MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FEREJ AND FAMILY PLC |
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Registered Office : |
P O Box 774 Dessie, |
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Country : |
Ethiopia |
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Date of Incorporation : |
01.06.1998 |
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Legal Form : |
Limited Liability Company. Limited by Shares |
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Line of Business : |
Processing and exporting oilseed, Pulses and food Grains etc |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
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FEREJ AND FAMILY PLC |
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Principal Address: |
P.o Box 774, Dessie, Ethiopia |
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Telephone: |
+251-11-1560014/ 1111425 |
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Fax: |
+251-11-1560014 |
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Email: |
None |
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Internet: |
None |
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Established: |
01/6/98 |
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Registration: |
No. 59768 Ethiopia |
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Legal Form: |
limited Liability company, Limited by shares |
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Stock Listing: |
Not Listed |
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Workforce: |
2006 |
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40 |
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Office
& Factories |
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Head offices |
Akaki Kaliti, Addis
Ababa, Ethiopia |
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Branches |
One |
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Company Profile: |
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Paid in Capital |
ETB. 100,000 |
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Subscribed Capital |
ETB. 100,000 |
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Shareholders |
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Name |
Position |
Amount
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Ratio |
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Mr. Ferej Abdu |
CEO |
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50.00% |
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Mr. Ferej Ahmed |
Director |
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50.00% |
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Total |
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100.00% |
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Credit Opinion
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Our proposed credit amount of USD 80,000 is
recommendable |
Affiliated Companies
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None |
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Ferej Abdu |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Ferej Ahmed |
Þ Top decision maker is the person who has the
ultimate authority or power to make important managerial decisions. He/She may
or may not be officially registered as a president or an executive director.
Business Activities
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Processing and exporting oilseed, Pulses and food Grains etc |
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Terms of payment |
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Buying
terms |
30% in
cash, 70% on credit |
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Selling
terms |
80% in
cash, 20% on credit |
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Suppliers |
Farmers,
etc |
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Customers |
Industrial
Food Companies, chain stores and outlets |
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Recent
Sales |
ETB.
12,000,000 (2006) |
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Exports |
Middle East, Asia, Europe and South America |
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Export
Ratio |
>60.0% |
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Import
Ratio |
20.0% |
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Domestic
Market Share |
10.0% |
Banking relationship
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Main Banks |
ECB Bank |
Credit Check of Subject,
President & CEO (as of report date)
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Payment Morale: |
In the documents at our disposal nothing
adverse has been shown so far. |
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CREDIT RATING: |
: Financial situation is average. |
COMMENTS
Maximum credit we recommend is USD 80,000 outstanding at any one time.
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. |
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%)