MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SINO ETHIOP ASSOCATE (AFRICA) PLC          

 

 

Registered Office :

Kality District, Addis Ababa, Ethiopia P.o. Box 30609 Addis Ababa

 

 

Country :

Ethiopia

 

 

Date of Incorporation :

06.03.2001

 

 

Com. Reg. No.:

847348

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Pharmaceutical company for manufacture and distribution of pharmaceutical products, drugs, and related 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 :

No Complaints

 

 

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)

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:                                  SINO ETHIOP ASSOCATE (AFRICA) PLC

Requested Name:                                  SINO ETHIOP ASSOCATE (AFRICA) PLC

Other Names:                                        None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  Kality District, Addis Ababa, Ethiopia

Postal Address:                                     P.o. Box 30609

                                                            Addis Ababa,

Country:                                                Ethiopia

Phone:                                                  251-11-4450063/4450034

Fax:                                                      251-11-6622065

Email:                                                   None

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-Mar-2001

Reg. Number:                                                 847348

Nominal Capital                                               ETB. 10,000,000

Subscribed Capital                                          ETB. 10,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Zafu Gebretsadik                                       MD                                 

Dr. Mebrahtu Meles                                         Director                           

Mr. Kedir Sheriff                                              Manager                          

Dandong JINWAN Group                                  Shareholder                      25%

China Associate Group                                    Shareholder                      25%

Zaf Pharmaceuticals Plc                                  Shareholder                      50%

 

 

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 as a pharmaceutical company for manufacture and distribution of pharmaceutical products, drugs, and related products.

Imports:                                                          Asia

Exports:                                                         Africa, Middle East

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 30 days (60%), invoices.

                                                                    

Main Customers:                                             Medical firms and organizations  

Employees:                                                    230 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Ethiopia

Location:                                                        Owned 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 = 17.11 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                                                                           195,000,000

 

BANK 

 

Bank Name:                                                   Dashen Bank

Comments:                                                     None

                                                                    

 

TRADE REFERENCES    

 

Experiences:                                                  Good

                                                                    

 

NOTARIAL BONDS   

 

None

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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

--

NB

                                       New Business

 

--

 

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.