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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CHOKSI AGRO TRADING |
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Registered Office : |
Infront of Adama Etc, Oromiyia, Nazareth |
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Country : |
Ethiopia |
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Date of Incorporation : |
21.04.1990 |
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Com. Reg. No.: |
916281 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
exporters of grains products and seeds |
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No. of Employees : |
62 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Ethiopia |
C1 |
C1 |
|
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.
|
Source : CIA |
Registered Name: CHOKSI AGRO TRADING
Requested Name: CHOKSI
AGRO TRADING
Other Names: None
Physical Address: Infront Of Adama Etc, Oromiyia, Nazareth,
Postal Address: P. o. Box 76,
Nazareth
Country: Ethiopia
Phone: 251-221112017/-911-370679
Fax: 251-221122188
Email: None
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: 21-April-1990
Reg. Number: 916281
Nominal Capital ETB. 100,000
Subscribed Capital ETB. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Vinod Choksi MD
Mr. Prashant Choksi Director
Mr. Salim Keval Manager
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 grains products and seeds
Imports: Asia, Europe, Africa
Exports: Various worldwide
Trademarks: None
Terms
of sale: Cash (40%) and
25-90 days (60%), invoices.
Main
Customers: firms and
organizations
Employees: 62
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Rented
premises, 2,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 18.63 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.)
2011 2012
Sales 37,400,000 38,850,000
Bank Name: United Bank SC
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.62 |
|
UK Pound |
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
---- |
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.