MIRA INFORM REPORT

 

 

Report Date :

26th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

DROCOLOR SARL

 

 

Registered Office :

Boulevard Valerie Giscard D'Estaing, Face College Moderne de l'Autoroute, Treicheville, P.O. Box:  01 BP 372, Abidjan 01, Ivory Coast Republic (Cote D'Ivoire)

 

 

Country :

Ivory Coast Republic (Cote D'Ivoire)

 

 

Date of Incorporation :

20.04.1977

 

 

Com. Reg. No.:

23.728

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Ø       Manufacturers and distributors of automobile and building paints.

Ø       Importers, exporters, wholesalers and retailers of serigraphic ink, refrigerating gases and compressors, artificial resins, chemicals and fibre glass.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

CFA Fr 50,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 COMPANY NAME

 

DROCOLOR SARL

 

 

ADDRESS

 

Street                           :  Boulevard Valerie Giscard D'Estaing, Face College Moderne de l'Autoroute

Area                             :  Treicheville

P.O. Box           :  01 BP 372

Town                 :  Abidjan 01

Country             :  Ivory Coast Republic (Cote D'Ivoire)

Telephone         :  (225) 2124 0243 / 2124 0362 / (225) 0703 9100 (mobile)

Fax                   :  (225) 2124 1199

E-Mail               :  drocolor@afnet.net / georgeskhouni@drocolor.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                            Position

 

Georges Khouri              Managing / Commercial Director

 

 

Total Employees : 75

 

 

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, although it is normal accepted practice for international suppliers to deal on secured terms with Ivory Coast importers.

 

Opinion on maximum credit        : CFA Fr 50,000,000

 

Trade risk assessment               : Normal

 

 

TRADE REFERENCES

 

NAME               : DSM RESINES INTERNATIONAL

Country             : Germany

Contact             : Mr Von Deursen 

Telephone         : (31) 1747 4940

 

NAME               : W DAVID'S AND SONS LTD

Street               : Totteridge Lane  1

Town                 : London, N20 OEY

Country             : United Kingdom

Telephone         : (44 20) 8445 0372

 

NAME               : TECUMSEH EUROPE

Country             : France

Contact             : Mme Busa

Telephone         : (33 4) 74 82 24 43

 

NAME               : DUPONT DE NEIMOURS

Country             : Belgium

Contact             : Nancy Erly

Telephone         : (32 1) 544 1011

 

 

PRINCIPAL BANKERS

 

NAME               : BANK OF AFRICA COTE D'IVOIRE SA (BOA-CI)

Branch              : Main Branch

Street                           : Angle Av. Terrasson de Fougeres et Rue Gourgas

PO Box             : 01 BP 4132

Town                 : Abidjan 01

Telephone         : (225) 2030 3400

Fax                   : (225) 2030 3401

E-Mail               : boaci@bkofafrica.com

 

 

The company also has an account with the following bank :

 

Banque Internationale pour le commerce et l'Industrie de la Cote d'Ivoire (BICICI_ Avenue Franchet d'Esperey

01 BP 1298

Abdijan

Tel: (225) 2020 1600

Fax: (225) 2020 1700

 

Subject previously had an account with Societe Generale de Banques en Cote d'Ivoire SA.

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. However, the subject interviewed offered the following information :

 

Sales Turnover               : CFA Fr        300,000,000 - 1993 - exact

                                    : CFA Fr        350,000,000 - 1994 - exact

                                    : CFA Fr        700,000,000 - 1995 - exact

                                    : CFA Fr      1,150,000,000 - 1996 - exact

                                    : CFA Fr      1,300,000,000 - 1997 - exact 

                                    : not given                 - 1998 - 2000

                                    : CFA Fr      1,064,000,000 - 2001 - exact *

                                    : CFA Fr      1,150,000,000 - 2002 - approx **

                                    : CFA Fr      1,300,000,000 - 2003 - exact **

                                    : CFA Fr      2,000,000,000 - 2004 - exact

                                    : CFA Fr      2,000,000,000 - 2005 - exact

                                    : CFA Fr      2,300,000,000 - 2006 - exact

 

Net Profit                       : not given, but stated to be profitable

 

Financial year ends 31 December.

 

* Decrease in Sales Turnover in 2001 compared to 1997 is due to the general crisis and global slowdown. Figures for 1998, 1999 and 2000 are not available, but subject interviewed stated that Sales Turnover was also in the range of CFA Fr 1,000,000,000.

 

** Despite recent/current economic and political problems in the country, subject managed to slightly increase its turnover, mainly, due to its increased export efforts.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 20 April 1977

 

History : Subject was established in Ivory Coast on 20 April 1977. In 2004 Mounir Younes and in 2006 Elie Bejani left the company and sold their 16% & 17% stakes respectively to Drumor Ltd and Georges Khouri, however the new share repartition is not yet known.

 

C.R. No.            : 23.728

 

Fiscal ID No.     : 7700994G

 

Authorised & Paid up Capital : CFA Fr 23,500,000

 

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

 

                                                Percentage

 

1. Drumor Ltd                            50 % *

   Luxemburg

 

2. Georges Khouri                      17 % *

 

 

The 16% & 17% stakes of former shareholders Mounir Younes and Elie Bejani will be sold to Drumor Ltd and Georges Khouri in 2006, however the new share repartition is not yet known.

 

Affiliated companies of Drocolor SARL :

 

Associates

 

1. Indus Chimie

   01 BP 1304

   Abidjan 10

 

2. Toletoile SARL

 

3. Seritex

 

4. Kimi

 

5. SETR

 

6. SNEM

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers and distributors of automobile and building paints.

 

Importers, exporters, wholesalers and retailers of serigraphic ink, refrigerating gases and compressors, artificial resins, chemicals and fibre glass.

 

Imports from France, UK, The Netherlands, Spain, Germany, Italy, Belgium, China, Brazil and South Africa.

 

Distributors for Dupont (France).

 

Subject's former supplier : R.N.Paints (Germany).

 

Exports to neighbouring countries (20% of the sales turnover).

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned 2,000 square metre rented premises, comprising administrative office, retail outlet and warehouse located at the heading address.

 

Subject has another retail outlet located elsewhere in Abidjan.

 

 

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

 

 

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%)

 

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