MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SYATELS INDUSTRIES SA |
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Registered Office : |
Route de Niamakoro, Cite de l'UNICEF, Zone Commerciale Sogoniko, P. O. Box 2269, Bamako |
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Country : |
Mali |
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Date of Incorporation : |
November 1992 |
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Com. Reg. No.: |
3666 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturers, distributors and exporters of automotive,
industrial and domestic 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 20,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COmpany NAME
SYATELS INDUSTRIES SA
ADDRESS
Street : Route de Niamakoro, Cite de l'UNICEF
Area : Zone Commerciale Sogoniko
P.O. Box :
2269
Town : Bamako
Country : Mali
Telephone :
(223) 220 0240 / 220 8662 / (223) 671 1658 (Mobile)
Fax : (223) 220 0241
E-Mail : commercial@syatelsindustries.com
Formerly Known As
Syatels SARL
SENIOR COMPANY
PERSONNEL
Name Position
1. Tahirou Sy President / Managing Director
2. Cheikh Amadou Tidiane
Sy Commercial
Director
3. Abdoulaye Diarra Technical
Director
4. Mrs Gueye Financial Director
Total Employees
50
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for SMALL amounts however it is normal accepted
practice for international suppliers to deal on secured terms with Mali
importers.
Opinion on maximum credit
: CFA Fr 20,000,000
Trade risk assessment :
Normal
PRINCIPAL BANKERS
NAME :
BANQUE INTERNATIONALE DU MALI SA (BIM) (Formerly known as BANQUE
INTERNATIONALE POUR L'AFRIQUE OCCIDENTALE)
Branch :
Main Branch
Street :
Avenue de l'Independance, Bolibana
PO Box :
15
Town :
Bamako
Telephone : (223) 222 5111 / 222 5112
Fax :
(223) 222 4566
Subject also has an
account with the following banks :
1. Bank Of Africa Mali SA
(BOA)
Avenue de la Marne No. 418, Bozola
BP 2249
Bamako
Tel: (223) 221 4294 / 221 8589
Fax: (223) 221 4653
E-mail: boama.dg@bkofafrica.com
Account No : 0025112825708
2. Banque De Developpement
Du Mali SA (BDM)
Avenue Modibo Keita
BP 94
Bamako
Tel: (223) 222 2050
Fax: (223) 222 5085
3. Banque Internationale
pour le Commerce et l'Industrie au Mali
(BICI-M)
Immeuble NIMAGALA
Boulevard du Peuple
BP B 72
Bamako
Tel: (223) 223 3368/69/70
Fax: (223) 223 3373
E-mail : SecretariatDirection@bicim.com
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : CFA Fr 85,487,000 - 1994 - exact
: CFA Fr
108,390,000 - 1995 - exact
: not given - 1996 - 2000
: CFA Fr
720,000,000 - 2001 - exact
: CFA Fr
640,000,000 - 2002 - exact *
: CFA Fr 1,151,769,733 - 2003 - exact
: CFA Fr 1,170,000,000 - 2004 - exact
: CFA Fr 1,300,000,000 - 2005 - exact
: CFA Fr
994,000,000 - 2006 - exact **
Net Profit :
CFA Fr 10,189,000 - 1994 - exact
: CFA Fr
5,192,000 - 1995 - exact
: not given - 1996 - 2002
: CFA Fr
55,000,000 - 2003 - exact
: CFA Fr
55,000,000 - 2004 - approx
:
CFA Fr 60,000,000 - 2005 - approx
: CFA Fr
30,000,000 - 2006 - exact **
* decrease in sales
turnover was due to the cessation of activities from September to December
caused by the Ivory Coast civil war.
Subject used to acquire
its requirements through ports in this country. It is now receiving its imports
from Ghana ports.
** decrease of the sales
turnover and net profit attributed to the loss of contracts.
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : November 1992
History : The company was established in
November 1992 as a Societe A
Responsabilite Limitee
(Limited Liability Company) and begun operations in March 1993. In 1998,
subject changed
legal status and adopted the
present style. The company was owned by
Mr Tahirou Sy (75%),
Tandina Fousseyni (20%) and Abdoulaye Diarra (5%). In 2004 Mr Fousseyni
and Mr Diarria sold
their stakes to Mr Omar Sy and Mr Cheikh Amadou Sy, respectively.
C.R. No. : 3666
Statistics No. : 6851006428
Authorised & Paid up
Capital : CFA Fr 301,090,000 (increased from CFA Fr 3,500,000 in 1998)
Societe Anonyme (Joint
Stock Company) with the following shareholders
Percentage
1. Sy Tahirou 75 %
2. Omar Sy 20 %
(brother of the above)
3. Cheikh Amadou Tidiane
Sy 5 %
(brother of the above)
ACTIVITIES
The Company is involved
in the following activities :
- Manufacturers,
distributors and exporters of automotive, industrial and domestic paints.
- Sheet metal workers and
automotive paint industrial coating.
Imports from France, The
Netherlands, UK, Germany, Tunisia, China (including Hong Kong) and Ivory Coast.
Exports to Niger, Burkina
Faso and Ivory Coast.
FACILITIES
The Company has the
following facilities :
1,800 sq.m. offices,
workshop and storage facilities located at the heading address.
Subject was previously
using PO Box 95.
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%)