MIRA INFORM REPORT
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Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BUNGE MAROC PHOSPHORE |
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Registered Office : |
2
Rue Al Abtal ‑ Hay Erraha, Casablanca |
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|
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Country : |
Morocco |
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Financials (as on) : |
31.12.2009 |
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|
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Date of Incorporation : |
15.04.2008 |
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Com. Reg. No.: |
180903 |
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|
|
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Legal Form : |
Societe Anonyme |
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|
|
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Line of Business : |
Manufacture of fertilisers and nitrogen compounds |
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No. of Employees
: |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
|
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
BUNGE MAROC PHOSPHORE
Rating Briefing
Definition: VERY
LOW CREDIT QUALITY
It is
recommended that any credit facilities should be secured.
Current
Recommended Credit:
Payment
Record: NO
COMPLAINTS
This
rating is based on available data. In the event of additional information a possibility
for a different rating applies.
Registration Briefing
Registration
Number: 180903
Registration
Date: 15/04/2008
Legal
Form: SOCIETE
ANONYME
Latest
Financials: December
31, 2009
Financial Briefing
Nominal
Capital: 900,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 1,015,704,156
Moroccan Dirham
Net
Loss: 330,250,322
Net
Worth: 546,356,723
Moroccan Dirham
Company Details
Company Name: BUNGE
MAROC PHOSPHORE
Headquarter Address: 2
Rue Al Abtal,
Hay Erraha,
Casablanca,
Morocco
Telephone: +212522
231025
+212522 924134
+212523 345473
+212523 389900
Fax: +212523
345396
E‑Mail: contact.ocpgroup@ocpgroup.ma
Web Site: www.ocpgroup.ma
Company was originally started on
01/03/2009
Registration & Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: 2
Rue Al Abtal ‑ Hay Erraha,
Casablanca
Registration
Number: 180903
Registration
Date: 15/04/2008
Year/Date
Company Established: 01/03/2009
Registration
Town: Casablanca
Tax
Registration Number: 2263156
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 900,000,000
Paid
Up Capital: 900,000,000
Authorized Capital Breakdown
Number of Shares: 900,000 Type of Shares: None Selected
Issued Shares: 900,000 Value per share: MDH 1,000.00 Value of this type: 900,000,000.00
Shareholders
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting
capital
BUNGE
KONINKLIJKE BV, 50.00%
(VOTING)
Brazil
OFFICE
CHERIFIEN DES PHOSPHATES 50.00%
(VOTING)
SA,
Morocco
Principals
Name: Mr
Abdelhay El Meziassi
Position
within the company: President
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed El Hajjouji
Position
within the company: Administrator
Date
of Birth: 13/06/1953
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed Ibnabdeljalil
Position
within the company: Administrator
Date
of Birth: 12/09/1964
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Amar Drissi
Position
within the company: Administrator
Date
of Birth: 05/06/1952
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Carlos Enrique Dantos Heredia
Position
within the company: Administrator
Date
of Birth: 06/07/1959
Country
of Birth: Brazil
Nationality: Brazilian
Can
fluently speak: English
Company Activities
NACE
Codes: 2015 Manufacture of fertilisers and
nitrogen compounds
The
company is involved in the manufacture of phosphoric acid and phosphate
fertilizers.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 300
HQ Premises Operates
from: Owned Offices
Location: Central
Business Area
Branches Complexe
Chimique De Jorf Lasfar,
Al Jadida,
Morocco
Branch is: Owned
Description of branch: Office, Factory, Warehouse
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Head office
2
Boulevard Moulay Youssef,
Casablanca,
Morocco
Banque
Populaire,
Branch:
Head office
101
Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Financial Information
Source: Companies
Registry
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2009 1,015,704,156 (330,250,322) (330,250,322)
12 31/12/2008 (23,392,956) (23,392,956)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2009 As at: 31‑Dec‑2008
Fixed Assets
Land & Buildings 199,562,124
Plant &
Machinery 1,011,319,590 842,890
Furniture &
Equipment 3,353,570 1,569,300
Motor Vehicles 257,739
Misc. Fixed Assets 457,809,331
Total Fixed
Assets 1,672,044,615 2,669,929
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets 28,893,433
Total Financial
Assets 0 28,893,433
Intangibles
Goodwill
Organisational
Expenses 108,467,938 131,473,923
Patents 38,009,527
Misc. Intangible Assets 149,900,634
Total Intangible
Assets 296,378,099 131,473,923
Current Assets
Stock 132,697,815 2,417,154
Stock & Work in Progress
Trade Debtors & receivables 214,696,491
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses 700,000,000
Cash 3,708,463
Tax recoverable 265,332,956 33,670,086
Marketable
Securities 215,967,260 113,245,363
Misc. Current Assets 3,573,805 1,921,254
Total Current
Assets 835,976,790 851,253,857
Total Assets 2,804,399,504 1,014,291,142
Owner's Equity & Liabilities
Issued and paid up
capital 900,000,000 900,000,000
Share premium account
Retained earnings ‑23,392,955
Net profit/Loss for
the year ‑330,250,322 ‑23,392,956
Revaluation reserves
Legal Reserves
Other reserves
Net Worth 546,356,723 876,607,044
Deffered Taxation
Provisions/allowances
Mortgages/Loans 1,250,000,000
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 1,250,000,000 0
Current Liabilities
Creditors 996,575,460 122,241,856
Other creditors
Accruals 11,346,289
Bank overdrafts/Loans 11,000,385
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 37,521 4,435,714
Advance receipts
Misc. Current
Liabilities 83,511 6,143
Total Current
Liabilities 1,008,042,781 137,684,098
Owner's Equity
& Liabilities 2,804,399,504 1,014,291,142
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2009 to 31/12/2009 01/01/2008
to 31/12/2008
Total Income/Turnover 1,015,704,156
Cost of sales
Gross Profit/(Loss) 1,015,704,156 0
Admin/selling expenses 1,170,664,964
Services 87,696,770 4,954,310
Salaries 2,440
Auditors Fee 3,532 145,829,653
Stock Depreciation ‑148,356,409
Depreciation 218,723,947 32,948,824
Misc. Operating Expenses
Misc. Operating
Income 12,328,120 150,786,403
Net Operating
Profit/(Loss) ‑300,700,528 ‑32,948,824
Interest Receivable/Finance Income 4,794,898
Group related income
Misc. Financial
Income 235,330 9,904,956
Total Financial
Income 5,030,228 9,904,956
Interest
Payable/Finance costs 18,558,064 22,474
Misc. financial
expenses 16,021,958 326,614
Total Financial
Expenses 34,580,022 349,088
Profit/(Loss)
before taxes ‑330,250,322 ‑23,392,956
Income Tax
Other Tax
Profit/(Loss)
after taxes ‑330,250,322 ‑23,392,956
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) ‑330,250,322 ‑23,392,956
Previous years retained earnings
Current years net income
Misc. additions in current year
Current years net
loss ‑330,250,322 ‑23,392,956
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of ‑330,250,322 ‑23,392,956
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 (2009) (2009) Results (2008) (2008)
Liquidity Ratios
Current Ratio 0.83 1.59 6.18 1.51
Acid Test Ratio 0.70 1.06 6.17 1.05
Accounts 0.98 0.35 0.32
Payable/Sales Ratio
Current
Liabilities/Net 1.85 3.71 0.16 5.72
Worth
Total
Liabilities/Net 4.13 4.18 0.16 6.03
Worth
Fixed Assets/Net 306.04 149.72 0.30 110.53
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 100.00 94.41 94.49
Return on Capital ‑18.38 13.83 ‑2.67 3.77
Employed (ROCE)(%)
Net Profit/Sales (%) ‑32.51 ‑0.25 ‑4.93
Return on Assets (%) ‑11.78 3.54 ‑2.31 3.69
Efficiency Ratios
Sales/Working
Capital ‑5.90 3.34 168.78
Assets/Sales(%) 276.10 155.20 156.40
Shareholders ‑60.45 10.54 ‑2.67 16.66
Return(%)
Leverage Ratios
Capital Employed 4.06 5.18 4.83
Capital Structure
(%) 69.59 27.31 0.00 23.28
Number of 432 432
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for
specific RANKING Total Companies Used
company
DATE OF REGISTRATION 15/04/2008 716 735
TOTAL EMPLOYEES 300 150 727
SALES (2009) 89,300,709 23 325
NET PROFIT (2009) ‑29,035,608 302 303
NET PROFIT (2008) ‑2,056,709 374 386
TOTAL ASSETS (2009) 246,562,804 8 303
TOTAL ASSETS (2008) 89,176,477 25 387
Currency: EUROS
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°
: 34890553
Interview &
Reporter Comments
Comment: Latest Financial
Statements are not currently available.
We have sent a fax/e‑mail/questionnaire however no
reply has been received as of yet.
Reporter Comment Date: 27/12/2011
Reporter Comment: In the
interview conducted with a company manager, he asked us to send him a letter
for information, however there is no reply was received as of yet.
The Latest Financial Statements are not
currently available.
Conclusions
Local Reputation: The company being investigated is believed by local reporters to be a Medium Trade Risk.
General Conclusion: Progress remains to be seen but informants express favourable opinion.
Financial Results Trend: Financial Information indicates that the business activities of the company are declining in
strength.
Age of Business: The company has been established for under 5 years.
Clippings
Date: 22/12/2011
Source: www.map.ma
The new plant is established in partnership between Morocco’s state‑run group, Office Chérifien des Phosphates (OCP) and Brazil’s leading international fertilizers distributers, Bunge Fertilizantes.
The new project will help produce 375,000 tonnes of phosphoric acid and 610,000 tonnes of fertilizers annually.
The plant will cover 70% of Bunge Fertilizantes imports, which will be distributed in Latin American markets.
The new plant, which will spawn 340 direct jobs, is part of OCP’s long‑term strategy to reinforce its trade ties with clients and international partners, and enhance the added value of its products.
The project is also intended to give a fresh impetus to the national economy.
The Monarch was also briefed on large scale projects launched in the platform of Jorf Lasfar for an estimated total cost at 40 billion dirhams.
In this respect, HM the King was provided with details about a 2.1 billion dirham plan to extend a fertilizers plant, a 10 billion dirham project to develop storage and utility units, a 22 billion dirham project to set up four new factories for the production of acid fertilizers, a 2.7 billion dirham seawater desalination plant and a 3.3 billion dirhams extension of port infrastructure.
On this occasion, the Monarch was briefed on the Jorf Lasfar’s Economic Interest Grouping, which brings together the province of El Jadida along with five other operators notably the OCP, the National Ports Agency, Jorf Lasfar Energy Company and the National Steel Industry Company.
The Grouping aims at improving economic activity linked to the Jorf Lasfar’s industrial platform, protect the environment and preserve security and to promote a development that benefits the region.
Afterwards, the Monarch visited the Jorf Lasfar industrial platform to oversee the already operating and the underway phosphoric acid and fertilizers units.
The platform also houses, inter alia, a pipeline terminal station which comprises 10 tanks of a storing capacity of 5,500 cubic meters each.
The 240‑km long pipeline, worth 4.5 billion dirhams, will be completed in 2013 by Turkish group, Tekfen, and will help create 110 direct jobs.
The Monarch also laid the foundation stone for the construction of a sea water desalination plant, to be completed for 720 million dirhams.
With an annual treatment capacity of 25 million cubic meters, the new facility will cover the water needs of the Jorf Lasfar platform.
The new facility, to be ready by 2013, is designed to cover the water needs of the Jorf Lasfar platform and will have an annual treatment capacity of 25 million cubic meters.
As part of the OCP’s strategy to preserve water resources, Sidi Masaoud dam will be built for a total cost of 1.1 billion dirhams as well as a sewage water treatment plant in Khouribga (226 million dirhalms).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.21 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
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.