MIRA
INFORM REPORT
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Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
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Name : |
LA SUFFISANCE SARL |
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Registered Office : |
18 Rue Ahmed El Brihi, 2ème Etage, Casablanca 20000 |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.08.2009 |
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Com. Reg. No.: |
204771 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Wholesale of fruit and vegetables |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but 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 (31.03.2011) |
Current Rating (30.06.2012) |
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Morocco |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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
LA SUFFISANCE SARL
Registration Briefing
Registration
Number: 204771
Registration
Date: 06/08/2009
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2011
Financial Briefing
Nominal
Capital: 100,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: N/A
Net
Loss: 7,135
Net
Worth: 92,865
Moroccan Dirham
Company Details
Company
Name: LA
SUFFISANCE SARL
Headquarter
Address: 18
Rue Ahmed El Brihi, 2ème Etage,
Casablanca
20000,
Morocco
Telephone: +212522
543973
Fax: +212522
543873
E‑Mail: saiss_fruits@hotmail.fr
Company
was originally started on 2011
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 18 Rue
Ahmed El Brihi, 2ème Etage,
Casablanca
Registration
Number: 204771
Registration
Date: 06/08/2009
Year/Date
Company Established: 2011
Registration
Town: Casablanca
Tax
Registration Number: 01112247
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 100,000
Paid
Up Capital: 100,000
Authorized Capital Breakdown
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 / Owners
Shareholders:
Name/Other
Information Shares
Held % of Voting/Non‑Voting
capital
Mr.
Mohammed Bellamine, 400 40.00%
(VOTING)
Résidence
Dakhla, Rue Chenguit,
Fes,
Morocco
Mrs.
Meryem Ibn Majdoub, 200 20.00%
(VOTING)
Résidence
Dakhla, Rue Chenguit,
Fes,
Morocco
Ms.
Zineb Bellamine, 200 20.00%
(VOTING)
Résidence
Dakhla, Rue Chenguit,
Fes,
Morocco
Mr.
Hamza Bellamine, 200 20.00%
(VOTING)
Résidence
Dakhla, Rue Chenguit,
Fes,
Morocco
Principals
Name: Mr
Mohammed Bellamine
Position
within the company: Managing
director
Date
of Birth: 18/06/1969
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Association
as Director: SAISS
FRUITS SARL
Name: Mr
Abdeslam Belmajdoub
Position
within the company: Commercial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4631 Wholesale of fruit and vegetables
The
company is engaged in trade of dried fruits.
Local
Reporters consider the investigated company to be SMALL in their field of
concern.
Operations
Employees Company
Employs: 4
HQ Premises Operates
from: Office
Location: Central Business Area
Imports
Import
% and type of product: 100% Finished
Goods
Imports
From: Canada, Pakistan, Egypt, United Arab Emirates,
Iran, India, Mexico, Japan, Syria
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: Wholesalers
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Crédit
Du Maroc,
Branch:
Benjdia
23 Rue
Mohamed El Brihi,
Casablanca,
Morocco
Relationship
with Bank: is reported to be normal
Financial Information
Financial
Interview Date: 21/02/2013
Source: Companies
Registry
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2011 (7,135) (7,135)
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Dec‑2011 As at: 31‑Dec‑2010
Fixed
Assets
Land &
Buildings
Plant &
Machinery
Furniture
& Equipment
Motor
Vehicles
Misc. Fixed
Assets
Total Fixed Assets 0 0
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc.
Financial Assets
Total Financial Assets 0 0
Intangibles
Goodwill
Organisational Expenses 7,865 10,268
Patents
Misc. Intangible
Assets
Total Intangible Assets 7,865 10,268
Current
Assets
Stock
Stock &
Work in Progress
Trade
Debtors & receivables
Provision
for bad debs
Other receivables 1,873 1,000
Due from
related companies
Owed by
shareholders
Prepaid
expenses
Cash
Tax
recoverable
Marketable
Securities
Misc. Current Assets 100,000 100,000
Total Current Assets 101,873 101,000
Total Assets 109,738 111,268
Owner's
Equity & Liabilities
Issued and paid up capital 100,000 100,000
Share
premium account
Retained
earnings
Net
profit/Loss for the year ‑7,135
Revaluation
reserves
Legal
Reserves
Other
reserves
Net Worth 92,865 100,000
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 13,420 8,620
Other
creditors
Accruals 2,200 2,200
Bank
overdrafts/Loans 448
Misc. Loans
Directors
accounts
Owing
to shareholders 1,253
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation
Advance
receipts
Misc.
Current Liabilities
Total Current Liabilities 16,873 11,268
Owner's Equity & Liabilities 109,738 111,268
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal
Year Fiscal
Year
01/01/2011
to 31/12/2011 01/01/2010 to
31/12/2010
Total
Income/Turnover
Cost of
sales
Gross Profit/(Loss) 0 0
Admin/selling
expenses
Services 2,640 1,336
Salaries
Auditors
Fee 3
Stock
Depreciation
Depreciation 2,404 1,569
Misc.
Operating Expenses 2,000
Misc.
Operating Income 3,990
Net Operating Profit/(Loss) ‑7,044 1,082
Interest
Receivable/Finance Income
Group
related income
Misc.
Financial Income
Total Financial Income 0 0
Interest
Payable/Finance costs
Misc. financial expenses 91 1,082
Total Financial Expenses 91 1,082
Profit/(Loss) before taxes ‑7,135 0
Income Tax
Other Tax
Profit/(Loss) after taxes ‑7,135 0
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) ‑7,135 0
Previous
years retained earnings
Current
years net income
Misc.
additions in current year
Current
years net loss ‑7,135
Dividends in
current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of ‑7,135 0
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
Date
accounts obtained: 21/02/2013
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 6.04 1.55 8.96 1.49
Acid Test Ratio 6.04 1.04 8.96 0.98
Current Liabilities/Net 0.18 ‑0.39 0.11 3.95
Worth
Total Liabilities/Net 0.18 ‑1.39 0.11 4.11
Worth
Profitability
Ratios
Return on Capital ‑7.68 21.54 0.00 22.09
Employed
(ROCE)(%)
Return on Assets (%) ‑6.50 5.52 0.00 4.22
Efficiency
Ratios
Shareholders ‑7.68 46.11 0.00 21.13
Return(%)
Number of 574 574
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
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 06/08/2009 1305 1360
TOTAL EMPLOYEES 4 1092 1206
NET PROFIT (2011) ‑627 219 241
NET PROFIT (2010) 0 487 563
TOTAL ASSETS (2011) 9,648 231 232
TOTAL ASSETS (2010) 9,783 563 565
Currency:
EUROS
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 specific country.
Payments
Subject's payments reported to be: UNDETERMINED
Representation
Other Comments
Other Comments: Patent : 33390221
Interview & Reporter Comments
Comment: Subject has confirmed the general details shown in the report.
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.
Note that Mr. Mohammed Bellamine is also the Director of the company SAISS FRUITS SARL
which is engaged in the same activity (Turnover 2010 : 100,000,000.00 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.
Age of Business: The company has been operating for under 5 years and is a family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.43 |
|
|
1 |
Rs.83.20 |
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Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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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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<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.