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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
EDAO INTERNATIONAL TRADING |
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Registered Office : |
East Shewa, Oromia, Adama, P. o. Box 1757 |
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Country : |
Ethiopia |
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Date of Incorporation : |
25.02.2006 |
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Com. Reg. No.: |
513461 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Importers of automotive spare parts, accessories and export of seeds, pulses and beans |
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No. of Employees : |
20 employees. |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
ETHIOPIA - ECONOMIC OVERVIEW
Ethiopia's economy is based on agriculture, which accounts
for 46% of GDP and 85% of total employment. Coffee has been a major export
crop. The agricultural sector suffers from poor cultivation practices and
frequent drought, but recent joint efforts by the Government of Ethiopia and
donors have strengthened Ethiopia's agricultural resilience, contributing to a
reduction in the number of Ethiopians threatened with starvation. The banking,
insurance, and micro-credit industries are restricted to domestic investors,
but Ethiopia has attracted significant foreign investment in textiles, leather,
commercial agriculture and manufacturing. Under Ethiopia's constitution, the
state owns all land and provides long-term leases to the tenants; land use
certificates are now being issued in some areas so that tenants have more
recognizable rights to continued occupancy and hence make more concerted
efforts to improve their leaseholds. While GDP growth has remained high, per
capita income is among the lowest in the world. Ethiopia's economy continues on
its state-led Growth and Transformation Plan under its new leadership after
Prime Minister MELE's death. The five-year economic plan has achieved high
single-digit growth rates through government-led infrastructure expansion and
commercial agriculture development. Ethiopia in 2013 plans to continue
construction of its Grand Renassiance Dam on the Nile-the controversial
multi-billion dollar effort to develop electricity for domestic consumption and
export.
Source
: CIA
Registered Name: EDAO INTERNATIONAL TRADING
Requested Name: EDAO
INTERNATIONAL TRADING
Other Names: None
Physical Address: East Shewa, Oromia, Adama,
Postal Address: P. o. Box 1757
East Shewa, Adama
Country: Ethiopia
Phone: 251-22-1119486/911409892
Fax: 251-22-1119486/1115375
Email: edaoabdi@yahoo.com
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 25/02/2006
Reg. Number: 513461
Nominal Capital ETB. 1,000,000
Subscribed Capital ETB. 1,000,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Edao Abdi MD
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as importers of automotive spare parts,
accessories and export of seeds, pulses and beans
Imports: Asia,
Middle East
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Stores,
outlets
Employees: 20
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Leased
premises, 5,500 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 18.56 Ethiopian Birr
Fiscal Year End: December
31, 2012
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2012 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in ETB.)
2012
Sales 150,000,000
Bank Name: Bank of Abyssinia
Branch: Ethiopia
Comments: None
Experiences: Good
None
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.54.03 |
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|
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.