Ethiopian Industrial Inputs Development Enterprise
Imports and distributes industrial inputs including chemicals, construction materials, and metals.
Revenue
ETB 4.2B
FY 2014
Net Profit
ETB 48.1M
Profit
Total Assets
ETB 4.8B
FY 2014
Total Equity
ETB 3.0B
Revenue & Profitability
Revenue, cost of sales, and net profit over time
Balance Sheet
Total assets, liabilities, and equity over time
Audit Opinion Timeline
Key Audit Findings
Basis for qualified opinion from the latest audit report
#1 Receivables include a suspense amount of Birr 265,147,093 arising from inventory valuation adjustments. ERP system limitations and human errors in coding contributed to discrepancies. Unable to determine necessary adjustments to inventory (Birr 653,091,683) and receivables (Birr 2,289,889,861).
Receivables include a suspense amount of Birr 265,147,093 arising from inventory valuation adjustments. ERP system limitations and human errors in coding contributed to discrepancies. Unable to determine necessary adjustments to inventory (Birr 653,091,683) and receivables (Birr 2,289,889,861).
Receivables include a suspense amount of Birr 265,147,093 arising from inventory valuation adjustments. ERP system limitations and human errors in coding contributed to discrepancies. Unable to determine necessary adjustments to inventory (Birr 653,091,683) and receivables (Birr 2,289,889,861).
Amount: ETB 265.1M
#2 Loss of inventory totalling Birr 61,463,969 resulting from the conflict in the northern region of the country. Unable to verify the completeness and accuracy of the reported loss.
Loss of inventory totalling Birr 61,463,969 resulting from the conflict in the northern region of the country. Unable to verify the completeness and accuracy of the reported loss.
Loss of inventory totalling Birr 61,463,969 resulting from the conflict in the northern region of the country. Unable to verify the completeness and accuracy of the reported loss.
Amount: ETB 61.5M
#3 VAT recoverable balance of Birr 500,479,957 has been outstanding for more than a year and has not been cleared. Proper documentation has not been maintained to support the recoverability of this balance.
VAT recoverable balance of Birr 500,479,957 has been outstanding for more than a year and has not been cleared. Proper documentation has not been maintained to support the recoverability of this balance.
VAT recoverable balance of Birr 500,479,957 has been outstanding for more than a year and has not been cleared. Proper documentation has not been maintained to support the recoverability of this balance.
Amount: ETB 500.5M
Financial Summary
All figures in Ethiopian Birr (ETB).
| Year | Revenue | Net Profit | Total Assets | Total Liabilities | Equity | Opinion | |
|---|---|---|---|---|---|---|---|
| 2010 | ETB 1.9B | ETB 96.1M | — | — | — | Unmodified | Details |
| 2011 | ETB 1.6B | ETB 99.7M | — | — | — | Unmodified | Details |
| 2012 | ETB 2.8B | ETB 189.8M | — | — | — | Unmodified | Details |
| 2013 | ETB 3.3B | ETB 202.0M | ETB 4.1B | ETB 1.1B | ETB 3.0B | Unmodified | Details |
| 2014 | ETB 4.2B | ETB 48.1M | ETB 4.8B | ETB 1.8B | ETB 3.0B | Qualified | Details |
The audit reports for EC 2010–2012 are condensed financial statements — balance sheet data was not included. EC 2013–2014 reports follow IFRS. The EC 2013 balance sheet and cash flow are sourced from the EC 2014 report's comparative column.