MIRA INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SOCIETE GENERALE DE TISSAGE SA |
|
|
|
|
Registered Office : |
Km
10.600 Route 110 par Chefchaouni, Ain Sebaa, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
|
Date of Incorporation : |
22.10.1964 |
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|
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Com. Reg. No.: |
29241 |
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|
|
|
Legal Form : |
Societe Anonyme |
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|
|
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Line of Business : |
Preparation
and spinning of textile fibres |
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 : |
407,600 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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Morocco |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SOCIETE GENERALE DE TISSAGE SA
Recommended Credit
407,600 EUR (Current)
Registration Briefing
Registration
Number: 29241
Registration
Date: 22/10/1964
Legal
Form: SOCIETE
ANONYME
Latest
Financials: December
31, 2009
Financial Briefing
Nominal
Capital: 50,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 222,519,785
Moroccan Dirham
Net
Profit: 1,066,648
Moroccan Dirham
Net
Worth: 59,994,559
Moroccan Dirham
Company Details
Company
Name: SOCIETE
GENERALE DE TISSAGE SA
Also
trades as: SOGETISS
Headquarter
Address: Km
10.600 Route 110 par Chefchaouni,
Ain Sebaa,
Casablanca,
Morocco
Telephone: +212522
343071
+212522 355478
+212522 355962
Fax: +212522
343060
+212522
353686
E‑Mail: sogedir@iam.net.ma
Company
was originally started as a SOCIETE ANONYME on 22/10/1964
Registration & Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: Km
10.600 Route 110 par Chefchaouni,
Casablanca
Registration
Number: 29241
Registration
Date: 22/10/1964
Year/Date
Company Established: 22/10/1964
Registration
Town: Casablanca
Tax
Registration Number: 1620165
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 50,000,000
Paid
Up Capital: 50,000,000
Authorized Capital Breakdown
Number of Shares: 50,000 Type of Shares: None Selected
Issued Shares: 50,000 Value per share: MDH 1,000.00 Value of this type: 50,000,000.00
Shareholders
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr.
Rachid Benkirane, 12,500 25.00%
(VOTING)
Casablanca,
Morocco
Mr.
Mohamed Benkirane, 12,000 24.00%
(VOTING)
Casablanca,
Morocco
Mr.
Najib Benkirane, 10,500 21.00%
(VOTING)
Casablanca,
Morocco
Mr.
Abdesslam Benkirane, 6,500 13.00%
(VOTING)
Casablanca,
Morocco
Mr.
Omar Benkirane, 6,000 12.00%
(VOTING)
Casablanca,
Morocco
Mr. Reda
Benkirane, 1,000 2.00%
(VOTING)
Casablanca,
Morocco
Mr.
Adil Benkirane, 1,000 2.00%
(VOTING)
Casablanca,
Morocco
Mr.
Nasser Benkirane, 500 1.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Mohamed Benkirane
Position
within the company: President
& General Director
Town
of Birth: 03/06/1945
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: French
Name: Mr
Omar Benkirane
Position
within the company: General
Director
Town
of Birth: 11/10/1968
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Zoubir Sqali
Position
within the company: General
Secretary
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Azeddine Boumlih
Position
within the company: Treasurer
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Ahmed Marouan
Position
within the company: Administration
& Financial Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Fatima Hafid
Position
within the company: Assistant
to General Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1310 Preparation and spinning of textile
fibres
The
company is specialised in spinning of cotton fibres for luxury furnishing
fabrics.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 500
HQ
Premises Operates
from: Owned Offices , Factory
Premises
Size: 30000
square meters
Location: Industrial
Area, Main Road
Branches 92 Rue
des Oudayas,
Casablanca,
Morocco
Branch
is: Owned
Description
of branch: Warehouse
Depot
78,
Rue
Lahcen Souhail, Ex Rue Pelle,
Casablanca,
Morocco
Branch
is: Owned
Description
of branch: Factory, Warehouse
Imports
Import
% and type of product: 100%
Raw Materials
Imports
From: France,
Italy, India, Togo, Mali, Taiwan
Importing
Terms: Bank
transfer
Additional
Information: Letters
of credit
Endorsed
Bills
Exports
Export
% and type of product: 30%
Exports
To: France,
Saudi Arabia, Belgium, Kuwait, Africa
Exporting
Terms: bank
transfer
Trading
& Selling
Territory: 70%
Nationally, 30% International
Type
of Customer: Wholesalers
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Crédit
du Maroc,
Branch:
Mohamed V
48
Boulevard Mohamed V,
Casablanca,
Morocco
Attijariwafa
Bank,
Branch:
Ain Sebaa
Km 7.2
Route de Rabat ‑ Ain Sebaa,
Casablanca,
Morocco
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Nations Unies
26
Place des Nations Unies,
Casablanca,
Morocco
Société
Générale,
Branch:
Ain Sebaa
Km 7
Route de Rabat ‑ Ain Sebaa,
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 222,519,785 2,209,218 1,066,648
12 31/12/2008 245,856,827 2,740,336 1,447,536
12 31/12/2007 279,549,959 4,976,580 2,723,120
12 31/12/2006 265,612,953 3,273,272 1,559,592
12 31/12/2005 251,837,045 11,922,963 10,440,913
12 31/12/2004 264,130,654 6,500,673 4,588,133
12 31/12/2003 274,344,417 5,548,408 3,917,968
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2009 As at: 31‑Dec‑2008 As at: 31‑Dec‑2007
Fixed Assets
Land & Buildings 7,207,368 7,477,051 6,243,152
Plant & Machinery 119,331,478 120,968,551 106,767,594
Furniture & Equipment 107,964 1,186,922 1,074,145
Motor Vehicles 202,167 228,500 346,500
Misc. Fixed Assets 944,469 2,170,337
Total Fixed Assets 127,793,446 129,861,024 116,601,728
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets 901,770 901,770 901,770
Total Financial Assets 901,770 901,770 901,770
Intangibles
Goodwill
Organisational Expenses
Patents
Misc. Intangible Assets
Total Intangible Assets 0 0 0
Current Assets
Stock 86,787,353 86,241,971 119,910,587
Stock & Work in Progress 6,925,792 6,395,768 7,690,721
Trade Debtors & receivables 93,774,818 77,323,434 77,101,431
Provision for bad debs
Other receivables 688,089 333,332 375,992
Due from related companies
Owed by shareholders
Prepaid expenses 44,521 1,052,358 1,268,966
Cash 5,525,900 6,649,176 1,412,859
Tax recoverable 6,645,179 7,397,335 22,371,596
Marketable Securities 776,250
Misc. Current Assets 830,247 1,542,520 459,527
Total Current Assets 201,221,899 187,712,144 230,591,679
Total Assets 329,917,115 318,474,938 348,095,177
Owner's Equity & Liabilities
Issued and paid up capital 50,000,000 50,000,000 50,000,000
Share premium account
Retained earnings 56,808 15,181,649 12,594,685
Net profit/Loss for the year 1,066,648 1,447,536 2,723,120
Revaluation reserves
Legal Reserves 4,778,762 4,706,386 4,570,230
Other reserves 4,092,341 4,092,341 4,092,341
Net Worth 59,994,559 75,427,912 73,980,376
Deffered Taxation
Provisions/allowances 19,380,463 20,743,398 20,641,381
Mortgages/Loans 52,525,105 41,674,325 34,820,644
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 71,905,568 62,417,723 55,462,025
Current Liabilities
Creditors 46,351,181 32,162,028 58,429,682
Other creditors 30,958 50,000 70,662
Accruals 1,815,108 2,006,258 2,603,335
Bank overdrafts/Loans 131,988,859 131,002,687 145,563,190
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 15,688,203 12,076,872 8,736,115
dvance receipts
Misc. Current Liabilities 2,142,679 3,331,458 3,249,792
Total Current Liabilities 198,016,988 180,629,303 218,652,776
Owner's Equity & Liabilities 329,917,115 318,474,938 348,095,177
PROFIT & LOSS
Figures are: Figures are: Figures are:
Fiscal Year Fiscal Year Fiscal Year
01/01/2009 to 31/12/2009 01/01/2008 to 31/12/2008 01/01/2007 to 31/12/2007
Total Income/Turnover 222,519,785 245,856,827 279,549,959
Cost of sales 26,454,506 17,506,383 27,877,338
Gross Profit/(Loss) 196,065,279 228,350,444 251,672,621
Admin/selling expenses 150,209,925 172,007,327 188,600,296
Services 11,957,273 12,187,877 12,739,220
Salaries 28,217,053 31,357,782 31,270,733
Auditors Fee 1,382,282 1,240,748 1,896,209
Stock Depreciation ‑4,941,764 ‑5,252,131 ‑8,142,437
Depreciation 5,549,540 7,813,005 18,785,957
Misc. Operating Expenses
Misc. Operating Income 3,498,222 2,165,395 2,263,905
Net Operating Profit/(Loss) 7,189,192 11,161,231 8,786,548
Interest Receivable/
Finance Income 3,231 6,526 166,547
Group related income
Misc. Financial Income 9,402,110 21,438,632 11,279,637
Total Financial Income 9,405,341 21,445,158 11,446,184
Interest Payable/Finance costs 8,189,642 10,170,426 9,248,981
Misc. financial expenses 6,195,673 19,695,627 6,007,171
Total Financial Expenses 14,385,315 29,866,053 15,256,152
Profit/(Loss) before taxes 2,209,218 2,740,336 4,976,580
Income Tax 1,142,570 1,292,800 2,253,460
Other Tax
Profit/(Loss) after taxes 1,066,648 1,447,536 2,723,120
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 1,066,648 1,447,536 2,723,120
Previous years retained earnings
Current years net income 1,066,648 1,447,536 2,723,120
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 1,066,648 1,447,536 2,723,120
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 1.02 1.49 1.04 1.52
Acid Test Ratio 0.54 0.97 0.53 1.06
Accounts 0.21 0.37 0.13 0.31
Payable/Sales Ratio
Current
Liabilities/Net 3.30 4.18 2.39 6.07
Worth
Current 2.11 3.37 1.95 3.35
Liabilities/Inventory
Total Liabilities/Net
4.50 4.66 3.22 6.37
Worth
Fixed Assets/Net 213.01 161.24 172.17 109.02
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 88.11 93.61 92.88 94.74
Return on Capital 1.67 5.29 1.99 2.51
Employed (ROCE)(%)
Net Profit/Sales (%) 0.99 2.44 1.11 ‑1.97
Return on Assets (%) 0.67 3.80 0.86 3.56
Efficiency Ratios
Sales/Working
Capital 69.43 ‑14.14 34.71 189.21
Assets/Sales(%) 148.26 134.68 129.54 140.36
Shareholders 3.68 4.94 3.63 17.20
Return(%)
Average Inventory 1,193.67 614,928.12 2,149.09 51,884.83
Period
Average Collection 140.33 117.68 114.63 99.11
Period
Sales/Inventory 2.37 7.42 2.65 7.29
Leverage Ratios
Capital Employed 3.71 5.29 3.26 4.86
Capital Structure
(%) 54.52 26.53 45.28 23.52
Number of 358 358
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 22/10/1964 254 683
TOTAL EMPLOYEES 500 81 684
SALES (2009) 19,563,939 57 236
SALES (2008) 21,615,732 73 347
NET PROFIT (2009) 93,780 103 208
NET PROFIT (2008) 127,267 148 345
TOTAL ASSETS (2009) 29,006,313 46 207
TOTAL ASSETS (2008) 28,000,317 67 347
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 Rime database for the
specific country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent N° : 30650600
Interview & Reporter Comments
Name/Title: Ms.
Fatima Hafid Assistant General Director
Comment: Subject has
confirmed the general details shown in the report.
Latest Financial Statements are not currently available.
Reporter Comment: Please note that we have confirmed the general details shown in this
report with Ms. Fatima Hafid and we have sent a fax to the financial director ‑who is absent for some days‑ in order to obtain financial data.
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: Some 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 declining
in strength.
Age of Business: The company is a long established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
|
UK Pound |
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.30 |
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.