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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
HUSFAM GENERAL TRADING PLC |
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Registered Office : |
P. o. Box 170221 |
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Country : |
Ethiopia |
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Date of Incorporation : |
21.07.2010 |
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Com. Reg. No.: |
9756087 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
exporters of pulses, oilseeds, spices and other
related products and also import of hardware, machinery and other related
products |
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No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Ethiopia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 Renaissance Dam on
the Nile-the controversial multi-billion dollar effort to develop electricity
for domestic consumption and export.
|
Source : CIA |
Registered Name: HUSFAM GENERAL TRADING PLC
Requested Name: HUSFAN
GENERAL TRADING PLC
Other Names: None
Physical Address: Nifas silk Lafto
Subcity, Kebele 09, Addis Ababa,
Registered
Address: P. o. Box 170221
Postal Address: P. o. Box 1031
Adama,
Country: Ethiopia
Phone: 251-911231323
Fax: 251-11-6621232
Email: None
Website: None
Legal Form: Limited Corporation
Date Incorporated: 21-July-2010
Reg. Number: 9756087
Nominal Capital ETB. 1,000,000
Subscribed Capital ETB. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Muluken Jufar Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as exporters of pulses, oilseeds, spices and other
related products and also import of hardware, machinery and other related
products
Imports: Middle
East
Exports: Europe,
Asia
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Stores,
outlets etc
Employees: 35
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 18.14 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 30,500,000
Bank Name: AWASH INTERNATIONAL BANK S.C.
Branch: Nazareth, Ethiopia
Account No.: 01304081357700
Comments: Other Banks
DASHEN BANK
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.