MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
LITERIE SENEGALAISE SARL |
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Registered Office : |
Rue Galandou Diouf No. 61, P. O. Box 7020, Dakar |
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Country : |
Senegal |
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Date of Incorporation : |
16 March 1998 |
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Com. Reg. No.: |
98B523 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and wholesalers of furnishings, building materials
and hardware. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
CFA Fr 15,000,000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COmpany NAME
LITERIE SENEGALAISE SARL
ADDRESS
Street : Rue Galandou Diouf No. 61
P.O. Box :
7020
Town : Dakar
Country : Senegal
Telephone :
(221) 823 0500
Fax : (221) 821 0224
E-Mail : litsen_bat@yahoo.fr
SENIOR COMPANY
PERSONNEL
Name Position
1. Haidai Soufane President Director
1. Mohammed Fares Managing Director
2. Mohieddine Fares Deputy
Managing Director
3. Hassane Fares Assistant Managing Director
4. Roxane Chirazi
(Mrs.) Sales Manager
Total Employees
25
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is an old
established family owned business operating since 1968.
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 15,000,000
Trade risk assessment :
Normal
PRINCIPAL BANKERS
NAME :
SOCIETE GENERALE DE BANQUES AU SENEGAL SA
Branch :
19 Avenue Roume
P.O. Box : 323
Town :
Dakar
Telephone : (221) 823 1060
Fax :
(221) 823 1061
Acc. No. : 0500006011/3
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Total Value of Contracts : CFA Fr 24,061,528 - 2007 - exact
Sales Turnover :
CFA Fr 1,320,000,000 - 1990 - exact
: CFA Fr 1,814,000,000 - 1991 -
exact
: CFA Fr 1,975,000,000 -
1992 - exact
: CFA Fr 1,943,000,000 -
1993 - exact
: CFA Fr 2,500,000,000 -
1994 - exact
: CFA Fr 2,500,000,000 -
1995 - exact
: CFA Fr 3,000,000,000 -
1996 - exact
: CFA Fr 3,100,000,000 -
1997 - exact
: CFA Fr 2,440,046,870 -
1998 - exact
:
not given - 1999 to 2003
: CFA Fr 1,300,991,756 -
2004 - exact
: CFA Fr 1,202,664,135 -
2005 - exact
: CFA Fr 911,272,408 - 2006 - exact
Net Profit : CFA Fr
6,921,625 - 2004 - exact
: CFA Fr 11,432,508 - 2005 - exact
Total Value of Stock Held
: CFA Fr 128,144,892
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : 16 March 1998
History : Established in 1968 as a
proprietorship of Ali Fares. The business was converted into a limited
company on 27 November 1991 under the name "Literie Senegalaise Ali
Fares Sarl".
Changed its name to
"Literie Senegalaise" on 1 January 1999" and registered on 31
March 1998
under the new C.R. Number.
Ali Fares passed away in 1999
and the business is now run by his two sons.
C.R. No. : 98B523 (formerly 8448A)
Authorised & Paid up Capital
: CFA Fr 203,000,000
Societe a Responsibilite
Limitee (Limited Liability Company) with the following shareholders :
Percentage
1. Mohammed Fares 33,33 %
2. Mohieddine Fares 33,33 %
(brother of the above)
3. Hassan Fares 33,34 %
Affiliated companies of
Literie Senegalaise SARL :
Associates
1. Comptoir Commercial du
Togo
Togo
2. Batimat Dakar
Rue Mousse Diop 55
BP 7020
Dakar
Senegal
Tel: (221) 229486 / 224814
Fax: (221) 210224
(Established on December 1986
Capital : CFA Fr 22,000,000)
3. Delta Medical
Rue Mousse Diop 57
P.O. Box : 7020
Dakar
Senegal
Telephone: (221) 223037
Fax
: (221) 210224 / 211027
(Established on 14 November 1991
Capital : CFA FR 2,000,000)
4. Batimat
Avenue Delorme Carre 57
P.O. Box : 030071
Cotonou
Benin
Tel: (229) 314704
Fax : (229) 313892
(Established December 1990
C.R. No.: 15.640 B
Capital : CFA Fr 12,000,000)
(Importers, wholesalers and retailers of
building, plumbing
and electrical materials, sanitary ware
and metals).
5. Batimat Ghana Limited
Africa Motors Building
Ring Road Central
Kwame Nkrumah Circle
Private
Bag, Accra-North
Accra
Ghana
Tel: (233 21) 232303 / (027) 556805
(cellular)
Fax: (233 21) 228180
6. Najorelle
Dakar
Senegal
7. Comptoir Burkina Faso
de Batiment
Burkina Faso
(Established in 1996)
8. SPIL
Km 5.5, Bld de Centre de la Commune de
Dakar
BP 7020
Dakar
Senegal
Tel: (221) 322246 / 322966 / 224814
Fax: (221) 324595
(Established in 1993,
Estate agents specialising in "Time
share")
9. Batiplus
Blvd Valerie D'Estaing 5
BP 980
Abidjan
Ivory Coast Republic
Tel: (225) 269 005 / 268 045
Fax: (225) 263 017
10. Batiplus
Libreville
Gabon
11. Batimat
Banjul
Gambia
12. Batimat
Pointe Noire
People's Republic of Congo
13. Batimat
Niger
14. Batimat
Bamako
Mali
15. Societe Industrielle
Agro-Alimentaire
T/A Kirene
Rue Sandiniery No. 24
BP 7020
Dakar
Tel: (221) 849 56 66
Fax: (221) 849 56 65
E-mail :kirene@kirene.sn
ACTIVITIES
The Company is involved
in the following activities :
Importers and wholesalers
of furnishings, building materials and hardware.
Imports from Thailand,
Belgium, Italy, China and Spain.
Exports to their
subsidiaries.
Principal suppliers
include :
- Ets Pierre Leveugle and
Catres, France
- Catres International of
France
- Glabex Altonaer and
Derek Goslar, Germany
- Elof Hanson AB, Sweden
- Line Ufficio Srl, Italy
- Hanwha, Thailand
- Oesaplast, Italy
- Oasiflex, Italy
- Caves Pascual, Spain
- Domo, Belgium
FACILITIES
The Company has the
following facilities :
Rented administrative
offices, retail outlet and storage facilities comprising 400 square metres
located at the heading address.
GENERAL INFORMATION
On
16 July 2005 Senegal's former Prime Minister Idrissa Seck, Hassan Fares,
Sandrine Fares (wife of the above), Sandrine Madec (secretary of the above), El
Haji Ndary Gueye and Ngouye Thiam has been charged with undermining state
security.
On
14 August 2005 Sandrine Fares and Sandrine Madoc have been released. On 29
October 2005 Mbaye Coulibaly has been released, then El Hadji Ndary Gueye and
Hassan Fares on 7 November 2005.
On
21 January 2006, the examining magistrate Seynabou Ndiaye Diakhate communicated
to the public prosecutor's department a partial non-suit for the breach of
national security charges of Idrissa Seck, Hassan Fares, Sandrine Fares,
Sandrine Madec, El Haji Ndary Gueye and Ngouye Thiam.
Subject declined to
comment on how this case has affected the Fares Group.
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%)