MIRA INFORM REPORT
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Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
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Name : |
VOCABUS INTERNATIONAL |
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Registered Office : |
Km 7, Route de Rabat ‑
Ain Sebaa, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.07.2006 |
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Com. Reg. No.: |
153525 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
· Sale of other motor vehicles Manufacture of motor vehicles |
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No. of Employees : |
40 |
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 – March 31st 2013
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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 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.
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Source : CIA |
Company name
VOCABUS INTERNATIONAL
Rating Briefing
Payment Record: UNDETERMINED
This rating is based on available data.
In the event of additional information a possibility for a different rating
applies.
Registration Briefing
Registration Number: 153525
Registration Date: 27/07/2006
Legal Form: SOCIETE
ANONYME
Latest Financials: December
31, 2011
Financial Briefing
Nominal Capital: 10,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 22,753,123
Moroccan Dirham
Net Profit: 768,983
Moroccan Dirham
Net Worth: 12,446,527
Moroccan Dirham
Original Investigation Details
Investigation Number: 186797
Company Name: VOCABUS
INTERNATIONAL
Country: MO
Street Name: KM
7 RTE DE RABAT AIN SEBAA
City Code: CASABLANCA
Phone Number: 212522660546/36/95/61/00212553545554
Fax Number: 212522660546/36/95/61
Comments: ALWAYS INCLUDE LINE
OF B/S ALONT WITH NAMES OF
PRODUCTS MANUFACTURES
LATEST FINS/ MAX CR
Company Details
Company Name: VOCABUS
INTERNATIONAL
Headquarter Address: Km 7, Route
de Rabat,
Ain Sebaa,
Casablanca,
Morocco
Telephone: +212522
660536
+212522 660546
+212522 660561
+212522 660595
Fax: +212522
660667
Company was originally started on 2007
Registration & Legal Details
Current Legal Form: SOCIETE
ANONYME
Registration Address: Km 7, Route de
Rabat ‑ Ain Sebaa,
Casablanca
Registration Number: 153525
Registration Date: 27/07/2006
Year/Date Company Established: 2007
Registration Town: Casablanca
Tax Registration Number: 01642690
Capital
Currency: Moroccan
Dirham
Authorized Capital: 10,000,000
Paid Up Capital: 10,000,000
Authorized Capital Breakdown
Number of Shares: 100,000 Type of Shares: None Selected
Issued Shares: 100,000 Value per share:
MDH 100.00
Value
of this type: 10,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr.
Nordine El Ayoubi El Idrissi, 50,000 50.00%
(VOTING)
Angle
Rue des Pins et Rue Deliere Anfa,
Casablanca,
Morocco
Mr. Hamza
El Ayoubi El Idrissi, 49,997 49.97%
(VOTING)
Angle
Rue des Pins et Rue Deliere Anfa,
Casablanca,
Morocco
Mr.
Hedi El Ayoubi El Idrissi, 1 0.01%
(VOTING)
Angle
Rue des Pins et Rue Deliere Anfa,
Casablanca,
Morocco
Mr.
Saladine El Ayoubi El Idrissi, 1 0.01%
(VOTING)
Angle
Rue des Pins et Rue Deliere Anfa,
Casablanca,
Morocco
Ms.
Ilham Sefrioui, 1 0.01%
(VOTING)
Angle
Rue des Pins et Rue Deliere Anfa,
Casablanca,
Morocco
Principals
Name: Mr
Hamza El Ayoubi El Idrissi
Position
within the company: President
and managing director
Date
of Birth: 20/05/1984
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Mohamed Seria
Position
within the company: Financial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Nabil Rochdi
Position
within the company: Commercial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Ms
Asmaa Chiakhi
Position
within the company: Administration
Assistant
Additional
Information: Mail
: asmaachiakhi@hotmail.fr
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company
Activities
NACE Codes: 4519 Sale
of other motor vehicles
2910 Manufacture
of motor vehicles
The company VOCABUS INTERNATIONAL
specialises in assembly and sale of trucks, buses and vans.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 40
HQ
Premises Operates
from: Owned Offices , Factory,
Showroom
Location: Industrial Area
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
Banque
Populaire,
Branch:
Head office
101
Boulevard Mohamed Zerktouni,
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 22,753,123 1,124,239 768,983
12 31/12/2010 37,503,467 986,848 647,624
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010
Fixed Assets
Land & Buildings 17,072,551 17,504,604
Plant &
Machinery 282,865 328,244
Furniture &
Equipment 701,807 809,993
Motor Vehicles 761,875 953,059
Misc. Fixed Assets
Total Fixed
Assets 18,819,098 19,595,900
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 14,500 14,500
Total Financial
Assets 14,500 14,500
Intangibles
Goodwill
Organisational Expenses 83,115
Patents
Misc. Intangible Assets
Total Intangible
Assets 0 83,115
Current Assets
Stock 15,456,553 22,046,362
Stock & Work in Progress
Trade Debtors &
receivables 13,765,579 3,880,935
Provision for bad debs
Other receivables
Due from related companies
Owed by shareholders
Prepaid expenses 374,371 169,222
Cash 579,673 125,695
Tax recoverable 8,074,051 8,643,418
Marketable Securities 42,000
Misc. Current Assets 179,752 53,398
Total Current
Assets 38,471,979 34,919,030
Total Assets 57,305,577 54,612,545
Owner's Equity & Liabilities
Issued and paid up
capital 10,000,000 10,000,000
Share premium account
Retained earnings 1,593,667 978,425
Net profit/Loss for
the year 768,983 647,624
Revaluation reserves
Legal Reserves 83,877 51,496
Other reserves
Net Worth 12,446,527 11,677,545
Deffered Taxation
Provisions/allowances
Mortgages/Loans 9,649,436 5,114,763
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 9,649,436 5,114,763
Current Liabilities
Creditors 4,774,752 6,365,743
Other creditors 15,000 15,000
Accruals 163,758 84,747
Bank
overdrafts/Loans 4,034,054 2,415,897
Misc. Loans
Directors accounts
Owing to
shareholders 23,500,000 27,500,000
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 2,409,979 1,070,088
Advance receipts 175,897 268,860
Misc. Current
Liabilities 136,174 99,902
Total Current
Liabilities 35,209,614 37,820,237
Owner's Equity
& Liabilities 57,305,577 54,612,545
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 22,753,123 37,503,467
Cost of sales 308,563 18,001,329
Gross Profit/(Loss) 22,444,560 19,502,138
Admin/selling
expenses 7,169,406 15,329,694
Services 1,645,517 1,574,073
Salaries 1,401,216 1,104,844
Auditors Fee 183,598 254,997
Stock Depreciation 9,676,014 ‑109,687
Depreciation 864,402 711,010
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 1,504,407 637,207
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 398,009 951,688
Total Financial
Income 398,009 951,688
Interest
Payable/Finance costs 611,842 563,383
Misc. financial
expenses 166,335 38,664
Total Financial
Expenses 778,177 602,047
Profit/(Loss)
before taxes 1,124,239 986,848
Income Tax 355,256 339,224
Other Tax
Profit/(Loss)
after taxes 768,983 647,624
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 768,983 647,624
Previous years retained earnings
Current years net
income 768,983 647,624
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 768,983 647,624
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 02/05/2013
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 1.09 1.69 0.92 1.52
Acid Test Ratio 0.65 1.11 0.34 1.00
Accounts 0.21 0.40 0.17 0.64
Payable/Sales Ratio
Current
Liabilities/Net 2.83 1.96 3.24 ‑0.13
Worth
Total
Liabilities/Net 3.60 2.12 3.68 0.08
Worth
Fixed Assets/Net 151.20 45.12 167.81 ‑126.12
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 98.64 92.04 52.00 93.59
Return on Capital 5.09 12.24 5.88 7.58
Employed (ROCE)(%)
Net Profit/Sales (%) 4.94 ‑4.06 2.63 ‑7.64
Return on Assets (%) 1.96 4.37 1.81 3.72
Efficiency Ratios
Sales/Working
Capital 6.97 150.61 ‑12.93 14.01
Assets/Sales(%) 251.86 179.22 145.62 224.78
Shareholders 9.03 15.77 8.45 6.71
Return(%)
Average Inventory 22,181.15 66,104.34 44,068.15
Period
Average Collection 141.54 109.98 119.06
Period
Leverage Ratios
Capital Employed 1.83 4.49 3.23 4.20
Capital Structure
(%) 43.67 33.75 30.46 25.72
Number of 357 357
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 27/07/2006 760 840
TOTAL EMPLOYEES 40 610 820
SALES (2011) 2,000,455 163 230
SALES (2010) 3,297,305 198 340
NET PROFIT (2011) 67,609 112 213
NET PROFIT (2010) 56,939 187 344
TOTAL ASSETS (2011) 5,038,306 109 213
TOTAL ASSETS (2010) 4,801,535 174 349
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 :
37956008
Interview & Reporter Comments
Name/Title: Ms.
Asmaa Chiakhi Administration Assistant
Comment: We have sent a fax/e‑mail/questionnaire
however no reply has been
received
as of yet.
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.
In the interview conducted with Ms. Asmaa Chiakhi, Administation Assistant, she confirmed that Mr. Mohamed Seria, Financial Manager, who has the authority to divulge such information, is not available at the present and asked us to send her an email and contact back Mr. Seria next week.
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 a long established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
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 |
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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 |
|
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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.