MIRA INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUBAN DU MAGHREB |
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Registered Office : |
19 Lot Laayoune N° 19 ‑ Ain
Borja, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.06.1986 |
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Com. Reg. No.: |
47891 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Manufacture of knitted and crocheted fabrics |
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No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 was a heavily indebted country
before pursuing 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 gradually falling
unemployment, although a poor harvest and economic difficulties in Europe
contributed to an economic slowdown in 2012. Industrial development strategies
and infrastructure improvements - most visibly illustrated by a new port and
free trade zone near Tangier - are improving Morocco's competitiveness. Morocco
also seeks to expand its renewable energy capacity with a goal of making
renewable 40% of electricity output by 2020. Key sectors of the economy include
agriculture, tourism, phosphates, textiles, apparel, and subcomponents. To
boost exports, Morocco entered into a bilateral Free Trade Agreement with the
United States in 2006 and an Advanced Status agreement with the European Union
in 2008. Despite Morocco's economic progress, the country suffers from high
unemployment, poverty, and illiteracy, particularly in rural areas. In 2011 and
2012, high prices on fuel - which is subsidized and almost entirely imported -
strained the government''s budget and widened the country''s current account
deficit. Key economic challenges for Morocco include fighting corruption and
reforming the education system, the judiciary, and the government''s costly
subsidy program.
|
Source : CIA |
COMPANY NAME
RUBAN DU MAGHREB
Registration Briefing
Registration Number: 47891
Registration Date: 04/06/1986
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2011
Financial Briefing
Nominal Capital: 15,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 119,102,670
Moroccan Dirham
Net Profit: 2,711,565
Moroccan Dirham
Net Worth: 18,508,417
Moroccan Dirham
Original Investigation Details
Investigation Number: 196284
Company Name: STE
RUBAN DU MAGHREB
Country: MO
Street Name: LOTISSEMENT
LAYOUNE LOT N.19
City Code:
Company Details
Company Name: RUBAN
DU MAGHREB
Company acronym: R.D.M
Headquarter Address: Lotissement
Laayoune Lot N° 19,
Ain
Borja,
Casablanca,
Morocco
Telephone: +212522
618278
+212522
618279
Fax: +212522
618276
E‑Mail: rdm@rubandumaghreb.com
Web Site: www.rubandumaghreb.com
Company was originally started on
04/06/1986
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: 19 Lot Laayoune
N° 19 ‑ Ain Borja,
Casablanca
Registration Number: 47891
Registration Date: 04/06/1986
Year/Date Company Established: 04/06/1986
Registration Town: Casablanca
Tax Registration Number: 01620801
Capital
Currency: Moroccan
Dirham
Authorized Capital: 15,000,000
Paid Up Capital: 15,000,000
Previous Capital amount:
9,000,000
Capital to increase to:
6,000,000
Capital increase on 2011 to 6,000,000
Authorized
Capital Breakdown
Number of Shares: 150,000 Type of Shares: None Selected
Issued
Shares: 150,000 Value
per share: MDH 100.00 Value of
this type: 15,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr.
Ahmed Assaboui & Family, 150,000 100.00% (VOTING)
Casablanca,
Morocco
Principals
Name: Mr Ahmed
Assaboui
Position within the company: Managing director
Date of Birth: 01/01/1950
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Ms Khadija
Assaboui
Position within the company: Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Ms Zineb
Assaboui
Position within the company: Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Mr Mohamed
Mouttaki
Position within the company: Commercial Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Company Activities
NACE Codes: 1391 Manufacture of
knitted and crocheted fabrics
Subject is specialized in manufacture
of elastic tapes and knitting.
‑
Elastic tapes (knitted + woven)
‑
Rigid tapes (knitted + woven)
‑
Cord
‑
Knitting material for hosiery :
Interlock
Bouclé
Jersey
Fleece
rib
‑
Clothing industry (specialist in Pyjamas for women) :
Coton 100%
Poly‑Coton (50/50)
Subject imports 90% of raw materials
from : China, Thailand, India, France, Italy, Spain and Turkey and purchases
the other 10% locally.
Subject distributes 100% of
manufactured products to the local market on a wholesale basis.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 180
HQ Premises Operates
from: Rented Offices
Location: Central Business Area
Branches Sidi
Hajjaj,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Factory
Branch
premises size: 1,800.00 sq.mtrs.
Imports
Import
% and type of product: 90% Raw Materials
Imports
From: China, Thailand, India, France,
Italy, Spain, Turkey
Importing
Terms: Cash against
documents
Additional
Information: Letters of
credit
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Resellers
& Wholesalers
Vehicles: Total number of
vehicles: 4
1
trucks
3
cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Centre d'Affaires Mechouar
Place
Hamidou El Watani Angle Rue d'Ifni,
Casablanca,
Morocco
Financial Information
Financial Interview Date: 15/08/2013
Source: Ms. Khadija
Assaboui Manager
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures
Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2011 119,102,670 3,876,609 2,711,565
12 31/12/2010 100,500,574 2,856,197 1,926,941
12 31/12/2009 107,409,789 2,805,544 1,936,180
12 31/12/2008 98,000,000
12 31/12/2007 90,195,914 1,995,103 1,300,991
12 31/12/2006 64,779,201 1,301,916 810,825
12 31/12/2005 42,309,279 1,099,874 808,706
12 31/12/2004 49,745,177 963,383 430,875
Balance Sheet & Profit & Loss
BALANCE SHEET
|
|
As at: 31‑Dec‑2011 |
As at: 31‑Dec‑2010 |
As
at: 31‑Dec‑2009 |
|
Fixed Assets |
|
|
|
|
Land & Buildings |
|
|
|
|
Plant & Machinery |
2,943,989 |
3,792,813 |
4,649,780 |
|
Furniture & Equipment |
372,255 |
380,024 |
392,889 |
|
Motor Vehicles |
5,785 |
17,201 |
92,284 |
|
Misc. Fixed Assets |
|
|
|
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Total Fixed Assets |
3,322,029 |
4,190,038 |
5,134,953 |
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Financial Assets |
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Shares in Related Companies |
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Loans to related companies |
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|
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Investments |
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Deposits |
|
|
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Misc. Financial Assets |
475,566 |
23,777 |
338,186 |
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Total Financial Assets |
475,566 |
23,777 |
338,186 |
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|
|
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Intangibles |
|
|
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Goodwill |
|
|
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Organisational Expenses |
54,936 |
|
|
|
Patents |
380 |
760 |
|
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Misc. Intangible Assets |
|
|
|
|
Total Intangible Assets |
54,936 |
380 |
760 |
|
|
|
|
|
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Current Assets |
|
|
|
|
Stock |
17,030,027 |
13,941,704 |
17,879,708 |
|
Stock & Work in Progress |
|
|
|
|
Trade Debtors & receivables |
21,702,313 |
21,896,067 |
22,730,787 |
|
Provision for bad debs |
|
|
|
|
Other receivables |
261,763 |
|
|
|
Due from related companies |
|
|
|
|
Owed by shareholders |
|
|
|
|
Prepaid expenses |
7,423,269 |
2,760,237 |
2,673,650 |
|
Cash |
589,697 |
705,128 |
159,842 |
|
Tax recoverable |
4,614,572 |
2,835,759 |
3,015,990 |
|
Marketable Securities |
|
|
|
|
Misc. Current Assets |
171,145 |
91,407 |
190,300 |
|
Total Current Assets |
51,531,023 |
42,230,302 |
46,912,040 |
|
Total Assets |
55,383,554 |
46,444,497 |
52,385,939 |
|
Owner's Equity & Liabilities |
|
|
|
|
Issued and paid up capital |
15,000,000 |
9,000,000 |
9,000,000 |
|
Share premium account |
|
|
|
|
Retained earnings |
9,128 |
8,535 |
164 |
|
Net profit/Loss for the year |
2,711,565 |
1,926,941 |
1,936,180 |
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Revaluation reserves |
|
|
|
|
Legal Reserves |
787,724 |
691,376 |
594,568 |
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Other reserves |
599,000 |
|
|
|
Net Worth |
18,508,417 |
11,626,852 |
12,129,912 |
|
|
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|
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|
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|
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Deffered Taxation |
|
|
|
|
Provisions/allowances |
|
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|
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Mortgages/Loans |
|
|
|
|
Hire purchase |
|
|
|
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Due to group of companies |
|
|
|
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Minority interest |
|
|
|
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Misc. deferred liabilities |
|
|
|
|
Total Long Term Liabilities |
0 |
0 |
0 |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Creditors |
18,874,866 |
15,669,078 |
20,541,567 |
|
Other creditors |
4,075,765 |
2,458,465 |
1,200,000 |
|
Accruals |
15,617 |
1,045 |
21,373 |
|
Bank overdrafts/Loans |
10,727,284 |
7,688,916 |
8,733,504 |
|
Misc. Loans |
|
|
|
|
Directors accounts |
|
|
|
|
Owing to shareholders |
6,000,000 |
5,813,065 |
|
|
Owing to related companies |
|
|
|
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Proposed dividend |
|
|
|
|
Long Term‑due 1 year |
|
|
|
|
Hire Purchase‑under 1 year |
|
|
|
|
Taxation |
2,950,006 |
2,745,634 |
3,658,606 |
|
Advance receipts |
3,323 |
91,467 |
93,357 |
|
Misc. Current Liabilities |
228,276 |
163,040 |
194,555 |
|
Total Current Liabilities |
36,875,137 |
34,817,645 |
40,256,027 |
|
Owner's Equity & Liabilities |
55,383,554 |
46,444,497 |
52,385,939 |
PROFIT & LOSS
|
|
Figures are: |
Figures are: |
Figures are: |
|
|
Fiscal Year |
Fiscal Year |
Fiscal Year |
|
|
|
|
|
|
|
01/01/2011 to 31/12/2011 |
01/01/2010 to 31/12/2010 |
01/01/2009 to 31/12/2009 |
|
Total Income/Turnover |
119,102,670 |
100,500,574 |
107,409,789 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
Gross Profit/(Loss) |
119,102,670 |
100,500,574 |
107,409,789 |
|
|
|
|
|
|
Admin/selling expenses |
106,523,314 |
86,926,704 |
93,345,573 |
|
Services |
3,136,186 |
2,570,968 |
2,539,595 |
|
Salaries |
6,472,380 |
6,430,573 |
7,129,097 |
|
Auditors Fee |
153,814 |
117,128 |
107,498 |
|
Stock Depreciation |
‑2,110,912 |
191,261 |
‑312,605 |
|
Depreciation |
1,012,655 |
1,094,731 |
|
|
Misc. Operating Expenses |
1,319,987 |
|
|
|
Misc. Operating Income |
764,296 |
30,280 |
|
|
Net Operating Profit/(Loss) |
4,679,529 |
3,169,209 |
3,310,924 |
|
|
|
|
|
|
Interest Receivable/Finance Income |
|
|
|
|
Group related income |
|
|
|
|
Misc. Financial Income |
1,846,545 |
1,821,100 |
2,002,212 |
|
Total Financial Income |
1,846,545 |
1,821,100 |
2,002,212 |
|
|
|
|
|
|
Interest Payable/Finance costs |
|
|
|
|
Misc. financial expenses |
2,649,465 |
2,134,112 |
2,507,592 |
|
Total Financial Expenses |
2,649,465 |
2,134,112 |
2,507,592 |
|
|
|
|
|
|
Profit/(Loss) before taxes |
3,876,609 |
2,856,197 |
2,805,544 |
|
|
|
|
|
|
Income Tax |
1,165,044 |
929,256 |
869,364 |
|
Other Tax |
|
|
|
|
Profit/(Loss) after taxes |
2,711,565 |
1,926,941 |
1,936,180 |
|
|
|
|
|
|
Extraordinary items |
|
|
|
|
Exceptional items |
|
|
|
|
Misc. Items |
|
|
|
|
|
|
|
|
|
Net Profit/(Loss) |
2,711,565 |
1,926,941 |
1,936,180 |
|
|
|
|
|
|
|
|
|
|
|
Previous years retained earnings |
|
|
|
|
Current years net income |
2,711,565 |
1,926,941 |
1,936,180 |
|
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 |
2,711,565 |
1,926,941 |
1,936,180 |
|
financial period |
|
|
|
|
|
|
|
|
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Average employees |
|
|
|
|
|
|
|
|
|
Directors fee |
|
|
|
|
Earnings per share |
|
|
|
|
Earnings per share‑previous year |
|
|
|
Auditors Comments
Date accounts obtained: 11/03/2013
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 Accounts have been submitted by: Ms. Khadija Assaboui (Manager)
FINANCIAL RATIOS / COMPARATIVE DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2011) (2011) Results (2010) (2010)
Liquidity
Ratios
Current Ratio 1.40 1.64 1.21 1.49
Acid Test Ratio 0.94 1.07 0.81 0.98
Accounts 0.16 0.39 0.16 0.67
Payable/Sales
Ratio
Current Liabilities/Net 1.99 1.54 2.99 3.15
Worth
Total Liabilities/Net 1.99 1.65 2.99 3.39
Worth
Fixed Assets/Net 17.95 38.93 36.04 18.54
Worth
(%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 91.95 100.00 93.45
Return on Capital 20.95 12.58 24.57 ‑22.50
Employed
(ROCE)(%)
Net Profit/Sales (%) 3.25 ‑6.13 2.84 ‑13.23
Return on Assets (%) 7.00 3.95 6.15 3.63
Efficiency
Ratios
Sales/Working Capital 8.13 120.96 13.56 13.17
Assets/Sales(%) 46.50 183.07 46.21 245.51
Shareholders 20.95 19.91 24.57 ‑21.99
Return(%)
Average Collection 66.81 108.80 81.04 117.42
Period
Leverage
Ratios
Capital Employed 6.45 4.41 8.64 5.54
Number of 400 400
Companies
within the
industry
(NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 04/06/1986 400 863
TOTAL EMPLOYEES 180 302 832
SALES (2011) 10,471,507 107 283
SALES (2010) 8,836,010 140 378
NET PROFIT (2011) 238,401 84 267
NET PROFIT (2010) 169,417 143 385
TOTAL ASSETS (2011) 4,869,322 142 267
TOTAL ASSETS (2010) 4,083,400 209 389
Currency:
EUROS
Charts of Financial Trends and Industry
Comparisons
PLEASE
NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND COMPARISON PURPOSES
Payments
Subject's payments reported to
be: UNDETERMINED
Representation
Other Comments
Other Comments: Patent :
31911986
Interview & Reporter Comments
Comment: We have been
unable to contact a company official.
Reporter Comment Date: 15/08/2013
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.
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.
Note that the company is closed for Eid
Al Fitr Holidays.
The above mentioned information is from
a previous report on 11/03/2013. Ms. Khadija Assaboui
confirmed that the turnover for the
year 2012 was approximately : 80.000.000,00 MAD.
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 declining in strength.
Age of Business:
The company is a long
established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.81 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.