|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PASTOR SA |
|
|
|
|
Registered Office : |
45 Rue
Ennasrine, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
11.03.1954 |
|
|
|
|
Com. Reg. No.: |
23693 |
|
|
|
|
Legal Form : |
Societe
Anonyme |
|
|
|
|
Line of Business : |
Manufacture
of cocoa, chocolate and sugar confectionery ‑ 100% |
|
|
|
|
No. of Employees : |
250 |
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 : |
291,900 EUR |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PASTOR SA
Current Recommended
Credit: 291,900 EUR
Payment Record: NO COMPLAINTS
Registration Number: 23693
Registration Date: 03/11/1954
Legal Form: SOCIETE
ANONYME
Latest Financials: December 31,
2010
Nominal Capital: 55,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 159,348,332
Moroccan Dirham
Net Profit: 2,126,519
Moroccan Dirham
Net Worth: 74,539,233
Moroccan Dirham
Company Name: PASTOR SA
Headquarter Address: 45 Rue Ennasrine,
Beauséjour,
Casablanca
20200,
Morocco
Telephone: +212522
791011
Fax: +212522
365492
E‑Mail: info@pastor‑macao.com
Web Site: www.pastor‑macao.com
Company was originally started by
Raphael Pastor, Louis Pastor and Lahcen Amoukal as a SOCIETE ANONYME on
03/11/1954
Current Legal Form: SOCIETE ANONYME
Registration Address: 45 Rue Ennasrine,
Casablanca
Registration Number: 23693
Registration Date: 03/11/1954
Year/Date Company Established: 03/11/1954
Registration Town: Casablanca
Tax Registration Number: 02220160
Currency: Moroccan
Dirham
Authorized Capital: 55,000,000
Paid Up Capital: 55,000,000
Previous Capital amount:
40,000,000
Capital increase on 2009
Number of Shares: 550,000 Type
of Shares: None Selected
Issued Shares: 550,000 Value per share: MDH
100.00
Value
of this type: 55,000,000.00
Shareholders:
Name/Other Information Shares
Held % of Voting/Non‑Voting
capital
Mr Lahcen Amoukal, 488,870 88.88% (VOTING)
Morocco
Mr Mohamed Ben Faris
Amoukal, 7,172 1.30%
(VOTING)
Morocco
Mr Mohamed Ben Lahcen
Amoukal, 7,172 1.30%
(VOTING)
Morocco
Ms Zahra Amoukal, 3,642 0.66%
(VOTING)
Morocco
Mr Brahim Amoukal, 7,172 1.30%
(VOTING)
Morocco
Mr Hassan Amoukal, 7,172 1.30%
(VOTING)
Morocco
Mr Said Amoukal, 7,172 1.30%
(VOTING)
Morocco
Mr Abderrahim Amoukal,
7,172 1.30%
(VOTING)
Morocco
Mr Hamid Amoukal, 7,172 1.30%
(VOTING)
Morocco
Ms Latifa Amoukal, 3,642 0.66%
(VOTING)
Morocco
Ms Khadija Amoukal, 3,642 0.66%
(VOTING)
Morocco
Name: Mr
Lahcen Amoukal
Position within the
company: President
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Mohamed Amoukal
Position within the
company: Administrator &
General Director
Date of Birth: 21/07/1963
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Abdeslam Allout
Position within the
company: Financial Director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
NACE Codes: 1082 Manufacture
of cocoa, chocolate and sugar confectionery ‑ 100%
Local Reporters consider the
investigated company to be LARGE in their field of concern.
Employees Company
Employs: 250
HQ Premises Operates
from: Rented Offices , Factory,
Warehouse
Location: Central Business Area
Brands: FANCY
MACAO
‑
PASTOR
‑
Trading & Selling
Territory: 95% Nationally, 5%
International
Type
of Customer: Wholesalers, Distributors
& Supermarkets
Affiliates
Information on
Related Companies is not available/applicable
Société Générale,
Branch: TC Yacoub El Mansour
178 Boulevard Yacoub El Mansour,
Casablanca,
Morocco
BMCE Bank,
Branch: Hassan II
140 Avenue Hassan II,
Casablanca,
Morocco
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2010 159,348,332 3,406,527 2,126,519
12 31/12/2009 158,334,368 2,952,826 2,011,391
12 31/12/2008 152,166,228 2,283,213 1,519,998
12 31/12/2007 131,797,049 2,061,601 1,358,024
12 31/12/2006 124,613,063 2,549,477 1,664,938
12 31/12/2005 112,666,472 2,532,106 1,644,900
12 31/12/2004 105,408,569 2,366,520 1,549,986
12 31/12/2003 110,503,310 1,850,671 1,190,908
12 31/12/2002 114,636,988 2,159,012 1,399,576
12 31/12/2001 106,627,427 2,175,835 1,405,680
BALANCE
SHEET
As at: 31‑Dec‑2010 Asat: 31‑Dec‑2009 As at: 31‑Dec‑2008
Fixed Assets
Land & Buildings
Plant & Machinery 14,645,689 14,682,954 13,066,299
Furniture & Equipment 821,093 1,151,120 965,103
Motor Vehicles 666,978 8,785 188,461
Misc. Fixed Assets
Total Fixed Assets 16,133,760 15,842,859 14,219,863
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets 170,130 `
715,601 662,163
Total Financial Assets 170,130 715,601 662,163
Intangibles
Goodwill
Organisational Expenses 2,133,465 1,543,430 76,410
Patents
Misc. Intangible Assets
Total Intangible Assets 2,133,465 1,543,430 76,410
Current Assets
Stock 49,808,066 69,456,497 84,285,975
Stock & Work in Progress
Trade Debtors & receivables 39,745,559 32,668,743 33,286,592
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses 955,420 2,290,656 1,097,431
Cash 13,180,499 6,483,734 3,698,198
Tax recoverable 9,771,172 8,331,762 8,410,340
Marketable Securities
Misc. Current Assets 93,691 141,925 78,265
Total Current Assets 113,554,407 119,373,317 130,856,801
Total Assets 131,991,762 137,475,207 145,815,237
Owner's Equity & Liabilities
Issued and paid up capital 55,000,000 55,000,000 40,000,000
Share premium account
Retained earnings 16,090,822 14,180,001 12,736,002
Net profit/Loss for the year 2,126,519 2,011,391 1,519,998
Revaluation reserves
Legal Reserves 1,192,792 1,092,222 1,016,222
Other reserves 129,100 129,100 129,100
Net Worth 74,539,233 72,412,714 55,401,322
Deffered Taxation
Provisions/allowances
Mortgages/Loans 21,951,539 25,000,000
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term Liabilities 21,951,539 25,000,000 0
Current Liabilities
Creditors 25,499,480 24,719,283 24,200,335
Other creditors 1,076,747 1,076,747
Accruals 372,000 182,300 42,000
Bank overdrafts/Loans 419,538 700,584
Misc. Loans
Directors accounts
Owing to shareholders 1,641 7,001,641 58,512,141
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 8,820,188 6,805,107 5,778,268
Advance receipts 96,675 64,665
Misc. Current Liabilities 291,468 212,750 103,840
Total
Current Liabilities 35,500,990 40,062,493 90,413,915
Owner's
Equity & Liabilities 131,991,762 137,475,207 145,815,237
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 01/01/2008 to 31/12/2008
Total Income/Turnover 159,348,332 158,334,368 152,166,228
Cost of sales
Gross Profit/(Loss) 159,348,332 158,334,368 152,166,228
Admin/selling expenses 119,222,170 119,647,256 125,603,107
Services 20,268,929 18,400,193 19,943,930
Salaries 7,811,106 6,873,472 7,107,290
Auditors Fee 408,719 405,976 563,732
Stock Depreciation 5,431,484 7,150,009 ‑6,274,811
Depreciation 3,236,379 3,012,632 1,363,504
Misc. Operating Expenses
Misc. Operating Income
Net Operating Profit/(Loss) 2,969,545 2,844,830 3,859,476
Interest Receivable/Finance Income 1,994
Group related income
Misc. Financial Income 2,755,433 693,311 476,593
Total Financial Income 2,757,427 693,311 476,593
Interest Payable/Finance costs 1,179,590 114,612 1,080,019
Misc. financial expenses 1,140,855 470,703 972,837
Total Financial Expenses 2,320,445 585,315 2,052,856
Profit/(Loss) before taxes 3,406,527 2,952,826 2,283,213
Income Tax 1,280,008 941,435 763,215
Other Tax
Profit/(Loss) after taxes 2,126,519 2,011,391 1,519,998
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 2,126,519 2,011,391 1,519,998
Previous years retained earnings
Current years net income 2,126,519 2,011,391 1,519,998
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 2,126,519 2,011,391 1,519,998
financial period
Average employees
Date accounts obtained: 24/02/2012
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 3.20 1.71 2.98 1.58
Acid Test Ratio 1.80 1.07 1.25 1.06
Accounts 0.16 0.27 0.16 0.35
Payable/Sales Ratio
Current Liabilities/Net 0.48 ‑0.08 0.55 3.57
Worth
Total Liabilities/Net 0.77 ‑1.90 0.90 4.02
Worth
Fixed Assets/Net 21.64 ‑171.26 21.88 144.11
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 94.60 100.00 94.12
Return on Capital 3.53 15.03 3.03 13.62
Employed (ROCE)(%)
Net Profit/Sales (%) 2.14 4.08 1.86 ‑5.93
Return on Assets (%) 2.58 4.75 2.15 3.31
Efficiency Ratios
Sales/Working Capital 2.04 26.40 2.00 3.24
Assets/Sales(%) 82.83 129.34 86.83 167.07
Shareholders 4.57 34.81 4.08 10.58
Return(%)
Average Collection 82.94 118.08 76.02 116.11
Period
Leverage Ratios
Capital Employed 2.20 3.69 2.23 5.07
Capital Structure (%) 22.75 23.98 25.66 26.80
Number
of 326 326
Companies within the
industry (NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
Date accounts obtained: 24/02/2012
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 3.20 1.71 2.98 1.58
Acid Test Ratio 1.80 1.07 1.25 1.06
Accounts 0.16 0.27 0.16 0.35
Payable/Sales Ratio
Current
Liabilities/Net 0.48 ‑0.08 0.55 3.57
Worth
Total
Liabilities/Net 0.77 ‑1.90 0.90 4.02
Worth
Fixed
Assets/Net 21.64 ‑171.26 21.88 144.11
Worth (%)
Profitability Ratios
Gross Profit
Ratio (%) 100.00 94.60 100.00 94.12
Return on
Capital 3.53 15.03 3.03 13.62
Employed (ROCE)(%)
Net
Profit/Sales (%) 2.14 4.08 1.86 ‑5.93
Return on
Assets (%) 2.58 4.75 2.15 3.31
Efficiency Ratios
Sales/Working
Capital 2.04 26.40 2.00 3.24
Assets/Sales(%) 82.83 129.34 86.83 167.07
Shareholders 4.57 34.81 4.08 10.58
Return(%)
Average
Collection 82.94 118.08 76.02 116.11
Period
Leverage Ratios
Capital
Employed 2.20 3.69 2.23 5.07
Capital
Structure (%) 22.75 23.98 25.66 26.80
Number of 326 326
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
Elements
Taken Result for specific
company
DATE OF
REGISTRATION 03/11/1954
TOTAL EMPLOYEES 250
SALES (2010) 14,009,905
SALES (2009) 13,920,758
NET PROFIT
(2010) 186,964
NET PROFIT
(2009) 176,841
TOTAL ASSETS
(2010) 11,604,716
TOTAL ASSETS
(2009) 12,086,820
Currency: EUROS
Subject's payments reported to be: NO
COMPLAINTS
Other Comments
Other Comments: Patent N° :
34807820
Interview & Reporter
Comments
Date 22/02/2012
Name/Title: Mr.
Abdeslam Allout Financial Director
Comment: We have sent a fax/e‑mail/questionnaire
however no reply has been received as of yet.
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% / 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.
In the interview
conducted with Mr. Abdeslam Allout, Financial Director, he asked us to send him
a letter for information, however there is no reply was received as of yet.
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 showing
an upward turn.
Age of Business: The
company is a long established family run business.
Country: Morocco
Date: 21/02/2012 00:00:00
Source: Economist Intelligence Unit
Economy: Economy grew by 4.8% in third quarter of 2011
January 11th
2012
Morocco's
economy expanded by 4.8% year on year in real terms in the third quarter of 2011,
compared with growth of 3.1% in the same period of 2010. According to the Haut
commissariat au plan, Morocco's statistics agency, domestic demand was the
primary driver of growth. Privateconsumption rose by 7.3% year on year and
government consumption was up by 5.2%. Fixed investment
rose by 4.6%. However, imports of goods and services continued to be exert a
major drag on economic performance, up nearly 15% year on year, a faster pace
than at the start of 2011, while export volume growth has slowed.
At a meeting of its
board, Bank al‑Maghrib (BAM; the central bank) revised down its estimate
of overall 2011 GDP growth to between 4% and 5% from 4.5% to 5.5% (the
Economist Intelligence Unit estimates the economy expanded by 4.4%). The bank
cited lower tourism revenue and weaker exports of phosphates and associated
products. BAM expects 2012 real GDP growth of 4‑5% unless there is a
serious deterioration in European economies, but we forecast that growth will
be weaker.Post and telecommunications was the fastest growing segment of the
economy, up 19% in real terms to the end of September while social spending and
construction and public works also recorded significant growth rates of 8.1%
and 7.1% respectively. Agriculture, the single largest component of Morocco's
economy, expanded by 4.1%. Hotels and restaurants shrank in the third quarter
by 2.6% year on year. Given that this period encompassed the summer months, in
which Morocco generally receives large amounts of tourists, the decline in this
sector confirms reports that visitors, particularly those from Europe, are
reducing travel to Morocco. The absence of large numbers of European tourists
who may be reluctant to spend on holidays abroad given the precarious economic
conditions at home, has been compounded by the fact that the Islamic holy month
of Ramadan fell in the month of August in 2011. Ramadan will continue to fall
in summer months for the next six years.
Risk: January 16th 2012
Sovereign
risk
Stable. Morocco's
sovereign debt risk has been downgraded to B. The fiscal account will remain
deeply in deficit, owing to high recurrent expenditure on subsidies and wages,
but this should be financed mostly by borrowing from domestic banks.
Currency risk
Stable. The current
exchange‑rate system—a managed float—will remain in place. The Moroccan
dirham is strengthening against the euro, but the central bank has the capacity
to intervene if necessary to protect exporters.
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. The
government is encouraging saving among rural Moroccans and expatriates in an
effort to improve liquidity.
Political risk
The government will
increase public spending in the short term to quell political and social unrest
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 international commodity
prices but are manageable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.06 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
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.