MIRA
INFORM REPORT
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Report Date : |
04.06.2012 |
IDENTIFICATION DETAILS
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Name : |
TRADE MEDITERRANEAN SARL |
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Registered Office : |
Hay Amine, Rue 1 N° 39, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.09.1994 |
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Com. Reg. No.: |
75621 |
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Legal Form : |
Societe A Responsibilite
Limitee |
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Line of Business : |
wholesaler
of food, beverages and tobacco |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TRADE MEDITERRANEAN
SARL
Rating Briefing
Payment Record: NO
COMPLAINTS
This rating is based on available data. In the event of additional information a possibility for a different rating applies.
Registration Briefing
Registration Number: 75621
Registration Date: 23/09/1994
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2011
Financial Briefing
Nominal Capital: 800,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 9,458,878
Moroccan Dirham
Net Profit: 311,946
Moroccan Dirham
Net Worth: 2,690,387
Moroccan Dirham
Company Details
Company Name: TRADE
MEDITERRANEAN SARL
Headquarter Address: Hay Amine,
Rue 1 N° 39,
Ain Borja,
Casablanca 20303,
Morocco
Telephone: +212522
626183
Fax: +212522
626184
E‑Mail: trade.mediterranean@gmail.com
Company was originally started on
23/09/1994
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: Hay Amine, Rue
1 N° 39,
Casablanca
Registration Number: 75621
Registration Date: 23/09/1994
Year/Date Company Established: 23/09/1994
Registration Town: Casablanca
Tax Registration Number: 1621654
Capital
Currency: Moroccan
Dirham
Authorized Capital: 800,000
Paid Up Capital: 800,000
Authorized Capital Breakdown
Number of Shares: 8,000 Type of Shares: None Selected
Issued Shares: 8,000 Value per
share: MDH 100.00 Value of
this type: 800,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Hassan
Sadiki, 8,000 100.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr Hassan
Sadiki
Position within the company: Managing director
Date of Birth: 16/10/1966
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Name: Ms Jamila
Talhaoui
Position within the company: Administration Manager
Date of Birth: 01/01/1968
Country of Birth: Morocco
Nationality: French
Can fluently speak: Arabic,
French & English
Company Activities
NACE Codes: 4639 Non‑specialised
wholesale of food, beverages and tobacco
The company is specialized in import,
storage, transport and distribution of frozen food products.
Subject imports 100% of products from
Belgium, Germany, Dubai, France & Italy.
Subject distributes then on a wholesale
basis to the local market.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 17
HQ Premises Operates
from: Rented Office
Location: Central
Business Area
Branches Zone
Industrielle Berrechid,
Berrechid,
Morocco
Branch is: Leased
Description of branch: Warehouse
These premises operate as: Cold Store
Imports
Import % and type of product: 100% Finished Goods
Imports From: Belgium,
Germany, United Arab
Emirates,
France, Italy
Importing Terms: 60‑90
days credit, bank transfer
Additional Information: Letters
of credit
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Resellers,
Retailers, Supermarkets,
Restaurants,
Hotels
Number of accounts:
500
Vehicles: Total number of
vehicles:
10 trucks
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Attijariwafa Bank,
Branch: Dakar
Place Dakar,
Casablanca,
Morocco
Financial Information
Source: Ms. Jamila
Talhaoui Administration Manager
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 9,458,878 446,058 311,946
12 31/12/2010 5,649,918 150,299 105,209
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010
Fixed Assets
Land & Buildings
Plant & Machinery
Furniture &
Equipment 25,620 25,939
Motor Vehicles 4,526 1,933
Misc. Fixed Assets
Total Fixed
Assets 30,146 27,872
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 52,571 52,571
Total Financial
Assets 52,571 52,571
Intangibles
Goodwill
Organisational Expenses 2,120
Patents
Misc. Intangible Assets
Total Intangible
Assets 0 2,120
Current Assets
Stock 2,583,537 861,945
Stock & Work in Progress
Trade Debtors &
receivables 2,643,436 649,226
Provision for bad debs
Other receivables 490,056 394,184
Due from related companies
Owed by shareholders
Prepaid expenses 54,287 54,287
Cash 10,255 153,464
Tax recoverable 746,791 1,094,006
Marketable Securities
Misc. Current Assets 366,805 307,884
Total Current
Assets 6,895,167 3,514,996
Total Assets 6,977,884 3,597,559
Owner's Equity & Liabilities
Issued and paid up
capital 800,000 800,000
Share premium account
Retained earnings 1,508,876 1,408,928
Net profit/Loss for
the year 311,946 105,209
Revaluation reserves
Legal Reserves 69,565 64,304
Other reserves
Net Worth 2,690,387 2,378,441
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 3,061,950 749,123
Other creditors 620,000 340,000
Accruals
Bank overdrafts/Loans 237,367
Misc. Loans
Directors accounts
Owing to shareholders 6,656 6,656
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 332,184 100,473
Advance receipts
Misc. Current
Liabilities 29,340 22,866
Total Current
Liabilities 4,287,497 1,219,118
Owner's Equity
& Liabilities 6,977,884 3,597,559
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2011 to 31/12/2011 01/01/2010
to 31/12/2010
Total
Income/Turnover 9,458,878 5,649,918
Cost of sales 7,425,215 4,304,873
Gross Profit/(Loss) 2,033,663 1,345,045
Admin/selling
expenses 70,963 9,642
Services 1,259,759 966,492
Salaries 223,274 228,500
Auditors Fee 25,441 34,562
Stock Depreciation
Depreciation 3,056 2,983
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 451,170 102,866
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 28,683 66,388
Total Financial
Income 28,683 66,388
Interest
Payable/Finance costs 3,422 10,734
Misc. financial
expenses 30,373 8,221
Total Financial
Expenses 33,795 18,955
Profit/(Loss)
before taxes 446,058 150,299
Income Tax 134,112 45,090
Other Tax
Profit/(Loss)
after taxes 311,946 105,209
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 311,946 105,209
Previous years retained earnings
Current years net
income 311,946 105,209
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 311,946 105,209
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 31/05/2012
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 (2011) (2011) Results (2010) (2010)
Liquidity Ratios
Current Ratio 1.61 1.65 2.88 1.48
Acid Test Ratio 1.01 1.01 2.18 0.93
Accounts 0.32 0.22 0.13 0.33
Payable/Sales Ratio
Current
Liabilities/Net 1.59 3.66 0.51 5.03
Worth
Total
Liabilities/Net 1.59 3.70 0.51 5.18
Worth
Fixed Assets/Net 1.12 21.43 1.17 45.49
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 21.50 28.69 23.81 27.25
Return on Capital 16.58 19.56 6.32 17.06
Employed (ROCE)(%)
Net Profit/Sales (%) 4.72 5.63 2.66 1.86
Return on Assets (%) 6.39 7.64 4.18 4.17
Efficiency Ratios
Sales/Working
Capital 3.63 11.14 2.46 10.73
Assets/Sales(%) 73.77 80.13 63.67 110.69
Shareholders 16.58 20.41 6.32 15.98
Return(%)
Average Inventory 84.68 154.87 287.72
Period
Average Collection 63.53 112.40 147.04
Period
Leverage Ratios
Capital Employed 3.52 7.44 2.38 7.43
Number of 326 326
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
The statistical Industrial Average results are calculated against companies within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for
specific RANKING Total Companies Used
company
DATE OF REGISTRATION 23/09/1994 514 1202
TOTAL EMPLOYEES 17 455 1078
SALES (2011) 831,625 46 61
SALES (2010) 496,741 240 322
NET PROFIT (2011) 27,426 27 33
NET PROFIT (2010) 9,250 232 324
TOTAL ASSETS (2011) 613,496 20 27
TOTAL ASSETS (2010) 316,297 268 326
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°
: 31905382
Interview & Reporter Comments
Name/Title: Ms. Jamila Talhaoui Administration 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 / shareholders %.
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.
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.
Country Intelligence Information
Country: Morocco
Date: 22/05/2012 00:00:00
Source: Economist Intelligence Unit
Economy: Trade deficit widens in first quarter
May 1st 2012
Data from the Office des changes for the first quarter of 2012 show that the cost of imports of energy products increased by 27% year on year to Dh21bn (US$2.45bn), resulting in an 8.8% rise in total import costs to Dh93.2bn and a widening of the trade deficit (on a fob‑cif basis) to Dh48.9bn. The import bill for crude oil grew by 19.2% to Dh7.8bn. Imports of petroleum gas and other hydrocarbons products increased by 38.2% to Dh5.2bn, and those of gas oils and fuel oils expanded by 29% to Dh8bn.
The more modest growth in exports of phosphates and derivatives (2.4% to Dh10.4bn) after a year of strong earnings growth, and of other exports (4.9% to Dh33.9bn), combined with a significant decline in imports of wheat (45% to Dh2.8bn), has only partly offset the impact of rising energy imports on the trade balance. According to the Office des changes, wheat imports declined in volume terms by 39% to 1,029 tonnes, thanks to a strong cereals harvest in the previous season, and the average price dropped by 9% as global food prices moderated. However, poorer prospects for the cereal harvest in the 2012 season mean that wheat import volumes are likely to rise later in the year.
Overall, the export/import coverage ratio deteriorated by 2.1 percentage points to 47.6%.
Revenue from tourism stagnated at around Dh12bn and inflows from foreign direct investment and portfolio investment rose only marginally (1.5% year on year to Dh7bn) in the first quarter of 2012. In contrast, remittances from Moroccans living abroad rose by 5.5% to Dh13.5bn, surprisingly given the dire economic climate in the euro area, where most expatriates live. This has helped mitigate some of the impact on the banking system of a net outflow of foreign exchange caused by a surge in the trade deficit in 2011. The 2011 trade deficit (fob‑cif) reached a record Dh185bn in local‑currency terms, easily exceeding the deficit of Dh170bn in 2008.
Risk: April 1st 2012
Sovereign risk
Stable. Morocco's fiscal account will remain deeply in deficit, owing to high recurrent expenditure on subsidies and wages, but the shortfalls should be financed mostly by borrowing from domestic banks, thus keeping the external debt stock in check.
Currency risk
Stable. The current exchange‑rate system—a managed float—will remain in place. The Moroccan dirham will strengthen 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 rural Moroccans and expatriates to save in an effort to improve liquidity
Political risk
The government will increase public spending in the short term to quell political and social protests 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 movements in international commodity prices but are manageable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.92 |
|
UK Pound |
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.