MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EURODIS SARL |
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Registered Office : |
BD Chefchauni Route 110 KM, 3300 Sidi Berboussi Casablanca 20300 |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.09.1993 |
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Com. Reg. No.: |
71841 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Wholesaler of Pharmaceutical Goods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 91,646 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
EURODIS SARL
Registration Briefing
Registration Number: 71841
Registration Date: 08/11/1993
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2006
Financial Briefing
Nominal Capital: 2,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 48,330,276
Moroccan Dirham
Net Profit: 569,061
Moroccan Dirham
Net Worth: 2,884,052
Moroccan Dirham
Rating Briefing
Current Recommended Credit: 91,646 EUR
Rating Trend: POSITIVE
Payment Record: NO
COMPLAINTS
Original Investigation Details
Company
Name: EURODIS
SARL
Country: MO
Street
Name: BD
CHEFCHAUNI ROUTE 110 KM, 3300 SIDI BERBOUSSI
City
Code: CASABLANCA
Post
Code: 20300
Phone
Number: 0221
22 474742/58
Fax
Number: 0221
22 474796
Comments: CONFIRM
ALSO IF GIVEN ADDRESS MATCHES
Company Details
Company
Name: EURODIS SARL
Headquarter
Address: Boulevard
Chefchaouni, Route 110, Km 3.300,
Sidi
Bernoussi,
Casablanca
20600,
Morocco
Telephone: +21222
356457
+21222
356470
+21222
474742
+21222
474758
Fax: +21222
356444
+21222
474796
E‑Mail: euro‑dis@menara.ma
Company was
originally started on 01/09/1993
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 44
Boulevard Batali Mohamed Ben Mekki,
Casablanca
20300
Registration
Number: 71841
Registration
Date: 08/11/1993
Year/Date
Company Established: 01/09/1993
Registration
Town: Casablanca
Tax
Registration Number: 01600787
Capital
Currency: Moroccan Dirham
Nominal
Capital: 2,000,000
Paid
Up Capital: 2,000,000
Start
up Capital:
1,000,000
Capital
increase on 19/11/2003
Shareholders
Shareholders:
Name/Address Shares
Held % of
Voting/Non‑Voting capital
Mr Abdeslam Nihrane, 10,000 50.00% (VOTING)
816, Cité des Crêtes, Route d'El Jadida,
Casablanca,
Morocco
Mr Abdelkrim Nihrane, 10,000 50.00% (VOTING)
816, Cité des Crêtes, Route d'El Jadida,
Casablanca,
Morocco
Principals
Name: Mr Abdeslam Nihrane
Position
within the company: Managing
director
Date
of Birth: 11/05/1963
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: English
Name: Mr Abdelkrim Nihrane
Position
within the company: Administration
Director
Date
of Birth: 20/07/1953
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: French
Name: Ms Redouani
Position
within the company: Accountant
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: French
Company Activities
NACE
Codes: 5146 Wholesale of pharmaceutical goods
5143 Wholesale of household
appliances
The
company is dealing with importation and distribution of cosmetics and household
appliances. Subject imports 100% of products from UK, Spain and Italy. Subject
then distributes the products on wholesale basis to the local market. This
company does not export.
Local
Reporters consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 35
Including
number of principals: 6
HQ
Premises Operates
from: Rented Offices , Warehouse
Premises
Size: 800 square meters
1000
square meters site
Location: Industrial Area, Main Road
Imports
Import
% and type of product: 100%
Finished Goods
Imports
From: United
Kingdom, Spain, Italy
Importing
Terms: C.O.D.
Exports
Export
% and type of product: Subject
does not export
Trading
& Selling
Territory: 100%
Nationally
Type
of Customer: Supermarkets
and distributors
Number
of accounts:
2,000
Related Companies
Information
on Related Companies is not available/applicable
Bankers
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Casa Gare
Place
Sidi Mohamed Angle Boulevard Ba Hmad,
Casablanca,
Morocco
Account
Number: 14000263985291
Relationship
with Bank: is
reported to be good
Charges Registered
28/05/2004 BMCI MDH 400,000 Mortgage
Financial Information
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2006
48,330,276.00 882,031 569,061
12 31/12/2005
46,209,592.00 907,186 580,436
12 31/12/2004
46,787,499.00 859,699 545,546
12 31/12/2003 47,547,067.00 930,263 601,620
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2006 As at: 31‑Dec‑2005 As at: 31‑Dec‑2004
Fixed Assets
Land & Buildings
Plant & Machinery
299,097
Furniture &
Equipment
84,338 129,926
Motor Vehicles 562,907 337,508 671,920
Misc. Fixed Assets
Total Fixed
Assets
862,004 421,846
801,846
Financial Assets
Shares in Related Companies
Loans to related companies
3,300,000 3,300,000
Investments
Deposits
Misc. Financial Assets
3,300,000 3,300,0000
Total Financial Assets
Intangibles
Goodwill
2,119 3,615 5,111
Organisational Expenses
Patents
50,000 50,000 50,000
Misc. Intangible Assets
52,119 53,615 55,111
Total Intangible Assets
Current Assets
Stock 8,304,613 5,608,675 4,290,225
Stock & Work in Progress
Trade Debtors &
receivables
4,150,291 4,932,920 1,571,733
Provision for bad debs
Other
receivables 274,560 100,000 100,000
Due from related companies
Owed by shareholders
Prepaid expenses
Cash 779,009 14,178 69,598
Tax recoverable
4,267,106 3,224,433 3,215,660
Marketable Securities
Misc. Current Assets
1,188,232
17,775,579 13,880,206 10,435,448
Total Current Assets
21,989,702 17,655,667 11,292,405
Total Assets
Owner's Equity & Liabilities
2,000,000 2,000,000 2,000,000
Issued and paid up capital
Share premium account
79,171 528,735 11,189
Retained earnings
569,061 580,436 545,546
Net profit/Loss for the year
Revaluation reserves
235,820 205,820 177,820
Legal Reserves
Other reserves
2,884,052 3,314,991 2,734,555
Net Worth
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities
0 0 0
Current Liabilities
Creditors
16,745,084 8,734,990 5,686,973
Other creditors 62,510
251,056 3,019
Accruals
652,329 667,226 470,607
Bank
overdrafts/Loans 418,899 3,503,939 584,901
Misc. Loans
Directors accounts
Owing to shareholders 100,000
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 1,126,828 1,183,465 1,812,350
Advance receipts
Misc. Current Liabilities
Total Current
Liabilities
19,105,650 14,340,676 8,557,850
Owner's Equity
& Liabilities 21,989,702
17,655,667 11,292,405
PROFIT & LOSS
Figures are:
Figures are: Figures are:
Fiscal
Year Fiscal Year Fiscal Year
01/01/2006 to 31/12/2006 01/01/2005 to 31/12/2005 01/01/2004 to 31/12/2004
Total
Income/Turnover
48,330,276 46,209,592
46,787,499
Cost of sales
Gross
Profit/(Loss) 48,330,276 46,209,592 46,787,499
Admin/selling
expenses
41,150,636 39,861,039
41,481,180
Services 4,113,921 2,703,422 2,978,858
Salaries 3,812,059 3,212,784 3,295,471
Auditors Fee 63,686 69,577 73,053
Stock Depreciation
Depreciation
248,649 419,510
Misc. Operating Expenses
1,170,834
Misc. Operating
Income
650,340
719,366 910,000
Net Operating
Profit/(Loss) ‑408,335 662,626 ‑1,301,897
Interest
Receivable/Finance Income
36,542
15,208
Group related income
Misc. Financial
Income
1,860,912
1,169,812 2,393,537
Total Financial
Income
1,860,912
1,206,354 2,408,745
Interest
Payable/Finance costs
72,177 79,697 38,510
Misc. financial
expenses
498,369 882,097 208,639
Total Financial
Expenses 570,546 961,794 247,149
Profit/(Loss)
before taxes
882,031 907,186 859,699
Income Tax
312,970 326,750 314,153
Other Tax
Profit/(Loss) after
taxes 569,061 580,436
545,546
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss)
569,061 580,436 545,546
Previous years related earnings
Current years net
income
569,061 580,436 545,546
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
569,061 580,436 545,546
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
FINANCIAL RATIOS
Liquidity Ratios
Current Ratio 0.93 0.97 1.22
Acid Test Ratio
0.50 0.58 0.72
Profitability Ratios
Gross Profit Ratio
(%)
100.00 100.00 100.00
Return on Capital
Employed (ROCE) 0.31 0.27 0.31
Asset Turnover (%
)
16.76 13.94 17.11
Solvency OR Gearing
Ratio 0.00
0.00 0.00
Miscellaneous Ratios
Sales/Working
Capital
‑36.34 ‑100.35 24.92
Assets/Sales
(%)
45.50 38.21 24.14
Shareholders Return
(%) 30.58 27.37 31.44
Return on Assets
(%)
4.01 5.14 7.61
Sales/Employees
Profit/Employees
Debt Ratio
0.87 0.81 0.76
Interest Coverage
Ratio
2.82 2.78 2.74
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 N°
: 31304002
Interview & Reporter Comments
Name/Title: Ms
Redouani Accountant
Comment: Subject has
confirmed the general details shown in the report.
The
correct location as mentioned 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.
Owner/Shareholders
Comments: All or most 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. |
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%)