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MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
YONAS WORKINEH (NF) |
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Registered Office : |
Meberalsaill Road, P. O. Box 4277, Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
December 2005 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Manufacturers and distributors of sportswear and T-Shirt
wear. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COmpany NAME
YONAS WORKINEH (NF)
ADDRESS
Street : Meberalsaill Road
P.O. Box :
4277
Town : Addis Ababa
Country : Ethiopia
Telephone :
(251 11) 646 3767
Fax : (251 11) 646 3776
E-Mail : garmentevolution@telecom.net.et
Trading Styles
Garment Evolution
SENIOR COMPANY
PERSONNEL
Name Position
Yonas Workineh General
Manager / Owner
Total Employees
100
PAYMENTS
Current trade experience
of payments has not been traced.
Subject is a newly established
proprietorship business (December 2005) which started production in July 2006.
Subject incurred
undisclosed losses in 2006 (July-December), which the subject attributed to the
start-up costs and investing into the business. Subject projects a return to
profitability in 2008 financial year.
Opinion on maximum credit
: As the company has recently
started trading and has no financial record, we
recommend
dealing on fully secured terms.
Trade risk assessment : No classification
Opinion on the credit
figure of US DLRS 100,000 DA Terms :
See above comments.
It is normal accepted
practice for international suppliers to deal on secured terms with Ethiopian
importers.
PRINCIPAL BANKERS
NAME :
UNITED BANK SC
Branch :
Mekwor Plaza
Street :
Debre Zeit Road, Woreda 20, Kebele 40
P.O. Box : 19963, Addis Ababa
Town :
Addis Ababa
Telephone : (251 11) 156 6222 / 165 5272
Fax :
(251 11) 165 5243 / 165 5245
E-Mail :
hibretbank@telecom.net.et
Subject also has an account
with the following bank :
Development Bank of
Ethiopia (DBE)
P.O. Box 1900
Addis Ababa
Tel: (251 11) 151 1188
Fax: (251 11) 151 1606
E-mail:dbe@telecom.net.et
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : US DLRS 200,000 - 2006 - exact *
: US DLRS 500,000 - 2007 - projected
Loss : not given
Financial year ends 30
June.
* 6 month period
(July-December)
LEGAL STATUS AND
HISTORY
Date Started : December
2005
History : The company was
incorporated in Ethiopia in December 2005 and commenced production in July
2006.
Capital : not applicable
Proprietorship owned by
Yonas Workineh.
ACTIVITIES
The Subject is involved
in the following activities :
Manufacturers and
distributors of sportswear and T-Shirt wear.
Imports from China and
UAE (Dubai).
FACILITIES
The Subject has the
following facilities :
Administrative offices,
factory and storage facilities located at the heading address.
SPECIAL NOTE
The telephone and fax
number you provided 'Tel: 2516463767 and Fax: 2516463776' are incomplete.
Please note the correct telephone and fax numbers are as per heading.
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%)