MIRA INFORM REPORT
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Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
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Name : |
DESIGN CARPET SARL |
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Registered Office : |
Route 110 ‑ Km 11, Lotissement Mauritania, Quartier Industriel Ain Sebaa, Casablanca, |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.06.2008 |
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Com. Reg. No.: |
184437 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Manufacture of carpets and rugs |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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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 |
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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 |
DESIGN CARPET SARL
Current Recommended Credit:
Payment Record: UNDETERMINED
Registration Number: 184437
Registration Date: 19/06/2008
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2010
Nominal Capital: 100,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 1,988,052
Moroccan Dirham
Net Loss: 493,684
Net Worth: ‑548,513
Moroccan Dirham
Company Name: DESIGN
CARPET SARL
Headquarter Address: Route 110 ‑
Km 11, Lotissement Mauritania,
Quartier Industriel Ain Sebaa,
Casablanca,
Morocco
Telephone: +212522
359141
+212522 359142
Fax: +212522
359143
E‑Mail: contact@designcarpet.ma
Web Site: www.designcarpet.ma
Company was originally started on
19/06/2008
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: Route 110 ‑
Km 11, Lotissement Mauritania,
Casablanca
Registration Number: 184437
Registration Date: 19/06/2008
Year/Date Company Established: 19/06/2008
Registration Town: Casablanca
Tax Registration Number: 40175383
Currency: Moroccan
Dirham
Authorized Capital: 100,000
Paid Up Capital: 100,000
Number of Shares: 1,000 Type of Shares: None Selected
Issued Shares: 1,000 Value per
share: MDH 100.00 Value of
this type: 100,000.00
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
SOFT
GROUP, 500 50.00%
(VOTING)
41, Boulevard d'Anfa,
Casablanca,
Morocco
Mr.
Ali Laraqui Housseini, 500 50.00%
(VOTING)
13, Résidence Les Jardins de La
Corniche ‑ Ain Sebaa,
Casablanca,
Morocco
Name: Mr Ali
Laraqui Housseini
Position within the company: General Manager
Additional Information: Mail : a.laraqui@designcarpet.ma
Date of Birth: 13/12/1953
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
NACE Codes: 1393 Manufacture
of carpets and rugs
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
HQ Premises Operates
from: Rented Office , Factory
Location: Industrial
Area
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Attijariwafa Bank,
Branch: Head office
2 Boulevard Moulay Youssef,
Casablanca,
Morocco
Banque Populaire,
Branch: Head office
101 Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Société Générale,
Branch: Head office
55 Boulevard Abdelmoumen,
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 1,988,052 (493,684) (493,684)
12 31/12/2009 2,963,789 135,979 135,979
Balance Sheet
& Profit & Loss
BALANCE SHEET
As at:
31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land & Buildings
Plant &
Machinery 170,071 191,044
Furniture &
Equipment 46,923 58,983
Motor Vehicles
Misc. Fixed Assets
Total Fixed
Assets 216,994 250,027
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets
Total Financial
Assets 0 0
Intangibles
Goodwill
Organisational
Expenses 7,470 10,458
Patents
Misc. Intangible Assets
Total Intangible
Assets 7,470 10,458
Current Assets
Stock 337,075 405,768
Stock & Work in Progress
Trade Debtors &
receivables 382,138 172,384
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses 19,424
Cash 28
Tax recoverable 61,703 55,467
Marketable Securities
Misc. Current Assets 12,000 11,200
Total Current
Assets 792,944 664,243
Total Assets 1,017,408 924,728
Owner's Equity & Liabilities
Issued and paid up
capital 100,000 100,000
Share premium account
Retained earnings ‑154,829 ‑290,808
Net profit/Loss for
the year ‑493,684 135,979
Revaluation reserves
Legal Reserves
Other reserves
Net Worth ‑548,513 ‑54,829
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 72,219 159,370
Other creditors
Accruals
Bank overdrafts/Loans 845,402 421,346
Misc. Loans
Directors accounts
Owing to
shareholders 495,533 269,600
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 140,681 100,872
Advance receipts
Misc. Current
Liabilities 12,086 28,369
Total Current
Liabilities 1,565,921 979,557
Owner's Equity
& Liabilities 1,017,408 924,728
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 1,988,052 2,963,789
Cost of sales 327,551 21,600
Gross Profit/(Loss) 1,660,501 2,942,189
Admin/selling
expenses 643,797 1,043,654
Services 794,078 864,468
Salaries 791,167 809,947
Auditors Fee 770 6,600
Stock Depreciation ‑46,106 22,570
Depreciation 36,021 31,154
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) ‑559,226 163,796
Interest Receivable/Finance Income 75,400
Group related income
Misc. Financial
Income 11,132 1,125
Total Financial
Income 86,532 1,125
Interest
Payable/Finance costs 9,353 13,177
Misc. financial
expenses 14,637 15,765
Total Financial
Expenses 23,990 28,942
Profit/(Loss)
before taxes ‑496,684 135,979
Income Tax
Other Tax
Profit/(Loss)
after taxes ‑496,684 135,979
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) ‑496,684 135,979
Previous years retained earnings
Current years net income 135,979
Misc. additions in current year
Current years net loss ‑496,684
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of ‑496,684 135,979
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Date accounts obtained: 09/03/2012
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 0.51 1.68 0.68 1.57
Acid Test Ratio 0.29 1.05 0.26 1.06
Accounts 0.04 0.27 0.05 0.35
Payable/Sales Ratio
Current
Liabilities/Net ‑2.85 ‑0.03 ‑17.87 3.50
Worth
Total
Liabilities/Net ‑2.85 ‑1.79 ‑17.87 3.95
Worth
Fixed Assets/Net ‑39.56 ‑161.36 ‑456.01 142.08
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 83.52 94.20 99.27 93.80
Return on Capital 90.55 15.53 ‑248.01 12.85
Employed (ROCE)(%)
Net Profit/Sales (%) ‑24.98 3.84 4.59 ‑5.76
Return on Assets (%) ‑48.82 4.34 14.70 3.37
Efficiency Ratios
Sales/Working
Capital ‑2.57 25.54 ‑9.40 3.20
Assets/Sales(%) 51.18 127.57 31.20 165.62
Shareholders 90.55 34.64 ‑248.01 9.91
Return(%)
Average Inventory 413.89 62,056.65 495,235.85
Period
Average Collection 50.90 116.11 116.11
Period
Leverage Ratios
Capital Employed ‑3.58 3.67 ‑45.40 4.96
Number of 331 331
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
Elements
Taken Result for
specific
company
DATE OF REGISTRATION 19/06/2008
SALES (2010) 174,790 SALES (2009) 260,576
NET PROFIT (2010) ‑43,668
NET PROFIT (2009) 11,955
TOTAL ASSETS (2010) 89,451
TOTAL ASSETS (2009) 81,302
Currency: EUROS
Subject's payments reported to
be: UNDETERMINED
Other Comments
Other Comments: Patent N°
: 37957442
Name/Title: Mr.
Ali Laraqui Housseini General Manager
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. Ali Laraqui Housseini,
General Manager, 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 believed by local reporters to be a
Medium
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 declining in strength.
Age of Business: The
company has been established for under 5 years.
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. Private
consumption 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.50.02 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.18 |
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.