MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASMARA PICKLING TANNERY
PLC |
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Registered Office : |
P.o Box 155 Asmara |
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Country : |
Eritrea |
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Date of Incorporation : |
20/5/1961 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Manufacturer and
exporter of animal hides and skins |
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 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
ASMARA PICKLING
TANNERY PLC
Principal Address
P.o Box 155 Asmara, Eritrea
Telephone: +291-1117625/6718
Fax: +291-1126798
Email: abuwasim@yahoo.com or
asmarapickling@yahoo.com
Internet: None
Established
20/5/1961
Registration
No. Eritrea
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
100
Office & Factories
Head offices Kangnew Street Maekel, Asmara ,Eritrea
Branches None
Company Profile
Paid in Capital ERN. 200,000
Subscribed Capital ERN. 100,000
Shareholders
Name Position Amount
Ratio
Mr. Mohammed
Yassin Nurhussen CEO
Mr. A Yahya
Mansoor Director
Other Shareholder Shareholders 100.00%
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 150,000 is recommendable
Affiliated Companies
None
Management/ Directors
President/ CEO (1)
Name Mr.
Mohammed Yassin Nurhussen
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr. A
Yahya Mansoor
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
Manufacturer and
exporter of animal hides and skins
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Distributors, Manufacturers
etc
Recent Sales
ERN. 68,000,000
(2007)
Exports
Europe
Export Ratio
100.0%
Import Ratio
40.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks
ECB Bank
Credit Check of Subject,
President & CEO (as of report date)
Payment Morale: In the documents at our disposal nothing
adverse has been shown so far.
CREDIT RATING: Financial situation is average.
COMMENTS
Maximum credit we recommend is USD 150,000 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%)