MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STE AFRIQUIA LUBRIFIANTS |
|
|
|
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Registered Office : |
Immeuble Tafraouti, Route de Rabat (R.P.
1) Km 7, Ain Sebaa, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.10.1976 |
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|
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Com. Reg. No.: |
34861 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Manufacture of refined petroleum 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 |
|
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 – 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
STE AFRIQUIA LUBRIFIANTS
Registration Briefing
Registration
Number: 34861
Registration
Date: 28/10/1976
Legal
Form: SOCIETE
ANONYME
Latest
Financials: December
31, 2009
Financial Briefing
Nominal
Capital: 51,867,200
Moroccan Dirham
Issued
Capital: N/A
Turnover: 79,320,207
Moroccan Dirham
Net
Profit: 11,553,982
Moroccan Dirham
Net
Worth: 70,724,042
Moroccan Dirham
Company Details
Company
Name: STE
AFRIQUIA LUBRIFIANTS
Headquarter
Address: Immeuble
Tafraouti,
Route
de Rabat (R.P. 1) Km 7,
Ain
Sebaa,
Casablanca,
Morocco
Postal
Address: P.O.Box
2517,
Ain
Sebaa,
Casablanca
20251
Telephone: +212522
350006
+212522
353785
+212522
354493
+212522
354494
+212522
354495
Fax: +212522
352209
E‑Mail: s.bensemlali@akwagroup.com
Web
Site: www.akwagroup.com
Company
was originally started on 1976
Registration & Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: 54
Boulevard de La Grande Ceinture,
Casablanca
Registration
Number: 34861
Registration
Date: 28/10/1976
Year/Date
Company Established: 1976
Registration
Town: Casablanca
Tax
Registration Number: 01640195
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 51,867,200
Paid
Up Capital: 51,867,200
Authorized Capital Breakdown
Number
of Shares: 518,672 Type of
Shares: None Selected
Issued
Shares: 518,668 Value
per share: MDH 100.00 Value of this
type: 51,866,800.00
Shareholders
Parent
Company: AFRIQUIA
SMDC,
Rue
Ibnou El Ouennane
Ain
Sebaa,
Casablanca,
Morocco
%
Shares Held: 100.00%
Principals
Name: Mr
Salah‑Eddine Bensemlali
Position
within the company: General
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Ali Wakrim
Position
within the company: Joint
General Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Adil Ziady
Position
within the company: Production
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Abdelali Moukrim
Position
within the company: Financial
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1920 Manufacture of refined petroleum products
The
company is specialised in manufacture and marketing of lubricants, synthetic motor
oils and greases.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 83
HQ Premises Operates
from: Owned Offices
Premises
Size: 300 square meters
Location: Industrial Area
Brands: AFRIQUIA
‑ Lubricant
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100% Nationally
Type
of Customer: Resellers, Oil
Stations & Industrial Companies
Related Companies
Subsidiaries
Affiliates
AFRILUB
Ain
Sebaa, Owned
50% by subject
Casablanca,
Morocco
Operates
as: Manufacture of lubricants.
Bankers
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Head office
26 Place
des Nations Unies,
Casablanca,
Morocco
Attijariwafa
Bank,
Branch:
Head office
163
Avenue Hassan II,
Casablanca,
Morocco
BMCE
Bank,
Branch:
Head office
140
Avenue Hassan II,
Casablanca,
Morocco
Société
Générale,
Branch:
Head office
55
Boulevard Abdelmoumen,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 25/05/2011
Source: Companies
Registry
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2009 79,320,207 15,159,309 11,553,982
12 31/12/2008 74,254,760 5,839,031 5,467,493
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Dec‑2009 As at: 31‑Dec‑2008
Fixed
Assets
Land & Buildings 5,000,938 5,279,380
Plant & Machinery 3,095,135 4,133,299
Furniture & Equipment 1,249,595 1,526,663
Motor Vehicles 161,743 243,687
Misc. Fixed
Assets
Total Fixed Assets 9,507,411 11,183,029
Financial
Assets
Shares in Related Companies 75,000,000 75,000,000
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 5,778 5,778
Total Financial Assets 75,005,778 75,005,778
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc.
Intangible Assets
Total Intangible Assets 0 0
Current
Assets
Stock 29,244,545 6,634,549
Stock &
Work in Progress
Trade Debtors & receivables 26,892,326 14,104,641
Provision
for bad debs
Other
receivables
Due from
related companies
Owed by
shareholders
Prepaid
expenses
Cash 463,723 8,810,237
Tax recoverable 9,724,329 6,033,946
Marketable
Securities
Misc. Current Assets 104,195 108,174
Total Current Assets 66,429,118 35,691,547
Total Assets 150,942,307 121,880,354
Owner's
Equity & Liabilities
Issued and paid up capital 51,867,200 51,867,200
Share premium account 1,310,205 1,310,205
Retained earnings 500,890 7,236,228
Net profit/Loss for the year 11,553,982 5,467,493
Revaluation
reserves
Legal Reserves 2,091,765 1,818,390
Other reserves 3,400,000 3,400,000
Net Worth 70,724,042 71,099,516
Deffered
Taxation
Provisions/allowances
Mortgages/Loans 19,800,000 14,400,000
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 19,800,000 14,400,000
Current
Liabilities
Creditors 28,783,782 9,325,429
Other creditors 4,066 1,092
Accruals
Bank overdrafts/Loans 3,582,917 1,844,029
Misc. Loans
Directors
accounts
Owing to
shareholders
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 27,743,090 24,975,666
Advance
receipts
Misc. Current Liabilities 304,410 234,622
Total Current Liabilities 60,418,265 36,380,838
Owner's Equity & Liabilities 150,942,307 121,880,354
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 79,320,207 74,254,760
Cost of sales 22,850,608 230,094
Gross Profit/(Loss) 56,469,599 74,024,666
Admin/selling expenses 27,981,026 50,688,022
Services 4,154,787 3,876,535
Salaries 6,522,537 6,410,513
Auditors Fee 808,678 671,437
Stock
Depreciation
Depreciation 3,588,968 6,193,428
Misc. Operating Expenses 2,780,787 258,477
Misc. Operating Income 3,839,103 681,018
Net Operating Profit/(Loss) 14,471,919 6,607,272
Interest Receivable/Finance Income 40,959 21,498
Group
related income
Misc. Financial Income 1,567,645 404,973
Total Financial Income 1,608,604 426,471
Interest Payable/Finance costs 642,890 539,298
Misc. financial expenses 278,324 655,414
Total Financial Expenses 921,214 1,194,712
Profit/(Loss) before taxes 15,159,309 5,839,031
Income Tax 3,605,327 371,538
Other Tax
Profit/(Loss) after taxes 11,553,982 5,467,493
Extraordinary
items
Exceptional items
Misc. Items
Net Profit/(Loss) 11,553,982 5,467,493
Previous
years retained earnings
Current years net income 11,553,982 5,467,493
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 11,553,982 5,467,493
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 1.10 1.48 0.98 1.52
Acid Test Ratio 0.62 0.96 0.80 1.06
Accounts 0.36 0.36 0.13 0.31
Payable/Sales
Ratio
Current Liabilities/Net 0.85 4.09 0.51 6.02
Worth
Total Liabilities/Net 1.13 4.57 0.71 6.32
Worth
Fixed Assets/Net 13.44 157.99 15.73 108.55
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 71.19 93.55 99.69 94.45
Return on Capital 16.75 5.30 6.83 2.61
Employed
(ROCE)(%)
Net Profit/Sales (%) 19.11 2.48 7.86 ‑2.53
Return on Assets (%) 10.04 3.76 4.79 3.43
Efficiency
Ratios
Sales/Working Capital 13.20 ‑13.55 ‑107.73 187.16
Assets/Sales(%) 190.29 136.75 164.14 142.05
Shareholders 21.43 5.06 8.21 17.02
Return(%)
Average Inventory 286.55 599,375.77 51,884.83
Period
Average Collection 94.33 117.03 99.11
Period
Leverage
Ratios
Capital Employed 1.12 5.22 1.04 4.85
Capital Structure (%) 21.87 26.57 16.84 23.65
Number of 365 365
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 28/10/1976 296 689
TOTAL EMPLOYEES 83 423 690
SALES (2009) 6,973,833 108 243
SALES (2008) 6,528,478 162 350
NET PROFIT (2009) 1,015,826 38 215
NET PROFIT (2008) 480,702 96 348
TOTAL ASSETS (2009) 13,270,848 74 214
TOTAL ASSETS (2008) 10,715,721 126 350
Currency:
EUROS
PLEASE NOTE THAT CHARTS ARE SHOWN IN EUROS
FOR TREND AND COMPARISON PURPOSES
The
statistical Industrial Average results are calculated against companies within
the specific country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent N° : 30352260
Interview & Reporter Comments
Name/Title: Mr.
Abdelali Moukrim Financial Director
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: Please note
that a fax/questionnaire was sent to Mr. Abdelali Moukrim, the Financial
director, however no reply has been received as of yet.
The Latest Financial statements are not
currently available at the companies Registry.
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 showing an upward
turn.
Age
of Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
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.