MIRA
INFORM REPORT
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Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
GELAN
METAL INDUSTRY PLC |
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Registered Office : |
Kaliti
Industrial Area, 22528, Addis Ababa, Ethiopia |
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Country : |
Ethiopia |
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Date of Incorporation : |
January
1998 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
and distributors of corrugated sheets, nails, pins, PVC pipes and tubes,
paper clips and trays, wire and wire products as well as pipe galvanizing. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
CO. NAME
GELAN
METAL INDUSTRY PLC
ADDRESS
Area : Kaliti Industrial Area
P.O.
Box : 22528
Town : Addis Ababa
Country : Ethiopia
Telephone :
(251 11) 439 2563 / 439 2565
Fax :
(251 11) 439 2022
E-Mail : gelanind@telecom.net.et
SENIOR COMPANY PERSONNEL
Name Position
1.
Hashim Nuru Jiru Managing Director
2.
Awel Buseri Deputy General Manager
Total
Employees : 130
PAYMENTS
Current
trade experience of payments has not been traced.
Our
sources could not contact the subject and update information within this
report. Subject's telephone number is continuously unattended and fax number is
currently unobtainable. Email message have been sent, however they have gone
unanswered.
Opinion
on maximum credit : In view of the above we have insufficient basis on which to
speak for unsecured credit and recommend dealing on fully secured terms for all
transactions pending fuller knowledge.
Trade
risk assessment : No classification
It
is normal accepted practice for international suppliers to deal on secured
terms with Ethiopian importers.
PRINCIPAL BANKERS
NAME : DASHEN BANK
Branch : Main Branch
PO
Box : 12752
Town : Addis Ababa
Telephone:
(251 11) 465 0743 / 465 0286
Fax : (251 11) 465 3037
This
bank has been approached a number of times, but no reply have been received.
FINANCIAL INFORMATION
Balance
sheets are not available. The following information is the latest available in
our file:
Sales
Turnover : BIRR 17,000,000 - 2002 -
exact
: BIRR 20,000,000 - 2003 - exact
: BIRR 20,000,000 - 2004 - exact
Net
Profit : not given but stated
to be profitable
Financial
year ends 7 July.
LEGAL STATUS AND HISTORY
Date
Started : January 1998
Paid
up Capital : BIRR 41,350,000
Private
Limited Liability Company with the following sole shareholder :
Hashim
Nuru Jiru 100 %
Affiliated
companies of Gelan Metal Industry Plc :
Associates
1.
Hashim Ethiopian Livestock & Meat Export
PO Box 22528
Addis Ababa
2.
Three Sisters Packaging & Printing Plc
PO Box 22528
Addis Ababa
ACTIVITIES
The
Company is involved in the following activities :
Manufacturers
and distributors of corrugated sheets, nails, pins, PVC pipes and tubes, paper
clips and trays, wire and wire products as well as pipe galvanizing.
Imports
raw materials from Belgium, UK, India and Kenya
FACILITIES
The
Company has the following facilities :
Office
premises, factory and warehouse located at the heading address.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |