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Report No. : |
311646 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SOUTHERN REGION
FARMERS COOPERATIVE FEDERATION (SRFCF) LTD |
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Registered Office : |
Bole Subcity, Kebele 16, Woreda
19, Addis Ababa, P. o. Box 42827, Addis Ababa |
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Country : |
Ethiopia |
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Date of Incorporation : |
10.02.2008 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Mandate to operate as an regional apex cooperative society improving agricultural production and productivity through provision of modern technology inputs, value addition of produces with processing and marketing in both local and international market, capacitating the organizational capacity affiliated societies in which all types of cooperatives will be united in absorbing and transforming the values of entrepreneurship and good governance |
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No of Employees : |
100 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Ethiopia |
B2 |
B2 |
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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 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.
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Source
: CIA |
Registered Name: SOUTHERN REGION FARMERS COOPERATIVE
FEDERATION
(SRFCF)
LTD
Requested Name: SOUTHERN
REGION FARMS COOPERATIVE
Other Names: None
Physical Address: Bole Subcity, Kebele 16, Woreda
19, Addis Ababa
Postal Address: P. o. Box 42827
Addis Ababa,
Country: Ethiopia
Phone: 251-462209894/8210
Cell: 251-916581887/911034955/911149745
Fax: 251-462214837
Email: info@southfarmerscooperative.com
Website: www.southfarmerscooperative.com
Financial Index as of December 2014 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 10-Feb-2008
Reg. Number: Ethiopia
Nominal Capital ETB. 39,500,000
Subscribed Capital ETB. 39,500,000
Subscribed Capital is Subscribed in the following form:
Position
Mr. Yehualashet
Aschenaki Argaw GM
Mr.A. Melaku Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
P.o. Box 1645
Hawassa Ethiopia Branches of the firm
Mandate to operate as an regional apex cooperative society improving agricultural production and productivity through provision of modern technology inputs, value addition of produces with processing and marketing in both local and international market, capacitating the organizational capacity affiliated societies in which all types of cooperatives will be united in absorbing and transforming the values of entrepreneurship and good governance
Imports: Asia
Exports: Asia,
Europe
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Distributors,
firms and organizations
Employees: 100
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ethiopian Birr (ETB.)
Approx. Ex. Rate: 1 US Dollar = 20.47 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.)
2014
Sales 1,200,000,000
Bank Name: Cooperative Bank of Oromia
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
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UK Pound |
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
MNL |
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.