MIRA INFORM REPORT

 

 

Report No. :

352560

Report Date :

04.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SOCIETE AFRICAINE DE PAPIER EN INDUSTRIE ET EMBALLAGE

 

 

Registered Office :

56, Rue Carnot, Dakar, BP 419, Dakar

 

 

Country :

Senegal

 

 

Date of Incorporation :

14.06.1996

 

 

Com. Reg. No.:

SN DKR 96B993

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject operates as dealers in packaging materials and general printers for books, stationery.

 

 

No. of Employees :

80

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Senegal

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SENEGAL - ECONOMIC OVERVIEW

 

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture which is the primary source of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. Senegal received technical support from the IMF in 2010-2014 under a Policy Support Instrument to assist economic reform through sound macroeconomic and fiscal policies to reduce the fiscal deficit, increase transparency and facilitate private investment. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan, which aims to implement priority economic reforms and investment projects to increase economic growth. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

 

Source : CIA

 

 

Company Name

 

 

Registered Name:

SOCIETE AFRICAINE DE PAPIER EN INDUSTRIE ET EMBALLAGE

Requested Name:

SAPIN SA

Trade Names:

SAPIN SA

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

56, Rue Carnot, Dakar

Postal Address:

BP 419

 

Dakar

Country:

Senegal

Phone:

221-33-8494949/8341975

Fax:

221-33-8494949/8234582/8340511

Email:

info@sapin.sn/ cempa@arc.sn/ yunus@sapin.sn

Website:

www.sapin.sn

 

CREDIT OPINION

 

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Societe Anonyme

Date Incorporated:

14-June-1996

Started:

11-March-2003

Reg. Number:

SN DKR 96B993

Tax number:

00780990B2

Nominal Capital

CFA. 610,000,000

Subscribed Capital

CFA. 610,000,000

Subscribed Capital is Subscribed in the following form:

 

 

Position

Shares

Mr. Christope Jadoun

CEO

 

Mr. Laurence Jadoun

MD

 

Mr. Amadou Jadoun

Director

 

Mr. Pascal Diatta

Manager

 

Mr. Laye Sow

Admin

 

Jadoun Group

Holding Co

100%

 

RELATED COMPANIES

 

Jadoun Group

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

Km 16 Route de Rufisque,Thiaroye

Rue 611, Dakar, Senegal

Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in packaging materials and general printers for books, stationery.

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Local agencies, stores and outlets

Employees:

80 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Senegal

Location:

Owned premises, 5,000 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 618.13 West African Franc

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in CFA.)

 

2013

2014

Sales

3,850,000,000 

4,300,000,000

 

BANK

 

 

Bank Name:

BANK OF AFRICA SENEGAL BOA

Branch:

Senegal

Comments:

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.99.61

Euro

1

Rs.70.67

CFA

1

Rs.0.11

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.