MIRA INFORM
REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
COMMERCIAL BANK OF ETHIOPIA |
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Registered Office : |
Unity Square, Addis Ababa |
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Country : |
Ethiopia |
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Financials (as on) : |
30.06.2009 |
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Date of Incorporation : |
04.05.1963 |
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Com. Reg. No.: |
5113 Addis Ababa, Ethiopia |
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Legal Form : |
State owned company Limited by shares |
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Line of Business : |
Commercial Bank providing Saving and Loans |
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 500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Ethiopia |
c1 |
c1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUBJECT'S NAME
Registered Name: Commercial
Bank of Ethiopia
Requested Name: Commercial
Bank of Ethiopia
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Unity Square, Addis Ababa, Ethiopia
Postal Address: P.o Box 255,
Addis Ababa,
Country: Ethiopia
Phone: +251-1-515004/ 515000
Fax: +251-1-514522
Email: cbemrk@telecom.net.et
Website: www.combanketh.com
CREDIT OPINION
Financial Index as of December 2009 shows subject firm with a medium
risk of credit. We recommend max Credit of USD 500,000 on 90 days. If we do not
provide an amount, then your maximum limit will suffice.
LEGAL
Legal Form: State owned company Limited by shares
Date Incorporated: 4/5/1963
Reg. Number: 5113
Addis Ababa, Ethiopia
Nominal Capital ETB. 4,000,000,000
Subscribed Capital ETB. 4,000,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Bekalu Zeleke CEO
Mr. Bereket Simon, Chairman
Mr. Wondemagegnehu Negera V CEO
Mr. Mohamed Nuredin Mohammed Director
Mr. Abay Mehari Director
Mr. Yehuala Gessesse Director
Mr. Endale Gebru Director
Mrs. Melika Bedri Director
Mr. Negussu G/Egziabher Director
Mr. Seifu Bogale Director
Mr. Habtu Demitsu Director
Mr. Solomon Alula Director
Government of
Ethiopia Shareholder
RELATED COMPANIES
Government of Ethiopia Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
198 branches in
Ethiopia Branches of the firm
OPERATIONS
Registered to operate as a Commercial Bank providing Saving and Loans
Imports: Middle
East
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 3400
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 52.000 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 = 8 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 Submitted
ETB
Profit and Loss (expressed in ETB.)
2010
Sales 2010 Est 2,850,000,000
Sales 2009 2,357,840,152
BANK
Bank Name: Self
Other Bank Bank of Abyssinia
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. The commercial Bank of Ethiopia (CBE)
was legally established as a Share Company in 1963 to take over the commercial
banking activities of the State Bank of Ethiopia, which was founded in 1942
with twin objectives of performing the duties of both commercial and central
banking. During the 1974 revolution, CBE got its strength by merging with the
privately owned Addis Ababa Bank. Since then, it has been playing a significant
role in the development endeavor of the country
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.28 |
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UK Pound |
1 |
Rs.73.30 |
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Euro |
1 |
Rs.63.61 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.