MIRA INFORM
REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Name : |
FINCHAA SUGAR FACTORY |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.06.1991 |
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Legal Form : |
State
Corporation |
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Line of Business : |
Sugar Factory |
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 150,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 |
SUBJECT'S NAME
Registered Name: FINCHAA SUGAR FACTORY
Requested Name: FINCHAA
SUGER FACTORY
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address:
Postal Address:
Country:
Phone: 251-576641001/
10/ 12/ 115513706/ 2557
Fax: 251-576641015/
115512911
Email: fsfs@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: State
Corporation
Date Incorporated: 26-Jun-91
Reg. Number:
Nominal Capital ETB. 5,000,000
Subscribed Capital ETB. 5,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Ato Nurzefa Shafo MD
Wondimu Ummeta Director
Government of
Ethiopia Holding Company
RELATED COMPANIES
Government of
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate sugar factory
Imports: Asia,
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 300
employees.
Vehicles: Several
motor vehicles.
Territory of
sales:
Location: Owned
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 115,000,000
BANK
Bank Name: National Bank
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 |
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US Dollar |
1 |
Rs.46.02 |
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1 |
Rs.73.61 |
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Euro |
1 |
Rs.64.78 |
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 |
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.