MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	MINISTERIO DA SAUDE

Registered Office :	Rua 17 Setembro, Coqueiros P. o. Box 1201 Luanda,

Country :	Angola

Date of Incorporation :	31.01.1975

Legal Form :	State Corporation

Line of Business :	Subject promote, develop and manage health sector including prepare, propose, ensure correct implementation, monitoring and periodic evaluation of the national health policy in Angola

No. of Employees :	1500

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Angola

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

Company name and address

SUBJECT'S NAME
Registered Name:	MINISTERIO DA SAUDE
Requested Name:	MINISTERIO DA SAUDE
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	Rua 17 Setembro, Coqueiros
Postal Address:	P. o. Box 1201
	Luanda,
Country:	Angola
Phone:	244-222-391281
Fax:	244-222-391281
Email:	geral@minsa.gov.ao
Website:	www.minsa.gov.ao

LEGAL

Legal Form:	State Corporation
Date Incorporated:	31-Jan-1975
Reg. Number:	Angola
Budget Capital	USD. 1,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Hon. José Vieira Dias Van-Dúnem	Minister
Mr. Carlos Alberto Masseca	Secretary
Government of Angola	Parent	100%

RELATED COMPANIES

Government of Angola	Parent.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm
___________________________________________________________________________

OPERATIONS

Mandate to promote, develop and manage health sector including prepare, propose, ensure correct implementation, monitoring and periodic evaluation of the national health policy in Angola
Imports:	Worldwide
Exports:	None
Trademarks:	None
Terms of sale:	100% tenders

Main Customers:	General Public
Employees:	1500 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Angola
Location:	Owned premises, 200,000 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 = 99.85 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 USD.)
		2013
Income		50,000,000

BANK

Bank Name:	Banco Nacional de Angola
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.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.