|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOCITE DE FILATURE DE BONNETERIE |
|
|
|
|
Registered Office : |
Lot 18 Quartier Industriel Sidi Brahim II, Fes |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.12.1986 |
|
|
|
|
Com. Reg. No.: |
16027 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Manufacture of knitted and
crocheted fabrics |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 |
SOCITE DE FILATURE DE BONNETERIE
Registration Number: 16027
Registration Date: 18/12/1986
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2010
Financial Briefing
Nominal Capital: 6,500,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 17,200,740 Moroccan Dirham
Net Loss: 2,801,914
Net Worth: 3,075,009 Moroccan Dirham
Company
Name: SOCITE DE FILATURE DE BONNETERIE
Also
trades as: SOFIB
Headquarter
Address: Lot 18 Quartier Industriel Sidi Brahim II,
Fes,
Morocco
Postal
Address: P.O.Box
2195,
Fes 30000
Telephone: +212535
641214
+212535 657769
Fax: +212535
659277
E‑Mail: sofib1@menara.ma
Web
Site: www.sofib.ma
Company was originally started on 1987
Current
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Registration
Address: Lot 18 Quartier Industriel Sidi Brahim II,
Fes
Registration
Number: 16027
Registration
Date: 18/12/1986
Year/Date
Company Established:1987
Registration
Town: Fes
Tax
Registration Number: 04501278
Currency: Moroccan
Dirham
Authorized
Capital: 6,500,000
Paid
Up Capital: 6,500,000
Number
of Shares: 65,000 Type of
Shares: None Selected
Issued
Shares: 65,000 Value per share: MDH
100.00 Value of this type:
6,500,000.00
Shareholders:
Name/Other Information Shares Held% of Voting/Non‑Voting capital
Mr. Mohamed Belkhayat, 14,549 22.38% (VOTING)
Fes,
Morocco
Mr. Driss Belkhayat, 14,550 22.38% (VOTING)
Fes,
Morocco
Mr. Ghali Belkhayat, 11,884 18.28% (VOTING)
Fes,
Morocco
Ms. Nouzha Belkhayat, 6,500 10.00% (VOTING)
Fes,
Morocco
Ms. Aicha Belkhayat, 5,205 8.01% (VOTING)
Fes,
Morocco
Ms. Meriem Belkhayat, 4,157 6.39% (VOTING)
Fes,
Morocco
Ms. Mounia Belkhayat, 2,855 4.40% (VOTING)
Fes,
Morocco
Ms. Salma Belkhayat, 2,855 4.40% (VOTING)
Fes,
Morocco
Mr. Mehdi Belkhayat, 2,445 3.76% (VOTING)
Fes,
Morocco
Name: Mr
Mohamed Belkhayat
Position within the company: Managing director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Abdellatif Belkhayat
Position within the company: General Director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr Ghali
Belkhayat
Position within the company: Commercial Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
NACE Codes: 1391 Manufacture
of knitted and crocheted fabrics
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Employees Company Employs: 80
HQ
Premises Operates
from: Owned Office , Warehouse,
Workshops
Premises Size: 5077 square meters
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:
Centre d'Affaires Fes
Place de l'Atlas ‑ Ville
Nouvelle,
Fes,
Morocco
Financial Interview Date: 28/03/2012
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2010 17,200,740 (2,715,384) (2,801,914)
12 31/12/2009 20,078,050 (1,214,885) (1,315,484)
BALANCE SHEET
As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land & Buildings 2,132,780 2,526,088
Plant &
Machinery 1,077,284 1,329,250
Furniture &
Equipment 118,994 157,290
Motor Vehicles 4,101 5,592
Misc. Fixed Assets
Total Fixed
Assets 3,333,159 4,018,220
Financial Assets
Shares in Related
Companies 180,000 180,000
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 42,496 42,496
Total Financial
Assets 222,496 222,496
Intangibles
Goodwill
Organisational Expenses 4,636
Patents 5,198 13,665
Misc. Intangible Assets
Total Intangible
Assets 5,198 18,301
Current Assets
Stock 2,399,237 1,862,779
Stock & Work in
Progress 471,310 528,930
Trade Debtors &
receivables 8,620,324 9,689,118
Provision for bad debs
Other receivables 325,273 325,273
Due from related companies
Owed by shareholders
Prepaid expenses
Cash 14,369 36,626
Tax recoverable 2,002,401 1,587,567
Marketable
Securities 56,000 56,000
Misc. Current Assets 315,389 44,026
Total Current
Assets 14,204,303 14,130,319
Total Assets 17,765,156 18,389,336
Owner's Equity & Liabilities
Issued and paid up
capital 6,500,000 6,500,000
Share premium
account 14,000 14,000
Retained earnings ‑997,702 317,782
Net profit/Loss for
the year ‑2,801,914 ‑1,315,484
Revaluation reserves
Legal Reserves 360,625 360,625
Other reserves
Net Worth 3,075,009 5,876,923
Deffered Taxation
Provisions/allowances 102,513 102,513
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 102,513 102,513
Current Liabilities
Creditors 6,274,175 6,363,855
Other creditors
Accruals
Bank
overdrafts/Loans 5,493,418 3,583,959
Misc. Loans
Directors accounts
Owing to
shareholders 2,450,837 2,050,837
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 46,195 91,247
Advance receipts
Misc. Current
Liabilities 323,009 320,002
Total Current
Liabilities 14,587,634 12,409,900
Owner's Equity
& Liabilities 17,765,156 18,389,336
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 17,200,740 20,078,050
Cost of sales
Gross Profit/(Loss) 17,200,740 20,078,050
Admin/selling
expenses 12,713,507 13,719,573
Services 1,832,631 1,866,059
Salaries 4,370,786 4,564,945
Auditors Fee 76,233 68,259
Stock Depreciation ‑133,560 21,000
Depreciation 751,954 763,023
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) ‑2,410,811 ‑924,809
Interest Receivable/Finance Income
Group related income 3,276 3,276
Misc. Financial
Income 101,976 38,297
Total Financial
Income 105,252 41,573
Interest
Payable/Finance costs 359,532 269,114
Misc. financial
expenses 50,293 62,535
Total Financial
Expenses 409,825 331,649
Profit/(Loss)
before taxes ‑2,715,384 ‑1,214,885
Income Tax 86,530 100,599
Other Tax
Profit/(Loss)
after taxes ‑2,801,914 ‑1,315,484
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) ‑2,801,914 ‑1,315,484
Previous years retained earnings
Current years net income
Misc. additions in current year
Current years net
loss ‑2,801,914 ‑1,315,484
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of ‑2,801,914 ‑1,315,484
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Date accounts obtained: 28/03/2012
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 0.97 1.69 1.14 1.57
Acid Test Ratio 0.78 1.06 0.95 1.06
Accounts 0.36 0.26 0.32 0.35
Payable/Sales Ratio
Current
Liabilities/Net 4.74 0.20 2.11 3.49
Worth
Current 5.08 2.42 5.19 3.18
Liabilities/Inventory
Total
Liabilities/Net 4.78 ‑1.42 2.13 3.93
Worth
Fixed Assets/Net 108.40 ‑144.08 68.37 138.95
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 100.00 94.52 100.00 93.71
Return on Capital ‑85.46 15.45 ‑20.32 13.62
Employed (ROCE)(%)
Net Profit/Sales (%) ‑15.79 4.08 ‑6.05 ‑5.69
Return on Assets (%) ‑15.28 4.42 ‑6.61 3.24
Efficiency Ratios
Sales/Working
Capital ‑44.87 23.69 11.67 3.28
Assets/Sales(%) 103.28 127.22 91.59 164.63
Shareholders ‑88.30 33.42 ‑20.67 10.76
Return(%)
Average Collection 194.26 116.21 115.48
Period
Sales/Inventory 5.99 4.39 8.39 6.82
Leverage Ratios
Capital Employed 5.60 3.64 3.43 4.89
Capital Structure
(%) 3.23 23.57 1.71 26.46
Number of 339 339
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
Elements
Taken Result for specific
company
DATE OF REGISTRATION 18/12/1986 TOTAL EMPLOYEES 80
SALES (2010) 1,512,289
SALES (2009) 1,765,262
NET PROFIT (2010) ‑238,737
NET PROFIT (2009) ‑106,813
TOTAL ASSETS (2010) 1,561,913
TOTAL ASSETS (2009) 1,616,790
Currency: EUROS
Subject's
payments reported to be: UNDETERMINED
Representation
Other Comments
Other
Comments: Patent N° : 14202335
Name/Title: Mr. Ghali Belkhayat Commercial 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.
We
contacted the subject and they confirmed that Mr. Ghali Belkhayat, Commercial
Manager,
who
has the authority to divulge such information, however, they confirmed that he
is not
available
at the present.
Local
Reputation: The company being
investigated is believed by local reporters to be a Medium Trade
Risk.
General
Conclusion: In view of the fin.
condition obtain suitable assurances or guarantees.
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 is a
long established family run business.
Country: Morocco
Date: 26/03/2012
00:00:00
Source: Economist Intelligence Unit
Economy: February 15th 2012
Trade
deficit reaches a record Dh186bn in 2011
Morocco's
trade deficit reached a record high of Dh186bn (US$23bn) in 2011, up by 25.2%
year on
year.
According to preliminary figures from the Office des changes, Morocco's customs
agency,
import
costs rose to Dh355bn, up from Dh298bn in 2010, and exports reached Dh169bn, up
by
13.1%.
In
2011 the phosphates sector strongly benefited from higher international prices.
The price of
phosphates
reached over US$200/tonne in November 2011, 44.6% higher than at the end of
2010.
Raw
phosphate exports reached Dh12.5bn, up by 39% year on year. Phosphates
derivatives rose by
29.3%
to Dh34.8bn. The Office chérifien des phosphates, the state‑owned
phosphate miner, is
currently
implementing a sizeable investment programme (€6.3bn by 2020), which is aimed
at raising
gross
phosphate production from 28m to 47m tonnes, with roughly 80% processed
locally. In
December
a new Dh2.7bn phosphate‑fertiliser production unit in partnership with
Bunge, a
US‑headquartered
company, was inaugurated at Jorf Lasfar.
The
rise in import costs was mainly down to higher prices for wheat and energy
products. Morocco
has
no hydrocarbons resources and thus must meet its energy needs through imports,
which weigh
heavily
on the current account. Overall energy imports increased by 32.7% in 2011. The
import bill for
crude
oil grew by 26.7% to Dh31.8bn. The wheat import bill surged by 48.4% to Dh11bn,
despite a
relatively
strong harvest last year.
Remittances
from Moroccans living abroad and tourism receipts expanded by 7.6% and 4%
respectively
to around Dh59bn each in 2011. These earnings have helped to offset only part
of the
considerable
trade deficit as inflows from foreign direct investment (FDI) dropped by 26% to
Dh29bn.
The
central bank's international reserves stood at Dh177bn at the end of 2011,
which is enough to
cover
for five and a half months of imports, one of the lowest levels in several
years. In February
Morocco's
finance minister, Mr Baraka, said that the country may issue another Eurobond
to help
cover
its financing requirement and also that facilities remain open from the EU or
other multilateral
lenders.
Risk: February 15th 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.
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.51.15 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
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.