|
Report No. : |
311092 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARMAZENS DIAMANTE
ORIENTAL |
|
|
|
|
Registered Office : |
Cidade Alta Bloco I Nacala,
Maputo |
|
|
|
|
Country : |
Mozambique |
|
|
|
|
Date of Incorporation : |
02.07.2012 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Engaged as wholesale and distribution of General Merchandise such as FMCG & Hardware Products |
|
|
|
|
No of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
significant 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 |
Registered Name: ARMAZENS DIAMANTE ORIENTAL
Requested Name: ARMAZENS
DIAMANTE ORIENTAL
Other Names: None
Physical Address: Cidade Alta Bloco I Nacala
Maputo
Country: Mozambique
Phone: 258-21-520351/520317/526258
Fax: 258-21-520402
Email: None
Website: None
Financial
Index as of December 2014 shows subject firm with a high risk of credit. We recommend
Secured Credit.
Legal Form: Limited Corporation
Date Incorporated: 02-July-2012
Reg. Number: Mozambique
Nominal Capital MZN. 100,000
Subscribed Capital MZN. 100,000
Subscribed
Capital is Subscribed in the following form:
Position
Mr. João Santos Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as wholesale and distribution of general merchandise
such as FMCG & Hardware Products
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, firms and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mozambique
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mozambique Meticais (MZN.)
Approx. Ex. Rate: 1 US Dollar = 34.20 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 45,000,000
Bank Name: Banco Comercial de Investimentos
(BCI)
Branch: Mozambique
Comments: 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.62.75 |
|
UK Pound |
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.