MIRA INFORM REPORT

 

 

Report Date :

24th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

ADDIS RENAISSANCE TRADING (NF)

 

 

Registered Office :

129-1032, Addis Ababa, Ethiopia

 

 

Country :

Ethiopia

 

 

Date of Incorporation :

January 2004

 

 

Com. Reg. No.:

032524/96

 

 

Legal Form :

Proprietorship

 

 

Line of Business :

Importers, wholesalers and retailers of marble and granit.

 

 

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

 

Maximum Credit Limit :

BIRR 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY NAME

 

ADDIS RENAISSANCE TRADING (NF)

 

 

ADDRESS

 

P.O. Box           :  129-1032

Town                 :  Addis Ababa

Country             :  Ethiopia

Telephone         :  (251 11) 652 0314 /5 / (251) 911 229 430 (mobile)

Fax                   :  (251 11) 652 7187

E-Mail               :  renaissancetrading@ethionet.et

 

 

SENIOR COMPANY PERSONNEL

 

Name                                        Position

 

Michael Getachew                     Managing Director

 

 

Total Employees : 15

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

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 100,000

 

Trade risk assessment               : Normal

 

Opinion on the credit figure of US DLRS 100,000 :

 

The above figure is higher than normally seen in one amount, however could prove admissible in a series of transactions provided the total indebtedness is strictly monitored.

 

 

PRINCIPAL BANKERS

 

NAME               : AWASH INTERNATIONAL BANK SC

Branch              : Main

Street                           : Bole Road

PO Box             : 12638

Town                 : Addis Ababa

Telephone         : (251 11) 661 4482 

 

Fax                   : (251 11) 661 4477

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. However, the subject interviewed offered the following information :

 

Sales Turnover               : BIRR 4,500,000 - 2006 - exact

 

Net Profit                       : BIRR    45,000 - 2006 - exact

 

 

LEGAL STATUS AND HISTORY

 

Date Started      : January 2004

 

History              : The company was incorporated in Ethiopia in January 2004.

 

C.R. No.            : 032524/96

 

Capital              : not applicable

 

 

Proprietorship owned by General Partnership owned by Michael Getachew.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and retailers of marble and granit.

 

Imports from India and China.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising offices, warehouse and showroom in Addis Ababa.

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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