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Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHWEANI IMPORT AND EXPORT
PLC |
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|
|
|
Registered Office : |
Adisu Gebya, Total Near Tsion Hotel, Addis Ababa P. o. Box 170221/2500
Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
15.06.2010 |
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Legal Form : |
Limited
Corporation |
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|
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Line of Business : |
Subject operate
as exporters of agricultural products such as sesame seeds, castor seeds, niger
seeds, lin seeds, chick peas, soya beans, peanutsand other related products
and also import and distribution of clothes and bags |
|
|
|
|
No. of Employees |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Ethiopia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
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SUBJECT'S NAME |
|
|
Registered Name: |
CHWEANI IMPORT AND EXPORT PLC |
|
Requested Name: |
CHWEANI IMPORT AND EXPORT PLC |
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Other Names: |
None |
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Physical Address: |
Adisu Gebya, Total Near Tsion Hotel, Addis Ababa |
|
Postal Address: |
P. o. Box 170221/2500 |
|
|
Addis Ababa |
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Country: |
Ethiopia |
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Phone: |
251-11-1268006 |
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Cell: |
251-913291918/913291918 |
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Fax: |
251-11-1268006 |
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Email: |
None |
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Website: |
None |
|
Legal Form: |
Limited Corporation |
|
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Date Incorporated: |
15-June-2010 |
|
|
Reg. Number: |
Ethiopia |
|
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Nominal Capital |
ETB. 1,000,000 |
|
|
Subscribed Capital |
ETB. 1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Temesgen Wube Melaku |
MD |
|
|
Mr. Adugna Alem |
Director |
|
|
_______________________________________________________________________ |
||
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
None |
Branches of the firm |
|
___________________________________________________________________________ |
|
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Registered to operate as exporters of agricultural products such as sesame seeds, castor seeds, niger seeds, lin seeds,chick peas, soya beans,peanutsand other related products and also import and distribution of clothes and bags |
|
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Imports: |
Asia, Middle East |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
Distributors,Local agencies, firms and organizations |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ethiopia |
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Location: |
Leased premises, 5,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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|
|
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_______________________________________________________________________ |
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Currency Reported: |
Ethiopian Birr (ETB.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 19.44 Ethiopian Birr |
|
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Fiscal Year End: |
December 31, 2013 |
|
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in ETB.) |
||
|
|
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2013 |
|
Sales |
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35,000,000 |
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_______________________________________________________________________ |
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Bank Name: |
Dashen Bank |
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Branch: |
Ethiopia |
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Comments: |
None |
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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.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NIS |
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 |
|
|
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 |
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|
-- |
NB |
New Business |
-- |
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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.