MIRA INFORM REPORT

 

 

Report Date :           

17.03.2011

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL OIL ETHIOPIA PLC

 

 

Registered Office :

Addis Ababa

 

 

Country :

Ethiopia

 

 

Date of Incorporation :

06.04.2004

 

 

Com. Reg. No.:

211495

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

distribution and marketing of oil and petroleum products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Ethiopia

c1

c1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUBJECT'S NAME   

 

Registered Name:                                    NATIONAL OIL ETHIOPIA PLC

Requested Name:                                    NATIONAL OIL ETHIOPIA PLC

Other Names:                                          NOC

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Addis Ababa

Postal Address:                                       P.o. Box 951, Code 1250

                                                              Addis Ababa,

Country:                                                  Ethiopia

Phone:                                                    251-11-6639494/ 96

Fax:                                                       251-11-6639495

Email:                                                     noc@ethionet.et

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2010 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 150,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            6-April-2004

Reg. Number:                                                   211495

Nominal Capital                                                ETB. 500,000

Subscribed Capital                                            ETB. 500,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Tadesse Tilahun                                               CEO                               

Arega Yirdaw                                                    Director                           

Shimelise Eshete Tesgaye                                Director                           

MIDROC Ethiopia Group                                    Holding Company             

 

RELATED COMPANIES  

 

MIDROC Ethiopia Group                                    Parent company.

None                                                               Subsidiary company.

Listed Below                                                    Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate distribution and marketing of oil and petroleum products

Imports:                                                           Asia

Exports:                                                           None

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                      300 employees.

Vehicles:                                                         Several motor vehicles.

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 =16.76 Ethiopian Birr

Fiscal Year End:                                               December 31, 2010

Inflation:                                                           According to information given by independent sources, the inflation at December 31st, 2010 was of 13%.

 

Financial Information not Submitted

 

Profit and Loss (expressed in ETB.)

                                                                                   2010

Sales                                                                           245,000,000

 

 

BANK 

 

Bank Name:                                                     Dashen Bank

Branch:                                                            Addis Ababa

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.

                                                                                             

·         MIDROC GOLD MINE PLC (MGOLD),

·         ELFORA AGRO-INDUSTRIES PLC (ELFORA),

·         HUDA REAL ESTATE PLC (HUDA),

·         KOMBOLCHA STEEL PRODUCTS INDUSTRY PLC (KOSPI),

·         MODERN BUILDING INDUSTRIES PLC (MBI),

·         TRUST PROTECTION AND PERSONNEL SERVICES PLC (TRUST),

·         ADDIS HOME DEPOT PLC (AHD),

·         TRANS NATION AIRWAYS PLC (TNA),

·         ADDIS GAS & PLASTICS FACTORY PLC (AGP),

·         WANZA FURNISHINGS INDUSTRIES PLC (WANZA), AND

·         DAYLIGHT APPLIED TECHNOLOGIES PLC (DAYLIGHT)

·         SUMMIT ENGINEERED PLASTICS PVT. LTD. CO. (SEPCO),

·         BLUE NILE P.P & CRAFT PAPER BAGS MANUFACTURING P.L.C (BN),

·         RAINBOW EXCLUSIVE CAR RENTAL AND TOUR SERVICES PVT. LTD. CO. (RAINBOW),

·         UNITED AUTO MAINTENANCE SERVICES PVT. LTD. CO. (UAM), ADDIS INTERNATIONAL CATERING PLC,

·         ETHIO LEATHER INDUSTRY PLC (ELICO),

·         ETHIO AGRI-CEFT PLC,

·         LAME DAIRY PLC,

·         MAMCO PAPER PRODUCTS FACTORY PLC,

·         KEBIRE ENTERPRISE PLC,

·         MIDROC ENERGY HOUSE ELECTRO-MECHANICAL SERICES PLC,

·         MOHA SOFT DRINKS INDUSTRY SC,

·         MIDROC FOUNDATION SPECIALIST PLC,

·         MIDROC CONSTRUCTION ETHIOPIA PLC,

·         MUGAD TRAVEL PLC,

·         SHERATON ADDIS,

·         NATIONAL MINING CORPORATION PLC,

·         STAR SOAP AND DETERGENT INDUSTRIES PLC,

·         SALAM HEALTH CARE PLC,

·         PHARMACURE PLC,

·         UNLIMITED PACKAGING PLC.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.59

Euro

1

Rs.63.13

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.