MIRA INFORM REPORT
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Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COMMERCIALISATION DE PRODUITS ALIMENTAIRES |
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|
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Registered Office : |
Hay Moulay
Abdellah, Rue 305 N° 28, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.05.1992 |
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Com. Reg. No.: |
66027 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Non‑specialised wholesale of food, beverages and
tobacco |
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No. of Employees : |
198 |
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 (31.03.2012) |
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.
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Source : CIA |
Company name
COMMERCIALISATION DE PRODUITS ALIMENTAIRES
Registration Briefing
Registration Number: 66027
Registration Date: 27/05/1992
Legal Form: SOCIETE ANONYME
Latest Financials: December 31, 2011
Payment
Record
UNDETERMINED
This rating is based on available data. In the
event of additional information a possibility for a different rating applies.
Financial
Briefing
Nominal Capital: 60,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 301,031,418 Moroccan Dirham
Net Profit: 8,369,561 Moroccan Dirham
Net Worth: 77,751,083 Moroccan Dirham
Company Details
Company
Name: COMMERCIALISATION
DE PRODUITS ALIMENTAIRES
Also trades
as: COPRALIM
Headquarter
Address: Route
de Médiouna, Km 11.5 ‑ Ouled Haddou,
Bouskoura,
Casablanca,
Morocco
Telephone: +212522
970102
+212522 970513
Fax: +212522
970597
Company was
originally started on 27/05/1992
Registration & Legal Details
Current
Legal Form: SOCIETE
ANONYME
Registration
Address: Hay
Moulay Abdellah,
Rue 305 N° 28,
Casablanca
Registration
Number: 66027
Registration
Date: 27/05/1992
Year/Date
Company Established: 27/05/1992
Registration
Town: Casablanca
Tax Registration
Number: 02200524
Capital
Currency: Moroccan
Dirham
Authorized Capital: 60,000,000
Paid Up Capital: 60,000,000
Previous Capital amount:
37,777,600
Capital to increase to:
22,222,400
Capital
increase on 2011 to 22,222,400
Authorized Capital Breakdown
Number of
Shares: 600,000 Type
of Shares: None Selected
Issued Shares: 600,000 Value
per share: MDH 100.00
Value of this type: 60,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Abderrahim Bendaou, 595,514 99.25%
(VOTING)
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Ms. Latifa Fadili, 604 0.10%
(VOTING)
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Mr. Omar Tlemsser, 2,111 0.35%
(VOTING)
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Mr. Ali Bendaou, 1,717 0.29%
(VOTING)
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Mr. Merouane Bendaou, 27
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Ms. Latifa Bendaou, 27
Rue 305, N° 28 ‑ Hay Moulay Abdellah,
Casablanca,
Morocco
Principals
Name: Mr
Abderrahim Bendaou
Position within the company: President and managing director
Date of Birth: 10/10/1963
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Mr
Omar Tlemsser
Position within the company: Administrator
Date of Birth: 30/06/1956
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Ms
Latifa Fadili
Position within the company: Administrator
Date of Birth: 08/02/1965
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Mr
Zakarya Ziat
Position within the company: Commercial Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Name: Mr
Mohamed Bouzid
Position within the company: Production Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Company Activities
NACE Codes: 4639 Non‑specialised wholesale of
food, beverages and tobacco
1051 Operation of dairies and cheese
making
COPRALIM is
a moroccan based company established in 1992, and specialized in import and
wholesale of food products, manufacture and marketing of cheese and dairy
products.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company Employs: 198
HQ Premises Operates from: Owned
Offices , Factory, Warehouse
Premises Size: 9000
square meters
10000 square meters site
Location: Industrial Area
Branches Hay Moulay Abdellah,
Rue 305 N° 28,
Ain Chock,
Casablanca 20150,
Morocco
Branch is: Owned
Description of branch: Warehouse, Shop
Exports
Export %
and type of product: Subject
does not export
Trading
& Selling
Territory: 100%
Nationally
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Crédit Du Maroc,
Branch: Head office
48‑58 Boulevard Mohamed V,
Casablanca,
Morocco
Financial Information
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales
Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 301,031,418 12,985,530 8,369,561
12 31/12/2010 282,723,417 10,130,750 6,194,891
Balance Sheet & Profit & Loss
BALANCE
SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010
Fixed Assets
Land &
Buildings 45,150,762 45,818,133
Plant
& Machinery 5,426,852 6,462,719
Furniture
& Equipment 650,463 760,229
Motor
Vehicles 2,809,027 2,161,422
Misc.
Fixed Assets 7,507,467 7,507,467
Total
Fixed Assets 61,544,571 62,709,970
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc.
Financial Assets 24,239,359 23,173,237
Total Financial
Assets 24,239,359 23,173,237
Intangibles
Goodwill
Organisational
Expenses 286,112 63,888
Patents
Misc. Intangible Assets
Total
Intangible Assets 286,112 63,888
Current Assets
Stock 52,200,717 33,756,456
Stock & Work in Progress
Trade Debtors
& receivables 159,132,183 160,303,708
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid
expenses 1,511,672 930,930
Cash 7,938,080 17,524,780
Tax
recoverable 45,467,242 38,466,826
Marketable Securities
Misc.
Current Assets 42,031 112,261
Total
Current Assets 266,291,925 251,094,961
Total
Assets 352,361,967 337,042,056
Owner's Equity & Liabilities
Issued and
paid up capital 60,000,000 37,777,600
Share premium account
Retained
earnings 8,183,698 24,520,951
Net
profit/Loss for the year 8,369,561 6,194,891
Revaluation reserves
Legal
Reserves 1,197,824 888,080
Other reserves
Net
Worth 77,751,083 69,381,522
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 205,876,196 189,711,783
Other
creditors 42,522
Accruals
Bank
overdrafts/Loans 10,224,922 18,414,727
Misc. Loans
Directors accounts
Owing to
shareholders 859,275 1,068,675
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 56,465,240 46,930,953
Advance
receipts 11,168,010
Misc.
Current Liabilities 1,185,251 323,864
Total
Current Liabilities 274,610,884 267,660,534
Owner's
Equity & Liabilities 352,361,967 337,042,056
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 301,031,418 282,723,417
Cost of
sales 197,136,245 176,891,699
Gross
Profit/(Loss) 103,895,173 105,831,718
Admin/selling
expenses 5,886,006 9,033,542
Services 53,093,473 49,274,051
Salaries 11,137,992 9,641,724
Auditors
Fee 133,753 134,030
Stock Depreciation
Depreciation 17,520,514 24,422,033
Misc. Operating Expenses
Misc. Operating Income
Net
Operating Profit/(Loss) 16,123,435 13,326,338
Interest Receivable/Finance Income
Group related income
Misc.
Financial Income 717,236 1,171,200
Total Financial
Income 717,236 1,171,200
Interest
Payable/Finance costs 571,754 657,405
Misc.
financial expenses 3,283,387 3,709,383
Total
Financial Expenses 3,855,141 4,366,788
Profit/(Loss)
before taxes 12,985,530 10,130,750
Income Tax 4,615,969 3,935,859
Other Tax
Profit/(Loss)
after taxes 8,369,561 6,194,891
Extraordinary items
Exceptional items
Misc. Items
Net
Profit/(Loss) 8,369,561 6,194,891
Previous years retained earnings
Current
years net income 8,369,561 6,194,891
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 8,369,561 6,194,891
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 25/03/2013
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 0.97 1.56 0.94 1.49
Acid Test
Ratio 0.78 1.04 0.81 0.99
Accounts 0.68 0.36 0.67 0.39
Payable/Sales Ratio
Current
Liabilities/Net 3.53 0.08 3.86 4.04
Worth
Total
Liabilities/Net 3.53 ‑0.77 3.86 4.19
Worth
Fixed
Assets/Net 79.16 ‑39.97 90.38 39.49
Worth (%)
Profitability Ratios
Gross
Profit Ratio (%) 34.51 26.69 37.43 25.91
Return on
Capital 16.70 21.16 14.60 22.80
Employed (ROCE)(%)
Net
Profit/Sales (%) 4.31 3.48 3.58 ‑1.68
Return on
Assets (%) 3.69 5.42 3.01 4.14
Efficiency Ratios
Sales/Working
Capital ‑36.19 9.69 ‑17.07 9.08
Assets/Sales(%) 117.05 136.04 119.21 122.65
Shareholders
16.70 42.47 14.60 21.92
Return(%)
Average
Inventory 79.58 173.44 269.30
Period
Average
Collection 193.66 250.91 141.28
Period
Leverage Ratios
Capital
Employed 3.89 5.15 4.08 6.62
Number of 603 603
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 database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result
for specific RANKING Total Companies Used
company
DATE OF
REGISTRATION 27/05/1992 479 1382
TOTAL
EMPLOYEES 198 34 1223
SALES
(2011) 26,466,682 30 307
SALES
(2010) 24,857,043 45 579
NET PROFIT
(2011) 735,852 28 277
NET PROFIT
(2010) 544,655 58 591
TOTAL
ASSETS (2011) 30,979,664 16 268
TOTAL
ASSETS (2010) 29,632,738 32 593
Currency: EUROS
Rankings:
The
results given below are calculated against companies with the Database for the
specific country.
Scale:
1 is the highest result found in our database.
Example:
Ranking 5: Total Companies used to generate the Ranking : 20
This
means that this company is the 5th largest company out of 20 found in our
database in the specific industry
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: UNDETERMINED
Representation
Other Comments
Other
Comments: Patent
: 34029280
Interview & Reporter Comments
Comment: We
have been unable to contact a company official.
Subject was too busy to provide/confirm any information.
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.
We contacted the subject and they confirmed that the
Financial Manager who has the authority
to divulge such information, however, they confirmed that
he is not available at the present.
Note that the subject company is registred as : "
COMMERCIALISATION DE PRODUITS
ALIMENTAIRES "
The subject company is registred at the adress : "
HAY MOULAY ABDELLAH, RUE 305 N°28 ‑
AIN CHOCK, 20150 CASABLANCA "
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 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.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.