MIRA INFORM REPORT
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Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SANNATI ENGINEERING & TRADING PLC |
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Registered Office : |
Bole Sabcity,
Kebele 08109 H. No. 1478, Addis Ababa |
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Country : |
Ethiopia |
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Year of Establishment : |
2001 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
import and distribution of building materials, generators,
pumps 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 30,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
SUBJECT'S NAME
Registered Name: SANNATI ENGINEERING & TRADING PLC
Requested Name: SANNATI
ENGINEERING & TRADING PLC
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Bole
Sabcity, Kebele 08109 H. No. 1478, Addis Ababa
Postal Address: Bole
Sabcity, Kebele 08109 H. No. 1478,
Addis Ababa,
Country: Ethiopia
Phone: 251-911206031/116611934
Fax: 251-116183441
Email: gtwolde@gmail.com
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 30,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 2001
Reg. Number: Ethiopia
Nominal Capital ETB. 1,000,000
Subscribed Capital ETB. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Graum Walde MD 100%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate import and distribution of building materials,
generators, pumps etc
Imports: Asia, China,
Middle East
Exports: Neighboring
countries
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main
Customers: firms and
organizations
Employees: 15 employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Rented
premises, 2.000 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 = 17.24 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 35,000,000
BANK
Bank Name: Dashen Bank
Branch: Addis Ababa, Ethiopia
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.72 |
|
UK Pound |
1 |
Rs.81.42 |
|
Euro |
1 |
Rs.68.89 |
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 |
|
<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.