|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RICHBOND |
|
|
|
|
Registered Office : |
265 Boulevard Moulay Ismail, Roches Noires, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.04.1974 |
|
|
|
|
Com. Reg. No.: |
32097 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Manufacturer of mattresses |
|
|
|
|
No. of Employees : |
1800 |
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 |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RICHBOND
Payment Record: REGULAR
Registration
Number: 32097
Registration Date: 01/04/1974
Legal Form: SOCIETE ANONYME
Latest Financials: December 31, 2011
Nominal Capital: 230,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 818,380,861
Moroccan Dirham
Net Loss: 899,498
Net Worth: 324,164,882
Moroccan Dirham
Company Name: RICHBOND
Headquarter Address: 265 Boulevard Moulay Ismail,
Roches
Noires,
Casablanca,
Morocco
Telephone: +212522
244699
+212522
352917
+212522
401104
+212522
401195
+212522
754888
+212522
763838
Fax: +212522
240093
+212522
244679
+212522
343536
+212522
754800
E‑Mail: atlemcani@richbond.ma
Web Site: www.richbond.ma
Company was originally started as a SOCIETE ANONYME
on 1966
Current Legal Form: SOCIETE ANONYME
Registration Address: 265 Boulevard Moulay Ismail,
Casablanca
Registration Number: 32097
Registration Date: 01/04/1974
Year/Date Company Established: 1966
Registration Town: Casablanca
Tax Registration Number: 01640312
Currency: Moroccan
Dirham
Authorized Capital: 230,000,000
Paid Up Capital: 230,000,000
Number of Shares: 2,300,000 Type of Shares: None Selected
Issued Shares: 2,300,000 Value per share: MDH
100.00
Value
of this type: 230,000,000.00
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr Karim Tazi, 538,231 23.40%
(VOTING)
Boulevard de Lybie,
Casablanca,
Morocco
Mr Nacer Tazi, 538,231 23.40% (VOTING)
Boulevard de Lybie,
Casablanca,
Morocco
Ms Hidaya Tazi, 538,231 23.40%
(VOTING)
2 Rue Socrate,
Casablanca,
Morocco
Ms Touria Tazi, 538,231 23.40%
(VOTING)
2 Rue Socrate,
Casablanca,
Morocco
Ste Doumaliance, 137,000 5.96%
(VOTING)
265 Boulevard Moulay Ismail,
Casablanca,
Morocco
Mr Abdelaziz Tazi,
7,076 0.30%
(VOTING)
2 Rue Socrate,
Casablanca,
Morocco
SIMEC SA, 3,000 0.14%
(VOTING)
265 Boulevard Moulay Ismail,
Casablanca,
Morocco
Name: Mr
Abdelaziz Tazi
Position within the company: President
Date of Birth: 12/11/1932
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Nacer Tazi
Position within the company: Administrator
Date of Birth: 25/09/1962
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Mr
Karim Tazi
Position within the company: General Director
Date of Birth: 09/06/1960
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Mr
Abdelmajid Tlemçani
Position within the company: Chief Accountant
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Marty Fernando
Position within the company: Financial Director
Additional Information: Martinican
Date of Birth: 1966
Can fluently speak: French & English
NACE Codes: 3103 Manufacture of mattresses
3109 Manufacture of other furniture
RICHBOND is a Moroccan based company specialized in manufacture of polyurethane foam, mattresses, bedding, lounges, upholstery and plastic products.
Subject imports raw materials mainly chemicals from Europe: 60%, Asia : 35% and Tunisia : 5%.
Subject distributes 95% of manufactured products on a wholesale basis to the local market and exports 5% to France, Belgium and UAE.
Local Reporters consider the investigated company to be LARGE in their field of concern.
Employees Company Employs:
1800
HQ Premises Operates from: Owned Offices, Factory, Warehouse
Premises
Size: 60000 square meters
90000
square meters site
Location: Industrial Area
Other Branches
Subject
has numerous other branches nationally.
Number
of Branches: 18
Additional
Information: 5 Plants, 5
Warehouses, 8
Showrooms
Imports
Imports Raw Materials, Imports Finished Goods
Imports
From: European
Community, South East
Asia,
Tunisia
Importing
Terms: 30‑60‑90
days credit, bank transfer
Brands: RICHBOND
‑ Home furnishing products
MESIDOR
‑ Mattresses
ATLAS
PLASTIC ‑ Plastic products
Exports
Export
% and type of product: 5%
Exports
To: France,
Belgium, United Arab
Emirates
Exporting
Terms: 90 days
credit, bank transfer
Trading & Selling
Territory: 95%
Nationally, 5% International
Type
of Customer: Wholesalers
& Supermarkets
Number
of accounts: 1,000
Vehicles: Total
number of vehicles: 120
Subsidiaries
RICHBOND
D'ARC
Argenteuil,
Owned
100% by subject
Paris,
France
Operates
as: Marketing of home furnishing products
SIMEC
265,
Boulevard Moulay Ismaïl ‑ Owned
72% by subject
Roches
Noires,
Casablanca,
Morocco
Start
date: 1968
Operates
as: Manufacture of Plastics
Affiliates
Bankers
BMCE Bank,
Branch:
Head office
140
Avenue Hassan II,
Casablanca,
Morocco
Société
Générale,
Branch:
Head office
55
Boulevard Abdelmoumen,
Casablanca,
Morocco
Attijariwafa
Bank,
Branch:
Hassan II
163
Avenue Hassan II,
Casablanca,
Morocco
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Hassan II
Avenue
Hassan II Angle Rue Allal Al Fassi,
Casablanca,
Morocco
Source: Mr.
Abdelmajid Tlemçani Chief Accountant
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2011 818,380,861 6,076,190 (899,498)
12 31/12/2010 703,961,205 18,240,523 12,512,411
12 31/12/2009 678,503,820 15,608,594 10,683,786
12 31/12/2008 713,431,728 10,805,368 6,971,397
12 31/12/2007 675,328,477 9,782,064 5,963,294
12 31/12/2006 590,555,754 7,487,172 4,438,454
12 31/12/2005 503,406,528 11,396,649 8,535,805
12 31/12/2004 483,826,266 9,741,427 6,619,179
12 31/12/2003 454,640,771 6,619,179 5,126,425
BALANCE SHEET
As
at: 31‑Dec‑2011 As at: 31‑Dec‑2010 As at:
31‑Dec‑2009
Fixed
Assets
Land & Buildings 51,737,181 55,593,967 59,553,682
Plant & Machinery 77,448,886 75,633,251 78,455,564
Furniture & Equipment 44,728,747 41,974,631 37,516,537
Motor Vehicles 7,449,153 6,194,981 6,548,926
Misc. Fixed Assets 5,012,166 2,150,000
Total Fixed Assets 186,376,133 181,546,830 182,074,709
Financial
Assets
Shares in Related Companies 31,311,401 31,311,401 31,311,401
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 2,197,509 2,144,509 2,116,829
Total Financial Assets 33,508,910 33,455,910 33,428,230
Intangibles
Goodwill 3,443,000 3,443,000 3,443,000
Organisational Expenses 3,437,284 3,996,021 7,462,804
Patents 1,472,450 1,100,769 1,487,064
Misc. Intangible Assets 70,000 70,000 70,000
Total Intangible Assets 8,422,734 8,609,790 12,462,868
Current
Assets
Stock 166,177,151 160,242,150 158,376,799
Stock &
Work in Progress
Trade Debtors & receivables 203,760,325 186,969,125 201,372,329
Provision
for bad debs
Other receivables 2,370,979 38,507 88,054
Due from
related companies
Owed by
shareholders
Prepaid expenses 9,209,330 4,165,750 3,718,358
Cash 811,335 851,950 651,883
Tax recoverable 30,069,460 27,203,695 22,015,743
Marketable
Securities
Misc. Current Assets 1,216,989 922,084 882,406
Total Current Assets 413,615,569 380,393,261 387,105,572
Total Assets 641,923,346 604,005,791 615,071,379
Owner's
Equity & Liabilities
Issued and paid up capital 230,000,000 230,000,000 230,000,000
Share
premium account
Retained earnings 90,073,233 78,186,443 68,036,846
Net profit/Loss for the year ‑899,498 12,512,411 10,683,786
Revaluation
reserves
Legal Reserves 4,770,697 4,145,076 3,610,887
Other reserves 220,450 220,450 220,450
Net Worth 324,164,882 325,064,380 312,551,969
Deffered
Taxation
Provisions/allowances 214,055
Mortgages/Loans 49,285,714 67,142,857 85,200,000
Hire
purchase
Due to group
of companies
Minority interest
Misc.
deferred liabilities
Total Long Term Liabilities 49,285,714 67,142,857 85,414,055
Current
Liabilities
Creditors 124,100,230 119,392,881 121,608,339
Other creditors 1,558,404 1,198,484 5,930,121
Accruals 2,438,533 2,506,780 2,504,308
Bank overdrafts/Loans 55,840,333 40,279,777 27,106,155
Misc. Loans
Directors
accounts
Owing to shareholders 562 562 5,310,562
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 47,912,979 39,598,706 43,445,279
Advance receipts 16,874,348 5,330,119 7,952,202
Misc. Current Liabilities 19,747,361 3,491,245 3,248,389
Total Current Liabilities 268,472,750 211,798,554 217,105,355
Owner's Equity & Liabilities 641,923,346 604,005,791 615,071,379
Figures are: Figures are: Figures are
Fiscal Year Interim Year Fiscal Year
01/01/2011
to 31/12/2011 01/01/2010 to 31/12/2010 01/01/2009 to
31/12/2009
Total Income/Turnover 818,380,861 703,961,205 678,503,820
Cost of sales 31,304,625 19,202,703 21,784,912
Gross Profit/(Loss) 787,076,236 684,758,502 656,718,908
Admin/selling expenses 508,818,326 423,659,185 395,539,975
Services 66,560,569 58,187,833 58,246,681
Salaries 139,784,157 127,407,837 120,482,076
Auditors Fee 2,321,366 1,919,255 2,434,428
Stock Depreciation 13,298,067 16,847,513 15,944,688
Depreciation 34,339,865 34,055,709 37,169,773
Misc. Operating Expenses 12,303,283 136,101 153,592
Misc. Operating Income 20,337,444 1,544,627 ‑935,982
Net Operating Profit/(Loss) 29,988,047 24,089,696 25,811,713
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 1,801,468 3,259,468 5,264,420
Total Financial Income 1,801,468 3,259,468 5,264,420
Interest Payable/Finance costs 6,384,356 5,335,137 9,441,340
Misc. financial expenses 19,328,969 3,773,504 6,026,199
Total Financial Expenses 25,713,325 9,108,641 15,467,539
Profit/(Loss) before taxes 6,076,190 18,240,523 15,608,594
Income Tax 6,975,688 5,728,112 4,924,808
Other Tax
Profit/(Loss) after taxes ‑899,498 12,512,411 10,683,786
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) ‑899,498 12,512,411 10,683,786
Previous
years retained earnings
Current years net income 12,512,411 10,683,786
Misc.
additions in current year
Current
years net loss ‑899,498
Dividends in
current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of ‑899,498 12,512,411 10,683,786
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Date accounts obtained: 09/08/2012
Accounts obtained from: Subject's
accountant
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
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2011) (2011) Results (2010) (2010)
Liquidity
Ratios
Current Ratio 1.54 1.92 1.80 1.60
Acid Test Ratio 0.92 1.17 1.04 1.05
Accounts 0.15 0.35 0.17 0.33
Payable/Sales
Ratio
Current Liabilities/Net 0.83 0.10 0.65 1.56
Worth
Total Liabilities/Net 0.98 0.34 0.86 1.44
Worth
Fixed Assets/Net 57.49 73.37 55.85 45.57
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 96.17 97.21 97.27 95.27
Return on Capital 1.63 53.03 4.65 3.84
Employed (ROCE)(%)
Net Profit/Sales (%) 0.74 ‑4.82 2.59 ‑4.33
Return on Assets (%) 0.95 5.22 3.02 3.92
Efficiency
Ratios
Sales/Working Capital 5.64 3.05 4.18 18.66
Assets/Sales(%) 78.44 135.06 85.80 174.07
Shareholders 1.87 27.78 5.61 9.32
Return(%)
Average Inventory 1,902.96 3,989.30 3,028.11 54,914.83
Period
Average Collection 87.13 84.97 100.68 118.80
Period
Leverage
Ratios
Capital Employed 2.59 2.51 2.22 3.46
Capital Structure (%) 13.20 15.64 17.12 26.24
Number of 221 221
Companies within
the
industry
(NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
The statistical Industrial Average results are
calculated against companies within the database for the specific country.
Elements Taken Result for specific Total
Companies Used
company
DATE OF REGISTRATION 01/04/1974 780
TOTAL EMPLOYEES 1,800 770
SALES (2011) 71,952,045 64
SALES (2010) 61,892,269 213
NET PROFIT (2011) 534,219 38
NET PROFIT (2010) 1,100,091 216
TOTAL ASSETS (2011) 56,437,901 39
TOTAL ASSETS (2010) 53,104,189 220
Currency:
EUROS
Subject's payments reported to be: REGULAR
Other Comments
Other Comments: Patent N° : 30700330
Name/Title: Mr.
Abdelmajid Tlemçani Chief Accountant
Comment: Subject
has confirmed the general details shown in the report.
Reporter Comment Date: 09/08/2012
Reporter Comment: All legal forms in Morocco are obliged by law to be
registered with the Registry Office
(OMPIC
:
Office Marocain De La Propriete Industrielle Et Commerciale) which is publicly available.
Subject was found
registered and Information obtained from above official source is as follows :
Registered name / registration number / date of registration / registered address / legal form / capital / main principals – administrators / shareholders / shareholders% / related companies.
According to the Morocco Commercial Law, all legal forms except for proprietorship entities are obliged to file their financial accounts to the OMPIC.
Any other data stated in the report was obtained directly from the subject company and/or other publicly available information. Therefore it should be used as a point of reference as it is not possible to verify such data with official sources.
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
declining in strength.
Age of Business: The company is long
established in the local market.
Country: Morocco
Date: 19/06/2012 00:00:00
Economy: Fiscal situation
remains difficult in the first quarter June 2nd 2012
Government expenditure rose by 13.9% year on year in the first quarter of 2012, to Dh61.2bn (US$7bn). Current spending (excluding subsidies) grew at a rapid rate of 8.7% to Dh46.3bn, but subsidy costs were the main driver of the sharp rise in spending, increasing by 33.8% year on year to Dh14.9bn. This follows a surge in subsidy spending in 2011 and therefore comes off an already elevated base. The energy import bill grew by 27.2% year on year in the first quarter of 2012, to Dh21bn. Subsidies are a major burden on the public finances and are also highly erratic. In
1999‑2004 the cost of subsidies did not exceed an average of Dh5bn a year. Between 2005 and 2011 it ranged between Dh11bn in 2005 and a peak of Dh49bn in 2011, more than 50% higher than its previous record level in 2008 (Dh31bn). The new government has suggested that it will introduce a long‑awaited reform of the subsidy fund by the end of 2012 (February 2012, Economic policy), but the authorities are likely to tread carefully in such a politically sensitive area, and any proposal is unlikely to change the situation radically.
The wage bill remains another major strain on the public finances. It has grown from an annual average of Dh48bn in 1999‑2004 to Dh89bn in 2011. The wages and salaries bill expanded by 17% year on year to Dh24.9bn in the first quarter of 2012, accounting for 41% of ordinary expenditure. In these particularly turbulent times, the government will find it hard to cut back the public‑sector workforce.
Risk: Sovereign risk
Stable. Morocco's fiscal account will remain deeply in deficit, owing to high recurrent expenditure on subsidies and wages, but the shortfalls should be financed mostly by borrowing from domestic banks, thus keeping the external debt stock in check, although some new borrowing is likely.
Currency risk
Stable. The current exchange‑rate system—a managed float—will remain in place. The Moroccan dirham will strengthen against the troubled euro, causing exporters problems in their main market, but the central bank has some capacity to intervene, although foreign‑exchange reserves are falling.
Banking sector
risk
Stable. The banking sector has benefited from prudential regulation, relatively low levels of non‑performing loans (although these are rising) and limited direct foreign exposure, but government borrowing from the banks is a concern.
Political risk
The government will increase public spending in the short term to quell political and social protests over unemployment and poverty. Tensions over the disputed territory of Western Sahara may also lead to violent demonstrations.
Economic structure
risk
Dependence on
agriculture leaves economic performance vulnerable to weather conditions. The
fiscal and external deficits fluctuate in line with movements in international
commodity prices but are manageable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.