MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HAGE INDUSTRIES SA |
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Formerly Known as: |
HAGE EMETAL / IBPC |
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Registered Office : |
13 Avenue Bassawarga, P.O. Box: 01 BP 915, Ouagadougou 01, Kadiogo, Burkina Faso |
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Country : |
Burkina Faso |
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Date of Incorporation : |
January 2002 |
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Com. Reg. No.: |
BF-OUA-2002 B 1412 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Processors and producers of industrial metals as well as manufacturers
of paints and chemical products and glass sheets. |
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 200,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY NAME
HAGE INDUSTRIES SA
ADDRESS
Street : 13 Avenue Bassawarga
P.O. Box :
01 BP 915
Town : Ouagadougou 01
Province :
Kadiogo
Country : Burkina Faso
Telephone :
(226) 5030 6828 / 5030 6833 / 5030 7594/ (226) 7020 3088 (mobile)
Fax : (226) 5030 8651
E-Mail : hmtx.ouaga@fasonet.bf / hmtx@group-hage.com
Formerly Known As :
Hage Emetal / IBPC
SENIOR COMPANY PERSONNEL
Name Position
1. Joseph Hage President
2. Georges Hage Managing
Director
3. Jean Pierre Hage Director
4. Gabi Souleiman Production
Manager
5. Jules Yameogo Financial
Manager
Total Employees : 300
(subject)
2,000 (group)
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 Burkina Faso
importers.
Opinion on maximum credit
: CFA Fr 200,000,000
Trade risk assessment : Normal
TRADE REFERENCES
Group references :
NAME :
MISETAL
Street :
26 Rue de la Pepiniere
Town :
Paris 75008
Country : France
NAME :
PROMET
Street :
15 Rue Saint Sebastien
Town :
Poissy 78300
Country : France
NAME :
DUBREUIL
P.O. Box : 57
Town :
Chateaudun 28200
Country : France
NAME :
SFCE
Street :
18 Rue Troyon
Town :
92316 Sevres
Country : France
PRINCIPAL BANKERS
NAME :
BANQUE INTERNATIONALE POUR LE COMMERCE, L'INDUSTRIE ET
L'AGRICULTURE DU BURKINA SA (BICIA)
Branch
: Main Branch
Street :
Avenue Kwame N'Krumah No. 479
PO Box :
01 BP 8
Town :
Ouagadougou 01
Telephone :
(226) 5031 3131
Fax :
(226) 5031 1955
Subject also has an
account with the following banks :
1. Societe General de
Banques au Burkina (SGBB)
Rue de l'Hotel de Ville No. 248
01 BP 585
Ouagadougou 01
Tel :
(226) 5032 3232
Fax :
(226) 5031 0561
Acc. No : 129 840 40 149
2. Ecobank
Rue Maurice Bishop No. 633
01 BP 145
Ouagadougou 01
Tel :
(226) 5031 8975-80
Fax :
(226) 5031 8981
3. Banque Internationale
du Burkina (BIB)
Avenue Dimdolobson
01 BP 362
Ouagadougou 01
Tel :
(226) 5030 0000
Fax :
(226) 5030 0094
4. Banque Commerciale du
Burkina (BCB)
Avenue de la Nation No. 800
01 BP 1336
Ouagadougou 01
Tel :
(226) 5030 2325
Fax :
(226) 5030 2414
FINANCIAL INFORMATION
Balance Sheets as at 31
December 2002 (latest available) showed:
ASSETS
Start-up expenses :
CFA Fr 63,432,900 - 2002 - exact
Tangible assets :
CFA Fr 1,309,699,942 - 2002 - exact
Long-term
Financial
investments : CFA Fr
11,138,490 - 2002 - exact
Total Fixed assets :
CFA Fr 1,384,271,332 - 2002 - exact
Inventories :
CFA Fr 9,322,450,901 - 2002 -
exact
Accounts receivable :
CFA Fr 1,392,975,906 - 2002 -
exact
Total current assets :
CFA Fr 10,715,426,807 - 2002 - exact
Monetary assets :
CFA Fr 286,307,832 - 2002 - exact
Total assets :
CFA Fr 12,386,005,971 - 2002 - exact
LIABILITIES
Shareholders equity :
CFA Fr 1,636,624,853 - 2002 - exact
Current assets :
CFA Fr 8,915,788,262 - 2002 - exact
Other borrowings :
CFA Fr 1,833,592,856 - 2002 - exact
PROFIT AND LOSS ACCOUNT
Sales Turnover :
CFA Fr 8,449,580,533 - 2002 - exact
: CFA Fr 12,200,000,000 - 2003 - exact
: CFA Fr 10,260,000,000
- 2004 - exact
: CFA Fr 10,000,000,000
- 2005 - approx *
:
CFA Fr 11,967,044,064 - 2006 - exact
Net Profit :
CFA Fr 136,624,853 - 2002 - exact
: CFA Fr 243,000,000 - 2003 - exact
: CFA Fr 276,600,000 - 2004 - exact
: CFA Fr 250,000,000 - 2005 - approx *
: CFA Fr 250,000,000 - 2006 - exact
The following information
applies to the Group :
Sales Turnover :
CFA Fr 8,200,927,765 - 1997 - exact
: CFA Fr 11,773,195,411
- 1998 - exact
: CFA Fr 9,512,248,348 - 1999 - exact
: CFA Fr 10,729,853,604
- 2000 - exact
: CFA Fr 11,000,000,000
- 2001 - approx
: CFA Fr 12,000,000,000
- 2002 - approx
: CFA Fr 12,000,000,000
- 2003 - approx
: CFA Fr 30,000,000,000 - 2004 - approx
Net Profit :
not given - 1997-2002
: CFA Fr 250,000,000 - 2003 - approx
: not given - 2004
Financial year ends 31
December.
* unaudited
LEGAL STATUS AND HISTORY
Date Started : January
2002
History : The company was
incorporated in Burkina Faso on 1 January 2002, and it acquired operations of
Emetal SARL (founded in 1989, capital CFA Fr 100,000,000) and L'Industrie Burkinabe
de Peinture de Colles et Colorant (IBPC) (founded in December 1993, capital CFA
Fr 45,000,000)
C.R. No. : BF-OUA-2002 B
1412
Paid up Capital : CFA Fr
1,500,000,000
Societe Anonyme (Joint
Stock Company) with the following shareholders :
Percentage
1. Joseph Hage 60 %
2. Georges Hage 30 %
3. Jean Pierre Hage 10
%
Affiliated companies of Hage Industries SA :
Associates
1. Hage Materiaux SARL
Avenue Bassawarga 13
01 BP 915
Ouagadougou
Tel :
(226) 5030 6828 / 5030 6833 / 5033 4160 / 5030 7594
Fax :
(226) 5030 8651 / 5031 6124
2. Sototoles SARL
Route d'Aneho
Zone Portuaire
BP 9106
Lome
Togo
Tel :
(228) 227 4275 / 227 4436
Fax :
(228) 227 9508
E-Mail: sototoles@defitogo.tg
(Industrial transformation of metals)
Capital :
CFA Fr 425,000,000
3. Siab SA
05 BP 673
Cotonou
Tel :
(229) 2133 3834
ACTIVITIES
The Company is involved in
the following activities :
Processors and producers
of industrial metals as well as manufacturers of paints and chemical products
and glass sheets.
Imports from Spain,
France, Germany, Ukraine, China, Chad, Ghana and other European countries as
well as Brazil.
Exports to Mali, Niger,
Togo and Ivory Coast.
FACILITIES
The Company has the
following facilities :
Administrative offices
located at the heading address
Subject also has 100,000 square
metre owned manufacturing units and warehouse located in the Zone Industrielle
de Kossodo, Ouagadougou
(Tel: (226) 5036 7036-7).
The group owns further
60,000 square metre facilities in Burkina Faso, Togo and Benin.
SPECIAL NOTE
The company name which
you provided "Hage Emetal" is subject's former's name. Please note
the current name is as per heading.
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%)