MIRA INFORM REPORT
|
Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
DYES AND CHEMICALS MANUFACTURING |
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Registered Office : |
147
Boulevard Moulay Slimane, Route de Zenata, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.04.1994 |
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Com. Reg. No.: |
73901 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Wholesale of chemical 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 : |
114,800
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 – 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 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
DYES AND CHEMICALS MANUFACTURING
Rating Briefing
Current
Recommended Credit: 114,800
EUR
Payment
Record: NO
COMPLAINTS
Registration Briefing
Registration
Number: 73901
Registration
Date: 27/04/1994
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 7,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 56,984,740
Moroccan Dirham
Net
Profit: 4,861,331
Moroccan Dirham
Net
Worth: 30,087,758
Moroccan Dirham
Company Details
Company
Name: DYES
AND CHEMICALS MANUFACTURING
Also
trades as: DYECHEM
Headquarter
Address: 147
Route de Zenata,
Ain Sebaa,
Casablanca 20600,
Morocco
Telephone: +212522
309698
+212522 351717
+212522 351779
+212522 451442
+212522 546850
+212661 191115
+212673 739210
+212673 739282
Fax: +212522
351869
+212522 543003
E‑Mail: m.elhilali@dychem‑colours.com
Company was originally started on
27/04/1994
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 147
Boulevard Moulay Slimane, Route de Zenata,
Casablanca
Registration
Number: 73901
Registration
Date: 27/04/1994
Year/Date
Company Established: 27/04/1994
Registration
Town: Casablanca
Tax
Registration Number: 01640806
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 7,000,000
Paid
Up Capital: 7,000,000
Authorized Capital Breakdown
Number of Shares: 70,000 Type of Shares: None Selected
Issued Shares: 70,000 Value per share: MDH 100.00 Value of this type: 7,000,000.00
Shareholders
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting capital
Mr.
Hammad Taoudi Ben Chekroun, 17,150 24.50%
(VOTING)
22,
Rue Zahraoui Andal,
Casablanca,
Morocco
Mr.
Youssef Taoudi Ben Chekroun, 3,500 5.00%
(VOTING)
22,
Rue Zahraoui Andal,
Casablanca,
Morocco
Mr.
Hicham Taoudi Ben Chekroun, 3,500 5.00% (VOTING)
22,
Rue Zahraoui Andal,
Casablanca,
Morocco
Mr.
Mohamed Ben Abdellah Taoudi Ben 3,500 5.00%
(VOTING)
Chekroun,
74,
Lotissement Dr. Faraj,
Fes,
Morocco
Mr.
Mohamed Ben Hammad Taoudi Ben 10,500 15.00%
(VOTING)
Chekroun,
34,
Rue Normandie, Maarif,
Casablanca,
Morocco
Mr.
Abdellatif Taoudi Ben Chekroun, 18,550 26.50%
(VOTING)
74,
Lotissement Dr. Faraj,
Fes,
Morocco
Mr.
Ali Taoudi Ben Chekroun, 13,300 19.00%
(VOTING)
40,
Résidence Des Oranges,
Fes,
Morocco
Principals
Name: Mr
Hammad Taoudi Ben Chekroun
Position
within the company: Managing
director
Date
of Birth: 1939
Town
of Birth: Fes
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed Taoudi Ben Chekroun
Position
within the company: General
Director
Additional
Information: m.benchekroun@dyechem‑colours.com
Date
of Birth: 13/04/1967
Town
of Birth: Casablanca
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic,
French & English
Education: Degree
in management sciences
Work
Experience and History: 3
years experience in United States of America as engineer researcher
Name: Mr
Ali Taoudi Ben Chekroun
Position
within the company: Administration
Manager
Date
of Birth: 29/02/1952
Town
of Birth: Fes
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Nabil Diouri
Position
within the company: Commercial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mustapha El Hilali
Position
within the company: Accountant
Additional
Information: m.elhilali@dyechem‑colours.com
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4675 Wholesale of chemical products ‑
70%
2012 Manufacture of dyes and pigments ‑
30%
DYECHEM
is engaged in manufacture and marketing of dyes and chemicals.
Local Reporters
consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 22
HQ
Premises Operates
from: Owned Offices , Factory,
Warehouse
Premises
Size: 4000
square meters
Location: Industrial
Area
Branches 30 Bis
Rue Moha Ou Hamou,
Casablanca,
Morocco
Branch is: Owned
Description of branch: Office
Imports
Imports
Raw Materials, Imports Finished Goods
Imports
From: South
East Asia, Europe
Importing
Terms: Letters
of credit
Additional
Information: Bank
transfer
Exports
Export
% and type of product: Subject
does not export
Trading
& Selling
Territory: 100%
Nationally
Type
of Customer: Industrial
Companies & Resellers
Vehicles: Total
number of vehicles: 5
2
trucks
3 cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Crédit
Du Maroc,
Branch:
Strasbourg
1 Rue
de Strasbourg,
Casablanca,
Morocco
Account
Number: 021780
0000 040 030 153374 63
Relationship
with Bank: is
reported to be good
Financial Information
Source: Mr.
Mustapha El Hilali Accountant
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 63,000,000 (Projection)
12 31/12/2010 56,984,740 6,829,537 4,861,331
12 31/12/2009 49,743,103 5,514,298 3,897,224
12 31/12/2008 45,318,452 3,732,118 2,628,617
12 31/12/2007 35,297,353 2,956,683 1,932,757
12 31/12/2006 30,550,104 2,616,442 1,711,335
12 31/12/2005 20,062,187 1,997,094 1,230,122
Balance Sheet & Profit &
Loss
31/12/2010 31/12/2009 31/12/2008
Fixed Assets
Land & Buildings
Plant & Machinery 215,023 179,448 265,381
Furniture & Equipment 577,914 455,088 293,235
Motor Vehicles 172,858 96,846 151,942
Misc. Fixed Assets
Total Fixed Assets 965,795 731,382 710,558
Financial Assets
Shares in Related Companies
Loans to related companies
Investments 50,617 2,917 3,417
Deposits
Misc. Financial Assets 2,000 2,000 2,000
Total Financial Assets 52,617 4,917 5,417
Intangibles
Goodwill
Organisational Expenses 82,141 138,416 194,691
Patents 95,241 17,301 20,923
Misc. Intangible Assets
Total Intangible Assets 177,382 155,717 215,614
Current Assets
Stock 12,447,068 11,697,749 10,993,517
Stock & Work in Progress 114,868 150,085 582,062
Trade Debtors & receivables 24,861,471 21,130,995 19,826,908
Provision for bad debs
Other receivables 126,718 122,521 87,802
Due from related companies
Owed by shareholders
Prepaid expenses 244,371 34,466 264,386
Cash 2,729,185 3,151,429 744,492
Tax recoverable 1,447,121 1,410,512 948,233
Marketable Securities
Misc. Current Assets 21,827 32,771 32,813
Total Current Assets 41,992,629 37,730,528 33,480,213
Total Assets 43,188,423 38,622,544 34,411,802
Owner's Equity & Liabilities
Issued and paid up capital 7,000,000 7,000,000 7,000,000
Share premium account
Retained earnings 17,315,105 13,612,743 11,115,557
Net profit/Loss for the year 4,861,331 3,897,224 2,628,617
Revaluation reserves
Legal Reserves 911,322 716,460 585,029
Other reserves
Net Worth 30,087,758 25,226,427 21,329,203
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 0 0 0
Current Liabilities
Creditors 6,484,700 6,013,159 6,213,625
Other creditors 4,500 134,541 19,119
Accruals 6,402 6,402
Bank overdrafts/Loans 715,668
Misc. Loans
Directors accounts
Owing to shareholders 2,912,160 2,912,160 2,912,160
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 3,493,406 3,654,898 3,056,767
Advance receipts 501,575
Misc. Current Liabilities 199,497 173,382 165,260
Total Current Liabilities 13,100,665 13,396,117 13,082,599
Owner's Equity & Liabilities 43,188,423 38,622,544 34,411,802
PROFIT
& LOSS
Figures are: Figures are: Figures are:
Fiscal Year Fiscal Year Fiscal Year
01/01/2010
to 31/12/2010 01/01/2009
to 31/12/2009 01/01/2008
to
31/12/2008
Total Income/Turnover 56,984,740 49,743,103 45,318,452
Cost of sales 33,117,160 29,737,291 28,367,984
Gross Profit/(Loss) 23,867,580 20,005,812 16,950,468
Admin/selling expenses 10,719,307 8,226,918 7,706,894
Services 2,631,176 2,064,893 1,968,287
Salaries 3,532,221 3,463,198 3,275,951
Auditors Fee 71,495 85,626 116,236
Stock Depreciation ‑9,931 373,684 ‑348,928
Depreciation 326,499 341,114 422,844
Misc. Operating Expenses
Misc. Operating Income 15,324 3,323
Net
Operating Profit/(Loss) 6,596,813 5,465,703 3,812,507
Interest Receivable/Finance Income
Group related income
Misc. Financial Income 523,459 375,570 304,884
Total
Financial Income 523,459 375,570 304,884
Interest Payable/Finance costs 4,440 63,110 149,711
Misc. financial expenses 286,295 263,865 235,562
Total
Financial Expenses 290,735 326,975 385,273
Profit/(Loss)
before taxes 6,829,537 5,514,298 3,732,118
Income Tax 1,968,206 1,617,074 1,103,501
Other Tax
Profit/(Loss)
after taxes 4,861,331 3,897,224 2,628,617
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss) 4,861,331 3,897,224 2,628,617
Previous years retained earnings
Current years net income 4,861,331 3,897,224 2,628,617
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 4,861,331 3,897,224 2,628,617
financial
period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date
accounts obtained: 05/10/2011
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 (2010) (2010) Results (2009) (2009)
Liquidity Ratios
Current Ratio 3.21 1.43 2.82 1.43
Acid Test Ratio 2.25 0.95 1.93 0.90
Accounts 0.11 0.32 0.12 0.45
Payable/Sales Ratio
Current
Liabilities/Net 0.44 4.52 0.53 ‑19.96
Worth
Current 1.04 2.37 1.13 3.61
Liabilities/Inventory
Total
Liabilities/Net 0.44 4.60 0.53 ‑19.69
Worth
Fixed Assets/Net 3.21 46.79 2.90 65.16
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 41.88 26.98 40.22 22.76
Return on Capital 22.70 21.88 21.86 ‑130.12
Employed (ROCE)(%)
Net Profit/Sales (%) 11.98 3.71 11.09 1.79
Return on Assets (%) 15.81 5.33 14.28 3.96
Efficiency Ratios
Sales/Working
Capital 1.97 6.89 2.04 6.42
Assets/Sales(%) 75.79 100.77 77.64 128.91
Shareholders 22.70 23.38 21.86 ‑132.17
Return(%)
Average Inventory 133.06 157.80 139.26 168.90
Period
Average Collection 147.30 135.41 150.27 139.25
Period
Sales/Inventory 4.54 4.32 4.20 5.16
Leverage Ratios
Capital Employed 1.91 7.99 1.98 7.89
Number of 416 416
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
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 27/04/1994 471 1080
TOTAL EMPLOYEES 22 321 985
SALES (2010) 5,010,098 44 159
SALES (2009) 4,373,414 91 403
NET PROFIT (2010) 427,408 10 102
NET PROFIT (2009) 342,644 43 412
TOTAL ASSETS (2010) 3,797,126 33 100
TOTAL ASSETS (2009) 3,395,694 108 413
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 Rime database for the
specific country.
Payments
Subject's payments reported to
be: NO COMPLAINTS
Representation
Auditors: REVISCONTROLE
Rue Ibn El Mouataz, Résidence le Joyau 4, First Floor
Tel: 212522
242304
Other Comments
Other Comments: Patent N°
: 31504535
Interview & Reporter Comments
Name/Title: Mr.
Mustapha El Hilali Accountant
Comment: Subject has
confirmed the general details shown in the report.
Expansion Plans: The company
plans to build a new plant in the industrial area of
OULAD
SALEH, BOUSKOURA ‑ CASABLANCA.
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 a
long established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
|
UK Pound |
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
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.