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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TSEMEX GLOBAL |
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Registered Office : |
In front of Hotel D’Afrique,
Tadesse Tefera Building 4th and 6th Floor, Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
19.06.2001 |
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Com. Reg. No.: |
59425 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
importers and distributors
of Water Engineering and Works Materials as well as Equipment’s Subject product ranges includes : ·
upvc Pressure Pipes upvc Pipe & Fittings HDPE Pipes upvc Fittings Submersible Pumps Malleable Iron Fittings Mobile Pioneer Water Tank Water Meter |
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No of Employees : |
30 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Ethiopia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 |
Registered Name: TSEMEX GLOBAL ENTERPRISE P L C
Requested Name: TSEMEX
GLOBAL ENTERPRISE P L C
Other Names: None
Physical Address: In front of Hotel D’Afrique,
Tadesse Tefera Building 4th and 6th Floor, Addis
Ababa
Postal Address: P. o. Box 2875-1250
Addis Ababa,
Country: Ethiopia
Phone: 251-11-5504401/3/5518495/5549657
Cell:
251-912102727/913864030/911208942/910964532/
913020256/911636604
Fax: 251-11-5153435/5518540
Email: info@tsemexg.com/tsemexg@ethionet.et
Website: www.tsemexg.com
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: 19-June-2001
Reg. Number: 59425
Nominal Capital ETB. 100,000
Subscribed Capital ETB. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Ato Solomon
Kassahun MD
Mr. Rezene Ayalew Biru Director
Mr. A Salaem Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as importers and distributors of water engineering as well as works materials and equipment’s
Subject product ranges includes :
·
upvc Pressure Pipes
upvc Pipe & Fittings
HDPE Pipes
upvc Fittings
Submersible Pumps
Malleable Iron Fittings
Mobile Pioneer Water Tank
Water Meter
Imports: Asia
Exports: Europe,
China
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Governmental
organizations, firms and organizations
Employees: 30
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 19.47 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 18,000,000
Bank Name: Awash International Bank
Branch: Ethiopia
Comments: Other
banks
Commercial Bank of Ethiopia
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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
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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 |
|
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.