MIRA INFORM REPORT

 

 

Report Date :

20.6.2013

 

IDENTIFICATION DETAILS

 

Name :

SOCIETE MOROCCO BULLIONS SARL

 

 

Registered Office :

25 Lot Najah Ben Allal, Erfoud, Errachidia

 

 

Country :

Morocco

 

 

Date of Incorporation :

18.05.2012

 

 

Com. Reg. No.:

9115

 

 

Legal Form :

Societe A Responsibilite Limitee

 

 

Line of Business :

Mining of other non‑ferrous metal ores

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

--

 

 

 

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

 

COMPANY NAME AND ADDRESS

 

SOCIETE MOROCCO BULLIONS SARL

 

Registration Briefing

 

Registration Number:                             9115

Registration Date:                                  18/05/2012

Legal Form:                                           SOCIETE A RESPONSIBILITE LIMITEE

Latest Financials:                                  N/A

 

Financial Briefing

 

Nominal Capital:                                    10,000 Moroccan Dirham

Issued Capital:                                       N/A

Turnover:                                               N/A

Net Profit:                                               N/A

Net Worth:                                              N/A

 

                              NB                            NEW BUSINESS

Subject is under 18 months old. Monitoring its future progress is recommended.

 

 

Company Details

 

Company Name:                                          SOCIETE MOROCCO BULLIONS SARL

Headquarter Address:                                   25 Lot Najah Ben Allal,

                                                                  Erfoud,

                                                                  Errachidia,

                                                                  Morocco

 

Company was originally started on 18/05/2012

 

 

Registration & Legal Details

 

Current Legal Form:                                   SOCIETE A RESPONSIBILITE LIMITEE

Registration Address:                                 25 Lot Najah Ben Allal,

                                                                Errachidia

Registration Number:                                  9115

Registration Date:                                      18/05/2012

Year/Date Company Established:                18/05/2012

Registration Town:                                     Errachidia

 

 

Capital

 

Currency:                                                                 Moroccan Dirham

Authorized Capital:                                                                   10,000

Paid Up Capital:                                                                       10,000

 

Shareholders / Owners

 

Information on Shareholders is not available/applicable

 

 

Principals

 

Name:                                                       Mr Imran Abbasi

 

 

Position within the company:                      Managing director

Can fluently speak:                                    English

 

 

Company Activities

 

NACE Codes:          0899           Other mining and quarrying n.e.c.

                              0729           Mining of other non‑ferrous metal ores

 

 

Operations

 

HQ Premises                                            Operates from:     Office

                                                                Location:             Central Business Area

 

 

Related Companies

 

Subsidiaries

Affiliates          Information on Related Companies is not available/applicable

 

 

Bankers

 

Information on Bankers is not available/applicable

 

Payments

 

Subject's payments reported to be:        UNDETERMINED

 

 

Interview & Reporter Comments

 

Comment:                                We have been unable to contact a company official.

 

 

 

Reporter Comment Date:          18/06/2013

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.

 

                                              There is no telephone or fax number supplied within the original query, the

telephone number 212 535 758959 obtained from the Telecommunications Directory is out of service.

                                              So we are unable to approach the said company you are investigating.

 

 

Conclusions

 

Local Reputation:           Local informants have not adequate information to assess the Subject's local reputation.

 

Age of Business:           The company is classified as a New Business (under 18 months old), the progress of  this

                                     company remains to be seen.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.74

UK Pound

1

Rs.91.99

Euro

1

Rs.78.70

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.