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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ETHIO AGRI-CEFT PLC, |
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Registered Office : |
Haile G/Selassie Avenue, WARYT Building, Addis Ababa P. o. Box 1006, Addis Ababa, |
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Country : |
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Date of Incorporation : |
14.03.1996 |
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Com. Reg. No.: |
64175 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Subject
operate production of coffee and tea, spices and food crops and also herbal
medicinal plants and Bio pesticides |
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No. of Employees : |
420 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
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Registered Name: |
ETHIO AGRI-CEFT
PLC, ETHIOPIA |
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Requested Name: |
ETHIO AGRI-CEFT PLC, ETHIOPIA |
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Other Names: |
None |
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Physical Address: |
Haile G/Selassie Avenue, WARYT Building, Addis Ababa |
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Postal Address: |
P. o. Box 1006, |
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Addis Ababa, |
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Country: |
Ethiopia |
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Phone: |
251-11-621029/6637780/6637781/6615608 |
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Fax: |
251-11-615573/6637782/6627764 |
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Email: |
ethioagriceft@ethionet.et /
kebedeamede@yahoo.com |
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Website: |
www.ethioagriceft.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
14-March-1996 |
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Reg. Number: |
64175 |
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Nominal Capital |
ETB. 1,000,000 |
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Subscribed Capital |
ETB. 1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Sheikh Mohammed Hussein Ali Al-Amoudi |
Chairman |
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Mr. Asrat Bulbulla |
Director |
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Dr. Tadele Worku |
Director |
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Mr. Yilma Yemaneberhan |
Director |
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Mr. Biru Abebe |
Manager |
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MIDROC Ethiopia Investment Group |
Holding Co. |
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None |
Parent company. |
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None |
Subsidiary company. |
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Given Below |
Affiliated companies. |
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None |
Shareholder of subject firm. |
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None |
Branches of the firm |
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Registered to operate production of coffee and tea, spices and food crops and also herbal medicinal plants and biopesticides |
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Imports: |
Middle East |
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Exports: |
Europe and Asia |
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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, Outlets and Local Agencies etc |
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Employees: |
420 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ethiopia |
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Location: |
Owned premises, 10,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Ethiopian Birr (ETB.) |
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Approx. Ex. Rate: |
1 US Dollar = 19.15 Ethiopian Birr |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2012 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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2012 |
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Sales |
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285,000,000 |
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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
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This information
was obtained from outside sources other than the subject company itself and
confirmed the above subject. |
AFFILIATED
COMPANIES
|
|
MAMCO
PAPER PRODUCTS PLC |
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MIDROC
FOUNDATION SPECIALIST PLC |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.