MIRA
INFORM REPORT
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Report Date : |
20.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIME ENTERPRISES |
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Registered Office : |
P. O. Box 7320, Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
1995 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Importers and wholesalers of car spare parts and electrical items. |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
SIME ENTERPRISES
ADDRESS
P.O. Box :
7320
Town : Addis Ababa
Country : Ethiopia
Telephone :
(251 11) 2752 045 / (91) 1200 634 (mobile)
Fax : (251 11) 2799 333
E-Mail : tolyent@telecom.net.et
SENIOR COMPANY
PERSONNEL
Name Position
Paulos Sime Manager / Owner
Total Employees
15
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a small
proprietorship business, operating since 1995.
We consider it is
acceptable to deal with subject for SMALL amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Ethiopian importers.
Opinion on maximum credit
: BIRR 20,000
Trade risk assessment : Normal
Opinion on the credit
figure of US DLRS 100,000:
We consider the above
figure to be beyond the Company's financial capabilities and recommend dealing
on fully secured terms.
PRINCIPAL BANKERS
NAME :
NIB INTERNATIONAL BANK SC
Branch :
Main
P.O. Box : 2439
Town :
Addis Ababa
Telephone : (251 1) 621671 / 622293
Fax :
(251 1) 504349 / 527213
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : US DLRS 150,000 - 2003 - exact
: US DLRS 150,000 - 2004 - exact
: US DLRS 60,000 - 2005 -
exact *
: US DLRS 60,000 - 2006 -
exact *
: US DLRS 50,000 - 2007 - approx
Net Profit : not given but stated to be
profitable
Financial year ends 30
June.
* Decrease of the
turnover attributed to a strong competition.
LEGAL STATUS AND
HISTORY
Date Started : 1995
Capital : not applicable
Proprietorship owned by
Paulos Sime.
ACTIVITIES
The Subject is involved
in the following activities :
Importers and wholesalers
of car spare parts and electrical items.
Imports from India.
FACILITIES
The Company has the following
facilities :
Office premises, showroom
and storage facilities located in the commercial area of Addis Ababa.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)