MIRA INFORM
REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PROXY MARKET |
|
|
|
|
Registered Office : |
14 Rue Abou Omar El Harit N° 1, Mers Sultan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
18.01.2007 |
|
|
|
|
Com. Reg. No.: |
159527 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Wholesaler of
other intermediate products |
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 |
|
Maximum Credit Limit : |
36,600 EUR |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
PROXY MARKET
Credit opinion
Current Recommended Credit: 36,600 EUR
Payment Record: NO COMPLAINTS
Registration
Briefing
Registration
Number: 159527
Registration Date: 18/01/2007
Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2009
Financial Briefing
Nominal Capital: 1,000,000 Moroccan
Dirham
Issued Capital: N/A
Turnover: 20,000,000
Moroccan Dirham
Net Profit: N/A
Net Worth: 975,079 Moroccan
Dirham
Company Details
Company Name: PROXY
MARKET
Headquarter
Address: 14
Rue Abou Omar El Harit N° 1,
Mers
Sultan,
Telephone: +212522 829246
Fax: +212522 829108
E‑Mail: proxymarket@menara.ma
Web Site: www.proxymarketmaroc.com
Company was
originally started on 18/01/2007
Registration & Legal Details
Current Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 14
Rue Abou Omar El Harit N° 1,
Registration
Number: 159527
Registration Date: 18/01/2007
Year/Date Company
Established: 18/01/2007
Tax Registration
Number: 02203871
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 1,000,000
Paid Up Capital: 1,000,000
Start up Capital:
100,000
Previous Capital
amount:
100,000
Capital increase
on 09/2009
Shareholders
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting capital
Mr Amine Bennis, 3,334 33.34%
(VOTING)
Mr Youssef Bennis,
3,333 33.33%
(VOTING)
Ms Nouha Bennis, 3,333 33.33%
(VOTING)
Principals
Name: Mr
Saad Bennis
Position within
the company: General
Manager
Country of Birth:
Nationality: Moroccan
Can fluently
speak: Arabic,
French & English
Name: Mr
Lahcen Bouchgol
Position within
the company: Purchasing
Manager
Country of Birth:
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Ms
Hanane Moujahid
Position within
the company: Accountant
Country of Birth:
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Company Activities
NACE Codes: 4676 Wholesale
of other intermediate products
The Company PROXY
MARKET is specialized in importing and distribution of catering disposable
products, food and drink packaging and hygiene products.
Local Reporters consider
the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs:
15
HQ Premises Operates from: Rented Office , Showroom
Premises Size: 100
square meters
Location: Central
Business Area,
Branches Quartier Maarif,
Branch
is: Owned
Description
of branch: Showroom
Branch
premises size: 480.00 sq.mtrs.
Quartier
Beauséjour,
Branch
is: Rented
Description
of branch: Warehouse
Branch
premises size: 280.00 sq.mtrs.
Imports
Import % and type
of product: 98% Finished
Goods
Imports From:
Importing Terms: Cash
against documents
Additional
Information: Bank
transfer
Letters of credit
Exports
Export % and type
of product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Caterers,
Fast Food, Hotels, Restaurants
Number of
accounts:
500
Vehicles: Total
number of vehicles: 10
3
vans
7
cars
Related Companies
Subsidiaries
Affiliates
Information on
Related Companies is not available/applicable
Bankers
Société Générale,
Branch: 2 Mars
Rue
Relationship with
Bank: is reported
to be normal
Attijariwafa Bank,
Branch:
Tontonville
Boulevard
Abdelmoumen Angle Rue Mohamed El Hayani,
Relationship with
Bank: is
reported to be normal
Financial Information
Source: Mr
Lahcen Bouchgol Purchasing Manager
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2010 20,000,000
12 31/12/2009 10,854,047 59,292 29,362
12 31/12/2008 6,954,862 (12,936) (12,936)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As
at: 31‑Dec‑2009 As at: 31‑Dec‑2008
Fixed
Assets
Land & Buildings 2,270,833 2,395,833
Plant & Machinery 20,020 3,163
Furniture & Equipment 400,504 259,999
Motor
Vehicles
Misc. Fixed
Assets
Total Fixed Assets 2,691,357 2,658,995
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc.
Financial Assets
Total Financial Assets 0 0
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc.
Intangible Assets
Total Intangible Assets 0 0
Current
Assets
Stock 386,459 3,335,865
Stock &
Work in Progress
Trade Debtors & receivables 4,292,474 2,454,770
Provision
for bad debs
Other receivables 635,378 738,092
Due from
related companies
Owed by
shareholders
Prepaid
expenses
Cash 56,508 62,155
Tax
recoverable
Marketable
Securities 2,120,464
Misc.
Current Assets
Total Current Assets 7,491,283 6,590,882
Total Assets 10,182,640 9,249,877
Owner's
Equity & Liabilities
Issued and paid up capital 1,000,000 100,000
Share
premium account
Retained earnings ‑54,283 ‑41,346
Net profit/Loss for the year 29,362 ‑12,936
Revaluation
reserves
Legal
Reserves
Other
reserves
Net Worth 975,079 45,718
Deffered
Taxation
Provisions/allowances
Mortgages/Loans 349,006 289,505
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 349,006 289,505
Current
Liabilities
Creditors 820,891 714,856
Other creditors 861,167 345,894
Accruals
Bank overdrafts/Loans 6,999,079 6,550,612
Misc. Loans
Directors
accounts
Owing to shareholders 177,418 1,303,292
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation
Advance
receipts
Misc.
Current Liabilities
Total Current Liabilities 8,858,555 8,914,654
Owner's Equity & Liabilities 10,182,640 9,249,877
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 10,854,047 6,954,862
Cost of sales 8,913,768 5,240,201
Gross Profit/(Loss) 1,940,279 1,714,661
Admin/selling expenses 178,798 145,782
Services 539,079 797,697
Salaries 132,956 103,497
Auditors Fee 33,600 11,000
Stock
Depreciation
Depreciation 195,959 156,741
Misc.
Operating Expenses 40,018
Misc.
Operating Income
Net Operating Profit/(Loss) 859,887 459,926
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 111,487 8
Total Financial Income 111,487 8
Interest Payable/Finance costs 833,335 472,860
Misc. financial expenses 78,747 10
Total Financial Expenses 912,082 472,870
Profit/(Loss) before taxes 59,292 ‑12,936
Income
Tax 29,930
Other Tax
Profit/(Loss) after taxes 29,362 ‑12,936
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 29,362 ‑12,936
Previous
years retained earnings
Current
years net income 29,362
Misc.
additions in current year
Current
years net loss ‑12,936
Dividends in
current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of 29,362 ‑12,936
financial
period
Average
employees
Directors
fee
Earnings per
share
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
(2009) (2009) Results (2008) (2008)
Liquidity
Ratios
Current Ratio 0.85 1.54 0.74 1.53
Acid Test Ratio 0.80 0.95 0.37 0.92
Accounts 0.08 0.39 0.10 0.32
Payable/Sales
Ratio
Current Liabilities/Net 9.08 ‑58.30 194.99 5.40
Worth
Total Liabilities/Net 9.44 ‑57.99 201.32 5.41
Worth
Fixed Assets/Net 276.01 59.96 5,816.08 19.88
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 17.88 20.34 24.65 25.61
Return on Capital 4.48 ‑319.29 ‑3.86 20.68
Employed
(ROCE)(%)
Net Profit/Sales (%) 0.55 3.36 ‑0.19 0.66
Return on Assets (%) 0.58 4.71 ‑0.14 3.96
Efficiency
Ratios
Sales/Working Capital ‑7.94 2.43 ‑2.99 5.94
Assets/Sales(%) 93.81 120.86 133.00 126.04
Shareholders 6.08 ‑326.20 ‑28.30 28.78
Return(%)
Average Inventory 76.21 174.18 11,604.14
Period
Average Collection 113.45 151.37 133.16
Period
Leverage
Ratios
Capital Employed 11.13 2.81 152.13 36.37
Capital Structure (%) 26.36 28.78 86.36 25.11
Number of 447 447
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
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 18/01/2007 879 944
TOTAL EMPLOYEES 15 387 875
SALES (2009) 954,288 157 237
SALES (2008) 611,471 292 426
NET PROFIT (2009) 2,582 153 187
NET PROFIT (2008) ‑1,137 391 433
TOTAL ASSETS (2009) 895,258 105 180
TOTAL ASSETS (2008) 813,249 260 434
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° : 37917066
Interview & Reporter Comments
Date: 26/01/2011
Name/Title: Mr
Lahcen Bouchgol Purchasing Manager
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: Progress remains to be seen but
informants express favourable
opinion.
Owner/Shareholders Comments: The owners / shareholders do
not have an active role 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 has been operating
for under 5 years and is a family run
business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
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.