MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MOUSSE DU SENEGAL SARL |
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Formerly Known as: |
ENTREPRISE SENEGALAISE DE MOUSSE ET ELASTIQUE (ENSEME) |
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Registered Office : |
Boulevard du Centenaire de la Commune de Dakar Km. 14
(formerly Route de Rufisque), P.O. Box:
22902, Dakar, Senegal |
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Country : |
Senegal |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
99B186 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of foam mattresses and plastic shoes. |
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 40,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY NAME
MOUSSE DU SENEGAL SARL
ADDRESS
Street : Boulevard du Centenaire de la Commune de
Dakar Km. 14 (formerly Route de Rufisque)
P.O. Box :
22902
Town : Dakar
Country : Senegal
Telephone :
(221) 834 9733 / (221) 638 5845 / 637 2261 (mobile)
Fax : (221) 834 9734
E-Mail : mdssen@arc.sn
Shortform Name : MDS
Formerly Known As : Entreprise Senegalaise de Mousse et
Elastique (ENSEME)
SENIOR COMPANY PERSONNEL
Name Position
1. Hussein Oballah Managing
Director
2. Akram El Hadi Deputy Managing Director
Total Employees : 300
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
In 2005 subject incurred
a loss of CFA Fr 487,000,000 attributed to the damage of the factory by the
fire. Subject projects a return to profitability in 2006 financial year.
We consider it is
acceptable to deal with subject for SMALL amounts, although it is normal
practice for international suppliers to deal on secured terms with Senegal
importers.
Opinion on maximum credit
: CFA Fr 40,000,000
Trade risk assessment : Normal
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
Senegal
Boulevard Djily Mbaye x Rue Huart
BP 56
Dakar
Tel :
(221) 849 0000
Fax :
(221) 823 8430
2. 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 subject interviewed offered the following information :
Sales Turnover :
CFA Fr 3,000,000,000 - 2003 - exact
: CFA Fr 3,000,000,000 - 2004 - approx
: CFA Fr 3,500,000,000 - 2005 - exact
: CFA Fr 2,900,000,000 - 2006 - exact
Net Profit :
not given - 2003 - 2004
: CFA Fr
(487,000,000)- 2005 - exact *
* loss attributed to the
damage to the premises by the fire.
LEGAL STATUS AND HISTORY
Date Started : 1999
History : The company has
its origins in Entreprise Senegalaise de Mousse et Elastique (ENSEME),
established in 1972. In 1999 the company was acquired by Hussein Oballah.
C.R. No. : 99B186
Fiscal ID No. : 20253532G2
Capital : CFA Fr
100,000,000
Societe a Responsibilite
Limitee (Limited Liability Company) with the following shareholders :
1. Hussein Oballah
(French national of Lebanese origin)
2. Three undisclosed
shareholders
Affiliated companies of Mousse
du Senegal SARL :
Associates
Senegalaise de Produits
Nouveaux
Boulevard du Centenaire
de la Commune de Dakar Km 4,5 BP 567 Dakar
Tel: (221) 832 2915
Fax: (221) 832 2913
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers and
distributors of foam mattresses and plastic shoes.
Imports from France,
Germany, Belgium, Italy, China and Taiwan.
Exports plastic shoes to
Sierra Leone, Gambia, Guinea Bissau, Mali, Mauritania, Angola and People's
Republic of Congo.
FACILITIES
The Company has the
following facilities :
10,000 square metre owned
administrative offices, factory and storage facilities located at the heading
address.
REGISTERED OFFICE
Boulevard du Centenaire
de la Commune de Dakar Km.4.5 BP 567 Dakar
Tel : (221) 832 2915
Fax : (221) 832 2913
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%)