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Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHENAFI MULUGETA EXPORTER |
|
|
|
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Registered Office : |
Bole
Road, Addis Ababa |
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|
|
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Country : |
Ethiopia |
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|
|
|
Year of Establishments: |
2005 |
|
|
|
|
Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
·
exporters of agricultural products such as pulses, oilseeds, spices,
beans and other related products Subject is also importer of electricals & hardware |
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|
|
|
No. of Employees |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Ethiopia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Ethiopia ECONOMIC OVERVIEW
Ethiopia's
economy is based on agriculture but the government is pushing to diversify into
manufacturing, textiles, and energy generation.. Coffee is 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,
telecommunications, 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 the new
collective leadership that followed Prime Minister MELES’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 2014 will continue construction of its Grand Renaissance Dam on the
Nile – a controversial five billion dollar effort to develop electricity for
domestic consumption and export.
|
Source
: CIA |
Registered Name: ASHENAFI MULUGETA EXPORTER
Requested Name: ASHENAFI
MULUGETA EXPORTER
Other Names: ASHENAFI
MULUGETA EXPORTER AND IMPORTER
Physical Address: Bole Road, Addis Ababa
Postal Address: P. o. Box 20217
Addis Ababa
Country: Ethiopia
Phone: 251-11-4431989/8964870
Cell: 251-911207997/217510
Fax: 251-11-4431991/8964868
Email: ashenafi-mulugeta@hotemail.com
/ ashu_mulu@yahoo.com
Website: None
Financial Index as of December 2013 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: 2005
Licensed: 2001
Reg. Number: Ethiopia
Nominal Capital ETB. 500,000
Subscribed Capital ETB. 500,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Ashenafi
Mulugeta Afework MD
Mr. W. Yohannes 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 agricultural products such as
pulses, oilseeds, spices, beans and other related products
Subject is also importer of electricals and hardware
Imports: Asia
Exports: Middle
East. U.S.A, Europe, Asia, Australia
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: Stores,
outlets, distributors
Employees: 25
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Rented
premises, 6,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 19.38 Ethiopian Birr
Fiscal
Year End: December 31, 2013
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in ETB.)
2013
Sales 78,000,000
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.