MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MOGESSE |
|
|
|
|
Registered Office : |
6 Rue Mohamed Errachak ‑Ex Lieutenant Sylvestre, Casablanca
20300 |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1986 |
|
|
|
|
Com. Reg. No.: |
50771 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Import and distribution of packaging equipment and
supplies for food, industry and banking. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
58,600 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 |
Company name
MOGESSE
Rating Briefing
Current
Recommended Credit: 58,600 EUR
Payment
Record: NO
COMPLAINTS
Registration Briefing
Registration
Number: 50771
Registration
Date: 14/09/1987
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: 31,974,147
Moroccan Dirham
Net
Profit: 660,576
Moroccan Dirham
Net
Worth: 6,284,379
Moroccan Dirham
Company Details
Company
Name: MOGESSE
Headquarter
Address: 6 Rue
Mohamed Errachak ‑Ex Lieutenant Sylvestre,
Casablanca
20300,
Morocco
Telephone: +212522
441063
+212522
441064
+212522
445217
Fax: +212522
316532
+212522
445218
+212522
450337
E‑Mail: info@mogesse.ma
Web
Site: www.mogesse.ma
Company
was originally started on 1986
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 6 Rue
Mohamed Errachak ‑Ex Lieutenant Sylvestre,
Casablanca
Registration
Number: 50771
Registration
Date: 14/09/1987
Year/Date
Company Established: 1986
Registration
Town: Casablanca
Tax
Registration Number: 01621503
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
Mr.
Abdelghani Yassini Moumen, 33,183 94.80%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Mrs.
Malika Bent Bouchaib, 627 1.80%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Mr.
Youness Yassini Moumen, 350 1.00%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Ms.
Nouria Yassini Moumen, 280 0.80%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Ms.
Khamissa Yassini Moumen, 280 0.80%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Ms.
Karam Yassini Moumen, 280 0.80%
(VOTING)
5,
Rue Immouzer Kandar,
Casablanca,
Morocco
Principals
Name: Mr
Abdelghani Yassini Moumen
Position
within the company: General
Manager
Date
of Birth: 1936
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4669 Wholesale of other machinery and equipment
The company is engaged in import and distribution
of packaging equipment and supplies for food, industry and banking.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 20
HQ Premises Operates
from: Rented Offices , Warehouse
Premises
Size: 1800 square meters
2200
square meters site
Location: Central Business Area
Branches 17
Rue de Neuilly,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Warehouse
3
Bis Rue Mohamed Arrachak,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Warehouse
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijari
wafabank,
Branch:
Moulay Ali Kettani
1
Place Nicolas Paquet,
Casablanca,
Morocco
BMCE
Bank,
Branch:
Hassan II
140
Avenue Hassan II,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 18/01/2012
Source: Companies
Registry
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2010 31,974,147 1,034,018 660,576
12 31/12/2009 32,501,021 707,887 436,533
12 31/12/2004 22,421,280 799,955 489,218
12 31/12/2003 20,387,983 647,769 400,449
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed
Assets
Land &
Buildings
Plant & Machinery 24,572 31,461
Furniture & Equipment 577,136 613,510
Motor Vehicles 400,710 619,797
Misc. Fixed
Assets
Total Fixed Assets 1,002,418 1,264,768
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 112,066 112,066
Total Financial Assets 112,066 112,066
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc.
Intangible Assets
Total Intangible Assets 0 0
Current
Assets
Stock 2,501,828 1,510,628
Stock &
Work in Progress
Trade Debtors & receivables 12,234,623 11,758,322
Provision
for bad debs
Other receivables 44,478 46,450
Due from
related companies
Owed by shareholders 24,300 154,000
Prepaid
expenses
Cash 1,201,885 715,621
Tax recoverable 1,742,684 1,647,475
Marketable Securities 4,994 4,994
Misc. Current Assets 473,055 449,533
Total Current Assets 18,227,847 16,287,023
Total Assets 19,342,331 17,663,857
Owner's
Equity & Liabilities
Issued and paid up capital 3,500,000 3,500,000
Share
premium account
Retained earnings 1,918,310 2,081,777
Net profit/Loss for the year 660,576 436,533
Revaluation
reserves
Legal Reserves 205,493 205,493
Other
reserves
Net Worth 6,284,379 6,223,803
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 9,098,761 8,922,358
Other creditors 43,470 67,043
Accruals 19,105 16,383
Bank overdrafts/Loans 2,070,135 784,080
Misc. Loans
Directors
accounts
Owing to
shareholders
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 1,779,352 1,602,261
Advance receipts
Misc. Current Liabilities 47,129 47,929
Total Current Liabilities 13,057,952 11,440,054
Owner's Equity & Liabilities 19,342,331 17,663,857
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 31,974,147 32,501,021
Cost of sales 27,667,538 28,026,528
Gross Profit/(Loss) 4,306,609 4,474,493
Admin/selling expenses 191,042 189,250
Services 1,638,773 1,447,825
Salaries 1,243,814 1,427,589
Auditors Fee 89,760 106,733
Stock
Depreciation
Depreciation 338,946 368,373
Misc.
Operating Expenses
Misc.
Operating Income
Net Operating Profit/(Loss) 804,274 934,723
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 477,581 99,014
Total Financial Income 477,581 99,014
Interest Payable/Finance costs 119,386 121,705
Misc. financial expenses 128,451 204,145
Total Financial Expenses 247,837 325,850
Profit/(Loss) before taxes 1,034,018 707,887
Income Tax 373,442 271,354
Other Tax
Profit/(Loss) after taxes 660,576 436,533
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 660,576 436,533
Previous
years retained earnings
Current years net income 660,576 436,533
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 660,576 436,533
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
Date
accounts obtained: 18/01/2012
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
FINANCIAL RATIOS / COMPARATIVE
DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2010) (2010) Results (2009) (2009)
Liquidity
Ratios
Current Ratio 1.40 1.48 1.42 1.45
Acid Test Ratio 1.20 0.95 1.29 0.91
Accounts 0.28 0.31 0.27 0.43
Payable/Sales
Ratio
Current Liabilities/Net 2.08 4.40 1.84 ‑16.87
Worth
Total Liabilities/Net 2.08 4.50 1.84 ‑16.64
Worth
Fixed Assets/Net 15.95 43.60 20.32 54.53
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 13.47 27.02 13.77 23.04
Return on Capital 16.45 18.36 11.37 ‑108.77
Employed
(ROCE)(%)
Net Profit/Sales (%) 3.23 1.08 2.18 1.56
Return on Assets (%) 5.35 3.80 4.01 3.81
Efficiency
Ratios
Sales/Working Capital 6.18 6.02 6.71 4.16
Assets/Sales(%) 60.49 105.78 54.35 127.53
Shareholders 16.45 15.97 11.37 ‑106.60
Return(%)
Average Inventory 26.47 186.84 170.96
Period
Average Collection 136.95 141.54 139.61
Period
Leverage
Ratios
Capital Employed 5.09 7.29 5.22 7.81
Number of 501 501
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
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 14/09/1987 327 1131
TOTAL EMPLOYEES 20 352 1026
SALES (2010) 2,811,167 108 255
SALES (2009) 2,857,490 157 476
NET PROFIT (2010) 58,078 89 196
NET PROFIT (2009) 38,380 205 490
TOTAL ASSETS (2010) 1,700,578 97 192
TOTAL ASSETS (2009) 1,553,006 208 490
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° : 32507357
Interview & Reporter Comments
Name/Title: Mr. Abdelghani Yassini Moumen General Manager
Comment: We have sent a fax/e‑mail/questionnaire however no reply has been received as of yet.
Reporter Comment: In the interview conducted with the Assistant General Manager, she asked us to
send a letter for information to Mr. Abdelghani Yassini Moumen, however there is
no reply was received as of yet.
The above mentioned information was obtained from the registry office.
Conclusions
Local Reputation: The company being investigated is considered by local reporters to be a Fair / Normal
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.66 |
|
|
1 |
Rs.77.72 |
|
Euro |
1 |
Rs.64.63 |
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 SCs 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.