MIRA INFORM REPORT
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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUBAN DU MAGHREB |
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Registered Office : |
19
Hay Laayoune, Ain Borja, Casablanca, |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.06.1986 |
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Com. Reg. No.: |
47891 |
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Legal Form : |
Societe
A Responsibilite Limitee |
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|
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Line of Business : |
Manufacture of knitted and crocheted fabrics |
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No. of Employees : |
180 |
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 |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Morocco |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
RUBAN
DU MAGHREB
Registration Briefing
Registration
Number: 47891
Registration
Date: 04/06/1986
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2011
Financial Briefing
Nominal
Capital: 15,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 119,102,670
Moroccan Dirham
Net
Profit: 2,711,565
Moroccan Dirham
Net Worth: 18,508,417
Moroccan Dirham
Original Investigation Details
Investigation
Number: 181494
Rime
Reference: 0
Company
Name: RUBAN
DU MAGHREB
Country: MO
Street
Name: 19
HAY LAAYOUNE AIN BORJA C
City
Code:
Comments: We
require FRESHLY Investigated Report (with last 2/3 years
financials
– if possible) in lights of current scenario and
development
in and around the subject and any important
guidelines
or suggestions to make on
Please
provide the maximum credit limit & latest financials on
the subject
company
ALWAYS
INCLUDE FULL LINE OF BUSINESS ALONGWITH
NAMES
OF PRODUCTS MANUFACTURED / TRADED BY THE
SUBJECT
AS THIS IS REQUIRED BY OUR CLIENT
SPECIFICALLY.
Company Details
Company
Name: RUBAN
DU MAGHREB
Company
acronym: R.D.M
Headquarter
Address: 19
Hay Laayoune,
Ain
Borja,
Casablanca,
Morocco
Telephone: +212522
618278
+212522 618279
+212522 627948
Fax: +212522
618276
E‑Mail: rdm@rubandumaghreb.com
Web
Site: www.rubandumaghreb.com
Company
was originally started on 04/06/1986
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 19
Lot Laayoune,
Casablanca
Registration
Number: 47891
Registration
Date: 04/06/1986
Year/Date
Company Established: 04/06/1986
Registration
Town: Casablanca
Tax
Registration Number: 01620801
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 15,000,000
Paid
Up Capital: 15,000,000
Previous
Capital amount:
9,000,000
Capital
to increase to:
6,000,000
Capital
increase on 2011 to 6,000,000
Authorized Capital Breakdown
Number
of Shares: 150,000 Type
of Shares: None Selected
Issued
Shares: 150,000 Value
per share: MDH 100.00 Value
of this type: 15,000,000.00
Shareholders / Owners
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting capital
Mr.
Ahmed Assaboui & Family, 150,000 100.00%
(VOTING)
Casablanca,
Morocco
Principals
Name: Mr
Ahmed Assaboui
Position
within the company: Managing
director
Date
of Birth: 01/01/1950
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Khadija Assaboui
Position
within the company: Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Zineb Assaboui
Position
within the company: Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed Mouttaki
Position
within the company: Commercial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 1391 Manufacture of knitted and crocheted fabrics
Subject
is specialized in manufacture of elastic tapes and knitting.
‑
Elastic tapes (knitted + woven)
‑
Rigid tapes (knitted + woven)
‑
Cord
‑
Knitting material for hosiery :
Interlock
Bouclé
Jersey
Fleece
rib
‑
Clothing industry (specialist in Pajamas for women) :
Cotton
100%
Poly‑Cotton
(50/50)
Subject
imports 90% of raw materials from : China, Thailand, India, France, Italy,
Spain and Turkey and purchases the other
10%
locally.
Subject
distributes 100% of manufactured products to the local market on a wholesale
basis.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 180
HQ
Premises Operates
from: Rented Offices
Location: Central
Business Area
Branches Sidi
Hajjaj,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Factory
Branch
premises size: 1,800.00 sq.mtrs.
Imports
Import
% and type of product: 90%
Raw Materials
Imports
From: China,
Thailand, India, France, Italy, Spain, Turkey
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: Resellers
& Wholesalers
Vehicles: Total
number of vehicles: 4
1
trucks
3 cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa
Bank,
Branch:
Centre d'Affaires Mechouar
Place
Hamidou El Watani Angle Rue d'Ifni,
Casablanca,
Morocco
Financial Information
Source: Ms.
Khadija Assaboui Manager
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2012 80,000,000 (Projection)
12 31/12/2011 119,102,670 3,876,609 2,711,565
12 31/12/2010 100,500,574 2,856,197 1,926,941
12 31/12/2009 107,409,789 2,805,544 1,936,180
12 31/12/2008 98,000,000
12 31/12/2007 90,195,914 1,995,103 1,300,991
12 31/12/2006 64,779,201 1,301,916 810,825
12 31/12/2005 42,309,279 1,099,874 808,706
12 31/12/2004 49,745,177 963,383 430,875
Balance Sheet & Profit & Loss
BALANCE SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed Assets
Land & Buildings
Plant & Machinery 2,943,989 3,792,813 4,649,780
Furniture & Equipment 372,255 380,024 392,889
Motor Vehicles 5,785 17,201 92,284
Misc. Fixed Assets
Total Fixed Assets 3,322,029 4,190,038 5,134,953
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial Assets 475,566 23,777 338,186
Total Financial Assets 475,566 23,777 338,186
Intangibles
Goodwill
Organisational Expenses 54,936
Patents 380 760
Misc. Intangible Assets
Total Intangible Assets 54,936 380 760
Current Assets
Stock 17,030,027 13,941,704 17,879,708
Stock & Work in Progress
Trade Debtors & receivables 21,702,313 21,896,067 22,730,787
Provision for bad debs
Other receivables 261,763
Due from related companies
Owed by shareholders
Prepaid expenses 7,423,269 2,760,237 2,673,650
Cash 589,697 705,128 159,842
Tax recoverable 4,614,572 2,835,759 3,015,990
Marketable Securities
Misc. Current Assets 171,145 91,407 190,300
Total Current Assets 51,531,023 42,230,302 46,912,040
Total Assets 55,383,554 46,444,497 52,385,939
Owner's Equity & Liabilities
Issued and paid up capital 15,000,000 9,000,000 9,000,000
Share premium account
Retained earnings 9,128 8,535 164
Net profit/Loss for the year 2,711,565 1,926,941 1,936,180
Revaluation reserves
Legal Reserves 787,724 691,376 594,568
Other reserves 599,000
Net Worth 18,508,417 11,626,852 12,129,912
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 18,874,866 15,669,078 20,541,567
Other creditors 4,075,765 2,458,465 1,200,000
Accruals 15,617 1,045 21,373
Bank overdrafts/Loans 10,727,284 7,688,916 8,733,504
Misc. Loans
Directors accounts
Owing to shareholders 6,000,000 5,813,065
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 2,950,006 2,745,634 3,658,606
Advance receipts 3,323 91,467 93,357
Misc. Current Liabilities 228,276 163,040 194,555
Total Current Liabilities 36,875,137 34,817,645 40,256,027
Owner's Equity & Liabilities 55,383,554 46,444,497 52,385,939
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 119,102,670 100,500,574 107,409,789
Cost of sales
Gross Profit/(Loss) 119,102,670 100,500,574 107,409,789
Admin/selling expenses 106,523,314 86,926,704 93,345,573
Services 3,136,186 2,570,968 2,539,595
Salaries 6,472,380 6,430,573 7,129,097
Auditors Fee 153,814 117,128 107,498
Stock Depreciation ‑2,110,912 191,261 ‑312,605
Depreciation 1,012,655 1,094,731
Misc. Operating Expenses 1,319,987
Misc. Operating Income 764,296 30,280
Net Operating Profit/(Loss) 4,679,529 3,169,209 3,310,924
Interest Receivable/Finance Income
Group related income
Misc. Financial Income 1,846,545 1,821,100 2,002,212
Total Financial Income 1,846,545 1,821,100 2,002,212
Interest Payable/Finance costs
Misc. financial expenses 2,649,465 2,134,112 2,507,592
Total Financial Expenses 2,649,465 2,134,112 2,507,592
Profit/(Loss) before taxes 3,876,609 2,856,197 2,805,544
Income Tax 1,165,044 929,256 869,364
Other Tax
Profit/(Loss) after taxes 2,711,565 1,926,941 1,936,180
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 2,711,565 1,926,941 1,936,180
Previous years retained earnings
Current years net income 2,711,565 1,926,941 1,936,180
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 2,711,565 1,926,941 1,936,180
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. Khadija Assaboui (Manager)
FINANCIAL
RATIOS / COMPARATIVE DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2011) (2011) Results (2010) (2010)
Liquidity
Ratios
Current
Ratio 1.40 1.56 1.21 1.52
Acid
Test Ratio 0.94 0.98 0.81 1.00
Accounts
0.16 0.42 0.16 0.66
Payable/Sales
Ratio
Current
Liabilities/Net 1.99 2.14 2.99 ‑0.44
Worth
Total
Liabilities/Net 1.99 2.29 2.99 ‑0.23
Worth
Fixed
Assets/Net 17.95 87.17 36.04 ‑153.66
Worth
(%)
Profitability
Ratios
Gross
Profit Ratio (%) 100.00 91.88 100.00 93.85
Return
on Capital 20.95 7.82 24.57 7.84
Employed
(ROCE)(%)
Net
Profit/Sales (%) 3.25 ‑5.31 2.84 ‑8.10
Return
on Assets (%) 7.00 4.46 6.15 3.68
Efficiency
Ratios
Sales/Working
Capital 8.13 171.65 13.56 13.84
Assets/Sales(%) 46.50 184.56 46.21 227.67
Shareholders
20.95 12.05 24.57 6.99
Return(%)
Average
Collection 66.81 101.24 81.04 119.28
Period
Leverage
Ratios
Capital
Employed 6.45 4.11 8.64 4.17
Number
of 335 335
Companies
within the
industry
(NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
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 04/06/1986 401 824
TOTAL
EMPLOYEES 180 294 809
SALES
(2011) 10,471,507 82 204
SALES
(2010) 8,836,010 125 322
NET
PROFIT (2011) 238,401 64 186
NET
PROFIT (2010) 169,417 122 326
TOTAL
ASSETS (2011) 4,869,322 98 185
TOTAL
ASSETS (2010) 4,083,400 179 331
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 : 31911986
Interview & Reporter
Comments
Name/Title: Ms. Khadija Assaboui Manager
Comment: Subject has confirmed the general details shown in the
report.
Reporter Comment Date: 11/03/2013
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 / 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.
General Conclusion: Local informants consider
granting of credit to be a fair 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 a long established
family run business.
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 : |
PDT |
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.