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Report No. : |
340737 |
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Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITRELLI GROUP LIMITED |
|
|
|
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Registered Office : |
Rua Reverendo Agostinho Pedro Neto, No. 23, Luanda |
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|
|
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Country : |
Angola |
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|
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Date of Incorporation : |
17.06.2012 |
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Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Subject operate as a
consultancy firm |
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|
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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 |
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|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
Registered Name: |
MITRELLI GROUP
LIMITED |
|
Requested Name: |
MITRELLI GROUP LIMITED |
|
Other Names: |
None |
|
Physical Address: |
Rua
Reverendo Agostinho Pedro Neto, No. 23, |
|
|
Luanda, |
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Country: |
Angola |
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Phone: |
244-923113321 |
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Fax: |
244-923113321 |
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Email: |
contact-angola@mitrelli.com |
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Website: |
www.mitrelli.com |
|
Legal Form: |
Limited Corporation |
|
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Date Incorporated: |
17-June-2012 |
|
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Reg. Number: |
Angola |
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Nominal Capital |
AOA.
1,000,000 |
|
|
Subscribed Capital |
AOA.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Eva Peled |
CEO |
|
|
Cássia Ayres |
Director |
|
|
Olindo Pereira |
Manager |
|
|
Nuno Sousa |
Manager |
|
|
Ricardo Pinho |
Manager
|
|
|
Rodrigo Joaquim |
Manager |
|
|
Moti Kartashevsky |
Chief
Engineer |
|
|
Mitrelli Portugal |
Holding
Co. |
100% |
|
Mitrelli Portugal |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
a consultancy firm |
|
|
Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
firms and organizations |
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Employees: |
50 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Angola |
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Location: |
Rented premises, 2,500 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Angolan Kwanza (AOA.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 130.40
Angolan Kwanza |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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|
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||
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Financial Information not
Submitted |
|
|
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Profit and Loss
(expressed in AOA.) |
||
|
|
|
2014 |
|
Sales |
|
250,000,000 |
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Bank Name: |
Banco
Sol |
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Branch: |
Angola |
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Comments: |
None |
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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.66.50 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.75.03 |
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 |
|
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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 |
-- |
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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.