MIRA INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SELECTION MARAICHERE DE PRODUCTION ET
D'EXPORATION |
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|
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Registered Office : |
Km 4.8 Route
Sebt Ait Melk, Biougra, Agadir |
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Country : |
Morocco |
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Financials (as on) : |
31.07.2010 |
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Date of Incorporation : |
10.07.2000 |
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Com. Reg. No.: |
7435 |
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Legal Form : |
Societe A
Responsibilite Limitee |
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Line of Business : |
Growing of
vegetables and melons, roots and tubers |
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 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Morocco |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SELECTION MARAICHERE DE PRODUCTION ET D'EXPORATION
Registration Briefing
Registration
Number: 7435
Registration Date: 10/07/2000
Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Latest Financials: July 31, 2010
Financial Briefing
Nominal Capital: 8,000,000 Moroccan
Dirham
Issued Capital: N/A
Turnover: 109,673,696
Moroccan Dirham
Net Loss: 2,460,196
Net Worth: 18,105,002
Moroccan Dirham
Original Investigation Details
Investigation
Number: 129032
Company Name: SEMAPEX
SARL
Country: MO
Street Name: KM
4.8 ROUTE SEBT AIT MELK,BIOUGRA
City Code: AGADIR
Phone Number: 00212528818546
Fax Number: 00212528818455
Company Details
Company Name: SELECTION
MARAICHERE DE PRODUCTION ET
D'EXPORATION
Also trades as: SE.MA.PEX
SARL
Headquarter
Address: Km
4.8 Route Sebt Ait Melk,
Biougra,
Agadir,
Morocco
Telephone: +212528
818546
+212528
818547
Fax: +212528
818455
E‑Mail: semapex@menara.ma
Company was
originally started on 2000
Registration & Legal Details
Current Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Km
4.8 Route Sebt Ait Melk,
Agadir
Registration
Number: 7435
Registration Date: 10/07/2000
Year/Date Company
Established: 2000
Registration Town: Agadir
Tax Registration
Number: 06903089
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 8,000,000
Paid Up Capital: 8,000,000
Authorized Capital Breakdown
Number of Shares: 8,000 Type of Shares: None Selected
Issued Shares: 8,000 Value per share: MDH 1,000.00 Value of this type: 8,000,000.00
Shareholders
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr. Regis Perret, 4,000 50.00%
(VOTING)
Lot Taddart II N°
172 BP 497,
Agadir,
Morocco
Jean Christophe
Taranto Heirs, 4,000 50.00%
(VOTING)
16, Rue Mourabitine,
Agadir,
Morocco
Principals
Name: Mr
Regis Perret
Position within
the company: Managing
director
Country of Birth: France
Nationality: French
Can fluently
speak: French
& English
Name: Mr
Houssaine Addy
Position within
the company: Accountant
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Mr
Abdelouahab Battach
Position within
the company: Import‑export
Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Ms
Karima Marouani
Position within
the company: Assistant
Managing director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Company Activities
NACE Codes: 0113 Growing
of vegetables and melons, roots and tubers
4631 Wholesale of fruit and vegetables
SE.MA.PEX SARL is specialised in growing and export of
fruits and vegetables. Subject imports 10% of raw materials (seeds, chemicals
and packaging) from Spain, France, Italy, Greece & China and purchases the
other 90% locally. Subject produces fruits and vegetables in three framers and then exports the
whole production to France, Spain, UK & Germany.
Local Reporters
consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company Employs:
100
Part
time staff: 500
HQ Premises Operates from: Rented Office , Warehouse, Workshop
Premises Size: 20000
square meters site
Location: Rural
Area
Branches Biougra,
Agadir,
Morocco
Branch
is: Rented
Branch
premises size: 400,000.00 sq.mtrs.
These
premises operate as: 3 Farms
Imports
Import % and type
of product: 10% Raw
Materials
Imports From: Spain,
France, Italy, Greece, China
Importing Terms: Bank
transfer
Additional
Information: Letters
of credit
Exports
Export % and type
of product: 100%
Exports To: France,
Spain, United Kingdom, Germany
Exporting Terms: bank
transfer
Trading & Selling
Territory: 100%
International
Type of Customer: Distributors
Vehicles: Total
number of vehicles: 25
5
trucks
20
cars
Related Companies
Subsidiaries
Affiliates
Information on
Related Companies is not available/applicable
Bankers
Société Générale,
Branch: Agadir
Kettani
Avenue du Général
Kettani,
Agadir,
Morocco
Attijariwafa Bank,
Branch: Ait
Melloul
154 Route de
Taroudant,
Ait Melloul,
Morocco
Financial Information
Source: Mr.
Houssaine Addy Accountant
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/07/2010 109,673,696 (2,460,196) (2,460,196)
12 31/07/2009 119,135,570 (2,800,876) (2,800,876)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As
at: 31‑Jul‑2010 As at: 31‑Jul‑2009
Fixed
Assets
Land & Buildings 7,205,563 7,865,319
Plant & Machinery 2,016,442 3,063,017
Furniture & Equipment 197,958 314,198
Motor Vehicles 660,587 76,450
Misc. Fixed
Assets
Total Fixed Assets 10,080,550 11,318,984
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 341,716 140,000
Total Financial Assets 341,716 140,000
Intangibles
Goodwill
Organisational Expenses 3,722,728 1,472,450
Patents 3,020 7,940
Misc.
Intangible Assets
Total Intangible Assets 3,725,748 1,480,390
Current
Assets
Stock 1,960,819 2,372,774
Stock &
Work in Progress
Trade Debtors & receivables 33,187,043 1,593,363
Provision
for bad debs
Other
receivables 260,913
Due from
related companies
Owed by shareholders 1,760,204 929,902
Prepaid expenses 13,905,816 14,635,322
Cash 1,775,612 27,638,522
Tax
recoverable
Marketable
Securities
Misc.
Current Assets 257,145
Total Current Assets 52,846,639 47,430,796
Total Assets 66,994,653 60,370,170
Owner's
Equity & Liabilities
Issued and paid up capital 8,000,000 8,000,000
Share
premium account
Retained earnings 12,167,013 14,968,016
Net profit/Loss for the year ‑2,460,196 ‑2,800,876
Revaluation
reserves
Legal Reserves 398,185 398,185
Other
reserves
Net Worth 18,105,002 20,565,325
Deffered
Taxation
Provisions/allowances 10,800 10,800
Mortgages/Loans
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 10,800 10,800
Current
Liabilities
Creditors 47,674,160 38,066,194
Other
creditors
Accruals 86,400
Bank overdrafts/Loans 57,257 57,257
Misc. Loans
Directors
accounts
Owing to shareholders 61,322 75,362
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 236 2,495
Advance receipts 860,573 860,573
Misc. Current Liabilities 225,303 645,764
Total Current Liabilities 48,878,851 39,794,045
Owner's Equity & Liabilities 66,994,653 60,370,170
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal
Year Fiscal
Year
01/08/2009
to 31/07/2010 01/08/2008 to
31/07/2009
Total Income/Turnover 109,673,696 119,135,570
Cost of sales 59,477,144 67,874,282
Gross Profit/(Loss) 50,196,552 51,261,288
Admin/selling expenses 32,702,219 35,033,130
Services 5,115,631 3,757,263
Salaries 11,900,013 11,830,206
Auditors Fee 113,023 58,712
Stock
Depreciation
Depreciation 2,766,127 3,268,152
Misc.
Operating Expenses
Misc.
Operating Income
Net Operating Profit/(Loss) ‑2,400,461 ‑2,686,175
Interest
Receivable/Finance Income
Group related
income
Misc.
Financial Income 43,400
Total Financial Income 0 43,400
Interest Payable/Finance costs 43,914 112,988
Misc. financial expenses 15,821 45,113
Total Financial Expenses 59,735 158,101
Profit/(Loss) before taxes ‑2,460,196 ‑2,800,876
Income Tax
Other Tax
Profit/(Loss) after taxes ‑2,460,196 ‑2,800,876
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) ‑2,460,196 ‑2,800,876
Previous
years retained earnings
Current
years net income
Misc.
additions in current year
Current years net loss ‑2,460,196 ‑2,800,876
Dividends in
current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of ‑2,460,196 ‑2,800,876
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
Date accounts
obtained: 25/04/2011
Accounts obtained
from: Subject's
accountant
Auditors 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
FINANCIAL RATIOS / COMPARATIVE
DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2010) (2010) Results (2009) (2009)
Liquidity
Ratios
Current Ratio 1.08 1.08 1.19 1.19
Acid Test Ratio 1.04 1.04 1.13 1.13
Accounts 0.43 0.43 0.32 0.32
Payable/Sales
Ratio
Current Liabilities/Net 2.70 2.70 1.94 1.94
Worth
Total Liabilities/Net 2.70 2.70 1.94 1.94
Worth
Fixed Assets/Net 55.68 55.68 55.04 55.04
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 45.77 45.77 43.03 43.03
Return on Capital ‑13.58 ‑13.58 ‑13.61 ‑13.61
Employed
(ROCE)(%)
Net Profit/Sales (%) ‑2.24 ‑2.24 ‑2.35 ‑2.35
Return on Assets (%) ‑3.67 ‑3.67 ‑4.64 ‑4.64
Efficiency
Ratios
Sales/Working Capital 27.64 27.64 15.60 15.60
Assets/Sales(%) 61.09 61.09 50.67 50.67
Shareholders ‑13.59 ‑13.59 ‑13.62 ‑13.62
Return(%)
Leverage
Ratios
Capital Employed 7.63 7.63 6.24 6.24
Number of 5 5
Companies
within the
industry
(NACE A)
Statistics
based on Agriculture,
forestry Agriculture,
forestry
NACE(A) and
fishing and
fishing
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent N°
: 48845710
Interview & Reporter Comments
Name/Title: Mr.
Houssaine Addy Accountant
Comment: Subject
has confirmed the general details shown in the report.
Conclusions
Local Reputation: The company being investigated is believed by local reporters to be a
Medium Trade Risk.
General Conclusion: Informants
suggest that suppliers monitor this account.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
UK Pound |
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.