MIRA
INFORM REPORT
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Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOCIETE INDUSTRIELLE DE PAPETERIE AU SENEGAL
SA |
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Registered Office : |
Route de
Rufisque, Km 11, P. O. Box 1818, Dakar |
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Country : |
Senegal |
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Date of Incorporation : |
January
1973 |
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Com. Reg. No.: |
SN-DKR-7642 B |
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Legal Form : |
Joint
Stock Company |
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Line of Business : |
Transformation and manufacture of paper and
paper products, such as exercise-books, paper folders and paper crates. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
CFA Fr
70,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
SOCIETE INDUSTRIELLE DE
PAPETERIE AU SENEGAL SA
ADDRESS
Street : Route de Rufisque, Km 11
P.O. Box :
1818
Town : Dakar
Country : Senegal
Telephone :
(221) 879 1212
Fax : (221) 834 2303
E-Mail : sips@sentoo.sn
Shortform Name
SIPS
SENIOR COMPANY
PERSONNEL
Name Position
1. Omar Ghandour President
2. Ali Salim
Hoballah Managing Director
3. Riad Boukaroum Deputy Managing Director
4. Haissan
Souleymane Sales Manager
5. Maher Ghandour Technical Manager
6. El Hadji Moussa Bane Chief
Accountant
7. Rose-Marie Gueye
(Mrs) Secretary
Total Employees
281
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Senegal importers.
Opinion on maximum credit
: CFA Fr 70,000,000
Trade risk assessment : Normal
TRADE REFERENCES
NAME :
KIMBERLEY-CLARK
P.O. Box :
619100
Town :
Dallas TX 75261-9100
Country :
USA
Telephone : (1 972) 830 1490
Fax :
(1 972) 830 1200
PRINCIPAL BANKERS
NAME :
SOCIETE GENERALE DES BANQUES AU SENEGAL (SGBS)
Branch :
Main Branch
Street :
Av. du President Leopold Sedar Senghor No. 19
PO Box :
323
Town :
Dakar
Telephone : (221) 839 5500
Fax :
(221) 823 9036
The company also has an
account with the following banks:
1. Credit Lyonnais du
Senegal
Boulevard Djily Mbaye x Rue Huart
BP
56
Dakar
Tel: (221) 849 0000
Fax: (221) 823 8430
2. Banque Internationale
pour le Commerce et l'Industrie du Senegal
(BICIS)
Avenue Leopold Sedar Senghor No. 2
BP 392
Dakar
Tel: (221) 839 0390
Fax: (221) 823 3707
3. Citibank
Place de l'Independance No. 2
BP 3391
Dakar
Tel: (221) 823 2981
Fax: (221) 823 8817
4. Ecobank
Avenue Leopold Sedar Senghor No. 8
BP 9095
Dakar
Tel: (221) 849 2000
Fax: (221) 823 4707
5. Compagnie Bancaire De
L'Afrique Occidentale (CBAO)
Place de l'Independance
BP 129
Dakar
Tel: (221) 839 9696
Fax: (221) 823 2005
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : CFA Fr 3,015,000,000 - 1995 - exact
: CFA Fr 3,440,000,000 - 1996 - exact
: CFA Fr 3,400,000,000 - 1997 - approx
: CFA Fr 3,550,000,000 - 1998 - exact
: CFA Fr 3,936,000,000 - 1999 - exact
: CFA Fr 4,443,000,000 - 2000 - exact
: CFA Fr 5,284,000,000 - 2001 - exact
: CFA Fr 4,600,000,000 - 2002 - exact
: CFA Fr 5,180,000,000 - 2003 - exact
: CFA Fr 4,900,000,000 - 2004 - exact
: CFA Fr 4,900,000,000 - 2005 - exact
: CFA Fr 5,000,000,000 - 2006 - approx *
Net Profit :
CFA Fr 40,000,000 - 1995 - exact
: not given
- 1996 - 2000
: CFA Fr
112,000,000 - 2001 - exact
: CFA Fr
125,840,000 - 2002 - exact
: CFA Fr
130,000,000 - 2003 - exact
: CFA Fr
60,000,000 - 2004 - exact
: CFA Fr
60,000,000 - 2005 - exact
: CFA Fr 60,000,000 - 2006 - approx *
Financial year ends 31
December.
* unaudited
LEGAL STATUS AND
HISTORY
Date Started : January 1973
C.R. No. : SN-DKR-7642
B (formerly 7642B)
Fiscal ID No. : 00181942G3
Authorised & Paid up
Capital : CFA Fr 1,100,000,000
(increased from CFA Fr 1,000,000,000 in 2004;
increased from CFA Fr 750,000,000 in November 1999)
Societe Anonyme (Joint
Stock Company) with the following shareholders :
Percentage
1. Ali Salim
Hoballah )
) 69 %
2. Other members of the
Hoballah family )
3. Omar Ghandour )
) 29 %
4. Other members of the
Ghandour family )
5. Undisclosed private
Senegalese shareholders 2 %
ACTIVITIES
The Company is involved
in the following activities :
Transformation and
manufacture of paper and paper products, such as exercise-books, paper folders
and paper crates.
Manufacturers under
licence of Kimberley Clark. The company formerly also made "Armor"
products under license, but this activity ceased late 1996.
Brand names : Kleenex,
Ballet, Freedom, Kotex.
Imports machinery and
equipment from Czech Republic, Switzerland, Spain, UK, Sweden, The Netherlands,
Finland, Germany, Italy, USA, Brazil and South Africa.
Exports to West African
countries.
FACILITIES
The Company has the
following facilities :
10,000 square metre owned
premises, comprising a factory, warehouse and administrative offices located at
the heading address.
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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