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MIRA
INFORM REPORT
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Report Date : |
14.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE IMPERIALE DES THES ET INFUSIONS SA (SITI) |
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Registered Office : |
89 Bis Lotissement Azli, Quartier Industrielle, Marrakech |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
12/10/2000 |
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Com. Reg. No.: |
12433 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Packing and crating services Wholesaler of groceries and related products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Registration Briefing
Registration Number: 12433
Registration Date: 12/10/2000
Legal Form: SOCIETE ANONYME
Latest Financials: December 31, 2005
Financial Briefing
Nominal Capital: 10,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 48,169,461 Moroccan Dirham
Net Profit: 2,731,144 Moroccan Dirham
Net Worth: 15,397,756 Moroccan Dirham
Rating Briefing
Current Recommended Credit: 122,851 USD
Former Recommended Credit: N/A
Rating Trend: POSITIVE
Payment Record: NO COMPLAINTS
Original Investigation
Details
Company Name: SOCIETED IMPERIAL DES
Country: MO
Street Name:
City Code: MARRAKECH
Post Code: BP 588
Phone Number: 212 24 388525
Company Details
Company Name: Societe Imperiale des Thes et Infusions Sa (SITI)
Also trades as: Siti
Headquarter Address: 89 Bis Lotissement Azli, Quartier Industrielle,
Marrakech,
Postal Address:
Marrakech
Telephone: +21222 388500
+21222 388501
+21222 388502
+21222 388503
+21222 388504
Fax: +21224 388525
Web Site: el.baroudi.at.iam.net.ma
Company was originally started on 12/10/2000
Registration &
Legal Details
Current Legal Form: SOCIETE ANONYME
Registration Address: 89 Bis Lotissement Azli, Quartier Industrielle,
Marrakech
Registration Number: 12433
Registration Date: 12/10/2000
Year/Date Company Established: 12/10/2000
Tax Registration Number: 6504236
Capital
Currency: Moroccan Dirham
Nominal Capital: 10,000,000
Paid Up Capital: 10,000,000
Start up Capital: 6,000,000
Capital increase on 2005
Shareholders
Shareholders:
Name/Address Shares Held % of Voting/Non‑Voting capital
Latifa Jiddi, 31,000 31.00% (VOTING)
Marrakech,
Mustapha El Baroudi, 24,000 24.00% (VOTING)
Marrakech,
Amine Abbes El Baroudi, 17,000 17.00% (VOTING)
Palmeraie 364, Duplex A12 D4,
Marrakech,
Mohamed El Baroudi, 7,000 7.00% (VOTING)
Marrakech,
Hamza El Baroudi, 7,000 7.00% (VOTING)
Marrakech,
Othmane El Baroudi, 7,000 7.00% (VOTING)
Marrakech,
Jaafar El Baroudi, 7,000 7.00% (VOTING)
Marrakech,
Principals
Name: Mr Mustapha El Baroudi
Position within the company: Chairman and managing director
Country of Birth:
Nationality: Moroccan
Can fluently speak: French
Name: Mr Amine El Baroudi
Position within the company: Managing director
Country of Birth:
Nationality: Moroccan
Can fluently speak: French
Company Activities
Sic Codes: 4783 Packing and crating services
5149 Wholesaler of groceries and related products
>From the muslin bag, the starring product, to the crystal
bag and from the metallic boxes to the individual opalyte bag, SITI enables its customers to benefit from its experience in
this field.
SITI packs up several kinds of teas and plants either those ordered in big quantities by multinational firms or those ordered in small quantities by chain stores.
The yearly production reaches 200 billion bags that are entirely sued by 500 workers and 99% of this production is exported abroad.
Local Reporters consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs: 500
HQ Premises Operates from: Owned Offices , Factory, Warehouse
Premises Size: 8000 square meters
10200 square meters site
Location: Industrial Area,
Imports
Imports Raw Materials
Imports
From:
Importing
Terms: Special
agreements
Exports
Exports To: Europe,
Exporting Terms: 99 days credit, special agreements
Trading & Selling
Territory: 1% Nationally, 99% International
Vehicles: Total number of vehicles: 6
4 cars
2 lorries
Related Companies
Information on Related Companies is not available/applicable
Bankers
Banque Marocaine du Commerce a l'Exterieur,
Branch: Menara
Avenue de France,
Marrakech,
Tel: 21244 430101
Account Number: 210006034771
Societe Generale Marocaine de Banques,
Branch: Marrakech Principale
59 Rue Yougoslavie,
Marrakech,
Tel: 21244 435401
Account Number: 1720005251106
Banque Marocaine du Commerce et l'Industrie,
Branch: Marrakech Subsidiary
Boulevard Zerktouni,
Marrakech,
Tel: 21244 448109
Account Number: 00138700157
Financial Information
Financial Interview Date: 11/05/2007
Figures are: Official Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2005
48,169,461.00 2,731,144
12 31/12/2004 36,363,035.00 8,645,994
Balance Sheet &
Profit & Loss
BALANCE SHEET
Fiscal Year Fiscal
Year
2005 2004
Fixed Assets
653,108 676,319
Land & Buildings
1,440,845 1,290,499
Plant &
Machinery
Furniture &
Equipment
314,555
355,200
24,997 71,476
Motor Vehicles
1,170,000 1,170,000
Misc. Fixed Assets
3,603,505 3,563,494
Total Fixed
Assets
Financial Assets
Shares in Related
Companies
Loans to related
companies
73,354 79,256
Investments
Deposits
172,474 172,474
Misc. Financial
Assets
245,828 251,730
Total Financial
Assets
Intangibles
Goodwill
27,679 14,154
Organisational
Expenses
Patents
3,254,386 3,051,573
Misc. Intangible
Assets
3,282,065 3,065,727
Total Intangible
Assets
Current Assets
11,395,596 9,926,757
Stock
Stock & Work in
Progress
13,598,647 10,374,266
Trade Debtors &
receivables
Provision for bad
debs
189,404 130,811
Other receivables
Due from related
companies
Owed by shareholders
348,866 392,827
Prepaid expenses
20,662 11,054
Cash
4,365,698 3,669,537
Tax recoverable
Marketable
Securities
2,797 27,805
Misc. Current Assets
29,921,670 24,533,057
Total Current
Assets
37,053,068 31,414,008
Total Assets
Owner's Equity
& Liabilities
10,000,000 6,000,000
Issued and paid up
capital
Share premium
account
2,066,612 70,617
Retained earnings
2,731,144 8,645,994
Net profit/Loss for
the year
Revaluation reserves
600,000 450,000
Legal Reserves
Other reserves
15,397,756 15,166,611
Net Worth
Deffered Taxation
Provisions/allowances
Mortgages/Loans 40,000
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total Long Term Liabilities 0 40,000
Current
Liabilities
Creditors 8,896,369 3,529,213
Other creditors 4,789,742 3,706,669
Accruals 1,953,064 1,696,123
Bank overdrafts/Loans 5,195,237 6,586,691
Misc. Loans
Directors accounts
Owing to
shareholders
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 478,430 227,077
Advance receipts
Misc. Current Liabilities 342,470 461,624
Total Current Liabilities 21,655,312 16,207,397
Owner's Equity & Liabilities 37,053,068 31,414,008
PROFIT & LOSS
Figures are: Figures
are:
01/01/2005 to 31/12/2005 01/01/2004
to 31/12/2004
Total Income/Turnover 48,169,461 36,363,035
Cost of sales
Gross Profit/(Loss) 48,169,461 36,363,035
Admin/selling expenses 22,364,291 17,176,438
Services 7,534,802 6,485,704
Salaries 15,909,107 13,704,533
Auditors Fee 135,054 127,052
Stock Depreciation 419,608 ‑898,174
Depreciation
Misc. Operating Expenses 844,113 916,861
Misc. Operating Income 3,094,008 3,918,782
Net Operating Profit/(Loss) 4,056,494 2,769,403
Interest Receivable/Finance Income 9,471 13,953
Group related income
Misc. Financial Income 208,128 7,682,951
Total Financial Income 217,599 7,696,904
Interest Payable/Finance costs 834,625 602,437
Misc. financial expenses 479,717 1,089,065
Total Financial Expenses 1,314,342 1,691,502
Profit/(Loss) before taxes 2,959,751 8,774,805
Income Tax 228,607 128,811
Other Tax
Profit/(Loss) after taxes 2,731,144 8,645,994
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 2,731,144 8,645,994
Previous years
related earnings
Current years net income 2,731,144 8,645,994
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 2,731,144 8,645,994
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
FINANCIAL RATIOS
Liquidity Ratios
Current Ratio 1.38 1.51
Acid Test Ratio 0.86 0.90
Profitability
Ratios
Gross Profit Ratio (%) 100.00 100.00
Return on Capital Employed (ROCE) 0.19 0.58
Asset Turnover (%) 3.13 2.40
Solvency OR Gearing Ratio 0.00 0.00
Miscellaneous
Ratios
Sales/Working Capital 5.83 4.37
Assets/Sales (%) 76.92 86.39
Shareholders Return (%) 19.22 57.86
Return on Assets (%) 7.99 27.93
Sales/Employees
Profit/Employees
Debt Ratio 0.58 0.52
Interest Coverage Ratio 12.95 68.12
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 46212183
Interview &
Reporter Comments
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
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General Conclusion: Local informants consider granting of credit to be a fair trade risk.
Owner/Shareholders Comments: Some of the owners / shareholders have an active participation in the
running of the business.
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%)