MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MAROC PHOSPHORE SA |
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Registered Office : |
2, Rue AL Abtal, Hayerraha, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
09.01.1981 |
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Com. Reg. No.: |
39755 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Manufacture of other organic basic chemicals |
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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Maximum Credit Limit : |
57,903,000 EUR |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
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Off-credit |
D |
Company name
MAROC PHOSPHORE SA
Rating Briefing
Current Recommended Credit: 57,903,000 EUR
Payment Record: NO COMPLAINTS
Registration Briefing
Registration
Number: 39755
Registration Date: 09/01/1981
Legal Form: SOCIETE ANONYME
Latest Financials: December 31, 2008
Financial Briefing
Nominal Capital: 6,500,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 31,612,216,012
Moroccan Dirham
Net Loss: 69,064,599
Net Worth: 3,206,434,223
Moroccan Dirham
Company Details
Company Name: MAROC
PHOSPHORE SA
Headquarter
Address: 2‑4
Rue Al Abtal ‑ Hay Erraha,
Telephone: +212522
230025
+212522
230125
+212522
232025
+212523
345230
+212524
463048
Fax: +212522
230570
+212522
230624
+212524
462348
+212524
462403
Web Site: www.ocpgroup.com
Company was originally
started as a SOCIETE ANONYME on 09/01/1981
Registration & Legal Details
Current Legal Form: SOCIETE ANONYME
Registration Address: 2‑4 Rue Al Abtal ‑ Hay
Erraha,
Registration Number: 39755
Registration Date: 09/01/1981
Year/Date Company Established: 09/01/1981
Tax Registration Number: 02220797
Capital
Currency: Moroccan
Dirham
Authorized Capital: 6,500,000,000
Paid Up Capital: 6,500,000,000
Shareholders
Parent Company: OFFICE CHERIFIEN
DES PHOSPHATES OCP SA,
2‑4
RUE AL ABTAL ‑ HAY ERRAHA,
%
Shares Held: 100.00%
Principals
Name: Mr
Mostafa Terrab
Position within the company: President
Date of Birth: 19/10/1955
Country of Birth:
Nationality: Moroccan
Can fluently speak: French
Education: from
Name: Mr
Saïd Gouzrou
Position within the company: Director
Country of Birth:
Nationality: Moroccan
Can fluently speak: French
Company Activities
NACE Codes: 2014 Manufacture of other organic basic
chemicals
2015 Manufacture of fertilisers and
nitrogen compounds
The company "Maroc Phosphore" is
completely integrated in the organization of Group OCP, this entity is
specialized in the production of phosphoric acid and the phosphoric fertilizers
in
Local Reporters consider the investigated company
to be LARGE in their field of concern.
Operations
Employees Company Employs:
7000
Including
number of principals: 200
HQ Premises Operates from: Owned Offices
Premises
Size: 1200 square meters
1200
square meters site
Location: Central Business Area,
Branches Maroc Chimie,
Route
Djorf El Youdi,
Branch
is: Owned
Description
of branch: Office, Factory, Warehouse
Maroc
Phosphore I & II,
Route
Djorf El Youdi,
Branch
is: Owned
Description
of branch: Office, Factory, Warehouse
Maroc
Phophore III,
Jorf
El Asfaar,
Eljadida,
Branch
is: Owned
Description
of branch: Office, Factory, Warehouse
Exports
Export
% and type of product: 80%
Exports To: Europe,
South East Asia, North America,
Trading & Selling
Territory: 20%
Nationally, 80% International
Related Companies
Subsidiaries
Maroc
Chimie SA
Boulevard
de la Grande Ceinture, Owned 100% by
subject
Operates
as: manufacturing of fertilizer and phosphoric products.
Bankers
BMCE Bank,
Branch: Head
Office
140 Avenue Hassan
II,
Attijariwafa Bank,
Branch: Head
Office
163 Avenue Hassan
II,
Financial Information
Financial Interview Date: 19/08/2010
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2008 31,612,216,012 93,204,611 (69,064,599)
12 31/12/2007 16,801,586,048 2,429,277,442 2,057,568,120
12 31/12/2006 13,182,210,112 (3,601,793,762) (3,639,955,176)
12 31/12/2005 17,503,051,500
12 31/12/2004 19,300,000,000
12 31/12/2003 11,525,760,000
12 31/12/2002 17,100,000,000
12 31/12/2001 11,439,000,000
BALANCE
SHEET
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As at: 31‑Dec‑2008 As at: 31‑Dec‑2007 As at: 31‑Dec‑2006 |
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Fixed Assets |
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Land &
Buildings 424,577,369 456,540,976 435,764,773 |
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Plant &
Machinery 1,953,987,817 2,128,359,402 2,451,359,931 |
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Furniture &
Equipment 20,007,388 24,105,148 24,583,434 |
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Motor Vehicles 9,099,441 11,663,177 14,401,760 |
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Misc. Fixed Assets 3,223,029,352 2,096,562,631 967,649,674 |
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Total Fixed
Assets 5,630,701,367 4,717,231,334 3,893,759,572 |
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Financial Assets |
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Shares in Related
Companies 353,134,686 353,134,686 363,776,452 |
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Loans to related companies |
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Investments 3,580,805 4,838,297 6,046,495 |
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Deposits 454,955 454,955 454,955 |
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Misc. Financial
Assets 855,483 1,311,588 4,623,051 |
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Total
Financial Assets 358,025,929 359,739,526 374,900,953 |
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Intangibles |
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Goodwill |
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Organisational
Expenses 219,950 311,972 |
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Patents 1,049,581 2,109,016 3,202,689 |
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Misc. Intangible
Assets 12,211,591 11,970,516 13,330,945 |
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Total
Intangible Assets 13,481,122 14,391,504 16,533,634 |
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Current Assets |
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Stock 5,329,665,524 1,961,404,543 2,133,099,864 |
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Stock & Work in Progress |
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Trade Debtors
& receivables 2,571,042,413 2,627,337,199 1,709,597,383 |
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Provision for bad debs |
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Other receivables 74,064,676 23,060,694 17,015,661 |
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Due from related companies |
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Owed by shareholders |
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Prepaid expenses 574,126,098 321,226,069 154,008,460 |
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Cash 214,376,275 411,503,839 296,144,927 |
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Tax recoverable 2,075,502,642 152,518,100 212,021,411 |
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Marketable
Securities 3,057,348 1,591,827 7,427,237 |
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Misc. Current
Assets 656,999,409 36,884,731 33,680,219 |
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Total
Current Assets 11,498,834,385 5,535,527,002 4,562,995,162 |
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Total
Assets 17,501,042,803 10,626,889,366 8,848,189,321 |
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Owner's Equity & Liabilities |
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Issued and paid up
capital 6,500,000,000 6,500,000,000 6,500,000,000 |
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Share premium account |
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Retained earnings ‑3,565,940,897 ‑5,623,509,017 ‑1,920,758,830 |
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Net profit/Loss
for the year ‑69,064,599 2,057,568,120 ‑3,639,955,177 |
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Revaluation reserves |
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Legal Reserves 29,698,802 29,698,802 29,698,802 |
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Other reserves 311,740,917 311,740,917 248,945,907 |
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Net Worth 3,206,434,223 3,275,498,822 1,217,930,702 |
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Deffered Taxation |
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Provisions/allowances 891,592,339 826,190,394 24,973,310 |
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Mortgages/Loans 798,786,940 57,756,412 123,082,424 |
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Hire purchase |
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Due to group of companies |
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Minority interest |
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Misc. deferred
liabilities 2,180,974 2,218,707 2,990,880 |
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Total
Long Term Liabilities 1,692,560,253 886,165,513 151,046,614 |
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Current Liabilities |
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Creditors 7,270,330,517 2,719,398,946 2,298,708,525 |
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Other creditors 3,325,530,784 91,527,016 261,679,431 |
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Accruals 769,812,588 2,942,090,847 4,737,785,105 |
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Bank
overdrafts/Loans 3,393,158 72,874,997 9,414,032 |
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Misc. Loans |
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Directors accounts |
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Owing to shareholders |
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Owing to related companies |
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Proposed dividend |
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Long Term‑due 1 year |
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Hire Purchase‑under 1 year |
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Taxation 113,544,538 393,988,097 50,684,278 |
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Advance receipts 1,065,869,384 201,468,292 75,026,744 |
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Misc. Current
Liabilities 53,567,358 43,876,836 45,913,890 |
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Total
Current Liabilities 12,602,048,327 6,465,225,031 7,479,212,005 |
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Owner's
Equity & Liabilities 17,501,042,803 10,626,889,366 8,848,189,321 |
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PROFIT & LOSS |
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Figures are: Figures
are: Figures
are: |
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Fiscal Year Fiscal
Year Fiscal
Year |
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01/01/2008 to 31/12/2008 01/01/2007 to 31/12/2007 01/01/2006 to 31/12/2006 |
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Total
Income/Turnover 31,612,216,012 16,801,586,048 13,182,210,112 |
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Cost of sales |
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Gross
Profit/(Loss) 31,612,216,012 16,801,586,048 13,182,210,112 |
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Admin/selling
expenses 30,500,825,239 9,838,409,828 9,385,775,099 |
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Services 1,002,129,696 1,225,139,172 1,457,926,039 |
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Salaries 1,875,118,066 1,580,011,626 1,823,484,004 |
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Auditors Fee 57,335,598 75,095,931 76,096,963 |
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Stock Depreciation ‑5,535,789,570 148,716,795 ‑290,861,700 |
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Depreciation 4,631,691,511 1,214,058,851 1,147,050,614 |
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Misc. Operating
Expenses 119,642,327 6,273,345 9,899,169 |
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Misc. Operating
Income 1,010,012,963 616,337,513 730,188,909 |
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Net
Operating Profit/(Loss) ‑28,723,892 3,330,218,013 303,028,833 |
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Interest
Receivable/Finance Income 9,771,412 17,740,205 17,574,772 |
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Group related income |
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Misc. Financial
Income 1,247,982,241 174,949,280 206,160,519 |
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Total Financial
Income 1,257,753,653 192,689,485 223,735,291 |
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Interest
Payable/Finance costs 30,900,479 3,597,612 9,156,741 |
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Misc. financial expenses 1,104,924,671 1,090,032,444 4,119,401,145 |
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Total Financial
Expenses 1,135,825,150 1,093,630,056 4,128,557,886 |
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Profit/(Loss)
before taxes 93,204,611 2,429,277,442 ‑3,601,793,762 |
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Income Tax 162,269,210 371,709,322 38,161,414 |
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Other Tax |
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Profit/(Loss)
after taxes ‑69,064,599 2,057,568,120 ‑3,639,955,176 |
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Extraordinary items |
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Exceptional items |
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Misc. Items |
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Net
Profit/(Loss) ‑69,064,599 2,057,568,120 ‑3,639,955,176 |
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Previous years retained earnings |
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Current years net income 2,057,568,120 |
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Misc. additions in current year |
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Current years net
loss ‑69,064,599 ‑3,639,955,176 |
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Dividends in current year |
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Withdrawals in current year |
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Misc. deductions in current year |
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Retained
earnings at end of ‑69,064,599 2,057,568,120 ‑3,639,955,176 |
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financial period |
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Average employees |
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Directors fee |
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Earnings per share |
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Earnings per share‑previous year |
Auditors Comments
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 0.91 1.45 0.86 1.51
Acid Test Ratio 0.49 0.97 0.55 1.03
Accounts 0.23 0.28 0.16 0.33
Payable/Sales
Ratio
Current Liabilities/Net 3.93 2.28 1.97 0.52
Worth
Total Liabilities/Net 4.46 2.58 2.24 0.45
Worth
Fixed Assets/Net 175.61 91.57 144.02 ‑123.76
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 94.47 100.00 95.37
Return on Capital 1.90 13.56 58.37 7.28
Employed
(ROCE)(%)
Net Profit/Sales (%) 0.29 1.11 14.46 1.79
Return on Assets (%) 0.53 5.10 22.86 5.01
Efficiency
Ratios
Sales/Working Capital ‑28.65 3.01 ‑18.07 160.96
Assets/Sales(%) 55.36 140.22 63.25 146.59
Shareholders 2.91 17.29 74.17 24.90
Return(%)
Average Collection 30.01 100.26 47.11 116.69
Period
Leverage
Ratios
Capital Employed 9.90 4.56 5.15 0.14
Capital Structure (%) 34.55 20.78 21.29 31.44
Number of 424 424
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 09/01/1981 293 609
TOTAL EMPLOYEES 7,000 1 628
SALES (2008) 2,779,346,032 2 270
SALES (2007) 1,477,195,445 2 410
NET PROFIT (2008) 8,194,549 10 229
NET PROFIT (2007) 180,901,389 1 410
TOTAL ASSETS (2008) 1,538,691,683 2 227
TOTAL ASSETS (2007) 934,316,113 2 414
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° : 36000730
Interview & Reporter Comments
Date: 17/08/2010
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: 19/08/2010
Reporter Comment: Please note
that we have contacted Subject Company many times and we have sent a fax but no
reply has been received till now.
The
Accounts 2009 are not currently available at the Companies
Registry
Office.
Conclusions
Local Reputation: The
company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
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 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.45.37 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.