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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
YIRGALEM ADDIS TEXTILE FACTORY P.L.C. |
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Registered Office : |
St. Debre Zeit Road, Addis
Ababa |
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Country : |
Ethiopia |
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Year of Establishments: |
1998 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Engaged in manufacturing, spinning, knitting, weaving, dyeing of textiles, garments and blankets |
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No. of Employees |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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Moderate |
B1 |
|
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 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: YIRGALEM ADDIS TEXTILE FACTORY P.L.C.
Requested Name: YIRGALEM
ADDIS TEXTILE FACTORY P.L.C.
Other Names: None
Physical Address: St. Debre Zeit Road, Addis Ababa
Postal Address: P. o. Box 20346/1000
Addis Ababa,
Country: Ethiopia
Phone: 251-11-4422300
Cell: 251-911527264/5
Fax: 251-11-4402107
Email: yatplc@gmail.com
Website: None
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 1998
Reg. Number: Ethiopia
Nominal Capital ETB. 1,000,000
Subscribed Capital ETB. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Yirgalem Asfaw
Alemu MD
Mr. Nahum Tesfaye Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate manufacture, spinning, knitting, weaving, dyeing of textiles, garments and blankets
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: Local
agencies,firms and organizations
Employees: 350
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 100,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 19.41 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 350,000,000
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.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
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 |
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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 |
|
|
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 |
|
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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 |
|
|
<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.