MIRA INFORM REPORT
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Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
OFFICE CHERIFIEN DES PHOSPHATES |
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Registered Office : |
2
Rue Al Abtal, Hay Erraha, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.08.1920 |
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Com. Reg. No.: |
40327 |
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Legal Form : |
Societe
Anonyme |
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Line of Business : |
Mining of chemical and
fertiliser minerals |
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No. of Employees
: |
19000 |
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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Maximum Credit Limit : |
95,641,600 EUR |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Morocco |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
OFFICE CHERIFIEN DES
PHOSPHATES
Rating Briefing
Definition: HIGH
CREDIT QUALITY
Current
Recommended Credit: 95,641,600
EUR Based on Group Financial Data
Payment
Record: REGULAR
This rating is based on available data. In the event of additional information a possibility for a different rating applies.
Registration Briefing
Registration
Number: 40327
Registration
Date: 07/08/1920
Legal
Form: SOCIETE
ANONYME
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 8,287,500,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 43,513,000,000
Moroccan Dirham
Net
Profit: 8,891,000,000
Moroccan Dirham
Net
Worth: 24,338,000,000
Moroccan Dirham
Company Details
Company
Name: OFFICE
CHERIFIEN DES PHOSPHATES
Also
trades as: OCP
SA
Headquarter
Address: 2‑4
Rue Al Abtal,
Hay Erraha,
Casablanca 20200,
Morocco
Postal
Address: P.O.Box
5196,
Casablanca
Telephone: +212522
223024
+212522 230025
+212522 231025
+212522 232025
Fax: +212522
230624
+212522 991263
+212522 998382
Web
Site: www.ocpgroup.ma
Company
has been in it's present legal form since: 26/02/2008
Company
was originally started as a STATE OWNED CONCERN on 07/08/1920
Registration & Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: 2
Rue Al Abtal, Hay Erraha,
Casablanca
Registration
Number: 40327
Registration
Date: 07/08/1920
Year/Date
Company Established: 07/08/1920
Registration
Town: Casablanca
Tax
Registration Number: 02220794
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 8,287,500,000
Paid
Up Capital: 8,287,500,000
Authorized Capital Breakdown
Number
of Shares: 82,875,000 Type
of Shares: None Selected
Issued
Shares: 82,875,000 Value
per share: MDH 100.00 Value
of this type:
8,287,500,000.00
Shareholders
Parent Company: MOROCCAN
STATE,
Morocco
% Shares Held: 94.11%
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting
capital
Banque
Centrale Populaire, 4,874,999 5.88% (VOTING)
101,
Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Other
Shareholders, 10
Morocco
Principals
Name: Mr
Mostafa Terrab
Position
within the company: President
and managing director
Date
of Birth: 19/10/1955
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic,
French & English
Education: Technical
University
Schools
Attended: Massachusetts
Institute of Technology, Cambridge, USA
Other
qualifications include: Master
degree in Engineering Institut in Paris
Name: Mr
Mohamed El Kadiri
Position
within the company: General
Secretary
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Amar Drissi
Position
within the company: Industrial
relations Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic,
French & English
Name: Mr
Mohamed El Hajjouji
Position
within the company: Finance
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic,
French & English
Name: Mr
M'hamed Ibnabdeljalil
Position
within the company: Commercial
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic,
French & English
Company
Activities
NACE Codes: 0891 Mining
of chemical and fertiliser minerals
OCP Group, together with its
subsidiaries, engages in mining, processing, exporting, and marketing
phosphates in Morocco.
The company produces phosphate rock; and
phosphate derivatives, such as basic and purified phosphoric acid, and
phosphate fertilizers. Its phosphate rock is primarily used in the manufacture
of fertilizers; and phosphoric acid is used inlemonades, yeasts, cheese, meat
and fish preservation, drinkable water treatment, detergents, animal feed,
foliar fertilizers, metal treatment, textiles and cement.
Local Reporters consider the
investigated company to be LARGE in their field of concern.
Operations
Employees Company
Employs: 19000
HQ
Premises Operates
from: Owned Offices
Premises
Size: 20000
square meters
Location: Central
Business Area
Branches Maroc
Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid
with
400.000
Tons P205.
Maroc Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid, within
400.000 Tons
P205.
Maroc Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid,
within 400.000 Tons
P205.
Maroc Phosphore III‑ IV,
100 Km de Marrakech,
Khouribga,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid,
within the capacity of 1.4
Million /Tons of P205
Gantour,
100 Km de Marrakech,
Youssoufia,
Morocco
Branch is: Owned
Description of branch: Factory
Branch premises size: 2,500.00 sq.mtrs.
77 Km de Youssoufia,
Benguerir,
Morocco
Branch is: Owned
Description of branch: Factory
Boucraa‑Layoune,
Laayoune,
Morocco
Branch is: Owned
Description of branch: Factory
Imports
Imports
Raw Materials, Imports Finished Goods
Imports
From: USA,
Canada, Russia, Ukraine, European Community
Importing
Terms: Special
agreements
Exports
Export % and type of product: 95%
Exports To: France,
USA, Brazil, United Kingdom, Italy, Spain,
India, China, Poland, Indonesia, Norway
Exporting Terms: special
agreements
Trading
& Selling
Territory: 5%
Nationally, 95% International
Related Companies
Subsidiaries
Centre d'Etudes et de Recherches
des Phosphates Mineraux
(Cerphos)
Casablanca, Owned
100% by subject
Morocco
Start date: 1975
Operates as: Research center for the techniques and mineral
processing
Maroc Phosphore
Morocco Owned
100% by subject
Operates as: production of phosphoric acid and fertilizers
Societe de Transports Regionaux
(Sotreg)
Casablanca, Owned
100% by subject
Morocco
Operates as: tranporting OCP Group's employees
Ste Marocaine d'Etudes Speciales
et Industrielles (Smesi)
Casablanca, Owned
100% by subject
Morocco
Start date: 1959
Operates as: company of engineering of studies and
industrial achievements
Phosphates de Boucraa
Casablanca, Owned
100% by subject
Morocco
Start date: 1962
Operates as: phosphate working.
COMARAM
Morocco Owned
100% by subject
Operates as: Sea transport
GPFCE
Morocco Owned
100% by subject
Operates as: Finance
Pakistan Maroc Phosphore
Casablanca, Owned
50% by subject
Morocco
Operates as: Phosphates processing
Bunge Maroc Phosphore
Morocco Owned
50% by subject
Operates as: Phosphates processing
Affiliates
EMAPHOS
Casablanca, Owned
33% by subject
Morocco
Operates as: manufacturing of phosphoric acid
IMACID
Casablanca, Owned
33% by subject
Morocco
Operates as: manufacturing of phosphoric acid
Bankers
Attijariwafa
Bank,
Branch:
Head Office
163
Avenue Hassan II,
Casablanca,
Morocco
Account
Number: 12010129744
Banque
Centrale Populaire,
Branch:
Head Office
101
Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Account
Number: 212119950010005
Société
Générale,
Branch:
Head Office
55
Boulevard Abdelmoumen,
Casablanca,
Morocco
Citibank
Maghreb,
Branch:
Head Office
Zenith
Millenium Immeuble 1, lot Attaoufik,
Casablanca,
Morocco
Financial
Information
Source: Companies
Registry
Figures
are: Official
Figures
Consolidated
Financial Information
Currency: Moroccan
Dirham
Note: Figures
in 000,000's
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2010 43,513 10,893 8,891
12 31/12/2009 25,276 2,518 1,283
12 31/12/2008 60,139 28,523 23,414
12 31/12/2007 28,900 858 2,752
Balance Sheet
& Profit & Loss
BALANCE SHEET
Figures are in 000'000 Figures are in 000'000 Figures are in
000'000
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009 As at:
31‑Dec‑2008
Fixed Assets
Land & Buildings 3,098 2,821 2,416
Plant &
Machinery 5,938 6,197 4,650
Furniture &
Equipment 129 107 96
Motor Vehicles 71 78 70
Misc. Fixed Assets 6,559 3,975 4,475
Total Fixed
Assets 15,795 13,178 11,707
Financial Assets
Shares in Related
Companies 1,030 1,078 27
Loans to related companies
Investments 14 16 25
Deposits
Misc. Financial
Assets 852 1,164 957
Total Financial
Assets 1,896 2,258 1,009
Intangibles
Goodwill
Organisational Expenses 119
Patents 72 117 90
Misc. Intangible
Assets 308 181 43
Total Intangible
Assets 380 298 252
Current Assets
Stock 4,615 5,159 6,000
Stock & Work in
Progress 1,056 1,077 775
Trade Debtors &
receivables 5,696 4,352 5,243
Provision for bad debs
Other receivables 458 668 313
Due from related companies
Owed by shareholders 51
Prepaid expenses 1,037 1,085 1,114
Cash 2,085 1,477 1,372
Tax recoverable 3,287 3,657 3,263
Marketable
Securities 24,997 17,087 18,261
Misc. Current Assets 1,933 906 866
Total Current
Assets 45,164 35,468 37,258
Total Assets 63,235 51,202 50,226
Owner's Equity & Liabilities
Issued and paid up
capital 8,288 8,288 7,800
Share premium
account 4,513 4,513
Retained earnings 71 ‑16,506
Net profit/Loss for
the year 8,850 1,283 23,414
Revaluation reserves
Legal Reserves 484 64
Other reserves 2,687 2,104 ‑1,211
Net Worth 24,338 16,743 13,561
Deffered Taxation
Provisions/allowances 9,172 12,816 11,451
Mortgages/Loans 10,387 11,564 11,703
Hire purchase
Due to group of companies
Minority interest 148
Misc. deferred
liabilities 92 95 97
Total Long Term
Liabilities 19,799 24,475 23,251
Current Liabilities
Creditors 3,488 4,032 4,705
Other creditors 1,985 1,195 734
Accruals 189 149 867
Bank
overdrafts/Loans 9,434 1,750 836
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 1,660 349 3,845
Advance receipts 548 1,217 1,197
Misc. Current
Liabilities 1,794 1,292 1,230
Total Current
Liabilities 19,098 9,984 13,414
Owner's Equity
& Liabilities 63,235 51,202 50,226
PROFIT & LOSS
Figures are: Figures
are: Figures
are:
Interim Year Interim Year Interim Year
Figures are in 000'000 Figures
are in 000'000 Figures are
in 000'000
01/01/2010 to 31/12/2010 01/01/2009
to 31/12/2009 01/01/2008 to
31/12/2008
Total
Income/Turnover 43,513 25,276 60,139
Cost of sales 600 512 366
Gross Profit/(Loss) 42,913 24,764 59,773
Admin/selling
expenses 13,900 10,097 20,395
Services 5,708 4,888 4,283
Salaries 7,143 5,900 6,999
Auditors Fee 278 185 196
Stock Depreciation 879 1,631 ‑4,991
Depreciation 3,981 3,104 7,067
Misc. Operating
Expenses 242 427 295
Misc. Operating
Income 3,638 5,026 2,316
Net Operating
Profit/(Loss) 14,420 3,558 27,845
Interest
Receivable/Finance Income 821 831 787
Group related income 28 27 1
Misc. Financial
Income 8,249 1,773 30,160
Total Financial
Income 9,098 2,631 30,948
Interest
Payable/Finance costs 619 644 472
Misc. financial
expenses 12,006 3,027 29,798
Total Financial
Expenses 12,625 3,671 30,270
Profit/(Loss)
before taxes 10,893 2,518 28,523
Income Tax 2,002 1,235 5,109
Other Tax
Profit/(Loss)
after taxes 8,891 1,283 23,414
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 8,891 1,283 23,414
Previous years retained earnings
Current years net
income 8,891 1,283 23,414
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 8,891 1,283 23,414
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts
obtained: 27/12/2011
Accounts
obtained from: Companies
registry
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 (2008) (2008) Results (2007) (2007)
Liquidity Ratios
Current Ratio 2.78 1.68 3.38 1.65
Acid Test Ratio 2.27 1.32 2.89 1.37
Accounts 0.08 0.18 0.12 0.15
Payable/Sales Ratio
Current
Liabilities/Net 0.99 3.88 ‑0.84 1.60
Worth
Current 1.98 1.85 2.03 1.90
Liabilities/Inventory
Total
Liabilities/Net 2.70 4.16 ‑4.90 1.19
Worth
Fixed Assets/Net 86.33 101.24 ‑102.25 68.69
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 99.39 99.68 99.40 99.72
Return on Capital 77.48 6.74 2.84 8.27
Employed (ROCE)(%)
Net Profit/Sales (%) 47.43 18.10 2.97 3.64
Return on Assets (%) 56.79 6.97 2.23 4.54
Efficiency Ratios
Sales/Working
Capital 2.52 3.42 1.47 6.30
Assets/Sales(%) 83.52 347.13 133.22 293.98
Shareholders 210.33 19.24 ‑8.70 22.88
Return(%)
Average Inventory 4,798.85 4,926.78 4,611.05
Period
Average Collection 28.85 136.71 101.70
Period
Sales/Inventory 8.88 5.73 7.11 4.93
Leverage Ratios
Capital Employed 4.52 2.19 ‑2.88 2.22
Capital Structure
(%) 63.16 29.50 132.58 59.79
Number of 14 14
Companies within the
industry (NACE B)
Statistics based on Mining
& quarrying Mining
& quarrying
NACE(B)
The statistical Industrial Average
results are calculated against companies
within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for
specific RANKING Total Companies Used
company
DATE OF REGISTRATION 07/08/1920 1 18
TOTAL EMPLOYEES 19,000 1 15
SALES (2008) 5,287 1 11
SALES (2007) 2,541 1 12
NET PROFIT (2008) 2,059 1 12
NET PROFIT (2007) 242 1 12
TOTAL ASSETS (2008) 4,416 1 12
TOTAL ASSETS (2007) 3,385 1 12
Currency: EUROS
Figures in 000,000s
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: REGULAR
No record
has been found of protested bills against the subject.
Representation
Other Comments
Other
Comments: Patent
N° : 36000670
Interview & Reporter Comments
Date: 26/12/2011
Comment: Subject
has confirmed the general details shown in the report.
Conclusions
Local Reputation: The company being investigated is well known and trusted in the local market and is
considered to be a sound trading partner with low trade risk associated.
General Conclusion: As a State‑owned concern adequate resources should be made available.
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.52.89 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
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 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.