MIRA INFORM REPORT
|
Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RIM COMMERCE |
|
|
|
|
Registered Office : |
107 Route
Cotière 111 RDC, Mohammedia |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.06.2005 |
|
|
|
|
Com. Reg. No.: |
8893 |
|
|
|
|
Legal Form : |
Societe
A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Subject
is engaged in import and wholesale of motorcycles and scooters. |
|
|
|
|
No. of Employees : |
30 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Morocco |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
RIM COMMERCE
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: 8893
Registration Date: 10/02/2010
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2011
Financial Briefing
Nominal Capital: 3,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 40,000,000
Moroccan Dirham
Net Profit: N/A
Net Worth: 8,177,494
Moroccan Dirham
Original Investigation Details
Company Name: RYMCO
Country: MO
Street Name: 107
ROUTE COTIERE 111 RDC GHAZOUNE MOHAMMEDIA
City Code:
Phone Number: 212661586825/523329952/523329954
Fax Number: 212523329934
Comments: NEW WEBSITE STILL IN
CONSTRUCTION:
Company Details
Company
Name: RIM
COMMERCE
Headquarter
Address: 107
Route Cotière 111 RDC,
Ghazouane,
Mohammedia,
Morocco
Telephone: +212523
329952
+212523 329954
+212661 586825
Fax: +212523
329934
Company History
Former Addresses Date
of Change
Batiment
III Quartier Industriel Est, Rue L, Boulevard Aïcha Bent 02/2009
Haimoud,
Sidi
Bernoussi,
Casablanca
20250
Company
was originally started on 06/06/2005
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 107
Route Cotière 111 RDC,
Mohammedia
Registration
Number: 8893
Registration
Date: 10/02/2010
Year/Date
Company Established: 06/06/2005
Registration
Town: Mohammedia
Tax
Registration Number: 06506841
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 3,000,000
Paid
Up Capital: 3,000,000
Start
up Capital:
100,000
Previous
Capital amount:
1,000,000
Capital
increase on 2007
Authorized Capital Breakdown
Number of Shares: 30,000 Type of Shares: None Selected
Issued Shares: 30,000 Value per share:
MDH 100.00
Value
of this type: 3,000,000.00
Shareholders / Owners
Parent Company: YESHI
GROUP,
Road
Town PO Box 146,
Tortola,
British
Virgin Islands
%
Shares Held: 80.00%
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr.
Monzer Beydoun, 6,000 20.00%
(VOTING)
9, Rue
du Canal, Zone 3‑01 BP V 23,
Abidjan,
Ivory
Coast
Principals
Name: Mr
Monzer Beydoum
Position
within the company: Managing
director
Date
of Birth: 1964
Country
of Birth: Lebanon
Nationality: Lebanese
Can
fluently speak: French
Name: Mr
Rado Aïna Rakotoson
Position
within the company: Group
General manager
Date
of Birth: 1968
Country
of Birth: Madagascar
Nationality: Madagascan
Can
fluently speak: French
Name: Mr
Noureddine Selouane
Position
within the company: Chief
Accountant
Additional
Information: Email
: noureddine.selouane@rimcommerce.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 wholesale of motorcycles and scooters.
Subject
imports 100% of goods from China, Turkey, France & Italy. Subject
distributes then 80% on a wholesale basis to the local market and exports 20%
to Africa.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 30
HQ
Premises Operates
from: Rented Office , Warehouse, Showroom
Location: Main
Road
Branches Place
Vendome,
Marrakech,
Morocco
Branch
is: Rented
Description
of branch: Shop
Imports
Import
% and type of product: 100%
Finished Goods
Imports
From: China,
Turkey, France, Italy
Importing
Terms: Bank
transfer
Agencies:
RYMCO
HAIER
Exports
Export
% and type of product: 20%
Exports
To: Africa
Exporting
Terms: bank
transfer
Trading
& Selling
Territory: 80%
Nationally, 20% International
Type
of Customer: Group
Companies, Resellers & Wholesalers
Number
of accounts:
200
Vehicles: Total
number of vehicles: 10
3 trucks
2 vans
5 cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Société
Générale,
Branch:
Place Mohamed V
2 Avenue
des FAR,
Casablanca,
Morocco
Account
Number: 200
05527738 74
Attijariwafa
Bank,
Branch:
Moulay Youssef
15
Boulevard Moulay Youssef,
Casablanca,
Morocco
Account
Number: 285002667
17
Financial Information
Source: Mr.
Noureddine Selouane Chief Accountant
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2012 40,000,000
12 31/12/2011 32,484,610 1,222,511 1,013,611
12 31/12/2010 32,966,207 122,184 (219,783)
12 31/12/2009 52,863,815 368,140 47,494
12 31/12/2008 49,625,636 466,370 (859,405)
12 31/12/2007 62,065,961 6,527,497 4,044,603
12 31/12/2006 28,571,463 4,872,099 3,157,349
12 31/12/2005 (6,375) (6,375)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2011 31‑Dec‑2010 31‑Dec‑2009
Fixed Assets
Land & Buildings
Plant &
Machinery 246,166 281,470 316,773
Furniture &
Equipment 300,394 351,981 349,135
Motor Vehicles 16,892 27,942 84,678
Misc. Fixed Assets 463,588 463,588 463,588
Total Fixed
Assets 1,027,040 1,124,981 1,214,174
Financial Assets
Shares in Related Companies
Loans to related
companies 58,080 88,105 79,356
Investments
Deposits
Misc. Financial
Assets 20,468 20,468 20,468
Total Financial
Assets 78,548 108,573 99,824
Intangibles
Goodwill
Organisational
Expenses 1,876,944 2,694,057 2,982,608
Patents
Misc. Intangible
Assets 12,958 8,212 1,223
Total Intangible
Assets 1,889,902 2,702,269 2,983,831
Current Assets
Stock 10,758,454 15,974,750 29,413,308
Stock & Work in Progress
Trade Debtors &
receivables 26,200,235 26,658,163 23,267,624
Provision for bad debs
Other receivables 2,711,002 2,346,369 1,643,627
Due from related companies
Owed by shareholders
Prepaid expenses 224,087 224,087 198,940
Cash 3,062,436 103,363 6,823,518
Tax recoverable 5,971,567 5,743,309 7,880,437
Marketable Securities
Misc. Current Assets 2,381,459 1,338,708 317,977
Total Current
Assets 51,309,240 52,388,749 69,545,431
Total Assets 54,304,730 56,324,572 73,843,260
Owner's Equity & Liabilities
Issued and paid up
capital 3,000,000 3,000,000 3,000,000
Share premium account
Retained earnings 3,801,729 4,021,513 3,976,393
Net profit/Loss for
the year 1,013,611 ‑219,783 47,494
Revaluation reserves
Legal Reserves 362,154 362,154 359,779
Other reserves
Net Worth 8,177,494 7,163,884 7,383,666
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 39,779,807 36,116,257 44,738,285
Other creditors 425,398 1,963,156 2,983,357
Accruals
Bank
overdrafts/Loans 4,753,153 10,148,148
Misc. Loans
Directors accounts
Owing to
shareholders 360,000 360,000 3,300,550
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 4,197,570 4,289,372 3,704,049
Advance receipts 300 450 131,570
Misc. Current Liabilities 1,364,161 1,678,300 1,453,635
Total Current
Liabilities 46,127,236 49,160,688 66,459,594
Owner's Equity
& Liabilities 54,304,730 56,324,572 73,843,260
PROFIT & LOSS
Figures are: Figures
are: Figures
are:
Fiscal Year Fiscal
Year Fiscal
Year
01/01/2011-31/12/2011 01/01/2010-31/12/2010 01/01/2009-31/12/2009
Total
Income/Turnover 32,484,610 32,966,207 52,863,815
Cost of sales 24,016,849 25,843,619 50,648,963
Gross Profit/(Loss) 8,467,761 7,122,588 2,214,852
Admin/selling
expenses 283,306 619,828 2,544,587
Services 3,761,327 4,877,919 5,016,415
Salaries 1,971,465 2,866,630 3,153,637
Auditors Fee 386,605 42,807 47,896
Stock Depreciation
Depreciation 939,623 926,338 684,511
Misc. Operating Expenses
Misc. Operating Income 8,517,678
Net Operating
Profit/(Loss) 1,125,435 ‑2,210,934 ‑714,516
Interest Receivable/Finance Income
Group related income
Misc. Financial
Income 1,782,921 4,253,102 2,747,701
Total Financial
Income 1,782,921 4,253,102 2,747,701
Interest
Payable/Finance costs 142,917 566,512 983,805
Misc. financial
expenses 1,542,928 1,353,472 681,240
Total Financial
Expenses 1,685,845 1,919,984 1,665,045
Profit/(Loss)
before taxes 1,222,511 122,184 368,140
Income Tax 208,900 341,967 320,646
Other Tax
Profit/(Loss) after
taxes 1,013,611 ‑219,783 47,494
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 1,013,611 ‑219,783 47,494
Previous years retained earnings
Current years net
income 1,013,611 47,494
Misc. additions in current year
Current years net loss ‑219,783
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of 1,013,611 ‑219,783 47,494
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 20/05/2013
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 1.11 1.68 1.07 1.54
Acid Test Ratio 0.88 1.09 0.74 1.02
Accounts 1.22 0.38 1.10 0.39
Payable/Sales Ratio
Current
Liabilities/Net 5.64 0.87 6.86 4.42
Worth
Total
Liabilities/Net 5.64 0.21 6.86 4.59
Worth
Fixed Assets/Net 12.56 ‑23.10 15.70 41.73
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 26.07 26.24 21.61 25.79
Return on Capital 14.95 19.23 1.71 21.83
Employed (ROCE)(%)
Net Profit/Sales (%) 3.76 3.33 0.37 ‑1.41
Return on Assets (%) 2.25 5.17 0.22 4.14
Efficiency Ratios
Sales/Working
Capital 6.27 8.29 10.21 7.69
Assets/Sales(%) 167.17 135.30 170.86 121.76
Shareholders 14.95 37.25 1.71 20.88
Return(%)
Average Inventory 203.14 181.44 320.52 267.78
Period
Average Collection 296.96 237.36 276.39 140.51
Period
Leverage Ratios
Capital Employed 5.17 5.09 7.39 7.56
Number of 648 648
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 10/02/2010 1361 1404
TOTAL EMPLOYEES 30 312 1240
SALES (2011) 2,856,047 153 361
SALES (2010) 2,898,389 225 613
NET PROFIT (2011) 89,117 123 332
NET PROFIT (2010) 10,742 424 626
TOTAL ASSETS (2011) 4,774,472 95 323
TOTAL ASSETS (2010) 4,952,056 146 628
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
Auditors: Mr.
Mhamed Gouirah
7,
Place du Nid d'Iris ‑ Quartier Racine, Casablanca
Other Comments
Other
Comments: Patent
: 39562335
Interview & Reporter Comments
Name/Title: Mr. Noureddine Selouane Chief Accountant
Comment: Subject has confirmed the general details shown in the report.
Expansion Plans:
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.
Please note that the company is registered as: “RIM COMMERCE ".
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 long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
|
UK Pound |
1 |
Rs.83.95 |
|
Euro |
1 |
Rs.70.93 |
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 |
---- |
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.