MIRA INFORM REPORT
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Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
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Name : |
OCP SA |
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Registered Office : |
2 Rue Al Abtal, Hay Erraha, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.08.1920 |
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Com. Reg. No.: |
40327 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Mining of chemical and fertiliser
minerals |
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No. of Employees : |
19000 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
|
Source : CIA |
Company name
OCP SA
Rating Briefing
Payment Record: REGULAR
This
rating is based on available data. In the event of additional
information
a possibility for a different rating applies.
Registration
Briefing
Registration Number: 40327
Registration Date: 07/08/1920
Legal Form: SOCIETE ANONYME
Latest Financials: December 31, 2011
Financial
Briefing
Nominal Capital: 8,287,500,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 28,219,706,858 Moroccan Dirham
Net Profit: 14,621,757,338 Moroccan Dirham
Net Worth: 40,352,017,237 Moroccan Dirham
Original Investigation
Details
Investigation Number: 170156
Company Name: OCP SA
Country: MO
Street Name:
City Code: 2‑5
RUE AL ABTAL HAY ERRAH
Company Details
Company
Name: OCP
SA
Headquarter
Address: 2‑4
Rue Al Abtal,
Hay Erraha,
Casablanca 20200,
Morocco
Postal
Address: P.O.Box
5196,
Casablanca
Telephone: +212522
223024
+212522 230025
+212522 231025
+212522 232025
Fax: +212522
230624
+212522 991263
+212522 998382
Web
Site: www.ocpgroup.ma
Company
has been in it's present legal form since: 26/02/2008
Company
was originally started as a STATE OWNED CONCERN on 07/08/1920
Registration & Legal
Details
Current Legal Form: SOCIETE ANONYME
Registration Address: 2 Rue Al Abtal,
Hay Erraha,
Casablanca
Registration Number: 40327
Registration Date: 07/08/1920
Year/Date Company Established: 07/08/1920
Registration Town: Casablanca
Tax Registration Number: 02220794
Capital
Currency: Moroccan
Dirham
Authorized Capital: 8,287,500,000
Paid Up Capital: 8,287,500,000
Authorized Capital
Breakdown
Number of Shares: 82,875,000 Type of Shares:
None Selected
Issued Shares: 82,875,000 Value per share: MDH 100.00 Value of this type:
8,287,500,000.00
Shareholders / Owners
Parent Company: MOROCCAN STATE,
Morocco
% Shares Held: 94.11%
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Banque Centrale Populaire, 4,874,999 5.88%
(VOTING)
101, Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Other Shareholders, 10
Morocco
Principals
Name: Mr
Mostafa Terrab
Position within the company: President and managing
director
Date of Birth: 19/10/1955
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Education: Technical
University
Schools Attended: Massachusetts Institute of
Technology, Cambridge, USA
Other qualifications include: Master degree in Engineering
Institut in Paris
Name: Mr
Mohamed El Kadiri
Position within the company: General Secretary
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic & French
Name: Mr
Amar Drissi
Position within the company: Industrial relations
Director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Mr
Mohamed El Hajjouji
Position within the company: Finance Director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Name: Mr
M'hamed Ibnabdeljalil
Position within the company: Commercial Director
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic, French & English
Company Activities
NACE Codes: 0891 Mining
of chemical and fertiliser minerals
OCP Group,
together with its subsidiaries, engages in mining, processing, exporting, and
marketing phosphates in Morocco.
The
company produces phosphate rock; and phosphate derivatives, such as basic and
purified phosphoric acid, and phosphate fertilizers. Its phosphate rock is
primarily used in the manufacture of fertilizers; and phosphoric acid is used
in lemonades, yeasts, cheese, meat and fish preservation, drinkable water
treatment, detergents, animal feed, foliar fertilizers, metal treatment,
textiles and cement.
Local Reporters consider the investigated
company to be LARGE in their field of concern.
Operations
Employees Company Employs: 19000
HQ Premises Operates from: Owned Offices
Premises Size: 20000
square meters
Location: Central
Business Area
Branches Maroc Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid
with
400.000
Tons P205.
Maroc Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid,
within
400.000
Tons P205.
Maroc Chimie,
Route Jorf El Youdi,
Safi,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric
acid, within 400.000 Tons P205.
Maroc Phosphore III‑ IV,
100 Km de Marrakech,
Khouribga,
Morocco
Branch is: Owned
Description of branch: Factory
These premises operate as: Production of phosphoric acid,
within the
capacity
of 1.4 Million /Tons of P205
Gantour,
100 Km de Marrakech,
Youssoufia,
Morocco
Branch is: Owned
Description of branch: Factory
Branch premises size: 2,500.00 sq.mtrs.
77 Km de Youssoufia,
Benguerir,
Morocco
Branch is: Owned
Description of branch: Factory
Boucraa‑Layoune,
Laayoune,
Morocco
Branch is: Owned
Description of branch: Factory
Imports
Imports Raw Materials, Imports
Finished
Goods
Imports From: USA,
Canada, Russia, Ukraine,
European
Community
Importing Terms: Special
agreements
Exports
Export % and type of product: 95%
Exports To: France,
USA, Brazil, United Kingdom,
Italy,
Spain,
India, China, Poland, Indonesia,
Norway
Exporting Terms: special agreements
Trading
& Selling
Territory: 5%
Nationally, 95% International
Related Companies
Subsidiaries
Centre d'Etudes et de Recherches
des Phosphates Mineraux
(Cerphos)
Casablanca, Owned
100% by subject
Morocco
Start date: 1975
Operates as: Research center for the technics and mineral
processing
Maroc Phosphore
Morocco Owned
100% by subject
Operates as: production of phosphoric acid and fertilizers
Societe de Transports Regionaux
(Sotreg)
Casablanca, Owned
100% by subject
Morocco
Operates as: tranporting OCP Group's employees
Ste Marocaine d'Etudes Speciales
et Industrielles (Smesi)
Casablanca, Owned
100% by subject
Morocco
Start date: 1959
Operates as: company of engineering of studies and
industrial achievements
Phosphates de Boucraa
Casablanca, Owned
100% by subject
Morocco
Start date: 1962
Operates as: phosphate working.
COMARAM
Morocco Owned
100% by subject
Operates as: Sea transport
GPFCE
Morocco Owned
100% by subject
Operates as: Finance
Pakistan Maroc Phosphore
Casablanca, Owned
50% by subject
Morocco
Operates as: Phosphates processing
Bunge Maroc Phosphore
Morocco Owned
50% by subject
Operates as: Phosphates processing
Affiliates
EMAPHOS
Casablanca, Owned
33% by subject
Morocco
Operates as: manufacturing of phosphoric acid
IMACID
Casablanca, Owned
33% by subject
Morocco
Operates as: manufacturing of phosphoric acid
Bankers
Attijariwafa Bank,
Branch: Head Office
163 Avenue Hassan II,
Casablanca,
Morocco
Account Number: 12010129744
Banque Centrale Populaire,
Branch: Head Office
101 Boulevard Mohamed Zerktouni,
Casablanca,
Morocco
Account Number: 212119950010005
Société Générale,
Branch: Head Office
55 Boulevard Abdelmoumen,
Casablanca,
Morocco
Citibank Maghreb,
Branch: Head Office
Zenith Millenium Immeuble 1, lot
Attaoufik,
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 28,219,706,858 18,623,680,496 14,621,757,338
12 31/12/2010 19,870,322,276 10,469,158,436 8,302,420,062
12 31/12/2009 11,867,877,186 4,775,328,815 3,745,599,671
12 31/12/2008 27,580,014,129 24,388,147,411 22,067,285,965
12 31/12/2007 5,303,915,726 3,436,634,144 2,829,272,286
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 1,531,973,005 1,197,776,130 1,194,172,057
Plant & Machinery 5,112,710,101 1,154,358,580 1,154,435,644
Furniture & Equipment 65,653,523 51,577,756 51,472,277
Motor Vehicles 22,413,830 12,206,301 8,808,405
Misc. Fixed Assets 4,358,453,875 3,974,424,914 2,138,994,872
Total Fixed Assets 11,091,204,334 6,390,343,681 4,547,883,255
Financial Assets
Shares in Related Companies 10,068,080,175 8,775,147,998 8,605,253,794
Loans to related
companies
Investments 8,903,292 9,264,965 10,584,986
Deposits
Misc. Financial Assets 55,805,077 55,507,746 62,947,763
Total Financial Assets 10,132,788,544 8,839,920,709 8,678,786,543
Intangibles
Goodwill
Organisational Expenses 89,990,117 89,047,669 339,360,679
Patents 9,700,711 13,257,335 29,424,849
Misc. Intangible Assets 91,121,954 61,375,260 42,859,626
Total Intangible Assets 190,812,782 163,680,264 411,645,154
Current Assets
Stock 1,075,896,866 915,432,719 984,353,897
Stock & Work in Progress 639,729,482 580,497,448 560,286,641
Trade Debtors & receivables 14,574,124,436 5,670,017,297 6,497,887,878
Provision for bad
debs
Other receivables 3,477,055,926 4,193,461,801 4,696,467,747
Due from related
companies
Owed by shareholders
Prepaid expenses 1,459,868,297 563,267,398 533,775,630
Cash 1,616,010,296 689,194,987 501,156,199
Tax recoverable 2,161,028,906 1,538,537,783 2,251,726,475
Marketable Securities 22,617,399,843 24,106,498,067 16,390,899,285
Misc. Current Assets 3,378,813,228 4,661,111,877 1,957,460,897
Total Current Assets 50,999,927,280 42,918,019,377 34,374,014,649
Total Assets 72,414,732,940 58,311,964,031 48,012,329,601
Owner's Equity
& Liabilities
Issued and paid up capital 8,287,500,000 8,287,500,000 8,287,500,000
Share premium account 4,512,500,000 4,512,500,000 4,512,500,000
Retained earnings 4,611,109,899 7,228,385 70,577,448
Net profit/Loss for the year 14,621,757,338 8,302,420,062 3,745,599,671
Revaluation reserves
Legal Reserves 828,750,000 671,878,119 483,898,135
Other reserves 7,490,400,000 7,490,400,000 5,050,400,000
Net Worth 40,352,017,237 29,271,926,566 22,150,475,254
Deffered Taxation
Provisions/allowances 12,648,804,673 8,576,663,661 11,591,603,988
Mortgages/Loans 9,416,778,890 7,725,832,878 9,072,087,606
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred liabilities 86,256,276 90,373,162 93,228,264
Total Long Term Liabilities 22,151,839,839 16,392,869,701 20,756,919,858
Current
Liabilities
Creditors 1,985,530,923 1,715,560,435 1,597,854,442
Other creditors 3,796,438,226 1,312,681,035 472,306,271
Accruals 95,083,737 64,546,234 64,377,224
Bank overdrafts/Loans 105,002,587 7,401,235,651 80,633,625
Misc. Loans
Directors accounts
Owing to
shareholders
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 2,103,736,632 1,283,820,798 163,110,533
Advance receipts 1,042,307,096 155,879,103 1,850,440,719
Misc. Current Liabilities 782,776,663 713,444,508 876,211,675
Total Current Liabilities 9,910,875,864 12,647,167,764 5,104,934,489
Owner's Equity & Liabilities 72,414,732,940 58,311,964,031 48,012,329,601
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 28,219,706,858 19,870,322,276 11,867,877,186
Cost of
sales 318,397,784 16,096,254
Gross Profit/(Loss) 27,901,309,074 19,854,226,022 11,867,877,186
Admin/selling expenses 2,802,572,758 2,472,811,160 1,999,038,830
Services 2,808,621,321 2,490,013,333 1,937,825,709
Salaries 3,682,881,076 3,035,012,297 2,789,258,152
Auditors Fee 124,313,305 121,697,982 68,868,802
Stock Depreciation ‑46,248,915 47,915,041 ‑143,990,612
Depreciation 1,631,626,141 1,531,877,149 1,561,263,469
Misc. Operating Expenses 18,207,389 50,220,947 2,931,051
Misc. Operating Income 1,112,488,612 1,209,780,876 1,580,893,891
Net Operating Profit/(Loss) 17,991,824,611 11,314,458,989 5,233,575,676
Interest Receivable/Finance Income 896,067,667 1,229,500,215 745,059,948
Group related income 129,894,811 65,584,808 156,937,316
Misc. Financial Income 1,779,083,054 7,379,422,679 544,793,138
Total Financial Income 2,805,045,532 8,674,507,702 1,446,790,402
Interest Payable/Finance costs 401,218,209 436,658,113 472,575,798
Misc. financial expenses 1,771,971,438 9,083,150,142 1,432,461,465
Total Financial Expenses 2,173,189,647 9,519,808,255 1,905,037,263
Profit/(Loss) before taxes 18,623,680,496 10,469,158,436 4,775,328,815
Income Tax 4,001,923,158 2,166,738,374 1,029,729,144
Other Tax
Profit/(Loss) after taxes 14,621,757,338 8,302,420,062 3,745,599,671
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 14,621,757,338 8,302,420,062 3,745,599,671
Previous years
retained earnings
Current years net income 14,621,757,338 8,302,420,062 3,745,599,671
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 14,621,757,338 8,302,420,062 3,745,599,671
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
Auditors Comments
Date accounts obtained: 05/11/2012
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 5.15 8.50 3.39 4.29
Acid Test Ratio 4.97 8.18 3.28 4.00
Accounts 0.07 0.06 0.09 0.15
Payable/Sales Ratio
Current Liabilities/Net 0.25 0.18 0.43 8.11
Worth
Current 5.78 5.78 8.45 5.95
Liabilities/Inventory
Total Liabilities/Net 0.79 0.68 0.99 10.80
Worth
Fixed Assets/Net 27.49 23.55 21.83 456.75
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 98.87 99.44 99.92 99.78
Return on Capital 29.80 36.05 22.93 8.93
Employed (ROCE)(%)
Net Profit/Sales (%) 66.00 67.64 52.69 33.14
Return on Assets (%) 25.72 32.55 17.95 13.11
Efficiency Ratios
Sales/Working Capital 0.69 0.73 0.66 4.51
Assets/Sales(%) 256.61 216.25 293.46 375.88
Shareholders 46.15 53.84 35.77 ‑180.57
Return(%)
Average Inventory 1,141.40 1,141.40 21,539.86 12,956.89
Period
Average Collection 130.92 79.08 111.76 114.79
Period
Sales/Inventory 16.45 16.45 13.28 12.09
Leverage Ratios
Capital Employed 0.70 0.80 0.68 ‑0.99
Capital Structure (%) 35.44 33.34 35.90 39.76
Number
of 10 10
Companies within the
industry (NACE B)
Statistics
based on Mining
& quarrying Mining
& quarrying
NACE(B)
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 07/08/1920 1 21
TOTAL EMPLOYEES 19,000 1 15
SALES (2011) 2,481,076,627 1 2
SALES (2010) 1,746,998,735 1 9
NET PROFIT (2011) 1,285,544,905 1 2
NET PROFIT (2010) 729,948,772 1 9
TOTAL ASSETS (2011) 6,366,703,320 1 3
TOTAL ASSETS (2010) 5,126,787,878 1 10
Currency: EURO
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: REGULAR
No
record has been found of protested bills against the subject.
Representation
Other Comments
Other Comments: Patent
N° : 36000670
Interview & Reporter
Comments
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
% / related companies / 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.
Conclusions
Local
Reputation: The company being
investigated is well known and trusted in the local market and is
considered to be a sound trading partner with
low trade risk associated.
General
Conclusion: As a State‑owned
concern adequate resources should be made available.
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.54.22 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.