MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION DETAILS
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Name : |
BISRAT PLC |
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Registered Office : |
Plot 1324, Light Indusrial Area, |
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Country : |
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Date of Incorporation : |
1998 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and wholesalers of roofing materials and plastic products. |
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 150,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
BISRAT PLC
ADDRESS
Street : Plot 1324
Area : Light Indusrial Area
P.O. Box : 8068
Town
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Country
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Telephone : (251 11) 348 05 86/82
Fax : (251 11) 348 05 81
SENIOR COMPANY
PERSONNEL
Name Position
1. Ato Bahnru Abraham President
2. Ato Assafa Asfat Assistant of President
Total Employees
300
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
In 2005 subject incurred a loss of BIRR 200,000 which the company attributes to investment in new machinery. In the second half of 2005/2006 financial year the company made a profit of BIRR 200,000.
Full financial results for the year ended 7 July 2006 are not yet available, however the subject projects a break-even. Return to profitability is projected for 2006-2007 financial year.
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 150,000
Trade risk assessment :
Opinion on the credit figure of US DLRS 10,000,000 :
We consider the above figure to be beyond the Company's financial capabilities and recommend dealing on fully secured terms.
PRINCIPAL BANKERS
NAME :
BANK OF
Branch : Bole Branch
Town
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Telephone : (251 11) 551 5580
Fax : (251 11) 551 5581
FINANCIAL INFORMATION
Balance sheets are not available. However, the subject interviewed offered the following information :
Sales Turnover : BIRR 4,000,000 - 2005 - exact*
: BIRR 4,000,000 - 2006 - exact*
Net Profit/(Loss) : BIRR (946,000)- 2005 - exact
: BIRR 200,000 - 2006 - exact**
Financial year ends 7 July.
* Very low sales in 2005 and 2006 attributed to the fact that the company did not operate at full capacity due to the fact that one machine broke down and had to be replaced by a new one.
** For six months period from 1 January 2006 to 30 June 2006)
LEGAL STATUS AND
HISTORY
Date Started : 1998
History :
The company was incorporated in
Capital : not given
Private Limited Liability Company with the following sole shareholder :
Ato Bahnru Abraham 100%
ACTIVITIES
The Company is involved in the following activities :
Manufacturers and wholesalers of roofing materials and plastic products.
Imports from
FACILITIES
The Company has the following facilities :
Office premises and three manufacturing plants and storage facilities 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 |
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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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