MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
EVANEGOCE |
|
|
|
|
Registered Office : |
18 Rue El Mechrouhi Bouchaib,
Casablanca |
|
|
|
|
Country : |
Morocco |
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|
|
Financials (as on) : |
31.12.2012 |
|
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Date of Incorporation : |
18.01.2007 |
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|
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Com. Reg. No.: |
159533 |
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Legal Form : |
Societe A Responsibilite Limitee |
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|
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Line of Business : |
Subject engaged in import and
marketing of home furnishing fabrics. |
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|
No. of Employees : |
10 |
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
EVANEGOCE
Registration Briefing
Registration Number: 159533
Registration Date: 14/11/2006
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2012
Financial Briefing
Nominal Capital: 1,000,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 37,284,046
Moroccan Dirham
Net Profit: 545,745
Moroccan Dirham
Net Worth: 1,836,326
Moroccan Dirham
Original Investigation Details
Investigation Number: 199370
Company Name: EVA
NEGOGE
Country: MO
Street Name: 34
RUE EL MACHROUHI BOUCHAIB DERB OMAR
City Code: CASABLANCA
Company Details
Company Name: EVANEGOCE
Headquarter Address: 34 Rue El
Mechrouhi Bouchaib,
Derb
Omar,
Casablanca,
Morocco
Telephone: +212522
447889
+212522
450932
Fax: +212522
447895
E‑Mail: fahd_cherifi@yahoo.fr
Company History
Former Addresses Date
of Change
144 Rue Mohamed Smiha, Résidence
Jawharate Med Smiha, 6° Etage, 06/05/2011
Casablanca
Company was originally started on
18/01/2007
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: 18 Rue El
Mechrouhi Bouchaib,
Casablanca
Registration Number: 159533
Registration Date: 14/11/2006
Year/Date Company Established: 18/01/2007
Registration Town: Casablanca
Tax Registration Number: 01024085
Capital
Currency: Moroccan
Dirham
Authorized Capital: 1,000,000
Paid Up Capital: 1,000,000
Previous Capital amount:
10,000
Capital increase on 2009
Authorized Capital Breakdown
Number of Shares: 10,000 Type of Shares: None Selected
Issued
Shares: 10,000 Value
per share: MDH 100.00 Value
of this type:1,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr. El
Mehdi Cherifi, 5,000 50.00% (VOTING)
Casablanca,
Morocco
Mr.
Fahd Cherifi, 5,000 50.00% (VOTING)
Casablanca,
Morocco
Principals
Name: Mr El Mehdi
Cherifi
Position within the company: Managing director
Additional Information: Mobile : 212 661
595451
Date of Birth: 07/02/1982
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Association as Director: Zipper's World
Name: Mr Fahd
Cherifi
Position within the company: Joint Managing director
Date of Birth: 21/06/1977
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE Codes: 4641 Wholesale
of textiles
EVANEGOCE is engaged in import and
marketing of home furnishing fabrics.
Local Reporters consider the investigated
company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 10
HQ Premises Operates
from: Owned Office , Shop
Location: Central Business Area
Branches 138
Rue Allal Ben Ahmed,
Belvédère,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Warehouse
Imports
Import
% and type of product: 100% Finished
Goods
Imports
From: China,
Turkey
Importing
Terms: Cash against
documents
Additional
Information: Bank transfer
Exports
Export
% and type of product: Subject does not
export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: General
Public, Resellers
Number
of accounts: 100
Vehicles: Total number of
vehicles:
2
cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Attijariwafa Bank,
Branch: Centre d'Affaires Dakar
Place Dakar,
Casablanca,
Morocco
Charges Registered
Date
of charge Beneficiary of the
charge
Amount secured Description
of charge
Registered by
the charge
30/05/2012 Attijariwafa Bank MDH 2,000,000 Mortgage
Financial Information
Financial Interview Date: 26/09/2013
Source: Mr. Fahd Cherifi
Joint Managing director
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2012 37,284,046 784,923 545,745
12 31/12/2011 26,233,692 524,995 367,166
12 31/12/2010 12,347,845 383,081 264,818
12 31/12/2009 20,959,304 474,571 474,571
12 31/12/2008 8,085,239 346,716 245,889
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 |
|
|
|
|
Plant & Machinery |
|
|
|
|
Furniture & Equipment |
397,822 |
388,186 |
27,647 |
|
Motor Vehicles |
176,091 |
240,649 |
305,207 |
|
Misc. Fixed Assets |
|
|
|
|
Total Fixed Assets |
573,913 |
628,835 |
332,854 |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
Shares in Related Companies |
|
|
|
|
Loans to related companies |
|
|
|
|
Investments |
|
|
|
|
Deposits |
|
|
|
|
Misc. Financial Assets |
60,000 |
60,000 |
60,000 |
|
Total Financial Assets |
60,000 |
60,000 |
60,000 |
|
|
|
|
|
|
Intangibles |
|
|
|
|
Goodwill |
|
|
|
|
Organisational Expenses |
|
|
|
|
Patents |
|
|
|
|
Misc. Intangible Assets |
|
|
|
|
Total Intangible Assets |
0 |
0 |
0 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Stock |
1,115,841 |
2,385,830 |
1,865,387 |
|
Stock & Work in Progress |
|
|
|
|
Trade Debtors & receivables |
1,440,838 |
861,103 |
260,730 |
|
Provision for bad debs |
|
|
|
|
Other receivables |
|
|
|
|
Due from related companies |
|
|
|
|
Owed by shareholders |
|
|
|
|
Prepaid expenses |
78,897 |
730,056 |
438,716 |
|
Cash |
182,499 |
3,329 |
8,293 |
|
Tax recoverable |
5,509,656 |
3,769,899 |
1,763,711 |
|
Marketable Securities |
|
|
|
|
Misc. Current Assets |
2,141 |
|
|
|
Total Current Assets |
8,327,731 |
7,752,358 |
4,336,837 |
|
Total Assets |
8,961,644 |
8,441,193 |
4,729,691 |
|
Owner's Equity & Liabilities |
|
|
|
|
Issued and paid up capital |
1,000,000 |
1,000,000 |
1,000,000 |
|
Share premium account |
|
|
|
|
Retained earnings |
235,253 |
235,253 |
235,253 |
|
Net profit/Loss for the year |
545,745 |
367,166 |
264,818 |
|
Revaluation reserves |
|
|
|
|
Legal Reserves |
55,328 |
36,969 |
23,729 |
|
Other reserves |
|
|
|
|
Net Worth |
1,836,326 |
1,639,388 |
1,523,800 |
|
|
|
|
|
|
|
|
|
|
|
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 |
3,328,724 |
3,250,711 |
241,791 |
|
Other creditors |
|
|
|
|
Accruals |
2,142 |
17,800 |
‑31,469 |
|
Bank overdrafts/Loans |
660 |
355,454 |
124,524 |
|
Misc. Loans |
|
|
|
|
Directors accounts |
|
|
|
|
Owing to shareholders |
3,371,433 |
2,827,154 |
2,732,867 |
|
Owing to related companies |
|
|
|
|
Proposed dividend |
|
|
|
|
Long Term‑due 1 year |
|
|
|
|
Hire Purchase‑under 1 year |
|
|
|
|
Taxation |
390,437 |
319,461 |
111,592 |
|
Advance receipts |
|
|
|
|
Misc. Current Liabilities |
31,922 |
31,225 |
26,586 |
|
Total Current Liabilities |
7,125,318 |
6,801,805 |
3,205,891 |
|
Owner's Equity & Liabilities |
8,961,644 |
8,441,193 |
4,729,691 |
PROFIT & LOSS
|
|
Figures are: |
Figures are: |
Figures are: |
|
|
Fiscal Year |
Fiscal Year |
Fiscal Year |
|
|
|
|
|
|
|
01/01/2012 to 31/12/2012 |
01/01/2011 to 31/12/2011 |
01/01/2010 to 31/12/2010 |
|
Total Income/Turnover |
37,284,046 |
26,233,692 |
12,347,845 |
|
Cost of sales |
34,686,609 |
24,184,098 |
11,289,754 |
|
|
|
|
|
|
Gross Profit/(Loss) |
2,597,437 |
2,049,594 |
1,058,091 |
|
|
|
|
|
|
Admin/selling expenses |
311,928 |
186,534 |
9,980 |
|
Services |
875,082 |
813,781 |
384,481 |
|
Salaries |
462,214 |
364,042 |
138,983 |
|
Auditors Fee |
2,200 |
6,606 |
3,790 |
|
Stock Depreciation |
|
|
|
|
Depreciation |
97,830 |
94,962 |
18,818 |
|
Misc. Operating Expenses |
|
|
|
|
Misc. Operating Income |
|
|
|
|
Net Operating Profit/(Loss) |
848,183 |
583,669 |
502,039 |
|
|
|
|
|
|
Interest Receivable/Finance Income |
|
|
|
|
Group related income |
|
|
|
|
Misc. Financial Income |
146,337 |
110,800 |
5,658 |
|
Total Financial Income |
146,337 |
110,800 |
5,658 |
|
|
|
|
|
|
Interest Payable/Finance costs |
14,465 |
7,418 |
1,745 |
|
Misc. financial expenses |
195,132 |
162,055 |
122,871 |
|
Total Financial Expenses |
209,597 |
169,473 |
124,616 |
|
|
|
|
|
|
Profit/(Loss) before taxes |
784,923 |
524,996 |
383,081 |
|
|
|
|
|
|
Income Tax |
239,178 |
157,830 |
118,263 |
|
Other Tax |
|
|
|
|
Profit/(Loss) after taxes |
545,745 |
367,166 |
264,818 |
|
|
|
|
|
|
Extraordinary items |
|
|
|
|
Exceptional items |
|
|
|
|
Misc. Items |
|
|
|
|
|
|
|
|
|
Net Profit/(Loss) |
545,745 |
367,166 |
264,818 |
|
|
|
|
|
|
|
|
|
|
|
Previous years retained earnings |
|
|
|
|
Current years net income |
545,745 |
367,166 |
264,818 |
|
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 |
545,745 |
367,166 |
264,818 |
|
financial period |
|
|
|
|
|
|
|
|
|
Average employees |
|
|
|
|
|
|
|
|
|
Directors fee |
|
|
|
|
Earnings per share |
|
|
|
|
Earnings per share‑previous year |
|
|
|
Auditors Comments
Accounts obtained from: Subject
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 1.17 1.45 1.14 1.64
Acid Test Ratio 1.01 0.99 0.79 1.05
Accounts 0.09 0.32 0.12 0.38
Payable/Sales
Ratio
Current Liabilities/Net 3.88 2.68 4.15 2.20
Worth
Total Liabilities/Net 3.88 2.80 4.15 1.79
Worth
Fixed Assets/Net 31.25 10.73 38.36 17.09
Worth
(%)
Profitability
Ratios
Gross Profit Ratio (%) 6.97 22.29 7.81 26.19
Return on Capital 42.74 13.70 32.02 20.20
Employed
(ROCE)(%)
Net Profit/Sales (%) 2.11 4.18 2.00 3.58
Return on Assets (%) 8.76 5.67 6.22 5.06
Efficiency
Ratios
Sales/Working Capital 31.01 10.53 27.60 8.59
Assets/Sales(%) 24.04 92.59 32.18 129.22
Shareholders 42.74 14.85 32.02 32.65
Return(%)
Average Inventory 18.42 131.31 32.08 190.99
Period
Average Collection 11.27 136.61 7.80 212.69
Period
Leverage
Ratios
Capital Employed 20.30 5.35 16.00 5.44
Number of 461 461
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
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 14/11/2006 1227 1478
TOTAL EMPLOYEES 10 773 1289
SALES (2012) 3,278,013 57 112
SALES (2011) 2,306,466 193 451
NET PROFIT (2012) 47,982 39 72
NET PROFIT (2011) 32,281 229 457
TOTAL ASSETS (2012) 787,908 47 64
TOTAL ASSETS (2011) 742,150 302 460
Currency:
EUROS
Rankings:
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
Payments
Subject's payments reported to
be: NO COMPLAINTS
Representation
Other Comments
Other Comments: Patent :
32373031
Interview & Reporter Comments
Name/Title: Mr.
Fahd Cherifi Joint managing director
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.
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:
All or most 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.
Country Intelligence Information
Country: Morocco
Date: 20/08/2013 00:00:00
Source: "Economist Intelligence Unit" ‑
The Economist
Risk:
Last Updated: 07/08/2013
Sovereign risk
Morocco’s fiscal account will remain
deeply in deficit, owing to high recurrent expenditure on subsidies and wages. With
new lending available on reasonable terms, much of it concessional, and a
slight improvement in the country's external position, debt‑service
payments will remain manageable.
Currency risk
The current exchange‑rate
system—a managed float—will be maintained, with the Moroccan dirham weakening
slightly in 2013 against a stronger euro. A US$6.2bn precautionary credit line
from the IMF in 2012 and a US$1.5bn bond issuance in December 2012, which has
boosted foreign reserves, will increase confidence in the dirham.
Banking sector risk
The banking sector has benefited from
prudential regulation, relatively low levels of non‑performing loans and
limited direct foreign exposure. But heavy government borrowing from the banks
to fund a large fiscal deficit will remain a concern. The government is keen to
widen Islamic finance options.
Political risk
The government will maintain high
public spending in the short term to quell political and social protests over unemployment,
corruption and poverty. Tensions over the disputed territory of Western Sahara
may also lead to violent demonstrations, but a military conflict is unlikely.
Economic structure risk
A reliance on agriculture leaves the
economy vulnerable to adverse weather conditions. The fiscal and external
deficits fluctuate in line with movements in commodity prices and external
performance is heavily dependent on European demand.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.