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MIRA
INFORM REPORT
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Report Date : |
14.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GENERALE DE
TISSAGE SA (SOGETISS) |
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Registered Office : |
Route 110,
km 10.6, Quartier Industriel Ain Sebaa, Casablanca 20250, |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1964 |
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Com. Reg. No.: |
29241 |
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Legal Form : |
Societe
Anonyme |
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Line of Business : |
Specialises
in luxury furnishing fabrics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
GENERALE DE
TISSAGE SA (SOGETISS)
Registration Briefing
Registration
Number : 29241
Registration
Date : 1964
Legal Form : SOCIETE
ANONYME
Latest
Financials : December 31, 2005
Financial Briefing
Nominal Capital : 50,000,000 Moroccan Dirham
Issued Capital : N/A
Turnover : 251,837,045
Moroccan Dirham
Net Profit : 10,440,913
Moroccan Dirham
Net Worth : 69,697,663
Moroccan Dirham
Rating Briefing
Current Rating : A
Former Rating : N/A
Current
Recommended Credit : 642,284 USD
Former
Recommended Credit : N/A
Rating Trend : STABLE
Payment Record : NO COMPLAINTS
Rating Definition
This rating is based
on available data. In the event of additional information a possibility for a
different rating applies.
Company Details
Company Name: GENERALE DE TISSAGE SA (SOGETISS)
Company
acronym: Sogetiss SA
Headquarter
Address: Route 110, km 10.6, Quartier Industriel
Ain Sebaa,
Casablanca 20250,
Morocco
Telephone: +21222 343071
+21222
355478
+21222
357759
Fax: +21222 343060
+21222
353686
Company was
originally started as a SOCIETE ANONYME on 1964
Registration & Legal Details
Current Legal
Form: SOCIETE
ANONYME
Registration
Address: Route
110, km 10.6, Quartier Industriel Ain Sebaa,
Casablanca 20250
Registration
Number: 29241
Registration
Date: 1964
Year/Date
Company Established: 1964
Registration
Town: Casablanca
Tax Registration
Number: 1620165
Capital
Currency: Moroccan Dirham
Nominal
Capital: 50,000,000
Paid Up
Capital: 50,000,000
Shareholders
Shareholders:
Name/Address Shares Held % of Voting/Non‑Voting capital
Mr Rachid
Benkirane, 25.00% (VOTING)
Casablanca,
Morocco
Mr mohamed
Benkirane, 24.00% (VOTING)
Casablanca,
Morocco
Mr Najib
Benkirane, 21.00% (VOTING)
Casablanca,
Morocco
Mr Abdesslam
Benkirane, 13.00% (VOTING)
Casablanca,
Morocco
Mr Omar
Benkirane, 12.00%
(VOTING)
Casablanca,
Morocco
Mr Reda
Benkirane, 2.00% (VOTING)
Casablanca,
Morocco
Mr Adil
Benkirane, 2.00% (VOTING)
Casablanca,
Morocco
Mr Nasser
Benkirane, 1.00% (VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Mohamed Benkirane
Position within
the company: General Director
Country of
Birth: Morocco
Nationality: Moroccan
Can fluently
speak: French
Name: Mr
Rachid Benkirane
Position within
the company: Administrator
Country of
Birth: Morocco
Nationality: Moroccan
Can fluently speak: French
Name: Mr
Omar Benkirane
Position within
the company: Administrator
Country of
Birth: Morocco
Nationality: Moroccan
Can fluently
speak: French
Company Activities
Sic Codes: 2211 Broadwoven
fabric mills, cotton ‑ 100%
Subject specialises
in luxury furnishing fabrics.
Local Reporters
consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company Employs: 500
HQ Premises Operates from: Owned
Offices , Factory, Warehouse, Workshops, Yard
Premises Size: 30000 square meters
Location: Industrial Area, Side Road
Branches 92 Rue des Oudayas,
Casablanca,
Morocco
Description of branch: Office
Depot 78,
Rue Lahcen Souhail,
Ex Rue Pelle,
Casablanca,
Morocco
Description of branch:
Warehouse
Imports
Import % and
type of product: 100% Raw Materials
Imports From: France, Belgium,
United Kingdom, Saudi Arabia, Germany
Importing
Terms: Bank
transfer
Exports
Exports To: France, Taiwan, Saudi Arabia,
Germany
Exporting Terms: bank transfer
Trading & Selling
Territory: 90% Nationally, 10%
International
Type of
Customer: retailers, clothing
manufacturers
Number of
accounts: 300
Related Companies
Information on
Related Companies is not available/applicable
Bankers
Credit du
Maroc,
Branch: Head
Office
48 Boulevard
Mohamed V,
Casablanca,
Morocco
Attijariwafa
Bank
2 Boulevard
Moulay Youssef,
Casablanca,
Morocco
Banque
Marocaine Du Commerce Exterieur
140 Avenue Hassan II,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 14/03/2007
Figures are: Official Figures
Currency: Moroccan
Dirham
12 31/12/2003 274,344,417.00 3,917,968
Balance Sheet & Profit & Loss
BALANCE SHEET
Fiscal Year Fiscal
Year
2005 2004
Fixed Assets
5,844,511 4,102,040
Land & Buildings
118,802,340 59,956,900
Plant & Machinery
Furniture & Equipment
907,471
1,242,266
420,000 185,550
Motor Vehicles
2,069,134 37,717,094
Misc. Fixed Assets
128,043,456 103,203,850
Total Fixed Assets
Financial Assets
Shares in Related Companies
Loans to related companies
39,050 89,658
Investments
Deposits
723,010 723,010
Misc. Financial Assets
762,060 812,668
Total Financial Assets
Intangibles
Goodwill
17,371 34,054
Organisational Expenses
Patents
Misc. Intangible Assets
17,371 34,054
Total Intangible Assets
Current Assets
96,045,249 92,818,694
Stock
Stock & Work in Progress
83,288,954 106,514,269
Trade Debtors & receivables
Provision for bad debs
1,022,903
Other receivables
Due from related companies
Owed by shareholders
131,770 585,752
Prepaid expenses
2,793,713 4,160,971
Cash
13,339,664 13,627,421
Tax recoverable
Marketable Securities
768,671 432,713
Misc. Current Assets
197,390,924 218,139,820
Total Current Assets
326,213,811 322,190,392
Total Assets
Owner's Equity & Liabilities
50,000,000 50,000,000
Issued and paid up capital
Share premium account
1,194,204 4,648,679
Retained earnings
10,440,913 4,588,133
Net profit/Loss for the year
Revaluation reserves
3,970,205 3,859,622
Legal Reserves
4,092,341 1,715,871
Other reserves
69,697,663 64,812,305
Net Worth
Deffered Taxation
Provisions/allowances 22,698,114 24,235,454
Mortgages/Loans 38,876,261 36,789,721
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 61,574,375 61,025,175
Current Liabilities
Creditors 65,798,552 86,252,555
Other creditors 51,014 305,239
Accruals 2,516,364 2,115,763
Bank
overdrafts/Loans 114,532,466 86,709,363
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 10,348,427 15,216,814
Advance receipts 112,935 1,490,011
Misc. Current
Liabilities 1,582,015 4,263,167
Total Current
Liabilities 194,941,773 196,352,912
Owner's Equity
& Liabilities 326,213,811 322,190,392
PROFIT & LOSS
Figures are: Figures
are:
01/01/2005 to 31/12/2005 01/01/2004
to 31/12/2004
Total
Income/Turnover 251,837,045 264,130,654
Cost of sales
Gross Profit/(Loss) 251,837,045 264,130,654
Admin/selling
expenses 180,951,428 199,684,968
Services 10,331,676 12,153,004
Salaries 30,369,289 29,158,986
Auditors Fee 2,205,439 2,346,298
Stock Depreciation 7,590,743 ‑3,477,667
Depreciation
Misc. Operating
Expenses 16,626,378 21,142,216
Misc. Operating
Income 2,185,156 3,453,613
Net Operating
Profit/(Loss) 5,947,248 6,576,462
Interest
Receivable/Finance Income 1,024 10,587
Group related income
Misc. Financial
Income 19,146,314 15,274,891
Total Financial
Income 19,147,338 15,285,478
Interest
Payable/Finance costs 6,979,235 5,902,935
Misc. financial
expenses 6,192,387 9,458,332
Total Financial
Expenses 13,171,622 15,361,267
Profit/(Loss)
before taxes 11,922,964 6,500,673
Income Tax 1,482,051 1,912,540
Other Tax
Profit/(Loss)
after taxes 10,440,913 4,588,133
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 10,440,913 4,588,133
Previous years related earnings
Current years net
income 10,440,913 4,588,133
Misc. additions in current year
Current years net loss
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of 10,440,913 4,588,133
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
FINANCIAL RATIOS
Liquidity Ratios
Current Ratio 1.01 1.11
Acid Test Ratio 0.52 0.64
Profitability Ratios
Gross Profit Ratio
(%) 100.00 100.00
Return on Capital
Employed (ROCE) 0.09 0.05
Asset Turnover (%) 3.61 4.08
Solvency OR Gearing
Ratio 0.88 0.94
Miscellaneous Ratios
Sales/Working
Capital 102.83 12.12
Assets/Sales (%) 129.53 121.98
Shareholders Return
(%) 17.11 10.03
Return on Assets (%) 3.65 2.02
Sales/Employees
Profit/Employees
Debt Ratio 0.79 0.80
Interest Coverage
Ratio 8.04 3.40
Auditors Comments
Accounts obtained from: Companies registry
Accountants Opinion: The audited financial
statement gives a true and fair view of the state
of
affairs of the subject
Financial Statements have been prepared on an on‑going
basis.
Assuming support of: shareholders
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments: Patent NO
30650600
Interview & Reporter Comments
Date : 14/03/2007
Comment: Subject has confirmed the general
details shown in the report.
Conclusions
Local
Reputation: The company being
investigated is considered by local reporters to be a Fair / Normal
Trade Risk.
General
Conclusion: Local informants
consider granting of credit to be a fair trade risk.
Financial
Results Trend: Financial Information
indicates that the business activities of the company are showing an upward
turn.
Age
of Business: The company is a
long established family run business.
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%)