MIRA
INFORM REPORT
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Report Date : |
27th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ALTAYSIR TRADING PLC |
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Registered Office : |
Kaliti, P.O. Box : 20189, Addis Ababa 1000, Ethiopia |
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Country : |
Ethiopia |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
4936/97 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading as buyers and exporters of coffee. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
BIRR 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY NAME
ALTAYSIR TRADING PLC
ADDRESS
Area : Kaliti
P.O. Box :
20189
Town : Addis Ababa
Post Code :
1000
Country : Ethiopia
Telephone :
(251 11) 439 3461
Fax : (251 11) 439 4184
SENIOR COMPANY PERSONNEL
Name Position
1. Mohamed Omar
Bakhim Managing Director
2. Saleh Adam General Manager
Total Employees : 12
(permanent)
350 (casual)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Ethiopian importers.
Opinion on maximum credit
: BIRR 1,000,000
Trade risk assessment :
Normal
Opinion on the credit
figure of US DLRS 10,000 :
We consider the above
figure to be within the company's financial capabilities.
PRINCIPAL BANKERS
NAME :
COMMERCIAL BANK OF ETHIOPIA
Branch :
Main Branch
Street :
Unity Square
PO Box :
255
Town :
Addis Ababa
Telephone : (251 11) 5515 000 / 5515 028 / 5515
004
Fax :
(251 11) 5514 522 / 5517 866 / 5517 822
The company also has an
account with the following bank:
Wegagen Bank
Addis Ababa
P.O. Box: 1018
Ethiopia
Tel : (251 11) 552 3800
Fax : (251 11) 552 3520
Swift : WEGAETAA
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover :
BIRR 70,000,000 - 2006 - exact
Net Profit :
BIRR 1,200,000 - 2006 - exact
LEGAL STATUS AND HISTORY
Date Started : 1995
History : The company was incorporated in
Ethiopia in 1995.
C.R. No. : 4936/97
Paid up Capital : BIRR 1,794,000
Private Limited Liability
Company with the following shareholders :
Percentage
1. Nour Mohamed Said 60 %
2. Mohamed Rayid 40 %
ACTIVITIES
The Company is involved
in the following activities :
Trading as buyers and
exporters of coffee.
Imports from Middle East
and Far East.
Exports to Saudi Arabia,
Yemen, Jordan and Japan.
FACILITIES
The Company has the
following facilities :
Owned premises comprising
offices as per heading, 4,000 sq.m.
warehouse in Addis Ababa
as well as a 5,000 sq.m. warehouse at Nazareth and a store in Oumara.
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%)
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