MIRA INFORM REPORT

Report No. :	507991
Report Date :	09.05.2018

IDENTIFICATION DETAILS

Name :	VITOGAZ MADAGASCAR
Registered Office :	122, Rue Rainandriamapandry Faravohitra, BP 3984 101, Antananarivo
Country :	Madagascar
Financials (as on) :	2017
Date of Incorporation :	11.03.2001
Legal Form :	Limited Corporation
Line of Business :	Registered to operate import, storage, packaging and distribution of LPG (Liquefied Petroleum Gas)
No. of Employees :	80

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Madagascar	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

MADAGASCAR - ECONOMIC OVERVIEW

Madagascar is a mostly unregulated economy with many untapped natural resources, but no capital markets, a weak judicial system, poorly enforced contracts, and rampant government corruption. The country faces challenges to improve education, healthcare, and the environment to boost long-term economic growth. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing roughly 80% of the population. Deforestation and erosion, aggravated by bushfires, slash-and-burn clearing techniques, and the use of firewood as the primary source of fuel, are serious concerns to the agriculture dependent economy.

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization until a 2009 coup d’�tat led many nations, including the United States, to suspend non-humanitarian aid until a democratically-elected president was inaugurated in 2014. The pre-coup strategy had placed the country on a slow and steady growth path from an extremely low starting point. Exports of apparel boomed after gaining duty-free access to the US market in 2000 under the African Growth and Opportunity Act (AGOA); however, Madagascar's failure to comply with the requirements of the AGOA led to the termination of the country's duty-free access in January 2010, a sharp fall in textile production, a loss of more than 100,000 jobs, and a GDP drop of nearly 11%.

Madagascar regained AGOA access in January 2015 and ensuing growth has been slow and fragile. Madagascar produces around 80% of the world’s vanilla and its reliance on this commodity for most of its foreign exchange is a significant source of vulnerability. Economic reforms have been modest and the country’s financial sector remains weak, limiting the use of monetary policy to control inflation. An ongoing IMF program aims to strengthen financial and investment management capacity

Source : CIA

COMPANY NAME
Registered Name:	VITOGAZ MADAGASCAR
Requested Name:	VITOGAZ MADAGASKAR
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	122, Rue Rainandriamapandry Faravohitra
Postal Address:	BP 3984 101
	Antananarivo
Country:	Madagascar
Phone:	261-20-2236400/2236000
Fax:	261-20-2237720/21
Email:	vitogazmada@vitogaz.mg/vitomadad2@vitogaz.mg/vitomadad1@vitogaz.mg
Website:	www.vitogaz.mg
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		11-March-2001
Reg. Number:		Madagascar
Nominal Capital		MGA. 1,000,000
Subscribed Capital		MGA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Vincent Fleury		MD
Patrick Rakotomalala		Director
Angelin Rabezandrina		Director
Hoby Rakotoarisoa		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
-Route de Mahajanga, Ambohidratrimo -Amborovy - BP 552 Mahajanga		Branches of the firm
OPERATIONS
Registered to operate import, storage, packaging and distribution of LPG (Liquefied Petroleum Gas)
Imports:		Middle East
Exports:		Neighbouring countries
Trademarks:		None
Terms of sale:		Cash (60%) and 25-90 days (40%), invoices.
Main Customers:		firms and organizations
Employees:		80 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Madagascar
Location:		Owned premises, 100,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Madagascar Ariary (MGA.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in MGA.)
			2017
Sales			8,400,000,000
BANK
Bank Name:		BFV-Societe Generale
Branch:		Madagascar
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	INR 67.08
UK Pound	1	INR 91.14
Euro	1	INR 80.01
MGA	1	INR 0.021

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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