MIRA INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ADIMAB |
|
|
|
|
Registered Office : |
Angle
Boulevard Rahal El Meskini Et Rue Than, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
25.08.2003 |
|
|
|
|
Com. Reg. No.: |
125467 |
|
|
|
|
Legal Form : |
Societe
A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Non‑specialised wholesale
trade |
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 : |
38,200
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
ADIMAB
Financial Briefing
Nominal
Capital: 4,200,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 20,831,983
Moroccan Dirham
Net
Profit: 1,698,518
Moroccan Dirham
Net
Worth: 6,086,184
Moroccan Dirham
Recommended Credit
38,200
EUR (Current)
Company Details
Company
Name: ADIMAB
Headquarter
Address: Angle
Boulevard Rahal El Meskini Et Rue Than,
Casablanca,
Morocco
Telephone: +212522
452328
+212522 452329
Fax: +212522
452334
E‑Mail: llotus@yahoo.fr
Company
was originally started on 03/09/2003
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Angle
Boulevard Rahal El Meskini Et Rue Than,
Casablanca
Registration
Number: 125467
Registration
Date: 25/08/2003
Year/Date
Company Established: 03/09/2003
Registration
Town: Casablanca
Tax
Registration Number: 1033377
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 4,200,000
Paid
Up Capital: 4,200,000
Previous
Capital amount:
120,000
Capital
increase on 2009
Authorized Capital Breakdown
Number of Shares: 42,000 Type of Shares: None Selected
Issued Shares: 42,000 Value
per share: MDH 100.00 Value of this
type: 4,200,000.00
Shareholders
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting capital
Mr.
Abdelhak Benchekroune, 14,000 33.34%
(VOTING)
Casablanca,
Morocco
Mr.
Mohamed Benchekroune, 14,000 33.33%
(VOTING)
Casablanca,
Morocco
Mr.
Adil Benchekroune, 14,000 33.33%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Mohamed Benchekroune
Position
within the company: Managing
director
Date
of Birth: 14/08/1966
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Adil Benchekroune
Position
within the company: Joint
Managing director
Date
of Birth: 27/02/1971
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE Codes: 4690 Non‑specialised
wholesale trade
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
HQ
Premises Operates
from: Owned Office , Warehouse
Location: Central
Business Area
Exports
Export
% and type of product: Subject
does not export
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Head office
2
Boulevard Moulay Youssef,
Casablanca,
Morocco
Charges Registered
Date
of charge Beneficiary of the charge Amount
secured Description of charge
Registered
by the charge
29/06/2010 Attijariwafa Bank MDH 6,000,000 Mortgage
15/06/2009 Attijariwafa Bank MDH 2,000,000 Mortgage
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 20,831,983 1,698,518 1,698,518
12 31/12/2008 19,434,808 1,223,361 794,412
Balance Sheet & Profit & Loss
BALANCE SHEET
As at: 31‑Dec‑2009 As at: 31‑Dec‑2008
Fixed Assets
Land & Buildings 6,418,000 6,622,000
Plant &
Machinery 85,402 95,688
Furniture & Equipment
Motor Vehicles
Misc. Fixed Assets
Total Fixed
Assets 6,503,402 6,717,688
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 4,950 6,930
Misc. Intangible Assets
Total Intangible
Assets 4,950 6,930
Current Assets
Stock 676,642 3,225,603
Stock & Work in Progress
Trade Debtors &
receivables 305,254 1,392,583
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses
Cash 1,711 1,411,604
Tax recoverable 2,725,257 2,342,676
Marketable Securities
Misc. Current Assets 37,690 201,315
Total Current
Assets 3,746,554 8,573,781
Total Assets 10,254,906 15,298,399
Owner's Equity & Liabilities
Issued and paid up
capital 4,200,000 120,000
Share premium account
Retained earnings 178,283 ‑606,746
Net profit/Loss for
the year 1,698,518 794,412
Revaluation reserves
Legal Reserves 9,383
Other reserves
Net Worth 6,086,184 307,666
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 0 0
Current Liabilities
Creditors 3,268,789 9,852,028
Other creditors
Accruals 24,078 225,538
Bank
overdrafts/Loans 26,415 543,839
Misc. Loans
Directors accounts
Owing to
shareholders 434,414 3,690,450
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 361,042 678,878
Advance receipts
Misc. Current Liabilities 53,984
Total Current
Liabilities 4,168,722 14,990,733
Owner's Equity
& Liabilities 10,254,906 15,298,399
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 20,831,983 19,434,808
Cost of sales 18,136,344 16,887,112
Gross Profit/(Loss) 2,695,639 2,547,696
Admin/selling
expenses 58,769 50,872
Services 575,335 353,179
Salaries 313,697 278,577
Auditors Fee 89,035 112,752
Stock Depreciation
Depreciation 244,652 237,225
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 1,414,151 1,515,091
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 546,602 249,312
Total Financial
Income 546,602 249,312
Interest Payable/Finance costs 12,791
Misc. financial
expenses 249,444 541,042
Total Financial
Expenses 262,235 541,042
Profit/(Loss)
before taxes 1,698,518 1,223,361
Income Tax 428,949
Other Tax
Profit/(Loss)
after taxes 1,698,518 794,412
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 1,698,518 794,412
Previous years retained earnings
Current years net
income 1,698,518 794,412
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 1,698,518 794,412
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 0.90 1.45 0.57 1.54
Acid Test Ratio 0.74 0.92 0.36 0.95
Accounts 0.16 0.50 0.51 0.59
Payable/Sales Ratio
Current
Liabilities/Net 0.68 ‑29.89 48.72 5.43
Worth
Total
Liabilities/Net 0.68 ‑29.57 48.72 5.48
Worth
Fixed Assets/Net 106.86 53.65 2,183.44 27.31
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 12.94 21.52 13.11 25.27
Return on Capital 27.91 ‑186.01 397.63 22.36
Employed (ROCE)(%)
Net Profit/Sales (%) 8.15 2.40 6.29 ‑21.17
Return on Assets (%) 16.56 4.36 8.00 3.92
Efficiency Ratios
Sales/Working
Capital ‑49.35 8.18 ‑3.03 6.70
Assets/Sales(%) 49.23 138.12 78.72 172.99
Shareholders 27.91 ‑189.92 397.63 29.41
Return(%)
Average Inventory 39.27 172.27 182.32
Period
Average Collection 14.87 135.95 130.44
Period
Leverage Ratios
Capital Employed 3.43 7.84 64.62 32.17
Number of 548 548
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.
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: UNDETERMINED
Representation
Other Comments
Other Comments: Patent N°
: 33379027
Interview & Reporter Comments
Comment: Latest Financial Statements are not currently available.
Company Officials have refused to co‑operate with local reporters in
confirming/providing information.
We have sent a fax/e‑mail/questionnaire however no reply has been received as
of yet.
Reporter Comment: Be informed that the company is registred as " ADIMAB ", NEGOCE
INTERNATIONAL is the activity of the subject that means INTERNATIONAL
TRADE.
Please note that we have contacted the company but a manager refused to co‑operate with us and insisted to know the name of the company requesting information on ADIMAB.
The latest financial Statements are not currently available at the companies registry.
The above mentioned information was obtained from the local registry office .
Conclusions
Local Reputation: The company being investigated is considered by local reporters to be a
Fair / Normal 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 showing an upward turn.
Age of Business: The company is a long established family run business.
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
UK Pound |
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
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.