MIRA
INFORM REPORT
|
Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JAL AFRIQUE MALI SA |
|
|
|
|
Registered Office : |
Rue 485 Porte 120, Zone Industrille
Bamako, P. O. Box E-4577, Bamako |
|
|
|
|
Country : |
Mali |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Com. Reg. No.: |
15903 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers and distributors of industrial paints, car paints
and paints for general domestic use, as well as varnishes and abrasives. |
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 |
|
Maximum Credit Limit : |
CFA Fr 10,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
COmpany NAME
JAL AFRIQUE MALI SA
ADDRESS
Street : Rue 485 Porte 120
Area : Zone Industrille Bamako
P.O. Box :
E-4577
Town : Bamako
Country : Mali
Telephone :
(223) 221 3578 / 221 8721
Fax : (223) 221 3578
E-Mail :
jalmali@afribonemali.net
Formerly Known As
Mina Peinture
SENIOR COMPANY
PERSONNEL
Name Position
1. Jean Ramani President
2. Angel Shoenknecht Managing
Director
3. Fatoma Moise
Sogoda Chief Accountant
Total Employees
25 (permanent)
10 (casual)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject incurred losses of
CFA Fr 30,000,000 in 2005 and CFA Fr 122,000,000 in 2006 which the company
attributed to internal management problems.
Subject was established
in June 1999 when it acquired operation of Mina Peinture, founded in 1989.
Subject is a member of Jal- Afrique Group of Ivory Coast which in turn is a
subsidiary of Comcraft, UK.
We consider it is
acceptable to deal with subject for SMALL amounts, however in view of the lack
of financial information international suppliers may prefer to exercise some
caution.
Opinion on maximum credit
: CFA Fr 10,000,000
Trade risk assessment :
Normal
It is normal accepted
practice for international suppliers to deal on secured terms with Mali
importers.
PRINCIPAL BANKERS
NAME :
BANQUE INTERNATIONALE POUR LE COMMERCE ET L'INDUSTRIE AU MALI (BICI-M)
Branch :
Main Branch
Street :
Immeuble Nimagala, Boulevard du Peuple
PO Box :
B 72
Town :
Bamako
Telephone : (223) 223 3368/69/70
Fax :
(223) 223 3373
E-mail :
SecretariatDirection@bicim.com
Subject also has an
account with the following bank :
Banque De Developpement
Du Mali SA (BDM) Avenue Modibo Keita BP 94 Bamako
Tel: (223) 222 2050
Fax: (223) 222 5085
Subject used to have an account
with Banque Malienne de Credit et de Depots, Bank of Africa Mali and Ecobank,
Acc. No. : 100290004017.
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : CFA Fr 1,000,000,000 - 2001 - exact
: CFA Fr
800,000,000 - 2002 - exact
: CFA Fr
700,000,000 - 2003 - approx
: CFA Fr 1,156,010,950 - 2004 - exact
: CFA Fr 587,358,994 - 2005 - exact *
: CFA Fr
698,353,282 - 2006 - exact
Net Profit :
not given - 2001 - 2003
: CFA Fr
25,000,000 - 2004 - exact
Loss : CFA Fr
(30,000,000)- 2005 - approx **
: CFA Fr
(122,000,000)- 2006 - exact **
Financial year ends 31
December.
* drop in sales turnover
was attributed by subject to internal management problems.
** unaudited
The following information
applies to Jal-Afrique SA :
Sales Turnover : CFA Fr 1,748,000,000 - 1992 - exact
: CFA Fr 1,750,000,000 - 1993 - exact
: CFA Fr 2,500,000,000 - 1994 - exact
: CFA Fr 3,000,000,000 - 1995 - exact
: CFA Fr 4,000,000,000 - 1996 - exact
: CFA Fr 4,500,000,000 - 1997 - exact
: CFA Fr 5,310,000,000 - 1998 - exact *
: CFA Fr 4,000,000,000 - 1999 - exact
: CFA Fr 3,600,000,000 - 2000 - exact
: CFA Fr 4,000,000,000 - 2001 - exact
: not given
- 2002
: CFA Fr 4,230,000,000 - 2003 - exact
: CFA Fr 2,100,000,000 - 2004 - exact **
Net Profit :
CFA Fr 87,000,000 - 1992 - exact
:
CFA Fr 87,500,000 - 1993 - exact
: CFA Fr
125,000,000 - 1994 - exact
: CFA Fr
150,000,000 - 1995 - exact
: CFA Fr
160,000,000 - 1994 - exact
: CFA Fr
165,000,000 - 1995 - exact
: not given
- 1996 - 1997
: CFA Fr
79,000,000 - 1998 - exact
: not given
- 1999 - 2002
Loss :
CFA Fr (57,000,000)- 2003 - exact
: CFA
Fr (49,900,000)- 2004 - exact
* 15 months period from
30 September 1997 to 31 December 1998 Financial year ends 31 December.
LEGAL STATUS AND
HISTORY
Date Started : 1999
History : Subject was established in June 1999.
It acquired operations of Mina Peinture which was
founded in 1989. Mamadou Seydou
Ly former shareholder, sold its stakes to Mr Mahamadou
Sy
Savane in 2003.
C.R. No. : 15903
Authorised & Paid up
Capital : CFA Fr 100,000,000
Societe Anonyme (Joint
Stock Company) with the following shareholders :
Percentage
1. Ste de Galvanisation
de Toles 85 %
en Cote D'Ivoire SA (Toles Ivoire)
Rue De Textile
Zone Industrielle de Vridi
15 BP 360
Abidjan 15
Ivory Coast Republic (Cote D'Ivoire)
Tel: (225) 2121 4200 / 2127 0433
Fax:
(225) 2127 4324
E-Mail:
ivoiral@aviso.ci
(member of the Jal-Afrique Group)
Ultimate holding company :
Comcraft Services Ltd (Chandaria Group)
49, Queens Gardens
London
UK
2. Mahamadou Sy
Savane 15 %
Affiliated companies of
Jal Afrique Mali SA :
Associates
1. Toles Mali SA
2. Sadofoss SA
Rue des Chimistes
Zone Industrielle Vridi
01 BP 3867
Abidjan 01
3. Companie Generale
Industrielle SA
01 BP 295
Abidjan 01
4. Tole Ivoire SA
Rue de la Pointe aux Fumeurs
Zone Industrielle Vridi
01 BP 4315
Abidjan 01
Tel: (225) 2127 3380 / 2127 4925 / 2127
2807
Fax: (225) 2127 1709
5. Metal Embal SA
(Ivory Coast)
6. Pretembal SARL
(Ivory Coast)
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers and
distributors of industrial paints, car paints and paints for general domestic
use, as well as varnishes and abrasives.
Contractors: Road
marking.
Imports production
equipment from France, The Netherlands, Germany, Belgium and Spain.
FACILITIES
The Company has the
following facilities :
Rented office premises
and manufacturing units with integrated storage facilities located on a 45,000
square metre plot of land at the heading address.
Until 2005 subject
operates from Rue 833 Porte 120.
SPECIAL NOTE
You provided an incorrect
address for the subject : Rue 833 Porte 120,
Zone Industrille Bamako, P.O. Box :
E-4577, Bamako. Please note the
correct address is as per heading.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)