MIRA
INFORM REPORT
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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ETERKNIT SARL |
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Registered Office : |
19 Allée des Villas, Ain Sebaa, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
22.06.1998 |
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Com. Reg. No.: |
92847 |
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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 : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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) |
|
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
ETERKNIT SARL
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: 92847
Registration
Date: 22/06/1998
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: March
31, 2012
Financial Briefing
Nominal
Capital: 2,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 26,171,491
Moroccan Dirham
Net
Profit: 287,867
Moroccan Dirham
Net
Worth: 13,994,858
Moroccan Dirham
Company Details
Company
Name: ETERKNIT
SARL
Headquarter
Address: 19
Allée des Villas,
Ain
Sebaa,
Casablanca,
Morocco
Telephone: +212522
342838
+212522
342839
+212522
342840
Fax: +212522
342835
E‑Mail: eterknit@eterknit.com
Web
Site: www.eterknit.net
Company
was originally started on 22/06/1998
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 19
Allée des Villas,
Casablanca
Registration
Number: 92847
Registration
Date: 22/06/1998
Year/Date
Company Established: 22/06/1998
Registration
Town: Casablanca
Tax
Registration Number: 01641575
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 2,000,000
Paid
Up Capital: 2,000,000
Authorized Capital Breakdown
Number of Shares: 20,000 Type of Shares: None Selected
Issued Shares: 20,000 Value per share: MDH 100.00 Value of this type: 2,000,000.00
Shareholders / Owners
Shareholders:
Name/Other
Information Shares
Held % of Voting/Non‑Voting capital
Mr.
Ali Fakhri, 10,000 50.00%
(VOTING)
Casablanca,
Morocco
Mr.
Claude Oliva, 5,000 25.00%
(VOTING)
Casablanca,
Morocco
Ms.
Malika Imam, 5,000 25.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Claude Oliva
Position
within the company: Managing
director
Date
of Birth: 11/11/1952
Country
of Birth: France
Nationality: French
Can
fluently speak: French
Name
of Spouse: Malika
Imam
Name: Ms
Malika Imam
Position
within the company: Administrator
Date
of Birth: 08/09/1951
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Thierry Oliva
Position
within the company: Marketing
Manager
Country
of Birth: France
Nationality: French
Can
fluently speak: French
& English
Name: Ms
Saadia Sahnoun
Position
within the company: Financial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1391 Manufacture of knitted and crocheted fabrics
ETERKNIT is a Moroccan based company
established in 1998, specialized in manufacture and export of knitted garment products for men, women, kids and babies.
Subject
imports 100% of raw materials from France & India. The production process
includes knitting, finishing, sewing and printing.
Subject
exports then 98% of finished products and distributes 2% to the local market.
Among the company foreign customers : OKAIDI,
OBAIBI, DU PAREIL AU MEME, KIABI, GAS JEANS, BLANCHE PORTE,
GREENSPIRIT, BOUT’CHOU, COUNTRY FOR KIDS
(CFK), MONOPRIX, AUTRE TON, INTERMARCHE, E. LECLERC,
CASINO,
SYSTEM U, AT HOME CROCHU, OVIESSE, COIN, KEEN ON FASHION, Keen On.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 200
HQ Premises Operates
from: Rented Office , Factory,
Warehouse
Location: Industrial Area
Imports
Import
% and type of product: 100% Raw
Materials
Imports
From: France,
India
Importing
Terms: Letters of
credit
Additional
Information: Bills of
exchange
Exports
Export
% and type of product: 98%
Exports
To: France,
Italy, Belgium, Germany, USA
Exporting
Terms: 60 days
credit, bank transfer
Trading & Selling
Territory: 2%
Nationally, 98% International
Type
of Customer: Textile
Industry
Vehicles: Total
number of vehicles:
1
cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Société
Générale,
Branch:
Ain Sebaa
Route
de Rabat, Km 7 ‑ Ain Sebaa,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 11/03/2013
Source: Ms.
Saadia Sahnoun Financial Manager
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/03/2013 22,000,000 (Projection)
12 31/03/2012 26,171,491 421,930 287,867
12 31/03/2011 21,079,384 1,197,858 953,967
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Mar‑2012 As at: 31‑Mar‑2011
Fixed
Assets
Land & Buildings 21,278 23,323
Plant & Machinery 762,567 1,185,027
Furniture & Equipment 334,823 368,159
Motor Vehicles 234,745 314,510
Misc. Fixed
Assets
Total Fixed Assets 1,353,413 1,891,019
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 452,130 452,130
Total Financial Assets 452,130 452,130
Intangibles
Goodwill
Organisational Expenses 189,258 43,993
Patents
Misc. Intangible Assets 4,000 5,000
Total Intangible Assets 193,258 48,993
Current
Assets
Stock 8,702,834 6,725,460
Stock & Work in Progress 2,607,647 2,807,887
Trade Debtors & receivables 4,928,517 5,127,264
Provision
for bad debs
Other
receivables 156,335
Due from
related companies
Owed by
shareholders
Prepaid
expenses
Cash 1,465,755 1,934,544
Tax recoverable 1,606,931 1,798,428
Marketable
Securities
Misc. Current Assets 220,743 135,257
Total Current Assets 19,532,427 18,685,175
Total Assets 21,531,228 21,077,317
Owner's
Equity & Liabilities
Issued and paid up capital 2,000,000 2,000,000
Share
premium account
Retained earnings 11,459,293 10,553,025
Net profit/Loss for the year 287,867 953,967
Revaluation
reserves
Legal Reserves 247,698 200,000
Other
reserves
Net Worth 13,994,858 13,706,992
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 6,961,617 6,839,687
Other
creditors
Accruals 150 166
Bank
overdrafts/Loans
Misc. Loans
Directors
accounts
Owing to
shareholders
Owing to related
companies
Proposed
dividend
Long Term‑due
1 year
Hire
Purchase‑under 1 year
Taxation 168,800 297,231
Advance
receipts
Misc. Current Liabilities 405,803 233,241
Total Current Liabilities 7,536,370 7,370,325
Owner's Equity & Liabilities 21,531,228 21,077,317
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal
Year Fiscal
Year
01/04/2011
to 31/03/2012 01/04/2010 to
31/03/2011
Total Income/Turnover 26,171,491 21,079,384
Cost of
sales
Gross Profit/(Loss) 26,171,491 21,079,384
Admin/selling expenses 14,683,441 12,240,577
Services 1,996,517 2,971,617
Salaries 7,695,527 8,083,060
Auditors Fee 73,688 115,007
Stock Depreciation 590,102 ‑2,685,652
Depreciation 446,466 406,346
Misc.
Operating Expenses
Misc.
Operating Income 2,899
Net Operating Profit/(Loss) 688,649 ‑51,571
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 342,349 1,545,101
Total Financial Income 342,349 1,545,101
Interest
Payable/Finance costs 46,766
Misc. financial expenses 562,302 295,672
Total Financial Expenses 609,068 295,672
Profit/(Loss) before taxes 421,930 1,197,858
Income Tax 134,063 243,891
Other Tax
Profit/(Loss) after taxes 287,867 953,967
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 287,867 953,967
Previous
years retained earnings
Current years net income 287,867 953,967
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 287,867 953,967
financial
period
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. Saadia
Sahnoun (Financial Manager)
FINANCIAL RATIOS / COMPARATIVE
DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2012) (2012) Results (2011) (2011)
Liquidity
Ratios
Current Ratio 2.59 2.59 2.54 1.41
Acid Test Ratio 1.09 1.09 1.24 0.52
Accounts 0.27 0.27 0.32 0.75
Payable/Sales
Ratio
Current Liabilities/Net 0.54 0.54 0.54 3.05
Worth
Current 0.67 0.67 0.77 1.61
Liabilities/Inventory
Total Liabilities/Net 0.54 0.54 0.54 4.19
Worth
Fixed Assets/Net 9.67 9.67 13.80 227.56
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 100.00 100.00 100.00 99.40
Return on Capital 3.01 3.01 8.74 ‑2.75
Employed
(ROCE)(%)
Net Profit/Sales (%) 1.61 1.61 5.68 ‑15.28
Return on Assets (%) 1.96 1.96 5.68 ‑1.05
Efficiency
Ratios
Sales/Working Capital 2.18 2.18 1.86 ‑0.12
Assets/Sales(%) 82.27 82.27 99.99 199.92
Shareholders 3.01 3.01 8.74 ‑45.33
Return(%)
Average Collection 70.12 70.12 56.66
Period
Sales/Inventory 2.31 2.31 2.21 2.06
Leverage
Ratios
Capital Employed 1.90 1.90 1.54 2.43
Number of 185 185
Companies
within the
industry
(NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
The
statistical Industrial Average results are calculated against
companies
within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 22/06/1998 561 824
TOTAL EMPLOYEES 200 258 809
SALES (2012) 2,300,997 6 10
SALES (2011) 1,853,299 134 178
NET PROFIT (2012) 25,309 3 3
NET PROFIT (2011) 83,873 92 146
TOTAL ASSETS (2012) 1,893,026 10 10
TOTAL ASSETS (2011) 1,853,118 137 185
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 database for the
specific
country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Other Comments
Other
Comments: Patent
: 30351478
Interview & Reporter Comments
Name/Title: Ms. Saadia Sahnoun Financial Manager
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.
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
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 long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.