MIRA INFORM REPORT
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Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
PRODUCTION MARAICHERE ET HORTICOLE DU MASSA |
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Registered Office : |
Route de Tiznit, Km 39, Tin Mansour ‑ Chtouka Ait Baha, Agadir |
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Country : |
Morocco |
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Financials (as on)
: |
30.06.2010 |
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Date of
Incorporation : |
08.12.1988 |
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Com. Reg. No.: |
5965 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Growing of vegetables and melons, roots and tubers |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit
Limit : |
1,071,800 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) |
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Morocco |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PRODUCTION MARAICHERE ET HORTICOLE DU MASSA
Rating Briefing
Current Recommended Credit: 1,071,800 EUR
Payment Record: NO COMPLAINTS
This rating is based on available data. In the event of additional information a possibility for a different rating applies.
Registration Briefing
Registration Number: 5965
Registration Date: 08/12/1988
Legal Form: SOCIETE ANONYME
Latest Financials: June 30, 2010
Financial Briefing
Nominal Capital: 50,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 531,971,796 Moroccan Dirham
Net Loss: 4,926,577
Net Worth: 193,705,761 Moroccan Dirham
Company Details
Company Name: PRODUCTION MARAICHERE ET HORTICOLE DU MASSA
Also trades as: SOCIETE MARAISSA
Headquarter Address: Route de Tiznit, Km 39, Tin Mansour,
Belfaa Chtouka Ait Baha,
Agadir,
Morocco
Telephone: +212528 303000
+212528 303011
Fax: +212528 303010
E‑Mail: secretariat@azura‑maroc.com
Web Site: www.azura‑group.com
Company was originally started on 12/05/1988
Registration & Legal Details
Current Legal Form: SOCIETE ANONYME
Registration Address: Route de Tiznit, Km 39, Tin Mansour ‑ Chtouka Ait Baha,
Agadir
Registration Number: 5965
Registration Date: 08/12/1988
Year/Date Company Established: 12/05/1988
Registration Town: Inzegane
Tax Registration Number: 06901728
Capital
Currency: Moroccan Dirham
Authorized Capital: 50,000,000
Paid Up Capital: 50,000,000
Previous Capital amount: 21,000,000
Capital increase on 2007
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
STIDIA, 25,000 50.00%
(VOTING)
18‑20 Rue Michel Rodande ‑ 25000,
Luxembourg
AU PORTEUR 24,997 49.99%
(VOTING)
Mr. Mohamed Tazi, 1
51, Boulevard La Gironde,
Casablanca,
Morocco
Mrs. Fatima Rizk Tazi, 1
51, Boulevard La Gironde,
Casablanca,
Morocco
Ms Ghita Tazi, 1
51, Boulevard La Gironde,
Casablanca,
Morocco
Principals
Name: Mr
Mohamed Tazi
Position within the company: President
Date of Birth: 05/06/1944
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Name: Mr
Pierre Boniol
Position within the company: General Director
Date of Birth: 31/01/1958
Nationality: French
Can fluently speak: French
Name: Mr
Hervé Chartin
Position within the company: Commercial Manager
Nationality: French
Can fluently speak: French
Name: Mr
Lahoussine Baih
Position within the company: Chief Accountant
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Ms
Fatima Najah
Position within the company: Import Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Company Activities
NACE Codes: 0113 Growing of vegetables and melons, roots and tubers
The company is specialised in production, packaging and exportation of vegetables specially tomatoes.
Local Reporters consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company Employs: 2000
HQ Premises Operates from: Owned
Office , Factory, Warehouse
Location: Rural
Area
Branches Lotissement Attaoufik, N° 29 Rue 1,
Sidi Maarouf,
Casablanca,
Morocco
Description of branch: Office
Imports
Import % and type of product: 80% Raw Materials
Imports From: Spain,
France, Netherlands, Canada,
Egypt
Importing Terms: Bank
transfer
Exports
Export % and type of product: 98%
Exports To: France,
Europe
Exporting Terms: bank
transfer
Trading
& Selling
Territory: 2%
Nationally, 98% International
Type of Customer: Distributors
Related Companies
Subsidiaries
STE MAROCAINE DE
PRODUCTION D'AGRUMES
Lotissement Attaoufik N° 29 Rue 1 ‑ Owned 67% by subject
Sidi Maarouf,
Casablanca,
Morocco
Start date: 2008
Operates as: Agriculture
Affiliates
PRIMESUD
Agadir, Owned
33% by subject
Morocco
Operates as: Agriculture
Bankers
Société Générale,
Branch: Head office
55 Boulevard Abdelmoumen,
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 30/06/2010 531,971,796 (4,926,577) (4,926,577)
12 30/06/2009 551,588,326 8,120,892 8,120,892
12 30/06/2007 356,177,669 10,163,110 10,163,110
12 30/06/2006 238,517,780 (864,653) (864,653)
Balance Sheet
& Profit & Loss
As at: 30‑Jun‑2010 As at: 30‑Jun‑2009 As at: 30‑Jun‑2007
Fixed Assets
Land & Buildings 38,123,823 41,402,281 47,661,162
Plant & Machinery 117,682,903 110,260,918 126,130,104
Furniture & Equipment 4,217,823 4,793,103 4,036,333
Motor Vehicles 41,011 115,948 713,547
Misc. Fixed Assets 20,332,784 24,782,539 28,278,451
Total Fixed Assets 180,398,344 181,354,789 206,819,597
Financial Assets
Shares in Related Companies 2,999,500 2,999,500
Loans to related companies
Investments 163,200 140,500 3,549,180
Deposits
Misc. Financial Assets 198,400 75,100 75,600
Total Financial Assets 3,361,100 3,215,100 3,624,780
Intangibles
Goodwill
Organisational Expenses 24,167 53,167 111,167
Patents 479,627 166,810 204,142
Misc. Intangible Assets
Total Intangible
Assets 503,794 219,977 315,309
Current Assets
Stock 34,686,171 33,603,871 25,931,301
Stock & Work in Progress 34,460,108 25,677,371 27,191,860
Trade Debtors & receivables 38,124,441 55,756,798 64,540,448
Provision for bad debs
Other receivables 22,660,649 23,530,618 27,359,782
Due from related companies
Owed by shareholders
Prepaid expenses 4,920,765 4,151,913 1,460,954
Cash 35,965,083 61,275,002 43,723,067
Tax recoverable 28,387,921 21,822,985 16,734,994
Marketable Securities
Misc. Current Assets 8,878,920 8,782,413 30,170,930
Total Current Assets 208,084,058 234,600,971 237,113,336
Total Assets 392,347,296 419,390,837 447,873,022
Owner's Equity & Liabilities
Issued and paid up capital 50,000,000 50,000,000 50,000,000
Share premium account
Retained earnings 145,215,860 151,501,013 148,202,774
Net profit/Loss for the year ‑4,926,577 8,120,892 10,163,110
Revaluation reserves
Legal Reserves 3,416,478 3,010,434 2,100,000
Other reserves
Net Worth 193,705,761 212,632,339 210,465,884
Deffered Taxation
Provisions/allowances 2,519,821 3,529,154 550,000
Mortgages/Loans 41,096,381 64,947,706 107,952,611
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 43,616,202 68,476,860 108,502,611
Current Liabilities
Creditors 80,160,886 114,330,383 110,551,649
Other creditors 249,900 12,772,055
Accruals 868,335 577,035 1,934,409
Bank overdrafts/Loans 55,012,734 6,978 11,031,177
Misc. Loans
Directors accounts
Owing to shareholders 14,020,615 6,365,304 986,797
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 59,423 46,090
Advance receipts 36,917
Misc. Current Liabilities 4,653,440 4,146,876 4,400,495
Total Current Liabilities 155,025,333 138,281,638 128,904,527
Owner's Equity & Liabilities 392,347,296 419,390,837 447,873,022
PROFIT & LOSS
Figures are: Figures are: Figures are:
Fiscal Year Fiscal
Year Fiscal
Year
01/07/2009
to 30/06/2010 01/07/2008 to
30/06/2009 01/07/2006 to
30/06/2007
Total Income/Turnover 531,971,796 551,588,326 356,177,669
Cost of sales
Gross Profit/(Loss) 531,971,796 551,588,326 356,177,669
Admin/selling expenses 311,675,943 276,509,505 152,306,598
Services 90,490,252 124,597,842 72,019,845
Salaries 80,151,026 60,638,234 94,791,071
Auditors Fee 776,345 1,042,898 879,229
Stock Depreciation ‑8,782,737 2,368,555 ‑19,453,768
Depreciation 58,437,549 72,845,223 56,624,650
Misc. Operating Expenses 4,486,598
Misc. Operating Income 36,940 200,000 16,608
Net Operating Profit/(Loss) ‑739,642 13,786,069 ‑5,459,946
Interest Receivable/Finance Income
Group related income
Misc. Financial Income 2,068,236 1,556,919 36,983,723
Total Financial Income 2,068,236 1,556,919 36,983,723
Interest Payable/Finance costs 5,978,869 6,528,360 9,430,969
Misc. financial expenses 276,302 693,736 11,929,698
Total Financial Expenses 6,255,171 7,222,096 21,360,667
Profit/(Loss) before taxes ‑4,926,577 8,120,892 10,163,110
Income Tax
Other Tax
Profit/(Loss) after taxes ‑4,926,577 8,120,892 10,163,110
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) ‑4,926,577 8,120,892 10,163,110
Previous years retained earnings
Current years net income 8,120,892 10,163,110
Misc. additions in current year
Current years net loss ‑4,926,577
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings at
end of ‑4,926,577 8,120,892 10,163,110
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 (2010) (2010) Results (2009) (2009)
Liquidity Ratios
Current Ratio 1.34 1.34 1.70 1.45
Acid Test Ratio 0.90 0.90 1.27 1.03
Accounts 0.15 0.15 0.21 0.36
Payable/Sales Ratio
Current Liabilities/Net 0.80 0.80 0.65 2.04
Worth
Current 2.24 2.24 2.33 2.42
Liabilities/Inventory
Total Liabilities/Net 1.03 1.03 0.97 6.26
Worth
Fixed Assets/Net 93.13 93.13 85.29 464.95
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 100.00 100.00 100.00
Return on Capital ‑2.08 ‑2.08 2.89 3.39
Employed (ROCE)(%)
Net Profit/Sales (%) ‑0.93 ‑0.93 1.47 1.23
Return on Assets (%) ‑1.26 ‑1.26 1.94 1.15
Efficiency Ratios
Sales/Working Capital 10.03 10.03 5.73 6.23
Assets/Sales(%) 73.75 73.75 76.03 173.45
Shareholders ‑2.54 ‑2.54 3.82 4.18
Return(%)
Average Collection 32.21 32.21 68.47
Period
Sales/Inventory 7.69 7.69 9.30 6.34
Leverage Ratios
Capital Employed 2.75 2.75 2.60 3.62
Capital Structure (%) 18.38 18.38 24.36 56.71
Number of 7 7
Companies within the
industry (NACE A)
Statistics
based on Agriculture,
forestry Agriculture,
forestry
NACE(A) and
fishing and
fishing
The statistical Industrial Average results are calculated
against companies within the Rime
database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 08/12/1988 4 9
TOTAL EMPLOYEES 2,000 2 10
SALES (2010) 46,770,960 1 4
SALES (2009) 48,495,646 1 6
NET PROFIT (2010) ‑433,145 2 2
NET PROFIT (2009) 713,989 1 4
TOTAL ASSETS (2010) 34,495,174 2 3
TOTAL ASSETS (2009) 36,872,842 2 7
Currency: EUROS
Rankings:
The results given below are calculated against companies with the
Rime 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 Rime database for the specific country.
Payments
Subject's
payments reported to be: NO
COMPLAINTS
Representation
Other Comments
Other
Comments: Patent
N° : 48882355
Interview &
Reporter Comments
Comment: Subject
has confirmed the general details shown in the report.
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 declining in strength.
Age of
Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
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NB |
New Business |
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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.