MIRA INFORM REPORT
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Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
PRIMEURS ET QUALITE |
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Registered Office : |
Douar Touzikou, Ait Amira, Chtouka
Ait Baha, Agadir |
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Country : |
Morocco |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
05.07.2003 |
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Com. Reg. No.: |
4853 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Growing
of vegetables and melons, roots and tubers |
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No. of Employees
: |
60 |
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 |
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Maximum Credit Limit : |
634,400
EUR |
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|
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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 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PRIMEURS ET QUALITE
Rating Briefing
Current
Recommended Credit: 634,400
EUR
Payment
Record: NO
COMPLAINTS
Registration Briefing
Registration
Number: 4853
Registration
Date: 05/07/2003
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: June
30, 2011
Financial Briefing
Nominal
Capital: 20,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 346,348,158
Moroccan Dirham
Net
Profit: 2,435,769
Moroccan Dirham
Net
Worth: 29,329,136
Moroccan Dirham
Company Details
Company Name: PRIMEURS
ET QUALITE
Also trades as: QUALIPRIM
Headquarter Address: Douar
Touzikou,
Ait Amira,
Chtouka Ait Baha,
Agadir,
Morocco
Telephone: +212528
812224
+212528 812456
Fax: +212528
812234
+212528 812457
E‑Mail: direction@qualiprim.ma
Company was originally started on
05/07/2003
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: Douar Touzikou,
Ait Amira,
Agadir
Registration Number: 4853
Registration Date: 05/07/2003
Year/Date Company Established: 05/07/2003
Registration Town: Inzegane
Tax Registration Number: 06903336
Capital
Currency: Moroccan
Dirham
Authorized Capital: 20,000,000
Paid Up Capital: 20,000,000
Authorized Capital Breakdown
Number of Shares: 200,000 Type of Shares: None Selected
Issued Shares: 200,000 Value per share:
MDH 100.00
Value
of this type: 20,000,000.00
Shareholders
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr.
Cherkaoui Ben Ouardia 200,000 100.00%
(VOTING)
Principals
Name: Mr
Cherkaoui Ben Ouardia
Position
within the company: Managing
director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Aziz Rahmani
Position
within the company: General
Director
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Rabie Graihim
Position
within the company: Financial
Manager
Additional
Information: Mail
: finances@qualiprim.ma
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 0113 Growing of vegetables and melons,
roots and tubers
QUALIPRIM
is specialized in growing and export of tomatoes.
Subject
imports 30% of raw materials : packaging, cord, fiber... from Spain, France
& Italy.
Subject
exports the whole production to Europe mainly : Spain, France, Germany and
Russia.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 60
HQ
Premises Operates
from: Owned Offices
Location: Suburban
Business Area
Other
Branches
Subject has numerous other branches nationally.
Number of Branches:
25
Additional Information: Farms
in the area of Chtouka Ait Baha
Imports
Import % and type of product: 30% Raw Materials
Imports From: Spain,
France, Italy
Importing Terms: Bank
transfer
Exports
Export % and type of product: 100%
Exports To: Spain,
France, Germany, Russia
Exporting Terms: bank
transfer
Trading & Selling
Territory: 100%
International
Type of Customer: Distributors
Number of accounts:
10
Vehicles: Total number of
vehicles: 70
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Société
Générale,
Branch:
Agadir Kettani
Avenue
du Général Kettani,
Agadir,
Morocco
Crédit
Agricole du Maroc,
Branch:
Agadir Kettani
Avenue
du Général Kettani, Immeuble Noussairi,
Agadir,
Morocco
Financial Information
Source: Mr. Rabie
Graihim Financial Manager
Figures are: Official
Figures
Currency: Moroccan Dirham
Months
Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 30/06/2011 346,348,158 2,435,769 2,435,769
12 30/06/2010 322,061,839 2,104,098 2,104,098
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 30‑Jun‑2011 As at: 30‑Jun‑2010
Fixed Assets
Land & Buildings 3,197,600 3,197,600
Plant &
Machinery 53,164,610 55,280,373
Furniture &
Equipment 2,652,939 2,816,809
Motor Vehicles 3,629,545 4,321,125
Misc. Fixed Assets 10,484,998 7,578,547
Total Fixed
Assets 73,129,692 73,194,454
Financial Assets
Shares in Related
Companies 2,700,000 2,700,000
Loans to related companies
Investments
Deposits
Misc. Financial Assets 23,509,190
Total Financial
Assets 26,209,190 2,700,000
Intangibles
Goodwill
Organisational
Expenses 110,834 90,854
Patents
Misc. Intangible Assets
Total Intangible
Assets 110,834 90,854
Current Assets
Stock 52,732,490 48,102,620
Stock & Work in Progress
Trade Debtors &
receivables 6,385,063 14,991,997
Provision for bad debs
Other receivables 6,561,976
Due from related companies
Owed by shareholders
Prepaid expenses 17,821,685 9,458,432
Cash 2,884,761 6,185,334
Tax recoverable 5,218,896 1,263,809
Marketable Securities
Misc. Current Assets 33,851,303 29,944,299
Total Current
Assets 118,894,198 116,508,467
Total Assets 218,343,914 192,493,775
Owner's Equity & Liabilities
Issued and paid up
capital 20,000,000 20,000,000
Share premium account
Retained earnings 6,548,699 4,549,806
Net profit/Loss for
the year 2,435,769 2,104,098
Revaluation reserves
Legal Reserves 344,668 239,463
Other reserves
Net Worth 29,329,136 26,893,367
Deffered Taxation
Provisions/allowances 392,960 537,840
Mortgages/Loans 45,189,422 54,471,227
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 45,582,382 55,009,067
Current Liabilities
Creditors 55,991,018 58,281,852
Other creditors 419,819
Accruals 52,879 38,004
Bank
overdrafts/Loans 2,637,408 4,961,142
Misc. Loans
Directors accounts
Owing to
shareholders 84,244,379 47,228,215
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 30,960 27,380
Advance receipts
Misc. Current
Liabilities 55,933 54,748
Total Current
Liabilities 143,432,396 110,591,341
Owner's Equity
& Liabilities 218,343,914 192,493,775
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/07/2010 to 30/06/2011 01/07/2009
to 30/06/2010
Total
Income/Turnover 346,348,158 322,061,839
Cost of sales
Gross Profit/(Loss) 346,348,158 322,061,839
Admin/selling
expenses 286,175,628 265,402,538
Services 25,469,778 22,961,944
Salaries 4,243,070 3,784,204
Auditors Fee 286,336 529,855
Stock Depreciation
Depreciation 24,820,521 23,335,648
Misc. Operating Expenses
Misc. Operating
Income 157,984 423,297
Net Operating
Profit/(Loss) 5,510,809 6,470,947
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 148,973 4,285
Total Financial
Income 148,973 4,285
Interest
Payable/Finance costs 3,223,684 4,371,112
Misc. financial
expenses 329 22
Total Financial
Expenses 3,224,013 4,371,134
Profit/(Loss)
before taxes 2,435,769 2,104,098
Income Tax
Other Tax
Profit/(Loss)
after taxes 2,435,769 2,104,098
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 2,435,769 2,104,098
Previous years retained earnings
Current years net
income 2,435,769 2,104,098
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 2,435,769 2,104,098
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 13/01/2012
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 (2011) (2011) Results (2010) (2010)
Liquidity Ratios
Current Ratio 0.83 0.83 1.05 1.20
Acid Test Ratio 0.46 0.46 0.62 0.76
Accounts 0.16 0.16 0.18 0.17
Payable/Sales Ratio
Current
Liabilities/Net 4.89 4.89 4.11 2.46
Worth
Total
Liabilities/Net 6.44 6.44 6.16 3.60
Worth
Fixed Assets/Net 249.34 249.34 272.17 182.65
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 100.00 100.00 100.00 100.00
Return on Capital 3.25 3.25 2.57 0.25
Employed (ROCE)(%)
Net Profit/Sales (%) 0.70 0.70 0.65 ‑0.14
Return on Assets (%) 1.12 1.12 1.09 ‑0.09
Efficiency Ratios
Sales/Working
Capital ‑14.11 ‑14.11 54.43 32.23
Assets/Sales(%) 63.04 63.04 59.77 66.76
Shareholders 8.30 8.30 7.82 2.64
Return(%)
Average Collection 11.26 11.26 32.21
Period
Leverage Ratios
Capital Employed 11.85 11.85 12.02 7.38
Capital Structure
(%) 60.85 60.85 67.16 42.77
Number of 5 5
Companies within the
industry (NACE A)
Statistics based on Agriculture,
forestry Agriculture,
forestry
NACE(A) and
fishing and
fishing
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 05/07/2003 8 11
TOTAL EMPLOYEES 60 9 12
SALES (2011) 30,450,930 1 1
SALES (2010) 28,315,677 3 5
NET PROFIT (2011) 214,153 1 1
NET PROFIT (2010) 184,992 1 2
TOTAL ASSETS (2011) 19,196,797 1 1
TOTAL ASSETS (2010) 16,924,053 4 5
Currency: EUROS
Rankings:
The results given below are calculated
against companies with the Database for the specific country.
Scale: 1 is the highest result found in
our database.
Example: Ranking 5: Total Companies used
to generate the Ranking : 20
This means that this company is the 5th
largest company out of 20 found in our database in the specific industry
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°
: 49866222
Interview & Reporter Comments
Name/Title: Mr.
Rabie Graihim Financial Manager
Comment: Subject has
confirmed the general details shown in the report.
Reporter
Comment: Please
note that the address mentioned in the enquiry: " Route de
Tiznit
‑ Tin Mansour Km 39, Belfaa Zone Industrielle, Agadir “belongs
to
the company
MARAISSA : SOCIETE ANONYME DE PRODUCTION
MARAICHERE
ET HORTICOLE DU MASSA.
The
telephone number mentioned in the enquiry : 212528 882224 is
out
of service.
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 showing an upward turn.
Age of
Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.