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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MESFIN INDUSTRIAL ENGINEERING PLC |
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Registered Office : |
780 Km North of Addis Ababa, Mekelle |
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Country : |
Ethiopia |
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Date of Incorporation : |
11.03.1997 |
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Com. Reg. No.: |
72170 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturers of metal equipment and components, erectors of electro mechanical works, i.e. power transmission and communication towers, high-capacity storage tanks, piping works, factory machinery, equipment, bridges , warehouses, etc. |
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No. of Employees : |
800 |
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 : |
Good |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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 Renaissance Dam on the Nile-the controversial multi-billion dollar effort to develop electricity for domestic consumption and export.
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Source : CIA |
Registered Name: MESFIN INDUSTRIAL ENGINEERING PLC
Requested Name: MESFIN
INDUSTRIAL ENGINEERING PLC
Other Names: None
Physical Address: 780 Km North of Addis Ababa, Mekelle
Postal Address: P. o. Box 508
Mekelle
Country: Ethiopia
Phone: 251-34-4406806/4405033/4/400598/6800/06
Fax: 251-34-4406225
Email: mie@telecom.net.et
Website: www.mie.com.et
Legal Form: Limited Corporation
Date Incorporated: 11-March-1997
Reg. Number: 72170
Nominal Capital ETB. 100,000,000
Subscribed Capital ETB. 100,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Makelle Habte CEO
Mr. Tewoldo Astaw GM
Mr. Hadish Habte Manager
Mr. Getachew Oqubay Manager
Mr. Kiros Asfaw Manager
Mr. Awol Mohammed Manager
Dr. Tesfahunegn B. Manager
Mr. Hadera Tesfay Manager
Mr. Mariam Ataklti Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
P.o. Box 24480 Code 1000 Addis Ababa, Ethiopia Branches of the firm
Registered to operate as manufacturers of metal equipment and
components, erectors of electro mechanical works, i.e. power transmission and
communication towers, high-capacity storage tanks, piping works, factory
machinery, equipment, bridges , warehouses,.
Etc
Imports: Asia,
Middle East
Exports: Neighboring
countries
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Industries,
firms and organizations
Employees: 800
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 50,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 18.45 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 4,800,000,000
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 |
|
US Dollar |
1 |
Rs.54.03 |
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UK Pound |
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.