|
Report No. : |
335085 |
|
Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALBAR TRADING PRIVATE LIMITED COMPANY |
|
|
|
|
Registered Office : |
K1 Adama Town, Adama, Nazareth, P. O. Box No. 510, Adama, Nazareth |
|
|
|
|
Country : |
Ethiopia |
|
|
|
|
Date of Incorporation : |
15.06.2005 |
|
|
|
|
Com. Reg. No.: |
1793622 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Subject operate export of
pulses, oil seeds and spices |
|
|
|
|
No. of Employees : |
100 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Ethiopia |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 and is scheduled to issue another development plan in 2015.
Ethiopia has achieved high single-digit growth rates through government-led
infrastructure expansion and commercial agriculture development. Ethiopia in
late 2014 issued its first sovereign bond, generating $1 billion in revenue for
a 10 year note.
|
Source
: CIA |
Company
Name
|
|
|||
|
Registered Name: |
ALBAR TRADING
PRIVATE LIMITED COMPANY |
|||
|
Requested Name: |
ALBAR TRADING PRIVATE LIMITED COMPANY |
|||
|
Other Names: |
ALBAR TRADING PLC |
|||
|
|
||||
ADDRESS
AND TELECOMMUNICATION
|
||||
|
Physical Address: |
K1 Adama Town, Adama, Nazareth |
|||
|
Postal Address: |
P.
O. Box No. 510, Adama |
|||
|
|
Nazareth |
|||
|
Country: |
Ethiopia |
|||
|
Phone: |
251-221118479/221126068/221126868 |
|||
|
Cell: |
251-911252858/490708 |
|||
|
Fax: |
251-221125172 |
|||
|
Email: |
ahmed.albar@yahoo.com/ albar@ethionet.et |
|||
|
Website: |
www.albartradingplc.com |
|||
|
|
||||
CREDIT
OPINION
|
|
|||
|
Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
||||
|
|
||||
LEGAL
|
|
|||
|
Legal Form: |
Limited Corporation |
|||
|
Date Incorporated: |
15-June-2005 |
|||
|
Reg. Number: |
1793622 |
|||
|
Nominal Capital |
ETB.
50,000,000 |
|||
|
Subscribed Capital |
ETB.
50,000,000 |
|||
|
Subscribed Capital is Subscribed in the following form: |
||||
|
|
Position |
Shares |
||
|
Mr. Ahmed Albar |
MD |
25% |
||
|
Mr. Ato Zeakria |
Director |
25% |
||
|
Mr. Ato Tesfaye |
Director |
25% |
||
|
Mr. Abdul Ghuffar Rahma |
Director |
25% |
||
|
|
||||
RELATED
COMPANIES
|
||||
|
None |
Parent company. |
|||
|
None |
Subsidiary company. |
|||
|
AHDL TRADING IMPORT
EXPORT P.L.C |
Affiliated company. |
|||
|
None |
Shareholder of subject
firm. |
|||
|
None |
Branches of the firm |
|||
|
|
||||
OPERATIONS
|
||||
|
Registered to operate
export of pulses, oil seeds and spices |
||||
|
Imports: |
Asia |
|||
|
Exports: |
Worldwide |
|||
|
Trademarks: |
None |
|||
|
Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
|||
|
|
|
|||
|
Main Customers: |
Stores, outlets, firms and organizations |
|||
|
Employees: |
100 employees. |
|||
|
Vehicles: |
Several motor vehicles. |
|||
|
Territory of sales: |
Ethiopia |
|||
|
Location: |
Owned premises, 15,000 square feet, |
|||
|
|
||||
AUDITORS
AND INSURANCE
|
||||
|
Auditors: |
Information not
available. |
|||
|
Insurance Brokers: |
Information not
available. |
|||
|
|
|
|||
FINANCE
|
|
|||
|
Currency Reported: |
Ethiopian Birr (ETB.) |
|||
|
Approx. Ex. Rate: |
1 US Dollar = 20.79
Ethiopian Birr |
|||
|
Fiscal Year End: |
December 31, 2014 |
|||
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
|||
|
|
||||
|
Financial Information not
Submitted |
|
|||
|
|
|
|||
|
Profit and Loss
(expressed in ETB.) |
||||
|
|
2013 |
2014 |
||
|
Sales |
50,000,000 |
62,725,000 |
||
|
|
||||
BANK
|
|
|||
|
Bank Name: |
ECB
Bank |
|||
|
Branch: |
Addis Ababa |
|||
|
Comments: |
None |
|||
|
|
|
|||
TRADE REFERENCES
|
||||
|
Experiences: |
Good |
|||
|
|
|
|||
NOTARIAL BONDS
None |
||||
|
|
||||
COMMENTS/
ADDITIONAL INFORMATION
|
||||
|
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.63.93 |
|
|
1 |
Rs.99.82 |
|
Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.