MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
IMATOC SARL |
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Registered Office : |
Salmia
2, Rue 1 Bis, N° 224, Casablanca 20450 |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.08.1992 |
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Com. Reg. No.: |
66909 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Other Wholesale |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
IMATOC
SARL
Registration Briefing
Registration Number: 66909
Registration Date: 10/08/1992
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2006
Financial Briefing
Nominal Capital: 300,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 1,496,017
Moroccan Dirham
Net Profit: 53,674
Moroccan Dirham
Net Worth: 1,130,041
Moroccan Dirham
Rating Briefing
Current Recommended Credit: 2,837 EUR
Rating Trend: STABLE
Payment Record: NO COMPLAINTS
This rating is based on available data. In the event of
additional information a possibility for a different rating applies.
Original Investigation Details
Company
Name: STE
IMATOE
Country: MO
Street
Name: SALMIA
2 RUE 1 BIS NO. 224, BEN NSIK SIDI OTH MANI
City
Code: CASABLANCA
Phone
Number: +212
22 573522
Fax
Number: +212
22 291974
Comments: IF
YOU HAVE ALREADY PROVIDED THIS REPORT IN THE
LAST
6 MONTHS , PLEASE DO NOT PROCEED WITH A
NEW
INQUIRY AND INFORM US IMMEDIATELY BY RETURN.
CONFIRM
IF THE ADDRESS GIVEN ABOVE MATCHES IN
THE
REPORT OTHERWISE PROVIDE EXPLANATION.
Company Details
Company
Name: IMATOC SARL
Headquarter
Address: Salmia
2, Rue 1 Bis, N° 224,
Ben
Msik Sidi Othman,
Casablanca
20450,
Morocco
Telephone: +21222
573522
Fax: +21222
291974
E‑Mail: imatoc@menara.ma
Company was originally started on 10/08/1992
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Salmia
2, Rue 1 Bis, N° 224,
Casablanca
20450
Registration
Number: 66909
Registration
Date: 10/08/1992
Year/Date
Company Established: 10/08/1992
Registration
Town: Casablanca
Tax
Registration Number: 02820269
Capital
Currency: Moroccan Dirham
Nominal
Capital: 300,000
Paid
Up Capital: 300,000
Shareholders
Shareholders:
Name/Address Shares Held % of Voting/Non‑Voting capital
100.00% (VOTING)
Mr Lahcen
Marfouk and Family,
Casablanca,
Morocco
Principals
Name: Mr Lahcen Marfouk
Position
within the company: Managing
director
Date
of Birth: 20/06/1960
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: French
Company Activities
NACE
Codes: 5170 Other wholesale
The company
activity is centred around importation and distribution of various types of
goods. The Subject imports 100% of
these
products from Spain, France and China and then distributes to the local market.
The company does not export.
Local
Reporters consider the investigated company to be SMALL in their field of
concern.
Operations
Employees Company
Employs: 5
HQ Premises Operates
from: Rented Office , Shop
Location: Central
Business Area, Side Road
Imports
Import
% and type of product: 100%
Finished Goods
Imports
From: Spain,
France, China
Importing
Terms: Letters
of credit
Agencies: SPLINTEX
GUARDIAN
Exports
Export
% and type of product: Subject
does not export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: General
Public, Group Companies
Related Companies
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
bank,
Branch:
Casa Mechouar
Place
Hamidou Al Watani, Angles Rues Ifni et Bergerac,
Casablanca,
Morocco
Account
Number: 341
E 000349
Financial Information
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2006 1,496,017.00 83,890 53,674
12 31/12/2005 1,515,999.00 109,194 69,917
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2006 As at: 31‑Dec‑2005
Fixed Assets
Land & Buildings
Plant & Machinery
15,746
Furniture &
Equipment 20,266
Motor Vehicles 129,138 191,124
Misc. Fixed Assets
Total Fixed Assets 144,884 211,390
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets
0 0
Total Financial Assets
Intangibles
Goodwill
Organisational Expenses
Patents
Misc. Intangible Assets
0 0
Total Intangible Assets
Current Assets
Stock 3,136,716 3,661,382
Stock & Work in Progress
Trade Debtors &
receivables 303,464 136,687
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses
Cash ‑49,915 606,148
Tax recoverable 71,286 96,307
Marketable
Securities 2,298 2,298
Misc. Current Assets
3,463,849 4,502,822
Total Current Assets
3,608,733 4,714,212
Total Assets
Owner's Equity & Liabilities
300,000 300,000
Issued and paid up capital
Share premium account
776,367 706,450
Retained earnings
53,674 69,917
Net profit/Loss for the year
Revaluation reserves
Legal Reserves
Other reserves
1,130,041 1,076,367
Net Worth
Deffered Taxation
Provisions/allowances
Mortgages/Loans 91,796 128,012
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 91,796 128,012
Current Liabilities
Creditors 52,645 771,213
Other creditors 17,988 27,307
Accruals 3,416 3,563
Bank overdrafts/Loans
Misc. Loans
Directors accounts
Owing to
shareholders 2,249,362 2,681,514
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 63,485 26,236
Advance receipts
Misc. Current Liabilities
Total Current Liabilities 2,386,896 3,509,833
Owner's Equity & Liabilities 3,608,733 4,714,212
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2006 to 31/12/2006 01/01/2005 to 31/12/2005
Total
Income/Turnover 1,496,017 1,515,999
Cost of sales
Gross Profit/(Loss) 1,496,017 1,515,999
Admin/selling expenses 1,059,912 969,281
Services 98,833 173,828
Salaries 180,618 194,318
Auditors Fee 8,750 8,145
Stock Depreciation
Depreciation 68,131 61,277
Misc. Operating Expenses
Misc. Operating Income
Net Operating Profit/(Loss) 79,773 109,150
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 21,791 30,155
Total Financial Income 21,791 30,155
Interest
Payable/Finance costs 14,850 15,690
Misc. financial
expenses 2,824 14,421
Total Financial Expenses 17,674 30,111
Profit/(Loss) before taxes 83,890 109,194
Income Tax 30,216 39,277
Other Tax
Profit/(Loss) after taxes 53,674 69,917
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 53,674 69,917
Previous years related earnings
Current years net
income 53,674 69,917
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 53,674 69,917
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
FINANCIAL RATIOS
Liquidity Ratios
Current Ratio 1.45 1.28
Acid Test Ratio 0.14 0.24
Profitability Ratios
Gross Profit Ratio
(%) 100.00 100.00
Return on Capital
Employed (ROCE) 0.07 0.09
Asset Turnover (%) 1.32 1.41
Solvency OR Gearing
Ratio 0.08 0.12
Miscellaneous Ratios
Sales/Working
Capital 1.39 1.53
Assets/Sales (%) 241.22 310.96
Shareholders Return
(%) 7.42 10.14
Return on Assets (%) 2.32 2.32
Sales/Employees
Profit/Employees
Debt Ratio 0.69 0.77
Interest Coverage
Ratio 2.78 2.78
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° : 37606660
Interview & Reporter Comments
Name/Title: Mr
Lahcen Marfouk Managing director
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.
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 declining
in strength.
Age of
Business: The
company is long established in the local market.
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%)