MIRA INFORM REPORT
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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FLOQUET MOTOR INDUSTRY |
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Registered Office : |
Quartier Industriel Dokkarat,
Avenue Ain Sebaa, Fes 30000 |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.02.2003 |
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Com. Reg. No.: |
22821 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
· Manufacturer of other parts and accessories for motor vehicles · manufacturer of cast iron engine sleeve |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
FLOQUET MOTOR INDUSTRIE
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: 22821
Registration
Date: 21/02/2003
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2012
Financial Briefing
Nominal
Capital: 4,000,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 9,734,262
Moroccan Dirham
Net
Loss: 1,264,372
Net
Worth: 48,907,246
Moroccan Dirham
Original Investigation Details
Investigation Number: 199469
Company Name: FLOQUET
MOTOR INDUSTRY
Country: MO
Street Name: QUARTIER
INDL DOUKKARAT AVE AIN SEBAA 30000 FES
City Code:
Company Details
Company Name: FLOQUET
MOTOR INDUSTRIE
Headquarter Address: Quartier
Industriel Dokkarat, Avenue Ain Sebaa,
Fes 30000,
Morocco
Telephone: +212535
932449
+212535 932459
Fax: +212535
932485
E‑Mail: fmi.finance@menara.ma
Company was originally started on
21/02/2003
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: Quartier
Industriel Dokkarat, Avenue Ain Sebaa,
Fes
Registration Number: 22821
Registration Date: 21/02/2003
Year/Date Company Established: 21/02/2003
Registration Town: Fes
Tax Registration Number: 04502301
Capital
Currency: Moroccan
Dirham
Authorized Capital: 4,000,000
Paid Up Capital: 4,000,000
Authorized Capital Breakdown
Number of Shares: 40,000 Type of Shares: None Selected
Issued Shares: 40,000 Value per share:
MDH 100.00
Value
of this type: 4,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting
capital
Mr.
Mohamed Laraqui Houssaini, 14,000 35.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Mr.
Abderrahmane Laraqui Houssaini, 4,000 10.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Mr.
Abdellatif Laraqui Houssaini, 6,000 15.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Mr.
Ahmed Laraqui Houssaini, 4,000 10.00%
(VOTING)
Avenue Des Far,
Casablanca,
Morocco
Ms.
Maria Berrada, 4,000 10.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Ms.
Fatima Laraqui Houssaini, 2,000 5.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Ms.
Khadija Laraqui Houssaini, 2,000 5.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Ms.
Abida Laraqui Houssaini, 2,000 5.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Ms.
Meryem Laraqui Houssaini, 2,000 5.00%
(VOTING)
Route Imouzer,
Fes,
Morocco
Principals
Name: Mohamed
Laraqui Houssaini
Position
within the company: Managing
director
Date
of Birth: 09/02/1964
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Name: Mr
Adil Abdelaoui Maane
Position
within the company: Financial
Manager
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE Codes: 2932 Manufacture
of other parts and accessories for motor vehicles
The company FLOQUET MOTOR INDUSTRIE is
specialized in manufacture of cast iron engine sleeves.
Local Reporters consider the investigated
company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 50
HQ Premises Operates
from: Owned Offices , Factory
Premises Size: 2500
square meters
Location: Industrial
Area
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Information on Bankers is not
available/applicable
Financial Information
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2012 9,734,262 (1,238,810) (1,264,372)
12 31/12/2011 18,064,868 168,853 114,728
Balance Sheet & Profit & Loss
BALANCE SHEET
As
at: 31‑Dec‑2012 As at: 31‑Dec‑2011
Fixed Assets
Land & Buildings 4,285,049 4,654,536
Plant &
Machinery 2,005,502 3,697,012
Furniture &
Equipment 151,361 221,886
Motor Vehicles 355,000 461,500
Misc. Fixed Assets 2,400 3,600
Total Fixed
Assets 6,799,312 9,038,534
Financial Assets
Shares in Related
Companies 105,700 105,700
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 28,699,388 27,975,388
Total Financial
Assets 28,805,088 28,081,088
Intangibles
Goodwill
Organisational Expenses
Patents
Misc. Intangible Assets
Total Intangible
Assets 0 0
Current Assets
Stock 978,407 1,411,726
Stock & Work in
Progress 140,801 581,799
Trade Debtors &
receivables 5,384,274 7,109,009
Provision for bad debs
Other receivables 894,234 894,234
Due from related companies
Owed by shareholders
Prepaid expenses 810,806 810,806
Cash 8,592,857 34,381,140
Tax recoverable 1,666,436 3,124,310
Marketable Securities
Misc. Current Assets 43,000 33,000
Total Current
Assets 18,510,815 48,346,024
Total Assets 54,115,215 85,465,646
Owner's Equity & Liabilities
Issued and paid up
capital 4,000,000 4,000,000
Share premium account
Retained earnings 46,171,618 74,820,256
Net profit/Loss for
the year ‑1,264,372 114,728
Revaluation reserves
Legal Reserves
Other reserves
Net Worth 48,907,246 78,934,984
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities
Total Long Term
Liabilities 0 0
Current Liabilities
Creditors 1,663,495 5,936,494
Other creditors 10,020 10,020
Accruals 5,709 2,909
Bank overdrafts/Loans
Misc. Loans
Directors accounts
Owing to
shareholders 142,877 142,877
Owing to related companies
Proposed dividend
Long Term‑due 1 year
Hire Purchase‑under 1 year
Taxation 3,332,863 405,904
Advance receipts
Misc. Current
Liabilities 53,005 32,458
Total Current
Liabilities 5,207,969 6,530,662
Owner's Equity
& Liabilities 54,115,215 85,465,646
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2012 to 31/12/2012 01/01/2011
to 31/12/2011
Total
Income/Turnover 9,734,262 18,064,868
Cost of sales
Gross Profit/(Loss) 9,734,262 18,064,868
Admin/selling
expenses 7,068,633 14,030,368
Services 863,109 1,222,385
Salaries 553,906 675,988
Auditors Fee 225,711 345,613
Stock Depreciation 1,067,518 ‑79,358
Depreciation 2,259,973 2,682,827
Misc. Operating Expenses
Misc. Operating Income 20,317
Net Operating
Profit/(Loss) ‑2,304,588 ‑792,638
Interest Receivable/Finance Income
Group related income 1,917 1,125
Misc. Financial
Income 1,211,262 982,949
Total Financial
Income 1,213,179 984,074
Interest Payable/Finance costs
Misc. financial
expenses 147,401 22,583
Total Financial
Expenses 147,401 22,583
Profit/(Loss)
before taxes ‑1,238,810 168,853
Income Tax 25,562 54,125
Other Tax
Profit/(Loss)
after taxes ‑1,264,372 114,728
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) ‑1,264,372 114,728
Previous years retained earnings
Current years net income 114,728
Misc. additions in current year
Current years net loss ‑1,264,372
Dividends in current year
Withdrawals in current year
Misc. deductions in current year
Retained earnings
at end of ‑1,264,372 114,728
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts obtained: 30/09/2013
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 (2012) (2012) Results (2011) (2011)
Liquidity Ratios
Current Ratio 3.55 1.90 7.40 1.65
Acid Test Ratio 3.34 1.21 7.10 1.09
Accounts 0.17 0.25 0.33 0.41
Payable/Sales Ratio
Current Liabilities/Net
0.11 1.40 0.08 1.58
Worth
Current 4.65 3.52 3.28 2.97
Liabilities/Inventory
Total
Liabilities/Net 0.11 1.58 0.08 1.69
Worth
Fixed Assets/Net 13.90 65.19 11.45 41.96
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 100.00 95.53 100.00 92.11
Return on Capital ‑2.53 8.12 0.21 11.93
Employed (ROCE)(%)
Net Profit/Sales (%) ‑12.73 4.94 0.93 ‑6.10
Return on Assets (%) ‑2.29 4.69 0.20 3.97
Efficiency Ratios
Sales/Working
Capital 0.73 5.54 0.43 114.23
Assets/Sales(%) 555.93 134.07 473.10 195.26
Shareholders ‑2.53 8.87 0.21 18.94
Return(%)
Average Collection 234.23 112.57 132.23
Period
Sales/Inventory 8.70 11.22 9.06 7.26
Leverage Ratios
Capital Employed 0.20 2.28 0.23 4.33
Number of 283 283
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
The statistical Industrial Average
results are calculated against companies within the for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 21/02/2003 686 868
TOTAL EMPLOYEES 50 573 836
SALES (2012) 855,836 63 64
SALES (2011) 1,588,263 212 273
NET PROFIT (2012) ‑108,916 35 37
NET PROFIT (2011) 10,087 203 277
TOTAL ASSETS (2012) 4,757,810 29 41
TOTAL ASSETS (2011) 7,514,140 131 283
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 :
13117253
Interview & Reporter Comments
Name/Title: Mr.
Adil Abdelaoui Maane Financial Manager
Comment: We have sent a fax/e‑mail/questionnaire
however no reply has been
received
as of yet.
Reporter Comment Date: 30/09/2013
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 Mr. Adil Abdelaoui Maane, Financial Manager, he asked us to send him an email, however, no reply was received as of yet.
Conclusions
Local Reputation: The company being investigated is believed by local reporters to be a Medium
Trade Risk.
General Conclusion: In view of the fin. condition obtain suitable assurances or guarantees.
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
declining in strength.
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.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.