MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MONDIAL MOTORS SARL |
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Registered Office : |
419 Boulevard Brahim Roudani‑ Ex Route El Jadida, Quartier Oasis, Casablanca |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.10.1997 |
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Com. Reg. No.: |
90183 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
import and distribution of mopeds,
motorcycles, scooters and quads. |
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No. of Employees : |
22 |
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
|
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.
|
Source : CIA |
Company name
MONDIAL MOTORS SARL
Rating Briefing
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: 90183
Registration
Date: 27/10/1997
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2012
Financial Briefing
Nominal
Capital: 10,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 11,356,644
Moroccan Dirham
Net
Profit: 2,150,939
Moroccan Dirham
Net
Worth: 13,084,598
Moroccan Dirham
Original Investigation Details
Company
Name: Mondial
Motors
Country: MO
Street
Name: 419
Bd Roudani Casablanca 20100
City
Code:
Phone
Number: 212
522 25 10 21
Fax
Number: 212
522 25 10 44
Comments: ContactPerson :
Hicham messaoudi
Designation GM
Company Details
Company
Name: MONDIAL
MOTORS SARL
Headquarter
Address: 419
Boulevard Brahim Roudani,
Casablanca,
Morocco
Telephone: +212522
251021
+212522
251026
Fax: +212522
251044
E‑Mail: mondial.motors@mondial‑motors.com
Web
Site: www.mondial‑motors.com
Company
was originally started on 27/10/1997
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 419
Boulevard Brahim Roudani‑ Ex Route El Jadida, Quartier Oasis,
Casablanca
Registration
Number: 90183
Registration
Date: 27/10/1997
Year/Date
Company Established: 27/10/1997
Registration
Town: Casablanca
Tax
Registration Number: 01086438
Company
originally was registered: 27/10/1997
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 10,000,000
Paid
Up Capital: 10,000,000
Previous
Capital amount:
7,000,000
Capital
increase on 2009
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. Hicham Ghazi Messaoudi, 51,000 51.00%
(VOTING)
25, Lotissement Mzouka 11 Assa,
Casablanca,
Morocco
Ms. Nadia Faris, 48,990 48.99%
(VOTING)
25, Lotissement Mzouka 11 Assa,
Casablanca,
Morocco
Mr. Omar Ghazi Messaoudi, 10 0.01%
(VOTING)
25, Lotissement Mzouka 11 Assa,
Casablanca,
Morocco
Principals
Name: Mr
Hicham Ghazi Messaoudi
Position
within the company: General
Director
Date
of Birth: 05/04/1956
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: Arabic,
French, English & Italian
Name: Ms
Nawal Medrioui
Position
within the company: Accountant
Additional
Information: Email
: nawalmedrioui@mondial‑motors.com
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4540 Sale, maintenance and repair of
motorcycles and related parts and accessories
The
company is engaged in import and distribution of mopeds, motorcycles, scooters
and quads.
Local Reporters
consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 22
HQ Premises Operates
from: Owned Offices, Shop, Warehouse
Premises Size: 3000
square meters
Location: Central
Business Area
Imports
Import % and type of product: 100% Finished Goods
Imports From: China,
Netherlands, Japan, India, USA,
Austria,
Germany, Italy, Tunisia
Importing Terms: Cash
against documents
Additional Information: Letters
of credit
Agencies:
Japan KAWASAKI
USA POLARIS
Austria KTM
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: General
Public, Wholesalers &
Resellers
Vehicles: Total number of
vehicles: 9
2 trucks
5 cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Société
Générale,
Branch:
Abdelmoumen
210
Boulevard Abdelmoumen,
Casablanca,
Morocco
Account
Number: 022780000043000525897974
Attijariwafa
Bank,
Branch:
Moulay Youssef
14
Boulevard Moulay Youssef,
Casablanca,
Morocco
Financial Information
Source: Ms. Nawal
Medrioui Accountant
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2012 11,356,644 2,237,963 2,150,939
12 31/12/2011 13,007,600 (1,985,042) (2,050,080)
12 31/12/2010 15,459,045 1,383,749 950,465
12 31/12/2009 36,114,020 2,152,036 1,495,387
12 31/12/2008 64,168,567 5,369,726 3,757,736
12 31/12/2007 55,453,056 5,783,293 3,757,027
12 31/12/2006 31,105,873 3,098,201 1,463,615
12 31/12/2005 28,040,591 2,038,782 1,324,614
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2012 As at: 31‑Dec‑2011 As at:
31‑Dec‑2010
Fixed Assets
Land & Buildings 7,493,231 7,975,693
Plant &
Machinery 121,304 145,378 154,368
Furniture &
Equipment 580,568 1,056,262 1,215,095
Motor Vehicles 21,940 31,417 61,468
Misc. Fixed Assets
Total Fixed
Assets 723,812 8,726,288 9,406,624
Financial Assets
Shares in Related Companies
Loans to related
companies 4,500 4,171 7,871
Investments
Deposits
Misc. Financial
Assets 241,018 156,836 156,836
Total Financial
Assets 245,518 161,007 164,707
Intangibles
Goodwill
Organisational
Expenses 4,934 16,801
Patents
Misc. Intangible Assets
Total Intangible
Assets 0 4,934 16,801
Current Assets
Stock 13,436,346 12,539,224 14,831,456
Stock & Work in Progress
Trade Debtors &
receivables 11,911,533 8,699,639 9,148,940
Provision for bad debs
Other receivables 1,960,596 1,079,932
Due from related companies
Owed by shareholders
Prepaid expenses 525,541 359,314 172,904
Cash 487,111 420,299 276,010
Tax recoverable 1,640,859 1,157,069 1,272,542
Marketable Securities
Misc. Current Assets 8,413
Total Current
Assets 28,009,803 25,136,141 26,781,784
Total Assets 28,979,133 34,028,370 36,369,916
Owner's Equity & Liabilities
Issued and paid up
capital 10,000,000 10,000,000 10,000,000
Share premium account
Retained earnings 395,772 2,445,852 1,495,387
Net profit/Loss for
the year 2,150,939 ‑2,050,080 950,465
Revaluation reserves
Legal Reserves 537,887 537,887 537,887
Other reserves
Net Worth 13,084,598 10,933,659 12,983,739
Deffered Taxation
Provisions/allowances
Mortgages/Loans 3,190,294 5,118,232
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 0 3,190,294 5,118,232
Current Liabilities
Creditors 2,525,797 2,557,693 7,317,658
Other creditors 4,403
Accruals 318,585 318,585 404,705
Bank
overdrafts/Loans 2,245,727 9,995,681 5,097,017
Misc. Loans
Directors accounts
Owing to
shareholders 5,983,252 1,376,315 1,188,615
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 3,869,494 3,260,402 3,321,850
Advance receipts 428,423 1,544,822 337,754
Misc. Current
Liabilities 518,854 850,919 600,346
Total Current
Liabilities 15,894,535 19,904,417 18,267,945
Owner's Equity
& Liabilities 28,979,133 34,028,370 36,369,916
PROFIT & LOSS
Figures are: Figures are: Figures are:
Fiscal Year Fiscal Year Fiscal Year
01/01/2012-31/12/2012 01/01/2011-31/12/2011 01/01/2010-31/12/2010
Total Income/Turnover 11,356,644 13,007,600 15,459,045
Cost of sales 9,095,070 7,448,862 13,090,366
Gross Profit/(Loss) 2,261,574 5,558,738 2,368,679
Admin/selling
expenses 189,776 143,164 362,250
Services 3,142,184 3,653,812 3,922,574
Salaries 1,630,183 2,058,238 2,618,444
Auditors Fee 310,823 312,370 594,093
Stock Depreciation
Depreciation 483,463 774,356 1,114,059
Misc. Operating Expenses
Misc. Operating Income 82,770
Net Operating
Profit/(Loss) ‑3,412,085 ‑1,383,202 ‑6,242,741
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 15,147,402 211,528 12,162,193
Total Financial
Income 15,147,402 211,528 12,162,193
Interest
Payable/Finance costs 388,716 740,995 2,048,264
Misc. financial
expenses 9,108,638 72,373 2,487,439
Total Financial
Expenses 9,497,354 813,368 4,535,703
Profit/(Loss)
before taxes 2,237,963 ‑1,985,042 1,383,749
Income Tax 87,024 65,038 433,284
Other Tax
Profit/(Loss)
after taxes 2,150,939 ‑2,050,080 950,465
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 2,150,939 ‑2,050,080 950,465
Previous years retained earnings
Current years net
income 2,150,939 950,465
Misc. additions in current year
Current years net loss ‑2,050,080
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of 2,150,939 ‑2,050,080 950,465
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Accounts obtained from: Subject's
accountant
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 (2012) (2012) Results (2011) (2011)
Liquidity Ratios
Current Ratio 1.76 1.62 1.26 1.68
Acid Test Ratio 0.92 0.99 0.63 1.10
Accounts 0.22 0.36 0.20 0.38
Payable/Sales Ratio
Current
Liabilities/Net 1.21 2.92 1.82 0.85
Worth
Total
Liabilities/Net 1.21 2.93 2.11 0.18
Worth
Fixed Assets/Net 5.53 14.49 79.81 ‑23.31
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 19.91 24.08 42.73 26.28
Return on Capital 17.10 15.37 ‑14.05 19.27
Employed (ROCE)(%)
Net Profit/Sales (%) 19.71 5.39 ‑15.26 3.33
Return on Assets (%) 7.72 5.34 ‑5.83 5.18
Efficiency Ratios
Sales/Working
Capital 0.94 4.97 2.49 8.30
Assets/Sales(%) 255.17 113.34 261.60 135.38
Shareholders 17.10 15.66 ‑18.16 37.40
Return(%)
Average Inventory 521.22 212.65 670.59 181.30
Period
Average Collection 331.22 156.22 250.42 237.78
Period
Leverage Ratios
Capital Employed 0.87 3.94 1.19 5.09
Number of 321 321
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 27/10/1997 666 1404
TOTAL EMPLOYEES 22 416 1240
SALES (2012) 998,476 26 36
SALES (2011) 1,143,628 195 315
NET PROFIT (2012) 189,111 7 20
NET PROFIT (2011) ‑174,525 313 319
TOTAL ASSETS (2012) 2,547,845 9 18
TOTAL ASSETS (2011) 2,991,774 121 321
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: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent :
34788351
CNSS : 2749739
Interview & Reporter Comments
Name/Title: Ms. Nawal Medrioui Accountant
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% / 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 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 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.55.04 |
|
UK Pound |
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
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 |
|
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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.