MIRA INFORM REPORT

Report No. :	350935
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	CAPTRADE LDA
Registered Office :	Praca Do Ambiente No 23,Municpro Da Ingombota, Luanda
Country :	Angola
Date of Incorporation :	20.09.2008
Com. Reg. No.:	49693445
Legal Form :	Limited Corporation
Line of Business :	Subject operates as providers of oil field logistics, supplies and procurement solutions.
No. of Employees :	50 Employees

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Angola	B1	B1

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 economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports. Diamonds contribute an additional 5% to exports. 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. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. However, the government since 2005 has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them. The global recession that started in 2008 stalled economic growth. In particular, 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 formally 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 less than 9% in 2014. Falling oil prices and slower than expected growth in non-oil GDP have reduced growth prospects for 2015. Angola has responded by reducing government subsidies and by proposing import quotas and a more restrictive licensing regime. Corruption, especially in the extractive sectors, is a major long-term challenge.

Source : CIA

SUBJECT'S NAME
Registered Name:	CAPTRADE LDA
Requested Name:	CAPTRADE LDA
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Praca Do Ambiente No 23,Municpro Da Ingombota,
	Luanda
Country:	Angola
Phone:	244-222-338926/ 370181/ 374602/ 393213/ 394623/ 322906
Cell:	244-919965381
Fax:	244-222-335475/ 322089
Email:	marciodossantos@captrade-lda.com
Website:	www.captrade-lda.com
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		20-Sept-2008
Reg. Number:		49693445
Tax Number:		5417034452
Nominal Capital		AOA. 1,000,000
Subscribed Capital		AOA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Marcio Dos Santos		MD		10%
Mr. Jorge Ribeiro		Director
Mr. Romary Olivier		Director
Other Shareholders		Shareholder		20%
Entrepose Group Captrade		Holding Co.		70%
RELATED COMPANIES
Entrepose Group Captrade		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Marcio Dos Santos Other Shareholders		Shareholders of subject firm.
Condoninio Zenus u Casa N , Angola		Branches of the firm
OPERATIONS
Registered to operate as providers of oil field logistics, supplies and procurement solutions.
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Oil firms and organizations
Employees:		50 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Angola
Location:		Owned premises, 10,000 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 = 136.39 Angolan Kwanza
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 AOA.)
			2014
Sales			520,000,000
BANK
Bank Name:		BANCO BIC
Branch:		Angola
Account No.:		26567290.30.001
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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	NIT

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.