MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
AGRIN MAROC |
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Registered Office : |
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 : |
29.12.1992 |
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Com. Reg. No.: |
17325 |
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Legal Form : |
Societe
Anonyme |
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Line of Business : |
Seed processing for propagation |
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No. of Employees
: |
45 |
RATING & COMMENTS
|
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 : |
231,700 EUR |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Morocco |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
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
AGRIN MAROC
Rating
Briefing
Current Recommended Credit: 231,700 EUR
Payment Record: NO COMPLAINTS
Registration
Briefing
Registration Number: 17325
Registration Date: 29/12/1992
Legal Form: SOCIETE ANONYME
Latest Financials: Δεκέμβριος
31, 2010
Financial
Briefing
Nominal Capital: 8,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 115,000,000 Moroccan Dirham
Net Profit: 4,300,000 Moroccan Dirham
Net Worth: 24,132,847 Moroccan Dirham
Company
Details
Company
Name: AGRIN
MAROC
Headquarter
Address: Quartier
Industriel Sidi Brahim,
Fes,
Morocco
Postal
Address: P.O.Box
1683,
Fes 30003
Telephone: +212535
641463
Fax: +212535
640226
E‑Mail: agrin@agrinmaroc.ma
Web
Site: www.agrinmaroc.ma
Company
was originally started on 1993
Registration
& Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: Quartier
Industriel Sidi Brahim,
Fes
Registration
Number: 17325
Registration
Date: 29/12/1992
Year/Date
Company Established: 1993
Registration
Town: Fes
Tax
Registration Number: 04500811
Capital
Currency: Moroccan
Dirham
Authorized Capital: 8,000,000
Paid Up Capital: 8,000,000
Previous Capital amount: 4,000,000
Capital
increase on 2010 to 4,000,000
Authorized
Capital Breakdown
Number of Shares: 80,000 Type of Shares: None Selected
Issued Shares: 80,000 Value per share:
MDH 100.00 Value of this
type:
8,000,000.00
Shareholders
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Mouhssine Chami, 69,600 87.00%
(VOTING)
Fes,
Morocco
Ms. Nadia Chami, 8,000 10.00%
(VOTING)
Fes,
Morocco
Ms. Fatima Taoudi Benchekroun, 2,400 3.00%
(VOTING)
Fes,
Morocco
Principals
Name: Mr
Mouhssine Chami
Position within the company: President and managing
director
Date of Birth: 1971
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Ms
Fettouma Ourahma
Position within the company: Commercial Manager
Date of Birth: 1953
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Mr
Mohamed Taif
Position within the company: Administration &
Financial Manager
Additional Information: Mail :
taif@agrinmaroc.ma
Date of Birth: 1978
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Company
Activities
NACE Codes: 0164 Seed processing for propagation
4621 Wholesale
of grain, unmanufactured tobacco, seeds and animal feeds
4661 Wholesale
of agricultural machinery, equipment and supplies
The
company has 3 main activities :
* Import
and distribution of seeds & agricultural equipment,
* Seed
processing,
* Export
of spices, dried herbs and aromatic plants.
Local Reporters
consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company Employs: 45
HQ
Premises Operates from: Owned Rented Offices , Shop, Factory,
Warehouses,
Laboratory
Premises Size: 7500
square meters
11500 square meters site
Location: Industrial
Area
Branches 54 Rue Amr Ibn Al Ass,
Roches Noires,
Casablanca,
Morocco
Branch is: Rented
Description of branch: Warehouse
Imports
Import % and type of product: 60% Finished Goods
Imports From: USA,
Netherlands, France, Estonia,
Australia,
United Kingdom, Spain
Importing Terms: Bank
transfer
Additional Information: C.O.D
Letters of credit
Subject's Suppliers: Company
Name: KEKKILA
Company Name: CAITHNESS
POTATOES
Company Name: HZPC
Company Name: SGA
Company Name: DIAMOND
SEEDS
Company Name: CIFARELLI
Company Name: RAGT
Company Name: TAKI
Agencies:
CIFARELLI
CALIFORNIA
KEKKILA
Exports
Export % and type of product: 40%
Exports To: USA,
Canada, Turkey, Netherlands
Exporting Terms: bank
transfer
Additional Information: C.O.D
Trading
& Selling
Territory: 60%
Nationally, 40% International
Type of Customer: Wholesalers
& Semi‑wholesalers
Number of accounts:
25
Vehicles: Total
number of vehicles: 9
8 cars
1 lorries
Related
Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
BMCE
Bank,
Branch:
Centre d'Affaires Fes
Place
Mohamed V,
Fes,
Morocco
Account
Number: 011
270 000001 210 6081256
Banque
Marocaine pour le Commerce et l'Industrie,
Branch:
Fes Succursale
3 Place
Houssein de Jordanie, Route d'Immouzer,
Fes,
Morocco
Account
Number: 013
270 010560006950016742
Financial
Information
Source: Mr.
Mohamed Taif Financial Manager
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 115,000,000 4,300,000
12 31/12/2010 111,970,655 5,527,438 4,078,681
12 31/12/2009 97,355,748 4,748,652 3,457,188
12 31/12/2008 125,572,069 6,074,741 4,532,319
Balance
Sheet & Profit & Loss
BALANCE
SHEET
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land
& Buildings 1,706,671 955,390
Plant
& Machinery 6,294,555 1,736,941
Furniture
& Equipment 320,374 356,246
Motor
Vehicles 157,509 275,330
Misc. Fixed Assets
Total Fixed Assets 8,479,109 3,323,907
Financial Assets
Shares
in Related Companies 50,000 50,000
Loans to related
companies
Investments 101,636 202,285
Deposits
Misc.
Financial Assets 8,430,360 8,430,360
Total Financial Assets 8,581,996 8,682,645
Intangibles
Goodwill 515,000 515,000
Organisational
Expenses 34,887 4,767
Patents 2,943 12,642
Misc.
Intangible Assets 266,040 165,600
Total Intangible Assets 818,870 698,009
Current Assets
Stock 21,558,792 21,908,952
Stock & Work in
Progress
Trade
Debtors & receivables 16,947,102 9,316,721
Provision for bad
debs
Other receivables
Due from related
companies
Owed by shareholders
Prepaid
expenses 1,128,490 110,683
Cash 15,388,566 15,547,864
Tax
recoverable 2,591,635 2,065,416
Marketable
Securities
Misc.
Current Assets 178,656 6,209,832
Total Current Assets 57,793,241 55,159,468
Total Assets 75,673,216 67,864,029
Owner's Equity
& Liabilities
Issued
and paid up capital 8,000,000 4,000,000
Share premium
account
Retained
earnings 11,554,166 8,096,978
Net
profit/Loss for the year 4,078,681 3,457,188
Revaluation reserves
Legal
Reserves 400,000 400,000
Other
reserves 100,000 100,000
Net
Worth 24,132,847 16,054,166
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total Long Term Liabilities 0 0
Current
Liabilities
Creditors 39,952,266 34,371,330
Other
creditors 4,084,497 4,566,115
Accruals 25,799 28,649
Bank
overdrafts/Loans 3,939,039 5,951,805
Misc. Loans
Directors accounts
Owing
to shareholders 2,098,267 5,816,477
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 305,475 362,240
Advance
receipts 439,035 308,572
Misc.
Current Liabilities 695,991 404,675
Total Current Liabilities 51,540,369 51,809,863
Owner's Equity & Liabilities 75,673,216 67,864,029
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 111,970,655 97,355,748
Cost of
sales 50,680,440 33,624,819
Gross
Profit/(Loss) 61,290,215 63,730,929
Admin/selling
expenses 38,191,626 47,100,908
Services 11,700,450 10,398,371
Salaries 3,476,473 2,537,852
Auditors
Fee 4,959,822 3,179,047
Stock Depreciation
Depreciation 940,010 848,272
Misc. Operating
Expenses
Misc.
Operating Income 3,683,667 5,482,103
Net Operating Profit/(Loss) 5,705,501 5,148,582
Interest
Receivable/Finance Income 160,562 138,374
Group related income
Misc.
Financial Income 833,179 896,458
Total
Financial Income 993,741 1,034,832
Interest
Payable/Finance costs 97,343 138,239
Misc.
financial expenses 1,074,461 1,296,523
Total
Financial Expenses 1,171,804 1,434,762
Profit/(Loss)
before taxes 5,527,438 4,748,652
Income
Tax 1,448,757 1,291,464
Other Tax
Profit/(Loss)
after taxes 4,078,681 3,457,188
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss) 4,078,681 3,457,188
Previous years
retained earnings
Current
years net income 4,078,681 3,457,188
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 4,078,681 3,457,188
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
Auditors
Comments
Date accounts obtained: 02/02/2012
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
FINANCIAL
RATIOS / COMPARATIVE DATA
Actual Company Industrial
Averages Actual Company Industrial Averages
Results (2010) (2010) Results (2009) (2009)
Liquidity Ratios
Current Ratio 1.12 1.48 1.06 1.45
Acid Test Ratio 0.70 0.95 0.64 0.91
Accounts 0.36 0.31 0.35 0.42
Payable/Sales Ratio
Current Liabilities/Net 2.14 4.32 3.23 ‑16.25
Worth
Total Liabilities/Net 2.14 4.44 3.23 ‑16.03
Worth
Fixed Assets/Net 35.14 43.82 20.70 53.69
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 54.74 26.63 65.46 23.03
Return on Capital 22.90 18.67 29.58 ‑104.14
Employed (ROCE)(%)
Net Profit/Sales (%) 4.94 1.25 4.88 1.62
Return on Assets (%) 7.30 3.93 7.00 3.85
Efficiency Ratios
Sales/Working Capital 17.91 6.16 29.06 4.49
Assets/Sales(%) 67.58 105.21 69.71 126.04
Shareholders 22.90 16.69 29.58 ‑101.99
Return(%)
Average Inventory 156.53 183.62 171.51
Period
Average Collection 42.81 142.49 138.90
Period
Leverage Ratios
Capital Employed 4.80 7.18 6.34 7.76
Number
of 516 516
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
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: ACCONCIL
199, Angle Boulevard Zerktouni & Rue Chella 5° Etage ‑
Casablanca
Tel: 212522 947101
Other
Comments
Other Comments: Patent
N° : 13246185
Interview
& Reporter Comments
Name/Title: Mr.
Mohamed Taif Financial Manager
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.
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.
Age of
Business: The
company is a long established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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.