MIRA INFORM REPORT

Report No. :	345436
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	RIYOH IMPORT AND EXPORT PLC
Registered Office :	Bole Sub City Woreda 04, H No 216/B, Abera Bldg, First Floor, Office No. 18, P. o. Box 2842, Addis Ababa
Country :	Ethiopia
Date of Incorporation :	02.05.2002
Legal Form :	Private Limited Corporation
Line of Business :	Subject is exporters of pulses, oilseeds, spices and other related products and import of used automotives, trucks, motorcycles and heavy duty truck spare parts
No. of Employee :	15

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

SUBJECT'S NAME
Registered Name:	RIYOH IMPORT AND EXPORT PLC
Requested Name:	RIYOH IMPORT AND EXPORT PLC
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Bole Sub City Woreda 04, H No 216/B, Abera Bldg, First Floor, Office No. 18,
Postal Address:	P. o. Box 2842
	Addis Ababa
Country:	Ethiopia
Phone:	251-11-5572119/57/6620802
Cell:	251-911517913
Fax:	251-11-5572112/6620701
Email:	riyoh@ethionet.et
Website:	www.riyoh.com
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Private Limited Corporation
Date Incorporated:		02-May-2002
Reg. Number:		Ethiopia
Nominal Capital		ETB. 1,000,000
Subscribed Capital		ETB. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Yoseph Abraham		CEO		100%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Yoseph Abraham		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as exporters of pulses, oilseeds, spices and other related products and import of used automotives, trucks, motorcycles and heavy duty truck spare parts
Imports:		Europe
Exports:		Worldwide
Trademarks:		None
Terms of sale:		Cash (60%) and 25-90 days (40%), invoices.
Main Customers:		Distributors, firms and organizations
Employees:		15 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Ethiopia
Location:		Rented premises, 5,000 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 = 20.85 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			55,000,000
BANK
Bank Name:		Bank of Abyssinia
Branch:		Ethiopia
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.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.