MIRA INFORM
REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
METCAN INDUSTRIES PLC |
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Registered Office : |
House No. 1420, Kebele
11, Woreda 27, Akaki, Kality Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
16.08.2008 |
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Legal Form : |
Private Limited Corporation |
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Line of Business : |
Manufacturers of Metal Container, cans , Crown Caps, Pilfer Proof Caps, Drums, Square and Rectangular integrated cans, shoe polish can etc . |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Moderate |
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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
|
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: METCAN INDUSTRIES PLC
Requested Name: METCAN
INDUSTRIES PLC
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: House
No. 1420, Kebele 11, Woreda 27, Akaki, Kality Addis Ababa
Postal Address: House
No. 1420, Kebele 11, Woreda 27, Akaki, Kality Addis Ababa
Addis Ababa
Country: Ethiopia
Phone: +251-923695758
Fax: +251-923695758
Email: None
Website: None
CREDIT OPINION
Financial Index as of
December 2010 shows subject firm with a medium risk of credit.. We recommend
Credit of USD 50,000 on 90 days.
LEGAL
Legal Form: Private
Limited Corporation
Date Incorporated: 16/8/2008
Reg. Number: Addis Ababa
Tax Number 0004485064
Nominal Capital ETB. 500,000
Subscribed Capital ETB. 500,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Manav Batra MD
Manish Beriwal Director
Mohammad Hafiz Manager
Mercury Industries
Limited Holding co 100%
RELATED COMPANIES
Mercury Industries Limited Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Manufacturers of Metal Container, cans , Crown Caps, Pilfer Proof Caps, Drums,
Square and Rectangular integrated cans, shoe polish can etc .
Imports: ASia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 60
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: leased
premises, 10.000 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 19,000,000
BANK
Bank Name: Commercial Bank of Ethiopia
Branch: Addis
Ababa Branch
Account Number: 0171891626500
Type current
Enquiry Amount: 50,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- 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
|
Currency |
Unit
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Indian Rupees |
|
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.