|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RATRA SARL |
|
|
|
|
Registered Office : |
6 Rue Ahmed El Brihi,
1° Etage, Bureau 5 & 6, Casablanca 20120 |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.01.1998 |
|
|
|
|
Com. Reg. No.: |
91003 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Importer and distributor
of food products including dried fruits, spices, legumes and seeds |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
RATRA SARL
Payment Record: UNDETERMINED
This rating
is based on available data. In the event of additional information a possibility
for a different rating applies.
Registration Number: 91003
Registration Date: 19/01/1998
Legal Form: SOCIETE A RESPONSIBILITE
LIMITEE
Latest Financials: December 31, 2011
Nominal Capital: 4,000,000 Moroccan
Dirham
Issued Capital: N/A
Turnover: 55,036,197 Moroccan
Dirham
Net Profit: 672,613 Moroccan Dirham
Net Worth: 10,671,894 Moroccan
Dirham
Company Name: RATRA
SARL
Headquarter Address: 6 Rue Ahmed
El Brihi, 1° Etage, Bureau 5 & 6,
Casablanca
20120,
Morocco
Telephone: +212522
312852
+212522
441473
Fax: +212522
447964
E‑Mail: ratra@wanadoo.net.ma
Company was originally
started on 19/01/1998
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: 21 Rue El
Bassatine,
Casablanca
Registration Number: 91003
Registration Date: 19/01/1998
Year/Date Company
Established: 19/01/1998
Registration Town: Casablanca
Tax Registration Number: 01050595
Currency: Moroccan
Dirham
Authorized Capital: 4,000,000
Paid Up Capital: 4,000,000
Number of Shares: 40,000 Type of Shares: None Selected
Issued Shares: 40,000 Value
per share: MDH 100.00 Value of this
type: 4,000,000.00
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. M'hamed Raji, 24,150 60.38%
(VOTING)
Lot Moulay Driss N° 4
Californie,
Casablanca,
Morocco
Mr. Khalid Raji, 6,450 16.12%
(VOTING)
Lot Moulay Driss N° 4
Californie,
Casablanca,
Morocco
Mr. Mohammed Raji, 6,450 16.12%
(VOTING)
Lot Moulay Driss N° 4
Californie,
Casablanca,
Morocco
Ms. Karima Raji, 2,950 7.38%
(VOTING)
Lot Moulay Driss N° 4
Californie,
Casablanca,
Morocco
Name: Mr
M'hamed Raji
Position within the company: Managing director
Date of Birth: 1942
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Mr
Khalid Raji
Position within the
company: Financial
Manager
Date of Birth: 1965
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Mr
Mohammed Raji
Position within the
company: Commercial
Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
NACE
Codes: 4639 Non‑specialised wholesale of food, beverages and tobacco
The company
RATRA specialises in import and distribution of food products including dried
fruits, spices, legumes and seeds.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Employees Company Employs: 15
HQ Premises Operates from: Owned Offices
Premises Size: 100
square meters
Location: Central
Business Area
Branches 37 Rue Jules César,
Roches Noires,
Casablanca,
Morocco
Branch is: Rented
Description of branch:
Warehouse
21 Rue El Bassatine,
Mers Sultan,
Casablanca,
Morocco
Branch is: Rented
Description of branch:
Warehouse
Imports
Import % and type of
product: 90% Finished
Goods
Imports From: Argentina,
Canada, China, India, France
Importing Terms: Cash against
documents
Exports
Export % and type of
product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Distributors
& Wholesalers
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Crédit Du Maroc,
Branch: Strasbourg
1 Rue de Strasbourg,
Casablanca,
Morocco
Account Number: 40030173107
BMCE Bank,
Branch: Lalla Yacout
3 Avenue Lalla Yacout,
Casablanca,
Morocco
Account Number: 21006226976
Crédit Agricole du
Maroc,
Branch: Bandoeng
1 Place Bandoeng,
Casablanca,
Morocco
Account Number: O 102
911 Z 651
Date of charge registered Beneficiary
of the charge Amount
secured Description of
by
the charge charge
19/11/2012 Crédit Agricole du Maroc MDH 2,000,000 Mortgage
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 55,036,197 1,063,973 672,613
12 31/12/2010 55,663,757 1,528,067 1,097,827
12 31/12/2009 75,503,127 1,841,245 1,290,757
12 31/12/2008 60,577,729 1,191,215 724,631
12 31/12/2007 70,631,775 1,791,899 1,181,172
12 31/12/2006 55,629,430 1,041,462 562,892
12 31/12/2005 49,673,831
12 31/12/2004 39,806,198
12 31/12/2003 37,489,579
12 31/12/2002 41,065,204
12 31/12/2001 33,877,417
BALANCE SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land
& Buildings 743,600 799,000 854,400
Plant
& Machinery 121,239 139,153 146,234
Furniture
& Equipment 256,085 153,868 156,845
Motor Vehicles
Misc. Fixed Assets
Total Fixed Assets 1,120,924 1,092,021 1,157,479
Financial Assets
Shares in Related
Companies
Loans to related
companies
Investments
Deposits
Misc. Financial
Assets
Total Financial Assets 0 0 0
Intangibles
Goodwill 200,000 200,000 200,000
Organisational
Expenses 15,359 21,503
Patents
Misc. Intangible
Assets
Total Intangible Assets 215,359 221,503 200,000
Current Assets
Stock 23,234,147 28,096,430 13,490,449
Stock & Work in
Progress
Trade
Debtors & receivables 5,867,241 5,750,038 19,092,256
Provision for bad
debs
Other receivables
Due from related
companies
Owed by shareholders
Prepaid expenses
Cash 17,184 33,286 179,576
Tax
recoverable 2,706,153 2,495,272 2,624,698
Marketable
Securities
Misc.
Current Assets 1,037,747 1,013,855 820,202
Total Current Assets 32,862,472 37,388,881 36,207,181
Total Assets 34,198,755 38,702,405 37,564,660
Owner's Equity
& Liabilities
Issued
and paid up capital 4,000,000 4,000,000 4,000,000
Share premium
account
Retained
earnings 5,642,217 4,599,281 3,379,062
Net
profit/Loss for the year 672,613 1,097,827 1,290,757
Revaluation reserves
Legal
Reserves 357,064 302,173 237,635
Other reserves
Net
Worth 10,671,894 9,999,281 8,907,454
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total Long Term Liabilities 0 0 0
Current Liabilities
Creditors 12,255,119 17,298,518 17,090,733
Other creditors
Accruals 168,113 270,974 184,161
Bank
overdrafts/Loans 9,895,167 9,853,047 9,538,522
Misc. Loans
Directors accounts
Owing to shareholders
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 1,153,065 1,020,314 1,370,826
Advance receipts
Misc.
Current Liabilities 55,397 260,271 472,964
Total Current Liabilities 23,526,861 28,703,124 28,657,206
Owner's Equity & Liabilities 34,198,755 38,702,405 37,564,660
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 55,036,197 55,663,757 75,503,127
Cost of
sales 46,814,898 65,389,098 63,623,028
Gross
Profit/(Loss) 8,221,299 ‑9,725,341 11,880,099
Admin/selling
expenses 9,026 9,885 6,686
Services 1,190,088 2,244,521 2,080,285
Salaries 842,837 712,329 674,558
Auditors
Fee 15,986 15,986 42,323
Stock
Depreciation 4,862,283 ‑14,605,981 8,732,392
Depreciation 131,416 108,591 99,896
Misc. Operating
Expenses
Misc. Operating
Income
Net Operating Profit/(Loss) 1,169,663 1,789,328 243,959
Interest
Receivable/Finance Income 311,698
Group related
income
Misc.
Financial Income 1,154,879 852,235 1,855,755
Total
Financial Income 1,154,879 852,235 2,167,453
Interest
Payable/Finance costs 869,423 52,088 53,983
Misc.
financial expenses 391,146 1,061,408 516,184
Total
Financial Expenses 1,260,569 1,113,496 570,167
Profit/(Loss)
before taxes 1,063,973 1,528,067 1,841,245
Income
Tax 391,360 430,240 550,488
Other Tax
Profit/(Loss)
after taxes 672,613 1,097,827 1,290,757
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss) 672,613 1,097,827 1,290,757
Previous years
retained earnings
Current
years net income 672,613 1,097,827 1,290,757
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 672,613 1,097,827 1,290,757
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
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 (2011) (2011) Results (2010) (2010)
Liquidity Ratios
Current Ratio 1.40 1.63 1.30 1.52
Acid Test Ratio 0.41 1.06 0.32 1.00
Accounts 0.22 0.38 0.31 0.41
Payable/Sales Ratio
Current
Liabilities/Net 2.20 1.78 2.87 4.28
Worth
Total
Liabilities/Net 2.20 1.33 2.87 4.44
Worth
Fixed Assets/Net 10.50 ‑7.11 10.92 41.08
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 14.94 26.26 ‑17.47 25.70
Return on Capital 9.97 19.80 15.28 23.04
Employed (ROCE)(%)
Net Profit/Sales (%) 1.93 3.71 2.75 ‑1.23
Return on Assets (%) 3.11 5.22 3.95 3.93
Efficiency Ratios
Sales/Working
Capital 5.90 8.66 6.41 7.52
Assets/Sales(%) 62.14 131.40 69.53 123.39
Shareholders 9.97 33.30 15.28 22.15
Return(%)
Average Inventory 200.10 192.26 116.07 265.42
Period
Average Collection 38.52 217.84 81.45 139.31
Period
Leverage Ratios
Capital Employed 5.26 5.52 5.69 6.89
Number of 737 737
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.
Elements
Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 19/01/1998 699 1464
TOTAL EMPLOYEES 15 575 1279
SALES (2011) 4,838,782 128 460
SALES (2010) 4,893,958 162 686
NET PROFIT (2011) 59,136 174 434
NET PROFIT (2010) 96,521 195 702
TOTAL ASSETS (2011) 3,006,755 145 427
TOTAL ASSETS (2010) 3,402,715 201 704
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
Subject's
payments reported to be: UNDETERMINED
Auditors: MACOGEST
(Marocaine de Comptabilité et de Gestion)
85, Rue Moha ou Hamou
Tel: 212 522 309 178
Other
Comments: Patent
: 33306922
Name/Title: Mr.
Khalid Raji 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.
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, they asked us to send an email to Mr. Khalid Raji,
Financial
Manager,
however, no reply was received as of yet.
The above
mentioned information is from a previous report on 26/04/2012.
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.
Age of
Business: The
company is a long established family run business.
Country: Morocco
Date: 20/08/2013 00:00:00
Source: "Economist
Intelligence Unit" ‑ The Economist
Risk: Last Updated: 07/08/2013
Sovereign
risk
Morocco’s fiscal account will remain deeply in deficit,
owing to high recurrent expenditure on
subsidies and wages. With new lending available on reasonable terms,
much of it concessional, and a slight improvement in the country's external
position, debt‑service payments will remain
manageable.
Currency risk
The current exchange‑rate system—a managed float—will be
maintained, with the Moroccan dirham weakening
slightly in 2013 against a stronger euro. A US$6.2bn precautionary credit line
from the IMF in 2012 and a US$1.5bn bond issuance in December 2012, which has
boosted foreign reserves, will increase confidence in the dirham.
Banking sector risk
The banking sector has benefited from prudential regulation, relatively
low levels of non‑performing loans
and limited direct foreign exposure. But heavy government borrowing from the
banks to fund a large fiscal deficit will remain a concern. The government is
keen to widen Islamic finance options.
Political risk
The government will
maintain high public spending in the short term to quell political and social
protests over unemployment, corruption and poverty. Tensions over the
disputed territory of Western Sahara may also lead to violent demonstrations,
but a military conflict is unlikely.
Economic structure risk
A reliance on agriculture leaves the economy vulnerable to adverse
weather conditions. The fiscal and external deficits fluctuate in line with
movements in commodity prices and external performance is heavily dependent on
European demand.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.