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Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AFROMET SPRL |
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Registered Office : |
25, Jacrandas Avenue, Ville, Goma, Kinshasa |
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Country : |
Democratic Republic Of Congo |
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Date of Incorporation : |
15.04.2010 |
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Legal Form : |
Societe Privee
LResponsibilitee Limitee |
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Line of Business : |
Subject operate as metal
manufacturing company |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Democratic Republic Of Congo |
C2 |
C2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
DEMOCRATIC
REPUBLIC OF CONGO - ECONOMIC OVERVIEW
The economy of the Democratic
Republic of the Congo - a nation endowed with vast natural resource wealth - is
slowly recovering after decades of decline. Systemic corruption since
independence in 1960, combined with country-wide instability and conflict that
began in the mid-90s has dramatically reduced national output and government
revenue and increased external debt. With the installation of a transitional
government in 2003 after peace accords, economic conditions slowly began to
improve as the transitional government reopened relations with international
financial institutions and international donors, and President KABILA began
implementing reforms. Progress has been slow to reach the interior of the
country although clear changes are evident in Kinshasa and Lubumbashi. An
uncertain legal framework, corruption, and a lack of transparency in government
policy are long-term problems for the mining sector and for the economy as a
whole. Much economic activity still occurs in the informal sector and is not
reflected in GDP data. Renewed activity in the mining sector, the source of
most export income, has boosted Kinshasa's fiscal position and GDP growth in
recent years. The global recession cut economic growth in 2009 to less than
half its 2008 level, but growth returned to around 7% per year in 2010-12. The
DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and
received $12 billion in multilateral and bilateral debt relief in 2010, but the
IMF at the end of 2012 suspended the last three payments under the loan
facility - worth $240 million - because of concerns about the lack of transparency
in mining contracts. In 2012, the DRC updated its business laws by adhering to
OHADA, the Organization for the Harmonization of Business Law in Africa. The
country marked its tenth consecutive year of positive economic expansion in
2012.
|
Source
: CIA |
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Registered Name: |
AFROMET SPRL |
|
Requested Name: |
AFROMET SPRL |
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Other Names: |
None |
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Physical Address: |
25,
Jacrandas Avenue, Ville, Goma, |
|
|
Kinshasa, |
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Country: |
Democratic Republic Of Congo (DR CONGO) |
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Phone: |
243-813010926 |
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Fax: |
243-813010926 |
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Email: |
info@mtil.in |
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Website: |
www.metenere.com |
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Legal Form: |
Societe Privee
LResponsibilitee Limitee |
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Date Incorporated: |
15-April-2010 |
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Reg. Number: |
Democratic Republic Of Congo (DR CONGO) |
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Nominal Capital |
CFA.
10,000,000 |
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Subscribed Capital |
CFA.
10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Mr. Raman Gupta |
Director |
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Mr. Ankur Singh |
Director |
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Mr. Subhash Chandra Tandon |
Director |
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Mr. Sanjeev Arora |
Director |
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Mr. Shyam Jajoo |
GM |
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Mr. Naveen Maheshwari |
Manager |
|
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MET TRADE (INDIA) LIMITED |
Holding
Co. |
100% |
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MET TRADE (INDIA) LIMITED |
Parent company. |
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None |
Subsidiary company. |
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MET TRADE (INDIA)
LIMITED, MET TRADE (GLOBAL)
LIMITED, SARL MET TRADE FRANCE, MET TRADE DO BRASIL
RECICLAGEM E PARTICIPACOES LTDA, MET TRADE (U.A.E) FZC, MET TRADE (BHUTAN)
LIMITED, MET TRADE (GHANA)
LIMITED, MET TRADE S.A, MET AFRO METAL SOUTH
AFRICA (PTY) LTD, MET TRADE OVERSEAS
LIMITED, MET TRADE (U.K) LTD. |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
metal manufacturing company |
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Imports: |
Asia, Africa |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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|
|
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Main Customers: |
firms and organizations |
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Employees: |
100 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Democratic Republic Of Congo (DR CONGO) |
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Location: |
Owned premises, 50,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
West African Franc (CFA.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 476.02 West
African Franc |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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||
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Financial Information not
Submitted |
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Profit and Loss
(expressed in CFA.) |
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2013 |
|
Sales |
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420,000,000 |
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Bank Name: |
Banque
Internationale pour l'Afrique au Congo |
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Branch: |
Democratic
Republic Of Congo (DR CONGO) |
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Comments: |
None |
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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.60.70 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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 |
|
<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.