|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GANANGOL COMERCIAL, LDA |
|
|
|
|
Registered Office : |
Rua Ngola Kiluange 15B Hoji Ya Henda, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Legal Form : |
Limited
Corporation |
|
|
|
|
LINE OF BUSINESS : |
SUBJECT
OPERATE AS IMPORTERS AND
DISTRIBUTION OF GENERAL MERCHANDISERS AND FOOD PRODUCTS. |
|
|
|
|
No. of Employees |
65 |
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 : |
No complaints |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Angola |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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: |
GANANGOL COMERCIAL,
LDA |
|
Requested Name: |
GAGANGOL
COMMERCIAL, LDA |
|
Other Names: |
None |
|
Physical Address: |
Rua Ngola Kiluange 15B Hoji Ya Henda, |
|
|
Luanda |
|
Country: |
Angola |
|
Phone: |
244-923622684 |
|
Fax: |
244-924264861/-222-395524 |
|
Email: |
rajesh2620@yahoo.co.in/ganangol@gmail.com |
|
Website: |
None |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
2002 |
|
|
Date
Started: |
01-Jan-2004 |
|
|
Reg. Number: |
Luanda Angola |
|
|
Nominal Capital |
AOA. 1,000,000 |
|
|
Subscribed Capital |
AOA. 1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Amit Khatwani |
MD |
|
|
Mr. Mital Khatwani |
Director |
|
|
Mr. Rajesh Punjabi |
Manager |
|
|
Mr. Hemant Meghwani |
Accountant |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
None |
Branches of the firm |
|
___________________________________________________________________________ |
|
|
Registered to operate as importers and distribution of general merchandisers and food products etc |
|
|
Imports: |
Asia, Middle East |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
65 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Angola |
|
Location: |
Leased premises, 5,000 square feet, |
|
Auditors: |
Information not available. |
|
Insurance Brokers: |
Information not available. |
|
Currency Reported: |
Angolan Kwanza (AOA.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 97.33 Angolan Kwanza |
|
|
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 AOA.) |
||
|
|
|
2013 |
|
Sales |
|
415,000,000 |
|
Bank Name: |
Banco Angolano De Investmentos (BAI) |
|
Account
Number: |
11279494 |
|
IBAN
Number: |
AO06004000001127949410131 |
|
Branch: |
Angola |
|
Comments: |
Other Banks |
|
|
BIC BANK |
|
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.60.14 |
|
|
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.