MIRA INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
COMATRAC SARL |
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Registered Office : |
Quartier Industriel Sidi Brahim Angle Avenues 801
& 809, Fes |
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Country : |
Morocco |
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|
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Financials (as on) : |
31.12.2010 |
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|
|
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Date of Incorporation : |
24.05.1972 |
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Com. Reg. No.: |
14622 |
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Legal Form : |
Societe A Responsibilite Limitee |
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|
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Line of Business : |
Weaving of
textiles |
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|
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|
No. of Employees
: |
32 |
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 : |
25,800 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Morocco |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMATRAC SARL
Current Recommended Credit: 25,800
EUR
Payment Record: NO COMPLAINTS
Registration Number: 14622
Registration Date: 24/05/1972
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2010
Nominal Capital: 17,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 12,800,000 Moroccan Dirham
Net Profit: N/A
Net Worth: 21,680,665 Moroccan Dirham
Company
Name: COMATRAC
SARL
Headquarter
Address: Quartier
Industriel Sidi Brahim Angle Avenues 801 & 809,
Fes,
Morocco
Telephone: +212522
235076
+212535 643518
Fax: +212522
238301
+212535 659021
E‑Mail: comatrac.casa@yahoo.fr
Company has
been in it's present legal form since: 2000
Company
was originally started as a SOCIETE ANONYME on 24/05/1972
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Quartier
Industriel Sidi Brahim Angle Avenues 801 & 809,
Fes
Registration
Number: 14622
Registration
Date: 24/05/1972
Year/Date
Company Established: 24/05/1972
Registration
Town: Fes
Tax
Registration Number: 04500724
Currency: Moroccan
Dirham
Authorized Capital: 17,000,000
Paid Up Capital: 17,000,000
Number
of Shares: 170,000 Type of
Shares: None Selected
Issued
Shares: 170,000 Value per share: MDH
100.00 Value of this type:
17,000,000.00
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting capital
Mr Mohamed Benmoussa, 40,800 24.00%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Mr Said Benmoussa, 35,700 21.00%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Mr Abdellah Benmoussa, 27,200 16.00%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Amina Benmoussa, 13,200 7.76%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Siham Benmoussa, 13,090 7.70%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Bouchra Benmoussa, 12,920 7.60%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Bahia Benmoussa, 12,504 7.36%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Mr Mohamed Ben Abdellah Benmoussa, 10,200 6.00%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Zhor Benmoussa, 2,193 1.29%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Ms Fatima Benmoussa, 2,193 1.29%
(VOTING)
50,
Allée Mimosas,
Fes,
Morocco
Name: Mr
Mohamed Benmoussa
Position within the company: Managing director
Date of Birth: 03/10/1956
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Mr
Mohamed Zda‑Ali
Position within the company: Financial Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
NACE Codes: 1320 Weaving of textiles ‑ 50%
4641 Wholesale
of textiles ‑ 50%
The
company is engaged in weaving, import and wholesale of furnishing fabrics.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Employees Company Employs: 32
HQ Premises Operates from: Owned Office , Factory
Premises Size: 3000
square meters
Location: Industrial
Area
Branches 100 Boulevard Abdelmoumen,
Casablanca,
Morocco
Branch is: Rented
Description of branch: Office
Imports
Imports Raw
Materials, Imports Finished Goods
Imports From: Turkey,
China, Italy
Importing Terms: Cash
against documents
Subject's Suppliers: Company
Name: LORO PIANA
Address: Italy
Company Name: H.
ZHONG LI
Address: China
Exports
Export % and type of product: Subject does not export
Trading
& Selling
Territory: 100%
Nationally
Type of Customer: Wholesalers
: TOP TISSUS, TEX DAY, CAVANIA
Number of accounts:
10
Vehicles: Total
number of vehicles:
1 trucks
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Banque
Populaire,
Branch:
Fes Moulay Driss
Avenue
des FAR ‑ Ville Nouvelle,
Fes,
Morocco
Account
Number: 21
211 131 5392 0005
Relationship
with Bank: is
reported to be good
Source: Mr.
Mohammed Zda‑Ali Financial Manager
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 12,800,000
12 31/12/2010 16,943,417 321,511 236,762
12 31/12/2009 14,289,668 (738,507) (809,988)
12 31/12/2008 20,770,000
12 31/12/2007 28,687,673 1,065,384 688,938
12 31/12/2006 25,203,762 1,126,040 939,870
BALANCE
SHEET
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009 As at: 31‑Dec
‑2007
Fixed Assets
Land & Buildings 1,315,815 1,397,993 1,562,349
Plant & Machinery 2,868,338 3,524,645 4,837,260
Furniture & Equipment 374,121 77,500 101,735
Motor
Vehicles 65,414
Misc. Fixed Assets 214,281 53,947 75,345
Total Fixed Assets 4,772,555 5,054,085 6,642,103
Financial Assets
Shares in Related Companies 106,400 106,400 106,400
Loans to related
companies
Investments 104,400 77,884 126,770
Deposits
Misc. Financial Assets 46,627 46,627 46,627
Total Financial Assets 257,427 230,911 279,797
Intangibles
Goodwill
Organisational
Expenses
Patents 37,118
Misc. Intangible
Assets
Total Intangible Assets 0 0 37,118
Current Assets
Stock 7,717,699 5,321,328 9,129,743
Stock
& Work in Progress 146,475 32,800
Trade Debtors & receivables 18,556,717 22,530,162 28,875,247
Provision for bad
debs
Other
receivables 32,287
Due from related
companies
Owed by shareholders
Prepaid
expenses 3,414 1,301
Cash 2,327,208 3,658,568 800,084
Tax recoverable 464,275 256,199 608,266
Marketable
Securities
Misc. Current Assets 19,472 20,581 24,432
Total Current Assets 29,235,260 31,819,125 39,471,873
Total Assets 34,265,242 37,104,121 46,430,891
Owner's Equity
& Liabilities
Issued and paid up capital 17,000,000 17,000,000 17,000,000
Share premium
account
Retained earnings 4,231,553 5,041,541 4,042,139
Net profit/Loss for the year 236,762 ‑809,988 688,938
Revaluation reserves
Legal Reserves 204,300 204,300 151,700
Other reserves 8,050 8,050 8,050
Net Worth 21,680,665 21,443,903 21,890,827
Deffered Taxation
Provisions/allowances
Mortgages/Loans 7,502,000 7,502,000 7,502,000
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 7,502,000 7,502,000 7,502,000
Current
Liabilities
Creditors 1,775,304 1,073,651 2,217,891
Other
creditors 77,534
Accruals 335 250 66,048
Bank
overdrafts/Loans 2,461,177
Misc. Loans
Directors accounts
Owing to shareholders 3,000,000 7,000,000 12,000,000
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 151,108 3,932 208,197
Advance receipts 52,389 52,389 52,389
Misc. Current Liabilities 25,907 27,996 32,362
Total Current Liabilities 5,082,577 8,158,218 17,038,064
Owner's Equity & Liabilities 34,265,242 37,104,121 46,430,891
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 01/01/2007
to
31/12/2007
Total Income/Turnover 16,943,417 14,289,668 28,687,673
Cost of sales 6,616,002 7,253,774 13,821,712
Gross Profit/(Loss) 10,327,415 7,035,894 14,865,961
Admin/selling expenses 8,172,564 3,417,423 6,827,153
Services 651,459 504,346 955,595
Salaries 2,016,055 1,945,583 2,387,530
Auditors Fee 156,449 163,486 253,557
Stock Depreciation ‑1,902,474 1,185,960 2,372,663
Depreciation 828,273 1,011,012 941,058
Misc. Operating
Expenses
Misc.
Operating Income 203,569 529,359
Net Operating Profit/(Loss) 608,658 ‑662,557 1,128,405
Interest Receivable/Finance Income 6,224 6,224 6,224
Group related income
Misc. Financial Income 7,201 148,388 12,151
Total Financial Income 13,425 154,612 18,375
Interest Payable/Finance costs 1,055 2,821 64,910
Misc. financial expenses 299,517 227,741 16,486
Total Financial Expenses 300,572 230,562 81,396
Profit/(Loss) before taxes 321,511 ‑738,507 1,065,384
Income Tax 84,749 71,481 376,446
Other Tax
Profit/(Loss) after taxes 236,762 ‑809,988 688,938
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 236,762 ‑809,988 688,938
Previous years
retained earnings
Current
years net income 236,762 688,938
Misc. additions in
current year
Current
years net loss ‑809,988
Dividends in current
year
Withdrawals in
current year
Misc. deductions in
current year
Retained earnings at end of 236,762 ‑809,988 688,938
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
Date accounts obtained: 16/02/2012
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
Actual Company Industrial
Averages Actual Company Industrial Averages
Results (2010) (2010) Results (2009) (2009)
Liquidity Ratios
Current Ratio 5.75 1.50 3.90 1.45
Acid Test Ratio 4.20 0.97 3.25 0.91
Accounts 0.10 0.32 0.08 0.42
Payable/Sales Ratio
Current Liabilities/Net 0.23 4.34 0.38 ‑15.92
Worth
Current 0.65 2.63 3.50
Liabilities/Inventory
Total Liabilities/Net 0.58 4.49 0.73 ‑15.70
Worth
Fixed Assets/Net 22.01 45.21 23.57 53.22
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 60.95 26.44 49.24 23.08
Return on Capital 1.10 17.81 ‑2.55 ‑102.25
Employed (ROCE)(%)
Net Profit/Sales (%) 1.90 0.88 ‑5.17 1.63
Return on Assets (%) 0.94 3.79 ‑1.99 3.83
Efficiency Ratios
Sales/Working Capital 0.70 6.87 0.60 4.69
Assets/Sales(%) 202.23 109.72 259.66 125.91
Shareholders 1.48 15.15 ‑3.44 ‑100.12
Return(%)
Average Inventory 359.68 192.41 171.30
Period
Average Collection 442.55 148.60 138.21
Period
Sales/Inventory 2.15 4.78 5.04
Leverage Ratios
Capital Employed 0.78 5.58 0.67 12.79
Capital Structure (%) 25.71 17.08 25.92 27.66
Number
of 525 525
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
Elements Taken Result
for specific
company
DATE OF REGISTRATION 24/05/1972
TOTAL EMPLOYEES 32
SALES (2010) 1,489,665
SALES (2009) 1,256,348
NET PROFIT (2010) 20,816
NET PROFIT (2009) ‑64,930
TOTAL ASSETS (2010) 3,012,600
TOTAL ASSETS (2009) 3,262,194
Currency: EUROS
Subject's payments reported to be: NO COMPLAINTS
Auditors: Mr.
Abdelaziz Moufarreh
Avenue Lalla Meriem ‑ Fes
Other Comments: Patent
N° : 13245514
Name/Title: Mr.
Mohamed Zda‑Ali Financial Manager
Comment: Subject
has confirmed the general details shown in the report.
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/ shareholder %/
financial information.
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.
Age of Business: The
company is a long established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
UK Pound |
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.