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Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GATEPRO ENGINEERING PLC |
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Registered Office : |
Lafto K11 House# 1886, Showa, |
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Country : |
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Year of Establishments: |
1982 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
·
providers of engineering services and solutions. Engaged
in designing, engineering and manufacturing of multi steel structural
products, power and communication towers, bridges, warehouse and airport
terminals and low and high raise
building. |
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No. of Employees : |
80 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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.
Source
: CIA
Registered Name: GATEPRO ENGINEERING PLC
Requested Name: GATEPRO
PLC
Trade Names: GATEPRO
PLC
Physical Address: Lafto K11 House# 1886, Showa,
Addis Ababa,
Postal Address: P. o. Box 1466,
Addis Ababa,
Country: Ethiopia
Phone: 251-11-4401070
Fax: 251-11-4401067
Email: gatepro_usa@msn.com
Website: www.gateproengineering.com
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 1982
Reg. Number: Ethiopia
Nominal Capital ETB. 150,000,000
Subscribed Capital ETB. 150,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Girma Afework CEO 100%
Mr. Abeselom Girma Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as providers of engineering services and solutions
Engaged in designing, engineering and manufacturing of multi steel structural products, power and communication towers, bridges, warehouse and airport terminals and low and high raise building.
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(20%) and 25-90 days (80%), invoices.
Main Customers: Industries,
firms and organizations
Employees: 80
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 25,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 19.24 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: Nib International Bank
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.62.45 |
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|
1 |
Rs.102.00 |
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Euro |
1 |
Rs.84.35 |
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 |
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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.