MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOCIETE NOUVELLE DES PRODUITS CHIMIQUES SARL |
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Registered Office : |
Zone Industrielle de Koumasi, Pres de Sotripa, P. O. Box 26 BP 1, Abidjan 26 |
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Country : |
Ivory Coast Republic (Cote D'Ivoire) |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
ABJ-2005-B439 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of chemical products,
varnishes, glue and paints. |
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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Maximum Credit Limit : |
CFA Fr 70,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COmpany NAME
SOCIETE NOUVELLE DES
PRODUITS CHIMIQUES SARL
ADDRESS
Street : Zone Industrielle de Koumasi
Area : Pres de Sotripa
P.O. Box :
26 BP 1
Town : Abidjan 26
Country : Ivory Coast Republic (Cote D'Ivoire)
Telephone :
(225) 2175 4285 / 2175 4280
Fax : (225) 2136 2445 / 2175 4280
Shortform Name
SNPC
Formerly Known As
Societe Hyjazi Samih Et
Hassan Induschimie Sarl
Also Known As
Indus-Chimie
SENIOR COMPANY
PERSONNEL
Name Position
Antoine Hyjazi Managing Director
Total Employees
130 (subject)
2,000 (group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject incurred
undisclosed losses in 2000, 2001 and 2002, which were mainly attributed to the
political and economical crisis in the country. Subject returned to
profitability in 2003.
In 2005 subject incurred
a loss of CFA Fr 991,633,448 attributed to a fire damaged in the factory.
Subject returned to profitability in 2006 financial year
We consider it is
acceptable to deal with subject for MEDIUM amounts, although it is normal
practice for international suppliers to deal on secured terms with Ivory Coast
importers.
Opinion on maximum credit
: CFA Fr 70,000,000
Trade risk assessment :
Normal
Opinion on the credit
figure of EURO 100,000:
We consider the above
figure to be within the company's financial capabilities.
PRINCIPAL BANKERS
NAME :
BANK OF AFRICA COTE D'IVOIRE
Branch :
Angle Av. Terrasson de Fougeres et Rue Gourgas
PO Box :
4132
Town :
Abidjan 01
Telephone : (225) 0848 0602
Fax :
(225) 2030 31401
SWIFT : AFRICIAB
The company also has an
account with the following banks:
1. Banque Internationale
d'Afrique de l'Ouest (BIAO CI)
01 BP 1274, Abidjan 01
Cote d'Ivoire
Tel: (225) 2020 0720
Fax: (225) 2021 4466
2. Banque Internationale
Pour Le Commerce Et L'Industrie De
La Cote D'Ivoire - BICICI
Avenue Franchet d'Esperey
PO Box : 01 BP 1298
Abdijan
Tel: (225) 2020 1600
Fax: (225) 2020 1700
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : CFA Fr 1,300,000,000 - 1989 - exact
: CFA Fr 2,400,000,000 - 1990 - exact
: CFA Fr 1,800,000,000 - 1991 - exact
: CFA Fr 2,500,000,000 - 1992 - exact
: CFA Fr 3,000,000,000 - 1993 - exact
: CFA Fr 3,500,000,000 - 1994 - exact
: CFA Fr 4,000,000,000 - 1995 - exact
: CFA Fr 4,200,000,000 - 1996 - exact
: CFA Fr 4,300,000,000 - 1997 - exact
:
CFA Fr 4,300,000,000 - 1998 - exact
: CFA Fr
4,500,000,000 - 1999 - exact
: CFA Fr 4,500,000,000 - 2000 - exact
: CFA Fr 4,000,000,000 - 2001 - approx
: CFA Fr 3,000,000,000 - 2002 - approx
: CFA Fr 3,500,000,000 - 2003 - exact
: CFA Fr 4,000,000,000 - 2004 - exact
: CFA Fr 1,986,418,124 - 2005 - exact *
: CFA Fr 4,878,522,441 - 2006 - exact
Net Profit :
CFA Fr 65,000,000 - 1989 - exact
: CFA Fr
120,000,000 - 1990 - exact
: CFA Fr
90,000,000 - 1991 - exact
: CFA Fr
125,000,000 - 1992 - exact
: CFA Fr
150,000,000 - 1993 - exact
: CFA Fr
175,000,000 - 1994 - exact
: CFA Fr 200,000,000 - 1995 - exact
: CFA Fr
210,000,000 - 1996 - exact
: CFA Fr
250,000,000 - 1997 - exact
: CFA Fr
200,000,000 - 1998 - approx
: not given
- 1999
Loss :
not given - 2000/2002
Net Profit :
CFA Fr 100,000,000 - 2003 - exact
: CFA Fr
100,000,000 - 2004 - approx
Loss :
CFA Fr (991,633,448)- 2005 - exact
Net Profit :
CFA Fr 33,335,711 - 2006 - exact
Fixed assets :
CFA Fr 9,676,201 - 2006 - exact
Total Value of Stock Held
: CFA Fr 1,770,463,431 - 2006
Financial year ends 31
December.
* decrease of the sales
turnover and loss attributed to a fire damage in the factory.
LEGAL STATUS AND
HISTORY
Date Started : 1980
History : The original trading style of the
company was Indus-chimie which was changed to Hyjazi Samih
et
Hassan Industrie de Produits Chimique in 1987. In early 1990 subject adopted
the name
Societe Hyjazi Samih Et Hassan Induschimie
Sarl. In February 2006 the company was
sold to
Drumor Ltd and was reregistered under the name Societe Nouvelle des
Produits Chimiques
SARL.
C.R. No. : ABJ-2005-B439 (formerly 106177)
Paid up Capital : CFA Fr 65,000,000 (decreased fromm CFA Fr
100,000,000 in 2006; increased from CFA Fr
65,000,000 in
2004)
Societe a Responsibilite
Limitee (Limited Liability Company) with the following shareholders :
Percentage
1. Drumor Ltd 99 %
(British Virgin Islands registered offshore
company)
2. Sami Hyjazi 1 %
3. Hassan Hyjazi 1 %
Affiliated companies of
Societe Nationale De Produits Chimiques SARL :
Associates
1. Drocolor SARL
Boulevard V.G. D'Estaing
01 BP 372
Abidjan 01
Tel: (225) 2124 0243 / 2124 0362 / 2124
1199
Fax: (225) 2124 1199
Importers, wholesalers, retailers,
manufacturers and distributors of
automobile and building paints, refrigerating
gases, artificial resins, chemicals and
fibre glass.
2. SNEM SARL
3. Toletoile SARL
4. Seritex SARL
5. Prima Center SARL
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers and
distributors of chemical products, varnishes, glue and paints.
Imorters and wholesalers
of building materials.
Importers from UK,
France, Spain, China, Italy, Belgium, The Netherlands, Germany and Brazil.
Exports to Togo,
Equatorial Guinea, Guinea, Burkina Faso, Mali, Benin, Chad, Niger, Cameroon,
Angola and Sierra Leone.
FACILITIES
The Company has the
following facilities :
6,000 square metre owned
factory with an integrated warehouse and administrative offices located at the
heading address.
Subject also has 10,000
square metre owned depot in the Vridi industrial area of Abidjan and owns 7
vehicles.
Subject company formerly
used P.O. Box 1658.
Until February 2006
subject used the PO Box: 10 BP 1304 Abidjan 10.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)