MIRA INFORM REPORT

 

 

Report No. :

301614

Report Date :

07.01.2015

           

IDENTIFICATION DETAILS

 

Name :

SOCIÉTÉ CONGOLAISE DES GAZ DE PÉTROLE LIQUÉFIÉS

 

 

Registered Office :

Avenue Edith Lucie Bongo Ondimba M'Pila,  Brazzaville, BP 2016, Brazzaville

 

 

Country :

Congo

 

 

Date of Incorporation :

1994

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject operate production, transportation and supply of liquefied petroleum gas

 

 

No. of Employee :

200

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Congo

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CONGO - ECONOMIC OVERVIEW

 

The economy is a mixture of subsistence hunting and agriculture, an industrial sector based largely on oil and support services, and government spending. Oil has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Natural gas is increasingly being converted to electricity rather than being flared, greatly improving energy prospects. New mining projects, particularly iron ore, that entered production in late 2013 may add as much as $1 billion to annual government revenue. Economic reform efforts have been undertaken with the support of international organizations, notably the World Bank and the IMF, including recently concluded Article IV consultations. The current administration faces difficult economic challenges of stimulating recovery and reducing poverty. The drop in oil prices during the global crisis reduced oil revenue by about 30%, but the subsequent recovery of oil prices boosted the economy's GDP from 2009-13. Officially the country became a net external creditor as of 2011, with external debt representing only about 16% of GDP and debt servicing less than 3% of government revenue.

 

Source : CIA

 

 

Company name

 

 

Registered Name:

SOCIÉTÉ CONGOLAISE DES GAZ DE PÉTROLE LIQUÉFIÉS

Requested Name:

SOCIETE CONGOLAISE DES GAZ DE PETROLE LIQUEFIES BP

Trade Names:

GPL SA

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Avenue Edith Lucie Bongo Ondimba M'Pila,  Brazzaville,

Postal Address:

BP 2016

 

Brazzaville

Country:

Republic of Congo

Phone:

242-66620832

Fax:

242-66699921

Email:

gplsa@yahoo.fr

Website:

None

 

CREDIT OPINION

 

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Societe Anonyme

Date Incorporated:

1994

Reg. Number:

Republic of Congo

Nominal Capital

CFA. 1,500,000,000

Subscribed Capital

CFA. 1,500,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Gaston Bobianga

MD/CEO

 

Maurice Mavoungou

Deputy MD

 

Société Nationale des Pétroles du Congo, SNPC

Shareholder

45.00%

Groupe AOGC De Congo- Africa Oil and Gas Corporation

Holding Co.

55.00%

 

RELATED COMPANIES

 

Groupe AOGC De Congo

Parent company.

None

Subsidiary company.

None

Affiliated company.

Société Nationale des Pétroles du Congo, SNPC

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate production, transportation and supply of liquefied petroleum gas

Imports:

Asia

Exports:

East Africa countries

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

200 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Republic of Congo

Location:

Leased premises, 200,000 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 550.53 West African Franc

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 CFA.)

 

 

2013

Sales

 

4,200,000,000

 

BANK

 

 

Bank Name:

BGFIBank Congo (BGFI)

Branch:

Republic of Congo

Comments:

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.63.39

UK Pound

1

Rs.96.72

Euro

1

Rs.75.80

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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