MIRA INFORM REPORT
|
Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
STE COMPLEXE INTEGRE DE CONFECTION |
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|
|
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Registered Office : |
Lot
18 Quartier Industriel Sidi Brahim, Fes |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.05.1992 |
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Com. Reg. No.: |
17157 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
manufacture of textile goods. |
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 : |
738,100
Moroccan Dirham |
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|
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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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
STE COMPLEXE INTEGRE
DE CONFECTION
Rating Briefing
Current
Recommended Credit: 738,100
Moroccan Dirham
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: 17157
Registration
Date: 25/05/1992
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 1,500,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 32,206,186
Moroccan Dirham
Net
Profit: 1,967,999
Moroccan Dirham
Net
Worth: 14,867,680
Moroccan Dirham
Company Details
Company
Name: STE
COMPLEXE INTEGRE DE CONFECTION
Headquarter
Address: Lot
18 Quartier Industriel Sidi Brahim,
Fes,
Morocco
Postal
Address: P.O.Box
2195,
Ville Nouvelle,
Fes 30000
Telephone: +212535
640431
+212535 640439
Fax: +212535
640426
E‑Mail: driss@cic.ma
Company
was originally started on 25/05/1992
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Lot
18 Quartier Industriel Sidi Brahim,
Fes
Registration
Number: 17157
Registration
Date: 25/05/1992
Year/Date
Company Established: 25/05/1992
Registration
Town: Fes
Tax
Registration Number: 4500877
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 1,500,000
Paid
Up Capital: 1,500,000
Authorized Capital Breakdown
Number of Shares: 15,000 Type of Shares: None Selected
Issued Shares: 15,000 Value per share: MDH 100.00 Value of this type: 1,500,000.00
Shareholders
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr.
Driss Belkhayat Zoukari, 3,000 20.00%
(VOTING)
Fes,
Morocco
Mr.
Mohamed Ben Abderrahmane 2,250 15.00%
(VOTING)
Belkhayat
Zoukari,
Fes,
Morocco
Mr.
Mohamed Belkhayat Zoukari, 2,250 15.00%
(VOTING)
Fes,
Morocco
Mr.
Abdellatif Belkhayat Zoukari, 2,250 15.00%
(VOTING)
Fes,
Morocco
Mr.
Alain Bengio, 5,250 35.00%
(VOTING)
Fes,
Morocco
Principals
Name: Mr
Driss Belkhayat Zoukari
Position
within the company: Managing
director
Date
of Birth: 1964
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed Ben Abderrahmane Belkhayat Zoukari
Position
within the company: Administrator
Date
of Birth: 1941
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Abdellatif Belkhayat Zoukari
Position
within the company: Administrator
Date
of Birth: 1943
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Alain Bengio
Position
within the company: Administrator
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Amine Yaacoubi
Position
within the company: Accountant
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1399 Manufacture of other textiles n.e.c.
The
company is specialised in manufacture of textile goods.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 350
HQ
Premises Operates
from: Rented Office , Factory,
Warehouse
Premises
Size: 4000
square meters
Location: Industrial
Area
Imports
Import
% and type of product: 35%
Raw Materials
Imports
From: India,
France, Italy, Spain
Importing
Terms: Letters
of credit
Additional
Information: Bank
transfer
Exports
Export
% and type of product: 99%
Exports
To: France,
Italy, Spain
Exporting
Terms: bank
transfer
Trading
& Selling
Territory: 1%
Nationally, 99% International
Type
of Customer: Distributors
Number
of accounts:
40
Vehicles: Total
number of vehicles: 5
2 trucks
1 vans
2 cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Centre d'Affaires Fes
Place
de l'Atlas ‑ Ville Nouvelle,
Fes,
Morocco
Financial Information
Source: Mr.
Amine Yaacoubi Accountant
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2011 40,000,000 (Projection)
12 31/12/2010 32,206,186 2,228,565 1,967,999
12 31/12/2009 26,668,604 (964,554) (1,033,380)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land & Buildings 2,294,226 2,484,141
Plant &
Machinery 1,197,948 1,476,439
Furniture &
Equipment 297,486 362,209
Motor Vehicles 11,057 16,217
Misc. Fixed Assets
Total Fixed
Assets 3,800,717 4,339,006
Financial Assets
Shares in Related
Companies 431,500 294,000
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 618 618
Total Financial
Assets 432,118 294,618
Intangibles
Goodwill
Organisational Expenses
Patents 328 12,335
Misc. Intangible Assets
Total Intangible
Assets 328 12,335
Current Assets
Stock 8,777,687 4,866,244
Stock & Work in
Progress 1,481,720 1,124,249
Trade Debtors &
receivables 5,740,929 3,964,624
Provision for bad debs
Other receivables 3,935,250 3,349,994
Due from related companies
Owed by shareholders
Prepaid expenses 7,345 15,008
Cash 902,252 938,114
Tax recoverable 2,384,591 3,480,900
Marketable
Securities 113,831 458,057
Misc. Current Assets 458,057 114,086
Total Current
Assets 23,801,662 18,311,276
Total Assets 28,034,825 22,957,235
Owner's Equity & Liabilities
Issued and paid up
capital 1,500,000 1,500,000
Share premium account
Retained earnings 11,249,681 12,283,061
Net profit/Loss for
the year 1,967,999 ‑1,033,380
Revaluation reserves
Legal Reserves 150,000 150,000
Other reserves
Net Worth 14,867,680 12,899,681
Deffered Taxation
Provisions/allowances 3,033,292 3,033,292
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 3,033,292 3,033,292
Current Liabilities
Creditors 8,028,602 5,129,485
Other creditors 306
Accruals 1,628
Bank overdrafts/Loans
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 227,486 72,255
Advance receipts 1,633,182 769,876
Misc. Current
Liabilities 242,649 1,052,646
Total Current
Liabilities 10,133,853 7,024,262
Owner's Equity
& Liabilities 28,034,825 22,957,235
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2010 to 31/12/2010 01/01/2009
to 31/12/2009
Total
Income/Turnover 32,206,186 26,668,604
Cost of sales
Gross Profit/(Loss) 32,206,186 26,668,604
Admin/selling
expenses 17,093,813 13,576,377
Services 1,796,131 1,728,914
Salaries 11,812,861 11,384,431
Auditors Fee 72,892 83,960
Stock Depreciation ‑1,389,374 509,619
Depreciation 590,184 617,886
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 2,229,679 ‑1,232,583
Interest Receivable/Finance Income
Group related income 31,592 35,649
Misc. Financial
Income 361,420 392,862
Total Financial
Income 393,012 428,511
Interest
Payable/Finance costs 48,904 1,258
Misc. financial
expenses 345,222 159,224
Total Financial
Expenses 394,126 160,482
Profit/(Loss)
before taxes 2,228,565 ‑964,554
Income Tax 260,566 68,826
Other Tax
Profit/(Loss)
after taxes 1,967,999 ‑1,033,380
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 1,967,999 ‑1,033,380
Previous years retained earnings
Current years net income 1,967,999
Misc. additions in current year
Current years net loss ‑1,033,380
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of 1,967,999 ‑1,033,380
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date
accounts obtained: 13/09/2011
Accounts
obtained from: Subject's
accountant
Auditors
Opinion:
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 2.35 1.76 2.61 1.55
Acid Test Ratio 1.34 1.04 1.75 1.03
Accounts 0.25 0.26 0.19 0.35
Payable/Sales Ratio
Current
Liabilities/Net 0.68 ‑2.68 0.54 4.05
Worth
Current 0.99 2.44 1.17 3.11
Liabilities/Inventory
Total Liabilities/Net
0.89 ‑7.04 0.78 4.53
Worth
Fixed Assets/Net 25.56 ‑465.30 33.64 157.28
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 100.00 93.78 100.00 93.45
Return on Capital 12.45 20.47 ‑6.05 5.98
Employed (ROCE)(%)
Net Profit/Sales (%) 6.92 3.76 ‑3.62 1.49
Return on Assets (%) 7.95 4.80 ‑4.20 3.81
Efficiency Ratios
Sales/Working
Capital 2.36 17.23 2.36 3.83
Assets/Sales(%) 87.05 134.17 86.08 137.68
Shareholders 14.99 62.81 ‑7.48 1.10
Return(%)
Average Collection 55.00 126.29 118.34
Period
Sales/Inventory 3.14 4.30 4.45 6.93
Leverage Ratios
Capital Employed 2.17 3.43 2.07 5.30
Capital Structure
(%) 16.94 17.26 19.04 26.12
Number of 272 272
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 25/05/1992 449 718
TOTAL EMPLOYEES 350 128 718
SALES (2010) 2,831,568 66 98
SALES (2009) 2,344,704 191 269
NET PROFIT (2010) 173,026 23 70
NET PROFIT (2009) ‑84,804 237 269
TOTAL ASSETS (2010) 2,464,822 56 73
TOTAL ASSETS (2009) 2,018,400 198 271
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 database for the
specific country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent N°
: 14202266
Interview & Reporter Comments
Name/Title: Mr.
Amine Yaacoubi Accountant
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
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.49.62 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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 |
---- |
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.