MIRA
INFORM REPORT
|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEMAFOM :
DEPOT MAROCAIN DE FIXATIONS ET OUTILLAGE METALLURGIQUE |
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Registered Office : |
138 Boulevard de La Gironde, Casablanca 20500 |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
13.03.2005 |
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Com. Reg. No.: |
147831 |
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Legal Form : |
Societe A Responsibilite
Limitee |
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Line of Business : |
Wholesale of hardware, plumbing and heating equipment and supplies |
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No. of Employees : |
6 |
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 |
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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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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
DEMAFOM : DEPOT MAROCAIN DE FIXATIONS ET
OUTILLAGE METALLURGIQUE
Rating Briefing
Definition: FAIR
CREDIT QUALITY
Payment Record: NO COMPLAINTS
This rating is based on available data. In the event of additional
information a possibility for a different rating applies.
Registration
Briefing
Registration Number: 147831
Registration Date: 13/03/2005
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2011
Financial Briefing
Nominal Capital: 2,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 4,778,690 Moroccan Dirham
Net Profit: 216,935 Moroccan Dirham
Net Worth: 2,010,837 Moroccan Dirham
Original
Investigation Details
Investigation
Number: 191513
Company Name: DEMAFOM
SARL
Country: MO
Street Name: 138
BOULEVARD DE LA GIRONDE 20500
City Code: CASABLANCA
Company
Details
Company Name: DEMAFOM
: DEPOT MAROCAIN DE FIXATIONS ET
OUTILLAGE
METALLURGIQUE
Headquarter Address: 138 Boulevard
de La Gironde,
Casablanca
20500,
Morocco
Telephone: +212522
452420
+212522
452421
Fax: +212522
452422
E‑Mail: demafom@gmail.com
Company was
originally started on 02/03/2006
Registration
& Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration
Address: 138
Boulevard de La Gironde,
Casablanca
Registration Number: 147831
Registration Date: 13/03/2005
Year/Date Company
Established: 02/03/2006
Registration Town: Casablanca
Tax
Registration Number:
01103427
Capital
Currency: Moroccan
Dirham
Authorized Capital: 2,000,000
Paid Up Capital: 2,000,000
Previous Capital amount:
100,000
Capital increase on
2009
Authorized
Capital Breakdown
Number of Shares: 2,000 Type
of Shares: None Selected
Issued Shares: 2,000 Value
per share: MDH 1,000.00
Value of this type: 2,000,000.00
Shareholders
/ Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting capital
Mr. Hassan Ghallab, 2,000 100.00%
(VOTING)
Lot Fatna Rue 10 N°
17 ‑ Hay Salam,
Casablanca,
Morocco
Principals
Name: Mr
Hassan Ghallab
Position within the company: Managing
director
Additional Information: Mobile
: 212 661 439954
Date of Birth: 02/08/1974
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Company
Activities
NACE Codes: 4674 Wholesale of hardware, plumbing and
heating equipment and supplies
DEMAFOM is engaged
in import and distribution of hardware and industrial supplies : hand tools,
bolts, screws, welding equipment ...
Subject imports 100%
of goods from Italy, Spain, France, Germany, India & Taiwan.
Subject distributes
then on a wholesale basis to the local market.
This company does
not export.
Local Reporters
consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs: 6
HQ Premises Operates from: Owned
Office , Shop, Warehouse
Location: Central Business Area
Branches Rue El Araar,
Casablanca,
Morocco
Description
of branch: Warehouse
Imports
Import % and type of product: 100%
Finished Goods
Imports From: Italy,
Spain, France, Germany, India, Taiwan
Importing Terms: 60‑90
days credit, bank transfer
Additional Information: 60‑90
days credit, bills of exchange
cash
against documents
Subject's Suppliers: Company
Name: SNA EUROPE
Company
Name: BELLOTA
Agencies:
BAHCO
IVECO
BELLOTA
INDEX
OXYTURBO
Exports
Export % and type of product: Subject
does not export
Trading
& Selling
Territory: 100%
Nationally
Type
of Customer: Wholesalers
& Resellers
Number
of accounts: 160
Vehicles: Total
number of vehicles:
2
cars
Related
Companies
Subsidiaries
Affiliates
Information on
Related Companies is not available/applicable
Bankers
Attijariwafa Bank,
Branch: Dakar
Place de Dakar,
Casablanca,
Morocco
Account Number: 010
E 00000 2318
Société Générale,
Branch: La Gironde
Rue d' Ifni, Angle
Rue Rabia Al Adaouia,
Casablanca,
Morocco
Account Number: 0050
11972
Charges
Registered
Date of charge
Beneficiary of the charge Amount
secured Description of charge
Registered
by the charge
19/04/2012
Société Générale
MDH 300,000 Mortgage
Financial
Information
Financial Interview Date: 25/06/2013
Source: Mr.
Hassan Ghallab Managing director
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2012 4,778,690 216,935
12 31/12/2011 4,308,809 157,864 110,504
12 31/12/2010 3,171,634 258,356 242,476
12 31/12/2009 2,604,199 88,034 75,013
12 31/12/2008 2,499,072 (85,781) (98,277)
Balance
Sheet & Profit & Loss
BALANCE SHEET
|
|
31‑Dec‑2011 |
31‑Dec‑2010 |
31‑Dec‑2009 |
|
Fixed Assets |
|
|
|
|
Land & Buildings |
|
|
|
|
Plant & Machinery |
|
|
|
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Furniture & Equipment |
34,764 |
41,767 |
48,771 |
|
Motor Vehicles |
31,334 |
41,779 |
|
|
Misc. Fixed Assets |
|
|
|
|
Total Fixed Assets |
66,098 |
83,546 |
48,771 |
|
Financial Assets |
|
|
|
|
Shares in Related
Companies |
|
|
|
|
Loans to related
companies |
|
|
|
|
Investments |
|
|
|
|
Deposits |
|
|
|
|
Misc. Financial Assets |
|
|
|
|
Total Financial Assets |
0 |
0 |
0 |
|
Intangibles |
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|
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|
Goodwill |
|
|
|
|
Organisational Expenses |
|
|
|
|
Patents |
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|
|
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Misc. Intangible Assets |
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|
|
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Total Intangible Assets |
0 |
0 |
0 |
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Current Assets |
|
|
|
|
Stock |
3,738,027 |
3,530,110 |
2,110,767 |
|
Stock & Work in
Progress |
|
|
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|
Trade Debtors &
receivables |
1,151,176 |
728,196 |
678,892 |
|
Provision for bad debs |
|
|
|
|
Other receivables |
3,080 |
|
|
|
Due from related
companies |
|
|
|
|
Owed by shareholders |
|
|
|
|
Prepaid expenses |
212,044 |
|
|
|
Cash |
26,615 |
184,585 |
8,035 |
|
Tax recoverable |
932,620 |
673,495 |
789,238 |
|
Marketable Securities |
|
|
|
|
Misc. Current Assets |
|
|
|
|
Total Current Assets |
5,848,438 |
5,331,510 |
3,586,932 |
|
Total Assets |
5,914,536 |
5,415,056 |
3,635,703 |
|
Owner's Equity &
Liabilities |
|
|
|
|
Issued and paid up
capital |
2,000,000 |
2,000,000 |
2,000,000 |
|
Share premium account |
|
|
|
|
Retained earnings |
‑99,667 |
‑342,143 |
‑417,156 |
|
Net profit/Loss for the
year |
110,504 |
242,476 |
75,013 |
|
Revaluation reserves |
|
|
|
|
Legal Reserves |
|
|
|
|
Other reserves |
|
|
|
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Net Worth |
2,010,837 |
1,900,333 |
1,657,857 |
|
Deffered Taxation |
|
|
|
|
Provisions/allowances |
|
|
|
|
Mortgages/Loans |
|
|
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|
Hire purchase |
|
|
|
|
Due to group of companies |
|
|
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Minority interest |
|
|
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Misc. deferred
liabilities |
|
|
|
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Total Long Term
Liabilities |
0 |
0 |
0 |
|
Current Liabilities |
|
|
|
|
Creditors |
565,913 |
577,297 |
388,462 |
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Bank overdrafts/Loans |
327,963 |
962,199 |
103,592 |
|
Misc. Loans |
|
|
|
|
Directors accounts |
|
|
|
|
Owing to shareholders |
2,653,736 |
1,822,245 |
1,357,178 |
|
Owing to related
companies |
|
|
|
|
Proposed dividend |
|
|
|
|
Long Term‑due 1
year |
|
|
|
|
Hire Purchase‑under
1 year |
|
|
|
|
Taxation |
348,890 |
150,298 |
126,170 |
|
Advance receipts |
|
|
|
|
Misc. Current Liabilities |
7,197 |
2,684 |
2,444 |
|
Total Current Liabilities |
3,903,699 |
3,514,723 |
1,977,846 |
|
Owner's Equity &
Liabilities |
5,914,536 |
5,415,056 |
3,635,703 |
PROFIT & LOSS
|
|
01/01/2011 to 31/12/2011 |
01/01/2010 to 31/12/2010 |
01/01/2009 to 31/12/2009 |
|
Total
Income/Turnover |
4,308,809 |
3,171,634 |
2,604,199 |
|
Cost of
sales |
3,682,728 |
2,558,746 |
2,161,948 |
|
|
|
|
|
|
Gross
Profit/(Loss) |
626,081 |
612,888 |
442,251 |
|
|
|
|
|
|
Admin/selling
expenses |
7,222 |
5,507 |
2,266 |
|
Services |
291,129 |
230,597 |
213,550 |
|
Salaries |
147,282 |
134,178 |
126,308 |
|
Auditors
Fee |
10,836 |
938 |
48 |
|
Stock
Depreciation |
|
|
|
|
Depreciation |
17,448 |
7,004 |
6,931 |
|
Misc.
Operating Expenses |
|
|
|
|
Misc.
Operating Income |
4,278 |
|
|
|
Net
Operating Profit/(Loss) |
152,164 |
238,942 |
93,148 |
|
|
|
|
|
|
Interest
Receivable/Finance Income |
|
|
|
|
Group
related income |
|
|
|
|
Misc.
Financial Income |
21,077 |
57,134 |
11,161 |
|
Total
Financial Income |
21,077 |
57,134 |
11,161 |
|
|
|
|
|
|
Interest
Payable/Finance costs |
|
|
|
|
Misc.
financial expenses |
15,377 |
37,720 |
16,275 |
|
Total
Financial Expenses |
15,377 |
37,720 |
16,275 |
|
|
|
|
|
|
Profit/(Loss)
before taxes |
157,864 |
258,356 |
88,034 |
|
|
|
|
|
|
Income
Tax |
47,360 |
15,880 |
13,021 |
|
Other Tax |
|
|
|
|
Profit/(Loss)
after taxes |
110,504 |
242,476 |
75,013 |
|
|
|
|
|
|
Extraordinary
items |
|
|
|
|
Exceptional
items |
|
|
|
|
Misc.
Items |
|
|
|
|
|
|
|
|
|
Net
Profit/(Loss) |
110,504 |
242,476 |
75,013 |
|
|
|
|
|
|
|
|
|
|
|
Previous
years retained earnings |
|
|
|
|
Current
years net income |
110,504 |
242,476 |
75,013 |
|
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 |
110,504 |
242,476 |
75,013 |
|
financial
period |
|
|
|
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors
Comments
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 1.50 1.65 1.52 1.53
Acid Test Ratio 0.54 1.06 0.51 1.00
Accounts 0.13 0.39 0.18 0.41
Payable/Sales Ratio
Current
Liabilities/Net 1.94 1.45 1.85 4.44
Worth
Total
Liabilities/Net 1.94 0.89 1.85 4.60
Worth
Fixed
Assets/Net 3.29 ‑16.38 4.40 41.12
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 14.53 26.57 19.32 25.78
Return on
Capital 7.85 19.89 13.60 22.13
Employed (ROCE)(%)
Net
Profit/Sales (%) 3.66 3.55 8.15 ‑1.37
Return on
Assets (%) 2.67 5.32 4.77 4.09
Efficiency Ratios
Sales/Working
Capital 2.22 8.02 1.75 7.33
Assets/Sales(%) 137.27 132.57 170.73 122.48
Shareholders 7.85 35.61 13.60 21.23
Return(%)
Average
Inventory 360.18 189.35 402.33 266.19
Period
Average
Collection 79.60 224.75 80.97 139.73
Period
Leverage Ratios
Capital
Employed 2.14 5.48 1.67 7.21
Number of 690 690
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 Rime
database for the specific country.
INDUSTRY
SECTOR COMPARATIVE DATA
Elements
Taken Result for specific RANKING Total Companies Used
company
DATE OF
REGISTRATION 13/03/2005 1074 1432
TOTAL EMPLOYEES 6 1002 1258
SALES (2011) 378,830 334 406
SALES (2010) 278,850 542 649
NET PROFIT
(2011) 9,716 277 380
NET PROFIT
(2010) 21,318 363 662
TOTAL ASSETS
(2011) 520,006 274 372
TOTAL ASSETS
(2010) 476,092 470 664
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 Rime
database for the specific country.
Payments
Subject's payments reported to be: NO
COMPLAINTS
Representation
Other Comments
Other Comments: Patent
: 32690132
Interview
& Reporter Comments
Name/Title: Mr.
Hassan Ghallab Managing director
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 the
subject company is registred as : "
DEPOT MAROCAIN DE FIXATIONS ET OUTILLAGE
METALLURGIQUE ".
Conclusions
Local Reputation: The
company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
Owner/Shareholders Comments: All or most 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 long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.59 |
|
|
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.