MIRA
INFORM REPORT
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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DYES AND CHEMICALS MANUFACTURING |
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Registered Office : |
147 Boulevard Moulay
Slimane, Route de Zenata, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.04.1994 |
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Com. Reg. No.: |
73901 |
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Legal Form : |
Societe A Responsibilite Limitee |
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|
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Line of Business : |
Wholesaler of
chemical products |
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No. of Employees : |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Morocco - ECONOMIC OVERVIEW
Morocco has capitalized on its proximity to Europe and relatively low
labor costs to build a diverse, open, market-oriented economy. In the 1980s
Morocco pursued austerity measures and pro-market reforms, overseen by the IMF.
Since taking the throne in 1999, King MOHAMMED VI has presided over a stable
economy marked by steady growth, low inflation, and generally declining
government debt. Industrial development strategies and infrastructure
improvements - most visibly illustrated by a new port and free trade zone near
Tangier - are improving Morocco's competitiveness. Key sectors of the economy
include agriculture, tourism, phosphates, textiles, apparel, and subcomponents.
In 2006 Morocco entered into a bilateral Free Trade Agreement with the United
States; it remains the only African country to have one. In 2008 Morocco
entered into an Advanced Status agreement with the European Union. Despite
Morocco's economic progress, the country suffers from high unemployment and
poverty. In 2011, high food and fuel prices strained the government's budget
and widened the country's current account deficit. Key economic challenges for
Morocco include fighting corruption, reducing government spending, reforming
the education system and judiciary, addressing socioeconomic disparities, and
building more diverse, higher value-added industries.
|
Source : CIA |
Company name
DYES AND CHEMICALS MANUFACTURING
Payment Record
UNDETERMINED
This rating is based on available data. In the event of additional information a Npossibility for a different rating applies.
Registration Briefing
Registration
Number: 73901
Registration Date: 27/04/1994
Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2011
Financial Briefing
Nominal Capital: 7,000,000 Moroccan
Dirham
Issued Capital: N/A
Turnover: 63,774,357
Moroccan Dirham
Net Profit: 4,669,933 Moroccan
Dirham
Net Worth: 34,757,691
Moroccan Dirham
Company Details
Company Name: DYES
AND CHEMICALS MANUFACTURING
Also trades as: DYECHEM
Headquarter
Address: 147
Route de Zenata,
Ain
Sebaa,
Casablanca
20600,
Morocco
Telephone: +212522
309698
+212522
351717
+212522
351779
+212522
593570
+212522
593580
Fax: +212522
351869
+212522
543003
+212522
592731
E‑Mail: info@dyechem‑colours.com
Web
Site: www.dyechem‑colours.com
(under construction)
Company was originally started on 27/04/1994
Registration & Legal Details
Current Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 147
Boulevard Moulay Slimane, Route de Zenata,
Casablanca
Registration
Number: 73901
Registration Date: 27/04/1994
Year/Date Company
Established: 27/04/1994
Registration Town: Casablanca
Tax Registration
Number: 01640806
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 7,000,000
Paid Up Capital: 7,000,000
Authorized Capital Breakdown
Number of Shares:
70,000 Type of
Shares: None Selected
Issued Shares:
70,000 Value
per share: MDH 100.00 Value
of this type: 7,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Hammad Taoudi
Ben Chekroun, 17,150 24.50%
(VOTING)
22, Rue Zahraoui Andal,
Casablanca,
Morocco
Mr. Youssef Taoudi
Ben Chekroun, 3,500 5.00%
(VOTING)
22, Rue Zahraoui Andal,
Casablanca,
Morocco
Mr. Hicham Taoudi
Ben Chekroun, 3,500 5.00%
(VOTING)
22, Rue Zahraoui Andal,
Casablanca,
Morocco
Mr. Mohamed Ben
Abdellah Taoudi Ben 3,500 5.00%
(VOTING)
Chekroun,
74, Lotissement Dr. Faraj,
Fes,
Morocco
Mr. Mohamed Ben
Hammad Taoudi Ben 10,500 15.00%
(VOTING)
Chekroun,
34, Rue Normandie, Maarif,
Casablanca,
Morocco
Mr. Abdellatif
Taoudi Ben Chekroun, 18,550 26.50%
(VOTING)
74, Lotissement Dr. Faraj,
Fes,
Morocco
Mr. Ali Taoudi Ben
Chekroun, 13,300 19.00%
(VOTING)
40, Résidence Des Oranges,
Fes,
Morocco
Principals
Name: Mr
Hammad Taoudi Ben Chekroun
Position within
the company: President
and managing director
Date of Birth: 1939
Town of Birth: Fes
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Mr
Mohamed Taoudi Ben Chekroun
Position within
the company: General
Director
Additional
Information: Mail
: m.benchekroun@dyechem‑colours.com
Date of Birth: 13/04/1967
Town of Birth: Casablanca
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Education: Degree
in Management sciences
Name: Mr
Ali Taoudi Ben Chekroun
Position within
the company: Administration
Manager
Date of Birth: 29/02/1952
Town of Birth: Fes
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Mr
Abdellatif Taoudi Ben Chekroun
Position within
the company: Joint
Managing director
Date of Birth: 1942
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Mr
Mustapha El Hilali
Position within
the company: Financial
Manager
Additional
Information: Mail
: m.elhilali@dyechem‑colours.com
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Name: Mr
Nabil Diouri
Position within
the company: Commercial
Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently
speak: Arabic
& French
Company Activities
NACE Codes: 4675 Wholesale
of chemical products ‑ 80%
2012 Manufacture of dyes and pigments ‑
20%
DYECHEM is engaged
in manufacture and marketing of dyes and chemicals.
Local Reporters
consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs:
22
HQ
Premises Operates from: Owned Offices , Factory, Warehouse
Premises
Size: 4000 square meters
Location: Industrial Area
Branches 30 Bis Rue Moha Ou
Hamou,
Casablanca,
Morocco
Description
of branch: Office
Quartier
Industriel Oulad Saleh Nş I3 G12,
Bouskoura,
Casablanca,
Morocco
Description
of branch: Office, Factory
Imports
Imports
Raw Materials, Imports Finished Goods
Imports
From: South
East Asia, Europe
Importing
Terms: Letters of
credit
Additional
Information: Bank transfer
Exports
Export
% and type of product: Subject does not
export
Trading
& Selling
Territory: 100%
Nationally
Type
of Customer: Industrial
Companies & Resellers
Vehicles: Total
number of vehicles: 5
2
trucks
3
cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Crédit Du Maroc,
Branch: Strasbourg
1 Rue de
Strasbourg,
Casablanca,
Morocco
Account Number: 021780
0000 040 030 153374 63
Financial Information
Source: Companies
Regsitry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 63,774,357 6,596,284 4,669,933
12 31/12/2010 56,984,740 6,829,537 4,861,331
12 31/12/2009 49,743,103 5,514,298 3,897,224
12 31/12/2008 45,318,452 3,732,118 2,628,617
12 31/12/2007 35,297,353 2,956,683 1,932,757
12 31/12/2006 30,550,104 2,616,442 1,711,335
12 31/12/2005 20,062,187 1,997,094 1,230,122
Balance Sheet & Profit & Loss
BALANCE SHEET
As at: 31‑Dec‑2011 31‑Dec‑2010 31‑Dec‑2009
Fixed
Assets
Land &
Buildings
Plant & Machinery 420,390 215,023 179,448
Furniture & Equipment 540,771 577,914 455,088
Motor Vehicles 104,472 172,858 96,846
Misc.
Fixed Assets 649,117
Total Fixed Assets 1,714,750 965,795 731,382
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments 231,700 50,617 2,917
Deposits
Misc. Financial Assets 2,000 2,000 2,000
Total Financial Assets 233,700 52,617 4,917
Intangibles
Goodwill
Organisational Expenses 34,171 82,141 138,416
Patents 69,815 95,241 17,301
Misc.
Intangible Assets
Total Intangible Assets 103,986 177,382 155,717
Current
Assets
Stock 17,184,344 12,447,068 11,697,749
Stock & Work in Progress 247,448 114,868 150,085
Trade Debtors & receivables 27,782,773 24,861,471 21,130,995
Provision
for bad debs
Other receivables 155,742 126,718 122,521
Due from
related companies
Owed by
shareholders
Prepaid expenses 632,803 244,371 34,466
Cash 3,290,602 2,729,185 3,151,429
Tax recoverable 3,229,274 1,447,121 1,410,512
Marketable
Securities
Misc. Current Assets 138,008 21,827 32,771
Total Current Assets 52,660,994 41,992,629 37,730,528
Total Assets 54,713,430 43,188,423 38,622,544
Owner's
Equity & Liabilities
Issued and paid up capital 7,000,000 7,000,000 7,000,000
Share
premium account
Retained earnings 21,933,370 17,315,105 13,612,743
Net profit/Loss for the year 4,669,933 4,861,331 3,897,224
Revaluation
reserves
Legal Reserves 1,154,388 911,322 716,460
Other
reserves
Net Worth 34,757,691 30,087,758 25,226,427
Deffered
Taxation
Provisions/allowances
Mortgages/Loans 2,912,159
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 2,912,159 0 0
Current
Liabilities
Creditors 12,690,110 6,484,700 6,013,159
Other creditors 9,072 4,500 134,541
Accruals 6,402 6,402
Bank
overdrafts/Loans
Misc. Loans
Directors
accounts
Owing to shareholders 2,912,160 2,912,160
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 4,148,043 3,493,406 3,654,898
Advance receipts 5,100 501,575
Misc. Current Liabilities 191,255 199,497 173,382
Total Current Liabilities 17,043,580 13,100,665 13,396,117
Owner's Equity & Liabilities 54,713,430 43,188,423 38,622,544
PROFIT & LOSS
Figures are: Figures are: Figures are:
Fiscal Year Fiscal Year Fiscal Year
01/01/2011 01/01/2010 01/01/2009
-31/12/2011 - 31/12/2010 - 31/12/2009
Total Income/Turnover 63,774,357 56,984,740 49,743,103
Cost of sales 42,574,719 33,117,160 29,737,291
Gross Profit/(Loss) 21,199,638 23,867,580 20,005,812
Admin/selling expenses 8,059,528 10,719,307 8,226,918
Services 2,500,302 2,631,176 2,064,893
Salaries 4,028,416 3,532,221 3,463,198
Auditors Fee 80,334 71,495 85,626
Stock Depreciation ‑470,215 ‑9,931 373,684
Depreciation 430,761 326,499 341,114
Misc.
Operating Expenses
Misc.
Operating Income 15,324
Net Operating Profit/(Loss) 6,570,512 6,596,813 5,465,703
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 272,949 523,459 375,570
Total Financial Income 272,949 523,459 375,570
Interest Payable/Finance costs 30,076 4,440 63,110
Misc. financial expenses 217,101 286,295 263,865
Total Financial Expenses 247,177 290,735 326,975
Profit/(Loss) before taxes 6,596,284 6,829,537 5,514,298
Income Tax 1,926,351 1,968,206 1,617,074
Other Tax
Profit/(Loss) after taxes 4,669,933 4,861,331 3,897,224
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 4,669,933 4,861,331 3,897,224
Previous
years retained earnings
Current years net income 4,669,933 4,861,331 3,897,224
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 4,669,933 4,861,331 3,897,224
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
Date accounts
obtained: 19/03/2013
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
(2011) (2011) Results (2010) (2010)
Liquidity
Ratios
Current Ratio 3.09 1.55 3.21 1.49
Acid Test Ratio 2.07 1.03 2.25 0.98
Accounts 0.20 0.35 0.11 0.39
Payable/Sales
Ratio
Current Liabilities/Net 0.49 ‑0.23 0.44 3.95
Worth
Current 0.98 2.11 1.04 2.64
Liabilities/Inventory
Total Liabilities/Net 0.57 ‑1.14 0.44 4.10
Worth
Fixed Assets/Net 4.93 ‑44.96 3.21 39.50
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 33.24 26.42 41.88 25.79
Return on Capital 17.51 21.08 22.70 22.52
Employed
(ROCE)(%)
Net Profit/Sales (%) 10.34 3.34 11.98 ‑1.85
Return on Assets (%) 12.06 5.38 15.81 4.08
Efficiency
Ratios
Sales/Working Capital 1.79 10.09 1.97 9.16
Assets/Sales(%) 85.79 136.44 75.79 123.15
Shareholders 18.98 43.51 22.70 21.60
Return(%)
Average Inventory 127.02 177.06 133.06 269.79
Period
Average Collection 150.65 254.10 147.30 141.73
Period
Sales/Inventory 3.66 4.10 4.54 4.57
Leverage
Ratios
Capital Employed 1.84 5.01 1.91 6.53
Capital Structure (%) 7.73 47.71 0.00 ‑4.02
Number of 590 590
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 27/04/1994 542 1371
TOTAL EMPLOYEES 22 406 1213
SALES (2011) 5,607,041 94 292
SALES (2010) 5,010,098 143 567
NET PROFIT (2011) 410,581 44 263
NET PROFIT (2010) 427,408 70 579
TOTAL ASSETS (2011) 4,810,405 85 254
TOTAL ASSETS (2010) 3,797,126 163 581
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: UNDETERMINED
Representation
Auditors: REVISCONTROLE
Rue
Ibn El Mouataz, Résidence le Joyau 4, First Floor
Tel: 212522 242304
Other Comments
Other Comments: Patent : 31504535
Interview & Reporter Comments
Name/Title: Mr.
Mustapha El Hilali Financial 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.
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. Mustapha El Hilali, Financial Manager, he
asked us to send him an email, however no reply was received as of yet.
The
above mentioned information is from a previous report on 04/10/2011.
Note
that the subject company is registred as : " DYES AND CHEMICALS
MANUFACTURING " not as mentioned in the enquiry.
The
telephone number given : 0522 546850 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: 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.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.