MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
STE DE GALVANISATION DE TOLES EN COTE D'IVOIRE SA |
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Registered Office : |
Rue De Textile, Zone
Industrielle de Vridi, P. O. Box 15 BP 155, |
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Country : |
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Date of Incorporation : |
1969 |
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Com. Reg. No.: |
CI-ABJ-1969-B6647 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturers of aluminium, galvanized metal sheets, alusing,
paints and glue. |
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 300,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
STE DE GALVANISATION DE
TOLES EN COTE D'IVOIRE SA
ADDRESS
Street : Rue De Textile
Area : Zone Industrielle de Vridi
P.O. Box :
15 BP 155
Town :
Country :
Telephone :
(225) 2121 4200 / 2127 0433 / 2121 4200
Fax : (225) 2127 4324
E-Mail : nazim.vissandjee@ivoiral.ci
Shortform Name
Toles Ivoire
Formerly Known As
Ste De Tales Et De
Galvanisation De Profilage SA
SENIOR COMPANY
PERSONNEL
Name
Position
1. Marc Flis Chairman
2. Nazim Vissandjee Managing
Director
3.
4. Pierre Marie
Awagwa Commercial Manager
5.
6. Mrs Kra Assistant Managing Director
7. Mrs Lokonsou Secretary
Total Employees
224
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a well establish
company operating since 1996.
We consider it is
acceptable to deal with subject for LARGE amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Opinion on maximum credit
: CFA Fr 300,000,000
Trade risk assessment :
PRINCIPAL BANKERS
NAME :
BANQUE INTERNATIONALE POUR LE COMMERCE ET L'INDUSTRIE DE
LA COTE
Branch :
Avenue Franchet d'Esperey
PO Box :
01 BP 1298
Town :
Abdijan
Telephone : (225) 2020 1600
Fax :
(225) 2020 1700
The company also has an
account with the following banks:
1. Societe Generale de
Banques en
5-7 Avenue Joseph ANoma
Telephone: (225) 2020 1234 / 2020 1111
Fax
: (225) 2020 0090 / 2020 1486
SWIFT
: SGCI CI AB
2. Bank of Africa
Residence Nabil, Ave de General de Gaulle
Telephone: (225) 2033 1536
Fax
: (225) 2033 2398
3. Banque Internationale
Pour l'Afrique Occidentale en C.I. SA (BIAO)
8-10 Avenue Joseph Anoma
Telephone: (225) 2020 0720
Fax
: (225) 2020 0700
FINANCIAL INFORMATION
Balance sheets are not available.
However, the subject interviewed offered the following information :
Sales Turnover : CFA Fr
4,500,000,000 - 2002 - exact
: CFA Fr 4,560,980,000 -
2003 - exact
: CFA Fr 4,900,000,000 -
2004 - exact
: CFA Fr 15,479,000,000 - 2005 - exact *
: CFA Fr 15,178,558,000 - 2006 - exact *
Net Profit :
CFA Fr 619,505,519 - 2002 - exact
: CFA Fr 1,606,362,005 -
2003 - exact
:
not given - 2004
: CFA Fr 442,919,000 -
2005 - exact *
: CFA Fr 659,542,000 -
2006 - exact *
* a sharp increase of the
sales turnover is attributed to the expansion of activities due to the
amalgamations of affiliated companies
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : 1969
History
: The subject company was established in 1969 as a Joint Stock Company with the
following shareholders: Industrial Promotion Services Company and Metal One
Company. In January 2005 subject has amalgamated "Sadofoss sa" and
the shareholders changed to the present.
C.R. No. :
CI-ABJ-1969-B6647
Fiscal ID No.: 6106547X
Authorised Capital : CFA
Fr 12,000,000,000
Paid up Capital : CFA Fr
2,090,000,000 (increased from CFA Fr 1,250,000,000)
Societe Anonyme (Joint
Stock Company) with the following shareholders :
Percentage
1.
} 88%
2.
3. Soge Finance
3. Metal One Company 12%
Japon
Parent Company
IPS
SA is a holding company with interests in over 30 companies in
Affiliated companies of
Ste De Galvanisation De Toles En Cote D'Ivoire SA :
Associates
1. Compagnie Senegalaise
de Transformation de Metaux (C.S.T.M.)
Rue 6
Zone Industrielle
P.O. Box : 3235
Tel : (221) 322725
Telefax
: (221) 320026
2. Toles
3. Compagnie Burkinaise de
Transformation de Metaux (C.B.T.M.)
4. Toles
5. Metal Guinee
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers of
aluminium, galvanized metal sheets, alusing, paints and glue.
Total production
capacity: 40,000,000 tonnes/year.
Exports to
Imports from
Principals
suppliers: Catisa (
Maksteel (SA)
Fujiden (
Visciano (France)
FACILITIES
The Company has the
following facilities :
25,000 sq. m. owned
building comprising offices, factory and storage facilities located at the
heading address.
Subject also has a branch
office in
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%)