|
Report No. : |
304673 |
|
Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAB PRODUCTS INDUSTRIA DE BISCOITOS E DOCES LIMITADA |
|
|
|
|
Registered Office : |
Parcela
3380/25, EN-4 Witbank, Matola, Maputo |
|
|
|
|
Country : |
Mozambique |
|
|
|
|
Date of Incorporation : |
16.05.2008 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Subject operate
manufacture and supply of food products such as biscuits, confectionaries, sweet
flavours such as chocolate, lemon, strawberry, vanilla, orange and banana. |
|
|
|
|
No. of Employee : |
100 |
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) |
|
Mozambique |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 2013,
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.
|
Source
: CIA |
Company
name
|
|
|||
|
Registered Name: |
SAB PRODUCTS
INDUSTRIA DE BISCOITOS E DOCES LIMITADA |
|||
|
Requested Name: |
SAB PRODUCTS LDA |
|||
|
Trade Names: |
SAB PRODUCTS LDA |
|||
|
|
||||
ADDRESS
AND TELECOMMUNICATION
|
||||
|
Physical Address: |
Parcela
3380/25, EN-4 Witbank |
|||
|
|
Matola,
Maputo |
|||
|
Country: |
Mozambique |
|||
|
Phone: |
258-21-328518/900980 |
|||
|
Fax: |
258-21-900980 |
|||
|
Email: |
info@sabproducts.org/ info@cogefgroup.com |
|||
|
Website: |
www.cogefgroup.com/www.sabproducts.org |
|||
|
|
||||
CREDIT
OPINION
|
|
|||
|
Financial Index as of December
2014 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
|
|
|||
|
Legal Form: |
Limited Corporation |
|||
|
Date Incorporated: |
16-May-2008 |
|||
|
Reg. Number: |
Mozambique |
|||
|
Nominal Capital |
MZN.
240,000 |
|||
|
Subscribed Capital |
MZN.
240,000 |
|||
|
Subscribed Capital is Subscribed in the following form: |
||||
|
|
Position |
Shares |
||
|
Mr. Rizwan Adatia |
Group Chairman |
|
||
|
Mrs. Salma Resnoz Adatia |
Director |
|
||
|
Mr. Nikunj Dilipbhai Dave |
Director |
|
||
|
Mr. Pierre Saad |
Director |
|
||
|
Mr. Hassan Sabra |
Director |
|
||
|
Mr. Mahmoud Ahmad
Sabra |
Director |
|
||
|
Mr. Hassan Rabih
Sabra |
Director |
|
||
|
COGEF GROUP |
Holding Co. |
100% |
||
|
|
||||
RELATED
COMPANIES
|
||||
|
COGEF GROUP |
Parent company. |
|||
|
None |
Subsidiary company. |
|||
|
Listed Below |
Affiliated companies. |
|||
|
None |
Shareholder of subject firm. |
|||
|
None |
Branches of the firm |
|||
|
|
||||
OPERATIONS
|
||||
|
Registered to operate
manufacture and supply of food products such as biscuits, confectionaries,
sweet flavours such as chocolate, lemon, strawberry, vanilla, orange and
banana. |
||||
|
Imports: |
Asia, South Africa |
|||
|
Exports: |
None |
|||
|
Trademarks: |
None |
|||
|
Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
|||
|
|
|
|||
|
Main Customers: |
Distributors, Local agencies, stores, outlets etc |
|||
|
Employees: |
100 employees. |
|||
|
Vehicles: |
Several motor vehicles. |
|||
|
Territory of sales: |
Mozambique |
|||
|
Location: |
Leased premises, 120,000 square feet, |
|||
|
|
||||
AUDITORS
AND INSURANCE
|
||||
|
Auditors: |
Information not
available. |
|||
|
Insurance Brokers: |
Information not
available. |
|||
|
|
|
|||
FINANCE
|
|
|||
|
Currency Reported: |
Mozambique Meticais (MZN.) |
|||
|
Approx. Ex. Rate: |
1 US Dollar = 34.46
Mozambique Meticais |
|||
|
Fiscal Year End: |
December 31, 2014 |
|||
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
|||
|
|
||||
|
Financial Information not
Submitted |
|
|||
|
|
|
|||
|
|
|
|||
|
Profit and Loss
(expressed in MZN.) |
||||
|
|
|
2014 |
||
|
Sales |
|
350,000,000 |
||
|
|
||||
BANK
|
|
|||
|
Bank Name: |
Banco
Comercial de Investimentos (BCI) |
|||
|
Branch: |
Mozambique |
|||
|
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. |
||||
AFFILIATED COMPANIES
|
|
RECHEIO CASH AND CARRY LDA |
|
COGEF TRADING LDA |
|
ALI COMMERCIAL |
|
JUMBO CITY CASH & CARRY |
|
ROYALLE STEEL INDUSTRIES LDA |
|
AZEEMA INDUSTRIES |
|
A-ONE DISTRIBUTORS |
|
COGEF MULTI NEGOCIOS |
|
COGEF MULTI TRADERS PVT LTD |
|
SOCIETE COGEF MADAGASCAR |
|
SOFIA S.P.R.L |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.