|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEVELOPMENT BANK
OF ETHIOPIA |
|
|
|
|
Registered Office : |
Joseph Broz Tito Street, Addis
Ababa |
|
|
|
|
Country : |
Ethiopia |
|
|
|
|
Date of Incorporation : |
01.10.1909 |
|
|
|
|
Legal Form : |
State Corporation |
|
|
|
|
Line of Business : |
providers of
banking and related financial facilities |
|
|
|
|
No of Employees : |
1000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
Registered Name: DEVELOPMENT BANK OF ETHIOPIA
Requested Name: DEVELOPMENT
BANK OF ETHIOPIA
Other Names: None
Physical Address: Joseph Broz Tito Street, Addis
Ababa
Postal Address: P. o. Box 1900,
Addis Ababa
Country: Ethiopia
Phone: 251-11-511188/151526/513120//5536854
Fax: 251-11-511606
Email: dbe@telecom.net.et
Website: www.dbe.com.et
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: State Corporation
Date Incorporated: 01-Oct-1909
Re-established: 01-June-2003
Reg. Number: Ethiopia
Nominal Capital ETB. 3,000,000,000
Subscribed Capital ETB. 1,910,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Ato Melaku Fanta Chairman
Ato Esayas Bahre President
Ato Ahmed Hamza Director
Ato Wassihun Abate Director
Ato Abdulaziz
Mohammed Director
Ato Seleshi Lemma Director
Ato Haileselassie
Tekie Director
Ato Ayana Zewde Director
Government of Ethiopia Parent 100%
Government of
Ethiopia Parent.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
Various in
Ethiopia Branches of the firm
Registered to operate as providers of banking and related financial
facilities
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: General
Public , firms and organizations
Employees: 1000
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 20,000 square feet,
Auditors: Audit Services Corporation
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 19.52 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 500,000,000
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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 |
|
-- |
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.