: gg.akil@teledata.mz
Website: None
Financial Index as of December 2013 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments. We recommend Credit of USD 100,000 on 90 days.
Legal Form: Limited Corporation
Date Incorporated: 5-March-2002
Reg. Number: 45307
Nominal Capital MZN. 10,000
Subscribed Capital MZN. 10,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Momade Aquil
Rajahussen Gulamo MD
Mr. P. Gulamo Director
Grupo Gulamo Holding Co. 100%
Grupo Gulamo Parent company.
None Subsidiary company.
Air Corridor,
Transportes Gulamo,
Gulamo Comercial. Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as distributors of food products such as Cashew nuts,
beans, seeds and tea
Imports: Asia
Exports: Europe,
Africa
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 58
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Owned
premises, 2,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mozambique Metical (MZN.)
Approx. Ex. Rate: 1 US Dollar = 27.85 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 MZN.)
2013
Sales 150,000,000
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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NB |
New Business |
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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.