MIRA
INFORM REPORT
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Report Date : |
16.12.2011 |
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Tel. No.: |
+212 22 331563 |
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Fax No.: |
+212 22 510239 |
IDENTIFICATION DETAILS
|
Name : |
DICAPA |
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Registered Office : |
Route 106, Douar Ouled Sidi Messaoud, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.01.2011 |
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Date of Incorporation : |
31.12.2010 |
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Com. Reg. No.: |
231177 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Manufacture of paper and paperboard |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRAs 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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Maximum Credit Limit : |
221,100 EUR |
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Status : |
Good |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Rating briefing
Current Recommended Credit: 221,100 EUR
Company name
DICAPA
Registration Briefing
Registration
Number: 231177
Registration
Date: 31/01/2011
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 55,460,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 109,746,766
Moroccan Dirham
Net
Profit: 4,159,509
Moroccan Dirham
Net
Worth: 13,484,933
Moroccan Dirham
Company Details
Company
Name: DICAPA
Headquarter
Address: Route
106, Douar Ouled Sidi Messaoud,
Tit
Mellil,
Casablanca,
Morocco
Telephone: +212522
330118
+212522
331563
+212522
331603
+212522
865703
+212522
865739
Fax: +212522
510239
+212522
510361
+212522
865688
E‑Mail: info@dicapa.ma
Web
Site: www.dicapa.ma
Company
has been in it's present legal form since: 31/01/2011
Company
was originally started as a PROPRIETORSHIP on 01/04/1994
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Route 106,
Douar Ouled Sidi Messaoud,
Casablanca
Registration
Number: 231177
Registration
Date: 31/01/2011
Year/Date
Company Established: 01/04/1994
Registration
Town: Casablanca
Tax
Registration Number: 40256079
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 55,460,000
Paid
Up Capital: 55,460,000
Authorized Capital Breakdown
Number
of Shares: 554,600 Type of
Shares: None Selected
Issued
Shares: 554,600 Value
per share: MDH 100.00 Value of this
type: 55,460,000.00
Shareholders
Shareholders:
Name/Other Information Shares
Held % of Voting/Non‑Voting
capital
Mr. Mohamed Ali Alami Mechiche, 554,600 100.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Mohamed Ali Alami Mechiche
Position
within the company: General
Manager
Date
of Birth: 09/04/1960
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Amal Alami Mechiche
Position
within the company: Joint
General Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Zine El Abidine Asri
Position
within the company: Commercial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Younes Belahacen
Position
within the company: Administration
& Human resources Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Amal Khyatti
Position
within the company: Financial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Anwar Lahrizi
Position
within the company: Development
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Youssef Bougrine
Position
within the company: Export
& Marketing Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1712 Manufacture of paper and paperboard ‑ 40%
4676 Wholesale of other intermediate
products ‑ 60%
The
company is engaged in processing, import and distribution of paper and
paperboard.
Subject
imports 90% of paper from Spain, Portugal, France, Austria, Egypt, Lebanon and
Finland.
Subject distributes then 99% of the products
to the local market and exports 1% to Guinea, Senegal and Togo.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 100
HQ Premises Operates
from: Owned Office , Factory,
Warehouse
Premises
Size: 1200 square meters
Location: Industrial Area, Main Road
Branches 1
Boulevard Anoual, Rιsidence Abdelmoumen Center,
Casablanca
20360,
Morocco
Description
of branch: Office
14
Zone 1, Parc Industriel Aviation,
Salι
11000,
Morocco
Description
of branch: Warehouse
Imports
Import
% and type of product: 90% Finished
Goods
Imports
From: Spain, Portugal,
France, Austria, Egypt, Finland,
Lebanon
Importing
Terms: 120‑180
days credit, bank transfer
Additional
Information: Bills of
exchange
Exports
Export
% and type of product: 1%
Exports
To: Guinea,
Senegal, Togo
Exporting
Terms: letters of
credit
Additional
Information: bank transfer
Trading & Selling
Territory: 99%
Nationally, 1% International
Type
of Customer: Group
Companies, Government
Bodies,
Printers,
Banks
Number
of accounts: 500
Vehicles: Total
number of vehicles: 27
12
trucks
15
cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Sociιtι
Gιnιrale,
Branch:
Abdelmoumen
55
Boulevard Abdelmoumen,
Casablanca,
Morocco
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Maarif Roudani
294
Boulevard Brahim Roudani Maβrif,
Casablanca,
Morocco
Banque
Populaire,
Branch:
Porte d'Anfa
2
Avenue Moulay Rachid ‑ Espace Porte d'Anfa,
Casablanca,
Morocco
Financial Information
Source: Mrs.
Amal Alami Mechiche Joint General Manager
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2011 260,000,000 (Projection)
12 31/12/2010 109,746,766 4,715,602 4,159,509
12 31/12/2009 104,495,660 3,200,917 2,679,603
12 31/12/2008 92,976,000
12 31/12/2007 90,972,170
12 31/12/2006 83,732,929 1,518,980 1,102,560
12 31/12/2005 84,601,517 2,216,217 1,794,917
12 31/12/2004 75,457,595 2,016,807 1,645,107
12 31/12/2003 75,577,619 716,857 338,967
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed
Assets
Land & Buildings 5,184,224 5,595,628
Plant & Machinery 312,656 832,911
Furniture & Equipment 2,475,875 1,857,497
Motor Vehicles 13,588 20,472
Misc. Fixed
Assets
Total Fixed Assets 7,986,343 8,306,508
Financial
Assets
Shares
in Related Companies 42,500
Loans to
related companies
Investments 79,000 58,750
Deposits
Misc.
Financial Assets 97,966
Total Financial Assets 79,000 199,216
Intangibles
Goodwill
Organisational Expenses 55,958 95,458
Patents 300,500
Misc.
Intangible Assets
Total Intangible Assets 55,958 395,958
Current
Assets
Stock 10,131,325 9,843,030
Stock
& Work in Progress 88,300
Trade Debtors & receivables 49,512,254 66,093,906
Provision
for bad debs
Other
receivables
Due from
related companies
Owed by
shareholders
Prepaid expenses 108,181 4,300
Cash 821,440 528,880
Tax recoverable 4,534,763 4,980,131
Marketable
Securities
Misc. Current Assets 219,358 85,892
Total Current Assets 65,415,621 81,536,139
Total Assets 73,536,922 90,437,821
Owner's
Equity & Liabilities
Issued and paid up capital 9,325,424 11,107,997
Share
premium account
Retained
earnings
Net profit/Loss for the year 4,159,509 2,679,603
Revaluation
reserves
Legal
Reserves
Other
reserves
Net Worth 13,484,933 13,787,600
Deffered
Taxation
Provisions/allowances 323,991
Mortgages/Loans
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 0 323,991
Current Liabilities
Creditors 36,852,212 54,539,890
Other
creditors
Accruals 47,671 53,474
Bank overdrafts/Loans 10,805,636 10,422,402
Misc. Loans
Directors
accounts
Owing to
shareholders
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 11,706,869 10,818,543
Advance receipts 40,391 82,918
Misc. Current Liabilities 599,210 409,003
Total Current Liabilities 60,051,989 76,326,230
Owner's Equity & Liabilities 73,536,922 90,437,821
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal
Year Fiscal
Year
01/01/2010
to 31/12/2010 01/01/2009 to
31/12/2009
Total Income/Turnover 109,746,766 104,495,660
Cost of sales 53,361,591 62,415,484
Gross Profit/(Loss) 56,385,175 42,080,176
Admin/selling expenses 39,166,724 27,934,548
Services 5,295,614 5,198,249
Salaries 5,538,115 4,045,905
Auditors Fee 234,602 209,363
Stock Depreciation ‑204,547 ‑911,254
Depreciation 1,364,985 1,443,989
Misc.
Operating Expenses 970,645
Misc. Operating Income 983,949 163,500
Net Operating Profit/(Loss) 5,002,986 4,322,876
Interest
Receivable/Finance Income
Group related income 2,486 1,148
Misc. Financial Income 1,920,302 447,633
Total Financial Income 1,922,788 448,781
Interest Payable/Finance costs 689,156 1,037,587
Misc. financial expenses 1,521,016 533,153
Total Financial Expenses 2,210,172 1,570,740
Profit/(Loss) before taxes 4,715,602 3,200,917
Income Tax 556,093 521,314
Other Tax
Profit/(Loss) after taxes 4,159,509 2,679,603
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 4,159,509 2,679,603
Previous
years retained earnings
Current years net income 4,159,509 2,679,603
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 4,159,509 2,679,603
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
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 1.09 1.48 1.07 1.45
Acid Test Ratio 0.92 0.96 0.94 0.91
Accounts 0.34 0.31 0.52 0.43
Payable/Sales
Ratio
Current Liabilities/Net 4.45 4.35 5.54 ‑17.79
Worth
Current 5.88 2.65 3.40
Liabilities/Inventory
Total Liabilities/Net 4.45 4.45 5.56 ‑17.56
Worth
Fixed Assets/Net 59.22 46.96 60.25 56.72
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 51.38 28.13 40.27 23.18
Return on Capital 34.97 16.45 22.68 ‑115.67
Employed
(ROCE)(%)
Net Profit/Sales (%) 4.30 0.63 3.06 1.56
Return on Assets (%) 6.41 3.60 3.54 3.96
Efficiency
Ratios
Sales/Working Capital 20.46 5.72 20.06 4.05
Assets/Sales(%) 67.01 107.28 86.55 128.63
Shareholders 34.97 13.43 23.22 ‑113.37
Return(%)
Average Inventory 68.31 190.57 171.86
Period
Average Collection 192.24 144.92 139.77
Period
Sales/Inventory 10.74 5.12 5.03
Leverage
Ratios
Capital Employed 8.17 7.18 7.80 7.94
Number of 478 478
Companies
within the
industry
(NACE G)
Statistics
based on Wholesale
and retail Wholesale
and retail
NACE(G) trade;repair
of motor trade;repair
of motor
vehicles
and vehicles
and
motorcycles motorcycles
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 31/01/2011 1110 1122
TOTAL EMPLOYEES 100 66 1018
SALES (2010) 9,648,936 32 228
SALES (2009) 9,187,258 56 456
NET PROFIT (2010) 365,704 21 169
NET PROFIT (2009) 235,591 63 468
TOTAL ASSETS (2010) 6,465,366 31 167
TOTAL ASSETS (2009) 7,951,293 59 468
Currency:
EUROS
Rankings
The results given below are calculated against
companies with the Database for the specific country.
Scale:
1 is the highest result found in our database.
Example:
Ranking 5: Total Companies used to generate the Ranking : 20
This means that this company is the 5th largest
company out of 20 found in our database in the specific industry
Charts of Financial Trends and Industry Comparisons
PLEASE
NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND COMPARISON PURPOSES
The
statistical Industrial Average results are calculated against companies within
the database for the
specific
country.
Payments
Subject's
payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other
Comments: Patent
N° : 37125061
Interview & Reporter Comments
Name/Title: Mrs.
Amal Alami Mechiche Joint General Manager
Comment: Subject
has confirmed the general details shown in the report.
Reporter Comment: Please
note that Mrs. Amal Alami Mechiche, Joint General Manager, confirmed
that
the projected sales figures for the year end 31/12/2011 for the company
DICAPA
are : 260,000,000.00 MAD, as the said company has merged in January
2011
with the company DINAP ‑ that also belongs to Alami Mechiche Family and
engaged
in the same activity ‑.
Mrs.
Amal Alami Mechiche stated that : The turnover 2010 of the company DINAP
was
: 120,940,084.47 MAD and the Net Profit 2010 was : 3,303,626.51 MAD.
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 long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
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 |
|
-- |
NB |
New
Business |
-- |
This score serves as a reference to assess SCs 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.