MIRA INFORM REPORT
|
Report Date : |
10.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
LINACHIMIE |
|
|
|
|
Registered Office : |
Lot
89 Parc Industriel CFCIM de Bouskoura, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.09.2001 |
|
|
|
|
Com. Reg. No.: |
111305 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Manufacture of other chemical products |
|
|
|
|
No. of Employees
: |
15 |
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 : |
51,000
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 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
LINACHIMIE
Rating Briefing
Current
Recommended Credit: 51,000
EUR
Payment
Record: NO
COMPLAINTS
Registration Briefing
Registration
Number: 111305
Registration
Date: 13/09/2001
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 3,500,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 27,821,527
Moroccan Dirham
Net
Profit: 1,446,224
Moroccan Dirham
Net
Worth: 8,230,939
Moroccan Dirham
Company Details
Company
Name: LINACHIMIE
Headquarter
Address: Lot
89 Parc Industriel CFCIM de Bouskoura,
Casablanca,
Morocco
Telephone: +212522
592172
+212522 592175
Fax: +212522
592169
E‑Mail: linaci1@menara.ma
Company was originally started on
06/09/2001
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Lot
89 Parc Industriel CFCIM de Bouskoura,
Casablanca
Registration
Number: 111305
Registration
Date: 13/09/2001
Year/Date
Company Established: 06/09/2001
Registration
Town: Casablanca
Tax
Registration Number: 1005378
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 3,500,000
Paid
Up Capital: 3,500,000
Authorized Capital Breakdown
Number of Shares: 35,000 Type of Shares: None Selected
Issued Shares: 35,000 Value per share: MDH 100.00 Value of this type: 3,500,000.00
Shareholders
Shareholders:
Name/Other Information Shares
Held % of
Voting
/Non‑Voting
capital
Mrs.
Fawzia Belahcen, 8,750 25.00%
(VOTING)
Casablanca,
Morocco
Mr.
Fouad Janati Idrissi, 8,750 25.00%
(VOTING)
Casablanca,
Morocco
Mr.
Abdelhak Ouardan, 8,750 25.00%
(VOTING)
Casablanca,
Morocco
Mr.
Ahmed Hjiej, 8,750 25.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Fouad Janati Idrissi
Position
within the company: Managing
director
Date
of Birth: 28/12/1958
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Abdelhak Ouardan
Position
within the company: Joint
Managing director
Date
of Birth: 02/10/1962
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Fawzia Belahcen
Position
within the company: Manager
Date
of Birth: 07/11/1959
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Ahmed Hjiej
Position
within the company: Manager
Date
of Birth: 01/01/1957
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 2059 Manufacture of other chemical
products n.e.c. ‑ 70%
4675 Wholesale of chemical products ‑
30%
The
company is engaged in manufacture, import and wholesale of chemical products.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company Employs: 15
HQ Premises Operates from: Rented
Offices , Factory
Premises Size: 3170
square meters site
Location: Industrial
Area
Imports
Import % and type of product: 80% Finished Goods
Imports From: USA,
Europe, India, China
Importing Terms: 90
days credit, bank transfer
Subject's Suppliers: Company
Name: CELANESE CHEMICAL
Address: USA
Company Name: ANADOLU
Address: Turkey
Company Name: INDIAN
CHEMICAL
Address: India
Company Name: BV
VEREENIGDE
Address: Netherlands
Company Name: KH
CHEMICAL
Address: China
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100% Nationally
Type of Customer: Industrial Companies, Wholesalers & Retailers
Number of accounts: 360
Vehicles: Total number of vehicles: 5
1 trucks
4 cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not available/applicable
Bankers
Société
Générale,
Branch:
Emile Zola
152
Boulevard Emile Zola,
Casablanca,
Morocco
Account
Number: 022780
000068 00 05232 631 74
Banque
Populaire,
Branch:
Haj Omar
Km
7.3, Route de Rabat ‑ Ain Sebaa,
Casablanca,
Morocco
Account
Number: 190
780 01211 3192915 000 849
Financial Information
Source: Subject
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2011 25,535,410 (Projection)
12 31/12/2010 27,821,527 2,066,840 1,446,224
12 31/12/2009 22,323,791 1,782,878 1,247,195
12 31/12/2008 29,277,592 848,482
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land & Buildings 1,637,967 1,780,568
Plant &
Machinery 692,092 721,132
Furniture &
Equipment 195,445 226,534
Motor Vehicles 12,258 18,387
Misc. Fixed Assets
Total Fixed
Assets 2,537,762 2,746,621
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 125,337 90,554
Total Financial
Assets 125,337 90,554
Intangibles
Goodwill
Organisational
Expenses 3,520 8,897
Patents 8,269 10,567
Misc. Intangible Assets
Total Intangible
Assets 11,789 19,464
Current Assets
Stock 2,594,474 908,850
Stock & Work in Progress
Trade Debtors &
receivables 16,661,320 11,033,038
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses
Cash 6,688 113,123
Tax recoverable 1,562,564 1,260,585
Marketable Securities
Misc. Current Assets 9,881 2,027
Total Current
Assets 20,834,927 13,317,623
Total Assets 23,509,815 16,174,262
Owner's Equity & Liabilities
Issued and paid up
capital 3,500,000 3,500,000
Share premium account
Retained earnings 3,098,966 1,914,130
Net profit/Loss for
the year 1,446,224 1,247,195
Revaluation reserves
Legal Reserves 185,749 123,389
Other reserves
Net Worth 8,230,939 6,784,714
Deffered Taxation
Provisions/allowances
Mortgages/Loans 122,220
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 0 122,220
Current Liabilities
Creditors 7,580,844 6,160,947
Other creditors
Accruals 2,281 2,281
Bank
overdrafts/Loans 3,827,037 276,506
Misc. Loans
Directors accounts
Owing to
shareholders 563,961 285,513
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 2,927,823 2,218,737
Advance receipts
Misc. Current
Liabilities 376,930 323,344
Total Current
Liabilities 15,278,876 9,267,328
Owner's Equity
& Liabilities 23,509,815 16,174,262
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 27,821,527 22,323,791
Cost of sales 6,589,923 5,216,092
Gross Profit/(Loss) 21,231,604 17,107,699
Admin/selling
expenses 15,794,157 11,127,155
Services 1,404,252 2,177,394
Salaries 1,495,485 1,438,743
Auditors Fee 16,015 40,699
Stock Depreciation ‑50,542 29,861
Depreciation 353,523 346,238
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 2,218,714 1,947,609
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 223,766 44,274
Total Financial
Income 223,766 44,274
Interest
Payable/Finance costs 215,107 128,494
Misc. financial
expenses 160,533 80,511
Total Financial
Expenses 375,640 209,005
Profit/(Loss)
before taxes 2,066,840 1,782,878
Income Tax 620,616 535,683
Other Tax
Profit/(Loss)
after taxes 1,446,224 1,247,195
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 1,446,224 1,247,195
Previous years retained earnings
Current years net
income 1,446,224 1,247,195
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 1,446,224 1,247,195
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date
accounts obtained: 09/01/2012
Accounts
obtained from: Subject
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 1.36 1.77 1.44 1.58
Acid Test Ratio 1.19 1.11 1.34 1.06
Accounts 0.27 0.26 0.28 0.36
Payable/Sales Ratio
Current
Liabilities/Net 1.86 ‑0.57 1.37 3.65
Worth
Total
Liabilities/Net 1.86 ‑2.89 1.38 4.11
Worth
Fixed Assets/Net 30.83 ‑230.59 40.48 147.12
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 76.31 94.14 76.63 94.15
Return on Capital 25.11 16.70 25.81 14.30
Employed (ROCE)(%)
Net Profit/Sales (%) 7.43 4.29 7.99 ‑6.23
Return on Assets (%) 8.79 5.19 11.02 3.47
Efficiency Ratios
Sales/Working
Capital 5.01 30.91 5.51 3.40
Assets/Sales(%) 84.50 133.35 72.45 170.25
Shareholders 25.11 41.04 26.28 11.09
Return(%)
Average Inventory 97.02 14,313.07 505,337.17
Period
Average Collection 181.67 119.69 115.86
Period
Leverage Ratios
Capital Employed 3.38 3.58 3.30 5.13
Number of 311 311
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 13/09/2001 597 737
TOTAL EMPLOYEES 15 687 729
SALES (2010) 2,446,069 109 150
SALES (2009) 1,962,708 219 305
NET PROFIT (2010) 127,152 52 118
NET PROFIT (2009) 109,653 140 307
TOTAL ASSETS (2010) 2,066,983 89 115
TOTAL ASSETS (2009) 1,422,041 250 309
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° : 37983636
Interview & Reporter Comments
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: All or most 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.73 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.67.01 |
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.