MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
C G F BUSINESS GROUP PLC |
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Registered Office : |
P.o Box 23833 -1000 Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
17.9.1991 |
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Com. Reg. No.: |
72513 Ethiopia |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Retailers of Food Products, Sesame Seeds, Chick Peas, 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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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
C G F BUSINESS GROUP
PLC
Principal Address
P.o Box 23833 -1000 Addis Ababa, Ethiopia
Telephone: +251-114166268/4162443
Fax: +251-114166270
Email: gftr.en@ethionet.et or cgfbg@yahoo.com
Internet: www.cgfbg.com
Established
17/9/1991
Registration
No. 72513 Ethiopia
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
40
Office & Factories
Head offices Kirkos Sub-City, Kebele-15 , Addis Ababa,
Ethiopia
Branches None
Company Profile
Paid in Capital ETB. 1,000,000
Subscribed Capital ETB. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Golla Girmaye
Ferede CEO 30.00%
Mr. Michael
Guilfoyle Director 30.00%
Other Shareholder Shareholders 40.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 100,000 is recommendable
Affiliated Companies
None
Management/ Directors
President/ CEO (1)
Name Mr.
Golla Girmaye Ferede
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Michael Guilfoyle
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
Retailers of food
products, sesame seeds, chick peas, etc
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Stores and outlets
Recent Sales
ETB. 20,000,000
(2007)
Exports
EUROPE, MIDDLE
EAST AND ASIA.
Export Ratio
90.0%
Import Ratio
40.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks Dashen 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 100,000 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%)