MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SNAP TRADING AND INDUSTRY PLC |
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Registered Office : |
Bale Road Alem Building Addis Ababa |
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Country : |
Ethiopia |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
16.06.1999 |
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Com. Reg. No.: |
214569 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Wholesaling and Retailing
of Computer Equipment, Education Supplies and Printing Facilities |
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 : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: SNAP TRADING AND INDUSTRY PLC
Requested Name: SNAP
TRADING AND INDUSTRY PLC
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Bale Road
Alem Building Addis Ababa, Ethiopia
Postal Address: P.o Box 14399
Addis Ababa
Country: Ethiopia
Phone: 251-11-6623040/41/632820
Fax: 251-11-6615801/617870
Email: snap@ethionet.et
Website: none
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. However, bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 100,000 on 90
days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 16-Jun-1999
Reg. Number: 214569
Nominal Capital ETB 1,000,000
Subscribed Capital ETB 500,000
Paid Up Capital ETB 500,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Negussie Debessa MD/ CEO 50
Mr.
Selmawit Bekele Director 50
Mr. Fasil Hailu Manager
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate wholesaling and retailing of
computer equipment, education supplies and printing facilities
Imports: India
and South Africa
Exports: Neighboring
countries
Trademarks: None
Terms of sale: Cash
(40%) and 70 days (60%), invoices.
Main Customers: Educational
Institutions, firms, organizations
Employees: 20
employees.
Vehicles: None
Territory of sales: Ethiopia
Location: Rented
premises, 5.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ethiopian Birr (ETB)
Approx. Ex. Rate: 1 US Dollar = 9.09 Ethiopian Birr
Fiscal Year End: December
31, 2007
Inflation: According to
information given by independent sources, the inflation at December 31st,
2007 was of 13%.
Financial Information Not Submitted
Profit and Loss (expressed in ETB)
2007
Sales 25,000,000
Net Profit (Loss) 3,000,000
BANK
Bank Name: Dashen Bank
Branch: Addis Abba
Comments: None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other
than the subject company itself and confirmed the above subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)