MIRA INFORM REPORT

 

 

Report Date :

17.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SEN PAIC MAGIC PAINT SARL

 

 

Registered Office :

P.o Box 5257 Dakar

 

 

Country :

Senegal

 

 

Date of Incorporation :

21.03.1998

 

 

Com. Reg. No.:

585B2002

 

 

Legal Form :

Limited Liability Company, Limited By Shares

 

 

Line of Business :

Manufactures and Retailers of Paints, Resins and other related
Chemical Products etc

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

80,000 USD

Status :

Satisfactory

Payment Behaviour :

Usually Correct

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31st, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Senegal

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

SEN PAIC MAGIC PAINT SARL

Principal Address:

P.o Box 5257 Dakar, Senegal

Telephone:

+221-33-8324178/ 79/ 8326814

Fax:

+221-33-8324849

Email:

magic@orange.sn

Internet:

None

Established:

21/3/1998

Registration:

585B2002

Tax Number

21478 Dakar Senegal

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2010

 

 

 

 

80

 

 

 

Office & Factories

 

Head offices

Km 48 Boulevard Du Centenaire De La Commune De Dakar, Senegal

Branches

None

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: 80,000 USD

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

President/ CEO (1)

 

Name

Mr. Mada Diallo Mbaye

Remarks

Top Decision Maker

 

President/ CEO (2)

 

Name

Mr. K Diaye

 

̃  Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Company Profile:

 

Paid in Capital

CFA. 100,000,000

Subscribed Capital

CFA. 100,000,000

Shareholders

 

Name

Position

   Amount  

       Ratio

Mr. Mada Diallo Mbaye

F Director

 

50.00%

Mr. K Diaye

Director

 

50.00%

Total

 

 

100.00%

 

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on credit

Selling terms

50% in cash, 50% on credit

Recent Sales

CFA. 2,500,000,000  (2010)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

30.0%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

 

FINANCIAL INFORMATION

 

No financial statement disclosed.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Business Activities

Manufactures & Retailers of Paints, resins & other related chemical products etc

Suppliers

None

Customers

Stores and outlets

Banking relationship

 

Main Banks

ECO Bank

 

Credit Check of Subject, President & CEO (as of report date)

Payment Morale:

In the documents at our disposal nothing adverse has been shown so far.

CREDIT RATING:

Financial situation is average.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.