MIRA INFORM REPORT

 

 

Report Date :

20th January, 2007

 

IDENTIFICATION DETAILS

 

Name :

AMERICAN CANADIAN IVORIAN PAPER COMPANY

 

 

Registered Office :

Zone Industrielle de Yopougon, P.O. Box:  05 BP 1340, Abidjan 05, Ivory Coast Republic (Cote D'Ivoire)

 

 

Country :

Ivory Coast Republic (Cote D'Ivoire)

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

144708

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers, exporters and wholesalers of writing paper, cardboard and toilet tissue, as well as polyethylene packaging bags and rolls.

 

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 80,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

COMPANY NAME

 

AMERICAN CANADIAN IVORIAN PAPER COMPANY

 

 

ADDRESS

 

Area                             :  Zone Industrielle de Yopougon

P.O. Box           :  05 BP 1340

Town                 :  Abidjan 05

Country             :  Ivory Coast Republic (Cote D'Ivoire)

Telephone         :  (225) 2346 6599 / 2346 6343/ 585 1995 (Technical Manager's mobile)

Fax                   :  (225) 2346 7040 / 2346 6033 (Finance)

E-Mail               :  acipac@afnet.net

 

Shortform Name :  ACIPAC

 

Also Known As :  ACIPAC Paper & Packaging

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. Joseph Ezedine                     Managing Director

 

2. Claude Seguin                       Technical Manager

 

3. Francois Radier                      Financial Manager

 

 

Total Employees : 800 (including 300 permanent and 500 seasonal)

 

 

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 Ivory Coast importers.

 

Opinion on maximum credit : CFA Fr 80,000,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME               : BANQUE INTERNATIONALE POUR LE COMMERCE ET L'INDUSTRIE DE LA COTE  

                          D'IVOIRE (BICICI)

Branch              : Main Branch

Street                           : Avenue Franchet d'Esperey

PO Box             : 01 BP 1298

Town                 : Abdijan 01

Telephone         : (225) 2020 1600

Fax                   : (225) 2020 1700

 

The company also has an account with the following banks:

1. Societe Generale de Banques en Cote d'Ivoire (SGBCI)

   Avenue Joseph Anoma No. 5-7

   01 BP 1355

   Abidjan 01

   Tel     : (225) 2020 1234

   Fax    : (225) 2020 1486

 

2. BIAO Cote d'Ivoire

   Avenue Joseph Anoma No. 8-10

   01 BP 1274

   Abidjan 01

   Tel     : (225) 20200720

   Fax    : (225) 20200700

 

3. Ecobank Cote d'Ivoire

   Immeuble Alliance Avenue Terrasson de Fougeres

   01 BP 4107

   Abidjan 01 

   Tel                 : (225) 2031 9200

   Fax                : (225) 2021 8816

   E-mail            : ecobankci@ecobank.com

 

 

FINANCIAL INFORMATION

 

Balance Sheets as at 31 December 2002 showed :

 

ASSETS

 

Fixed assets                 : CFA Fr  7,44,594,368,000 - 2001 - exact

                                    : CFA Fr 1,443,943,875,000 - 2002 - exact

 

Other assets                 : CFA Fr   306,936,470,000 - 2001 - exact

                                    : CFA Fr    88,102,875,000 - 2002 - exact

 

 

Current assets               : CFA Fr 1,416,657,330,000 - 2001 - exact

                                    : CFA Fr 2,208,538,451,000 - 2002 - exact

 

 

LIABILITIES

 

Current liabilities            : CFA Fr   260,804,098,000 - 2001 - exact

                                     : CFA Fr   666,407,884,000 - 2002 - exact

 

Other liabilities               : CFA Fr   625,738,283,000 - 2001 - exact

                                    : CFA Fr   492,230,620,000 - 2002 - exact

 

Treasury                        : CFA Fr   252,649,690,000 - 2001 - exact

                                    : CFA Fr   512,039,765,000 - 2002 - exact

 

Shareholders equity       : CFA Fr 1,328,996,097,000 - 2001 - exact

                                    : CFA Fr 2,069,906,932,000 - 2002 - exact

 

 

PROFIT & LOSS ACCOUNT

 

Sales Turnover  : CFA Fr 1,120,000,000 - 1995 - exact

                        : CFA Fr 1,350,000,000 - 1996 - exact

                        : CFA Fr 1,500,000,000 - 1997 - exact

                        : CFA Fr 1,800,000,000 - 1998 - exact

                        : not given            - 1999 - 2000

                        : CFA Fr 3,227,264,115 - 2001 - exact

                        : CFA Fr 5,501,224,786 - 2002 - exact *

                        : CFA Fr 6,500,000,000 - 2003 - exact

                        : CFA Fr 5,400,000,000 - 2004 - exact

                        : CFA Fr 7,000,000,000 - 2005 - exact

                        : CFA Fr 8,000,000,000 - 2006 - exact

 

Net Profit           : not given            - 1995 - 2000

                        : CFA Fr   146,894,501 - 2001 - exact

                        : CFA Fr   213,826,146 - 2002 - exact

                        : CFA Fr   520,000,000 - 2003 - exact

                        : CFA Fr   450,000,000 - 2004 - exact

                        : CFA Fr   350,000,000 - 2005 - exact

 

 

* of which CFA Fr 3,281,025,000 relates to exports

 

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started      : 1993

History              : In August 2002, the subject took over the company under the name Sofoplant and the

                          capital was then increased to the  present amount from CFA Fr 500,000,000.

C.R. No.            : 144708

Fiscal ID No.     : 9325940 J

 

Authorised & Paid up Capital :    CFA Fr 1,072,000,000 (increased from

                                                CFA Fr 752,000,000)

 

 

Societe A Responsabilite Limitee (Limited Liability Company) with the following shareholders :

 

                                                Percentage

 

1. Joseph Ezedine                     50.00 %

 

2. Fouad Omais                         36.72 %

 

3. Ilda Omais                             3.32 %

 

4. Rami Omais                          3.32 %

 

5. Maha Omais                          3.32 %

 

6. Rabi Omais                           3.32 %

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers, exporters and wholesalers of writing paper, cardboard and toilet tissue, as well as polyethylene packaging bags and rolls.

 

Imports from the USA, Spain, Brazil, Scandinavian countries, Kuwait, China, Saudi Arabia, Canada and South Africa.

 

Exports to Togo, Mali, Burkina Fasso, Liberia, Gabon, Angola, Sierra Leone, Guinea, People's Republic of Congo, Benin, Senegal, Niger, Gambia and Ghana.

 

 

FACILITIES

 

The Company has the following facilities :

 

18,500 square metre owned premises comprising administrative office, production unit and storage facilities located at the heading address.

 

 

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions