MIRA INFORM REPORT

 

 

Report Date :

03.10.2013

 

IDENTIFICATION DETAILS

 

Name :

OCP (OFFICE CHERIFIEN DES PHOSPHATES) SA

 

 

Registered Office :

2‑4 Rue Al Abtal, Hay Erraha, Casablanca 20200

 

 

Country :

Morocco

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.08.1920

 

 

Com. Reg. No.:

40327

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Mining of chemical and fertiliser minerals

 

 

No. of Employees :

19000

 

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

 

OCP (OFFICE CHERIFIEN DES PHOSPHATES) SA

 

 

Rating Briefing

 

Payment Record:                                    REGULAR

 

                                                              This rating is based on available data. In the event of additional

                                                              information a possibility for a different rating applies.

 

 

Registration Briefing

 

Registration Number:                             40327

Registration Date:                                   11/06/1981

Legal Form:                                            SOCIETE ANONYME

Latest Financials:                                   December 31, 2012

 

Financial Briefing

 

Nominal Capital:                                     8,287,500,000 Moroccan Dirham

Issued Capital:                                       N/A

Turnover:                                               48,651,424,157 Moroccan Dirham

Net Profit:                                               10,511,192,981 Moroccan Dirham

Net Worth:                                              60,326,297,569 Moroccan Dirham

 

 

Original Investigation Details

 

Investigation Number:                                  199509

Company Name:                                         OCP (OFFICE CHERIFIEN DES PHOSPHATES) SA

Country:                                                      MO

Street Name:                                               2‑4 RUE AL ABTAL HAY ERRAHA

City Code:                                                  CASABLANCA

 

 

Company Details

 

Company Name:                                         OCP (OFFICE CHERIFIEN DES PHOSPHATES) SA

Headquarter Address:                                  2‑4 Rue Al Abtal,

Hay Erraha,

Casablanca 20200,

Morocco

 

Postal Address:                                          P.O.Box 5196,

Casablanca

 

Telephone:                                                  +212522 223024

+212522 230025

+212522 231025

+212522 232025

 

Fax:                                                            +212522 230624

+212522 991263

+212522 998382

 

 

Web Site:                                                    www.ocpgroup.ma

 

Company has been in it's present legal form since: 26/02/2008

 

Company was originally started as a STATE OWNED CONCERN on 07/08/1920

 

 

Registration & Legal Details

 

Current Legal Form:                                   SOCIETE ANONYME

Registration Address:                                2 Rue Al Abtal, Hay Erraha,

Casablanca

Registration Number:                                 40327

Registration Date:                                     11/06/1981

Year/Date Company Established:               07/08/1920

Registration Town:                                     Casablanca

Tax Registration Number:                           02220794

 

 

Capital

 

Currency:                                                                Moroccan Dirham

Authorized Capital:                                                        8,287,500,000

Paid Up Capital:                                                            8,287,500,000

 

 

Authorized Capital Breakdown

 

Number of Shares: 82,875,000                   Type of Shares:  None Selected

 

Issued Shares: 82,875,000                         Value per share: MDH 100.00              

                                                                Value of this type: 8,287,500,000.00

 

 

Shareholders / Owners

 

Parent Company:                                 MOROCCAN STATE,

                                                                Morocco

                                                                % Shares Held:   94.11%

 

Shareholders:

 

Name/Other Information                                                   Shares Held                              % of

                                                                                                                                      Voting/Non‑Voting

                                                                                                                                      capital

Banque Centrale Populaire,                                            4,874,999                                  5.88% (VOTING)

101, Boulevard Mohamed Zerktouni,

Casablanca,

Morocco

Other Shareholders,                                                       10

Morocco

 

 

Principals

 

Name:                                                       Mr Mostafa Terrab

Position within the company:                     President and managing director

Date of Birth:                                            19/10/1955

Country of Birth:                                        Morocco

Nationality:                                                Moroccan

Can fluently speak:                                    Arabic, French & English

Education:                                                Technical University

Schools Attended:                                    Massachusetts Institute of Technology, Cambridge, USA

Other qualifications include:                       Master degree in Engineering Institut in Paris

 

Name:                                                       Mr El Moutaouakkil El Baraka

Additional Information:                              Chief Industrial Development Officer

Country of Birth:                                        Morocco

Nationality:                                                Moroccan

Can fluently speak:                                    Arabic, French & English

 

Name:                                                       Mr Karim Laghmich

Additional Information:                              Chief Operations Officer

Country of Birth:                                        Morocco

Nationality:                                                Moroccan

Can fluently speak:                                    Arabic, French & English

 

Name:                                                       Mr Taha Balafrej

Additional Information:                              Chief Sustainability Officer

Country of Birth:                                        Morocco

Nationality:                                                Moroccan

Can fluently speak:                                    Arabic, French & English

 

Name:                                                       Ms Samia Charadi

Additional Information:                              Strategy and Partnerships Director

Country of Birth:                                        Morocco

Nationality:                                                Moroccan

Can fluently speak:                                    Arabic, French & English

 

 

Company Activities

 

NACE Codes:         0891           Mining of chemical and fertiliser minerals

 

OCP Group, together with its subsidiaries, engages in mining, processing, exporting, and marketing phosphates in Morocco.

 

The company produces phosphate rock; and phosphate derivatives, such as basic and purified phosphoric acid, and phosphate fertilizers. Its phosphate rock is primarily used in the manufacture of fertilizers; and phosphoric acid is used in lemonades, yeasts, cheese, meat and fish preservation, drinkable water treatment, detergents, animal feed, foliar fertilizers, metal treatment, textiles and cement.

 

Local Reporters consider the investigated company to be LARGE in their field of concern.

 

 

Operations

 

Employees                                               Company Employs: 19000

 

HQ Premises                                            Operates from:    Owned Offices

                                                                Premises Size:    20000 square meters

                                                                Location:            Central Business Area

 

Branches                                                  Maroc Chimie,

                                                                Route Jorf El Youdi,

                                                                Safi,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

 

                                                                Maroc Phosphore I,

                                                                Route Jorf El Youdi,

                                                                Safi,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

 

                                                                Maroc Phosphore II,

                                                                Route Jorf El Youdi,

                                                                Safi,

                                                                Morocco

                                                                Branch is: Owned

 

                                                                Description of branch: Factory

                                                                Maroc Phosphore III‑ IV,

                                                                100 Km de Marrakech,

                                                                Khouribga,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

 

                                                                Gantour,

                                                                100 Km de Marrakech,

                                                                Youssoufia,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

                                                                Branch premises size: 2,500.00 sq.mtrs.

 

                                                                77 Km de Youssoufia,

                                                                Benguerir,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

 

                                                                Boucraa‑Layoune,

                                                                Laayoune,

                                                                Morocco

                                                                Branch is: Owned

                                                                Description of branch: Factory

 

Imports

 

Imports Raw Materials, Imports Finished Goods

Imports From:                                         USA, Canada, Russia, Ukraine, European Community

Importing Terms:                                                                                     Special agreements

 

Exports

 

Export % and type of product:                 95%

Exports To:                                             France, USA, Brazil, United Kingdom, Italy, Spain, India, China,

                                                              Poland, Indonesia, Norway

Exporting Terms:                                     special agreements

 

Trading & Selling

Territory:                                                  5% Nationally, 95% International

 

 

Related Companies

 

Subsidiaries

CERPHOS : Centre d'Etudes et de

Recherches des Phosphates

Mineraux

Casablanca,               Owned 100% by subject

Morocco

Start date: 1975

Operates as: Technical consultancy

 

SOTREG : Société de Transports

Régionaux

Casablanca,               Owned 100% by subject

Morocco

Operates as: Transport

 

SMESI : Société Marocaine

d'Etudes Spéciales et Industrielles

Casablanca,               Owned 100% by subject

Morocco

Start date: 1959

Operates as: Engineering

 

PHOSPHATES DE BOUCRAA

Casablanca,               Owned 100% by subject

Morocco

Start date: 1962

Operates as: Phosphates production

 

COMATAM

Morocco                    Owned 100% by subject

Operates as: Sea transport

 

GPFCE

Morocco                    Owned 100% by subject

Operates as: Finance

 

PAKISTAN MAROC PHOSPHORE

Casablanca,               Owned 50% by subject

Morocco

Operates as: Phosphates processing

 

BUNGE MAROC PHOSPHORE

Morocco                    Owned 50% by subject

Operates as: Phosphates processing

 

JORF FERTILIZER COMPANY I

Morocco                    Owned 100% by subject

Operates as: Manufacture of fertilizers

 

JORF FERTILIZER COMPANY II

Morocco                    Owned 100% by subject

Operates as: Manufacture of fertilizers

 

Affiliates

EMAPHOS

Casablanca,                Owned 33% by subject

Morocco

Operates as: Manufacture of phosphoric acid

 

IMACID

Casablanca,                Owned 33% by subject

Morocco

 

Operates as: Manufacture of phosphoric acid

 

 

 

Bankers

 

Attijariwafa Bank,

Branch: Head Office

163 Avenue Hassan II,

Casablanca,

Morocco

Account Number:                                        12010129744

 

Banque Centrale Populaire,

Branch: Head Office

101 Boulevard Mohamed Zerktouni,

Casablanca,

Morocco

Account Number:                                        212119950010005

 

Société Générale,

Branch: Head Office

55 Boulevard Abdelmoumen,

Casablanca,

Morocco

 

Citibank Maghreb,

Branch: Head Office

Zenith Millenium Immeuble 1, lot Attaoufik,

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           31/12/2012                                  48,651,424,157                     13,622,986,943                10,511,192,981

12           31/12/2011                                  28,219,706,858                     18,623,680,496                14,621,757,338

12           31/12/2010                                  19,870,322,276                     10,469,158,436                8,302,420,062

12           31/12/2009                                  11,867,877,186                     4,775,328,815                  3,745,599,671

12           31/12/2008                                  27,580,014,129                     24,388,147,411                22,067,285,965

12           31/12/2007                                  5,303,915,726                       3,436,634,144                  2,829,272,286

 

 

 

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                                            6,738,473,642                           1,531,973,005                           1,197,776,130

  Plant & Machinery                                        19,651,270,773                           5,112,710,101                           1,154,358,580

  Furniture & Equipment                                       155,958,551                               65,653,523                               51,577,756

  Motor Vehicles                                                   39,519,651                               22,413,830                               12,206,301

  Misc. Fixed Assets                                       16,342,273,219                           4,358,453,875                           3,974,424,914

  Total Fixed Assets                                       42,927,495,836                         11,091,204,334                           6,390,343,681

 

  Financial Assets

  Shares in Related Companies                         5,112,047,166                         10,068,080,175                           8,775,147,998

  Loans to related companies

  Investments                                                        12,189,989                                 8,903,292                                 9,264,965

  Deposits

  Misc. Financial Assets                                        52,724,536                               55,805,077                               55,507,746

  Total Financial Assets                                   5,176,961,691                         10,132,788,544                           8,839,920,709

 

  Intangibles

  Goodwill                                                        1,100,648,153

  Organisational Expenses                                   117,010,565                               89,990,117                               89,047,669

  Patents                                                              16,841,735                                 9,700,711                               13,257,335

  Misc. Intangible Assets                                     415,201,215                               91,121,954                               61,375,260

  Total Intangible Assets                                 1,649,701,668                              190,812,782                              163,680,264

 

  Current Assets

  Stock                                                            5,589,841,285                           1,075,896,866                              915,432,719

  Stock & Work in Progress                               1,066,782,362                              639,729,482                              580,497,448

  Trade Debtors & receivables                           6,500,076,428                         14,574,124,436                           5,670,017,297

  Provision for bad debs

  Other receivables                                           1,162,532,465                           3,477,055,926                           4,193,461,801

  Due from related companies

  Owed by shareholders

  Prepaid expenses                                          4,513,802,004                           1,459,868,297                              563,267,398

  Cash                                                             3,151,419,807                           1,616,010,296                              689,194,987

  Tax recoverable                                             7,244,280,065                           2,161,028,906                           1,538,537,783

  Marketable Securities                                    20,883,732,320                         22,617,399,843                         24,106,498,067

  Misc. Current Assets                                         947,489,198                           3,378,813,228                           4,661,111,877

  Total Current Assets                                    51,059,955,934                         50,999,927,280                         42,918,019,377

  Total Assets                                              100,814,115,129                         72,414,732,940                         58,311,964,031

  Owner's Equity & Liabilities

  Issued and paid up capital                              8,287,500,000                           8,287,500,000                           8,287,500,000

  Share premium account                                18,697,810,117                           4,512,500,000                           4,512,500,000

  Retained earnings                                               10,644,471                           4,611,109,899                                 7,228,385

  Net profit/Loss for the year                           10,511,192,981                         14,621,757,338                           8,302,420,062

  Revaluation reserves

  Legal Reserves                                                 828,750,000                              828,750,000                              671,878,119

  Other reserves                                              21,990,400,000                           7,490,400,000                           7,490,400,000

  Net Worth                                                    60,326,297,569                         40,352,017,237                         29,271,926,566

 

  Deffered Taxation

  Provisions/allowances                                  12,629,614,831                         12,648,804,673                           8,576,663,661

  Mortgages/Loans                                         12,992,359,232                           9,416,778,890                           7,725,832,878

  Hire purchase

  Due to group of companies

  Minority interest

  Misc. deferred liabilities                                    230,163,180                               86,256,276                               90,373,162

  Total Long Term Liabilities                         25,852,137,243                         22,151,839,839                         16,392,869,701

 

  Current Liabilities

  Creditors                                                       7,164,109,983                           1,985,530,923                           1,715,560,435

  Other creditors                                               3,088,802,619                           3,796,438,226                           1,312,681,035

  Accruals                                                           152,750,556                               95,083,737                               64,546,234

  Bank overdrafts/Loans                                   1,494,587,684                              105,002,587                           7,401,235,651

  Misc. Loans

  Directors accounts

  Owing to shareholders

  Owing to related companies

  Proposed dividend

  Long Term‑due 1 year

  Hire Purchase‑under 1 year

  Taxation                                                           602,195,567                           2,103,736,632                           1,283,820,798

  Advance receipts                                              702,219,841                           1,042,307,096                              155,879,103

  Misc. Current Liabilities                                   1,431,014,067                              782,776,663                              713,444,508

  Total Current Liabilities                               14,635,680,317                           9,910,875,864                         12,647,167,764

  Owner's Equity & Liabilities                      100,814,115,129                         72,414,732,940                         58,311,964,031

 

 

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                                  48,651,424,157                         28,219,706,858                         19,870,322,276

  Cost of sales                                                    267,123,494                              318,397,784                               16,096,254

 

  Gross Profit/(Loss)                                       48,384,300,663                         27,901,309,074                         19,854,226,022

 

  Admin/selling expenses                                16,662,413,848                           2,802,572,758                           2,472,811,160

  Services                                                        8,036,598,358                           2,808,621,321                           2,490,013,333

  Salaries                                                         6,818,913,212                           3,682,881,076                           3,035,012,297

  Auditors Fee                                                     204,405,660                              124,313,305                              121,697,982

  Stock Depreciation                                         1,440,872,581                              ‑46,248,915                               47,915,041

  Depreciation                                                  3,843,549,660                           1,631,626,141                           1,531,877,149

  Misc. Operating Expenses                                  11,318,628                               18,207,389                               50,220,947

  Misc. Operating Income                                  1,690,290,799                           1,112,488,612                           1,209,780,876

  Net Operating Profit/(Loss)                          13,056,519,515                         17,991,824,611                         11,314,458,989

 

  Interest Receivable/Finance Income                 1,002,705,371                              896,067,667                           1,229,500,215

  Group related income                                        233,272,038                              129,894,811                               65,584,808

  Misc. Financial Income                                   1,769,676,159                           1,779,083,054                           7,379,422,679

  Total Financial Income                                 3,005,653,568                           2,805,045,532                           8,674,507,702

 

  Interest Payable/Finance costs                          543,412,518                              401,218,209                              436,658,113

  Misc. financial expenses                                1,895,773,622                           1,771,971,438                           9,083,150,142

  Total Financial Expenses                              2,439,186,140                           2,173,189,647                           9,519,808,255

 

  Profit/(Loss) before taxes                            13,622,986,943                         18,623,680,496                         10,469,158,436

 

  Income Tax                                                    3,111,793,962                           4,001,923,158                           2,166,738,374

  Other Tax

  Profit/(Loss) after taxes                               10,511,192,981                         14,621,757,338                           8,302,420,062

 

  Extraordinary items

  Exceptional items

  Misc. Items

 

  Net Profit/(Loss)                                          10,511,192,981                         14,621,757,338                           8,302,420,062

 

 

  Previous years retained earnings

  Current years net income                              10,511,192,981                         14,621,757,338                           8,302,420,062

  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                         10,511,192,981                         14,621,757,338                           8,302,420,062

  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                                      3.49                            2.14                           5.15                            2.85

  Acid Test Ratio                                   3.03                            1.91                           4.97                            2.71

  Accounts                                           0.15                            2.07                           0.07                            0.67

  Payable/Sales Ratio

  Current Liabilities/Net                          0.24                            0.57                           0.25                         ‑19.35

  Worth

  Current                                               2.20                            2.20                           5.78                            8.57

  Liabilities/Inventory

  Total Liabilities/Net                             0.67                            0.95                           0.79                         ‑21.56

  Worth

  Fixed Assets/Net                              71.16                          97.44                          27.49                       ‑959.09

  Worth (%)

 

  Profitability Ratios

  Gross Profit Ratio (%)                       99.45                          93.11                          98.87                          90.63

  Return on Capital                              15.81                          29.23                          29.80                          45.36

  Employed (ROCE)(%)

  Net Profit/Sales (%)                          28.00                          29.79                          66.00                         ‑67.18

  Return on Assets (%)                        13.51                          15.29                          25.72                            3.44

 

  Efficiency Ratios

  Sales/Working Capital                         1.34                            0.92                           0.69                            0.08

  Assets/Sales(%)                             207.22                     1,400.76                        256.61                        856.15

  Shareholders                                    22.58                          22.13                          46.15                          63.40

  Return(%)

  Average Inventory                        4,554.06                     2,799.97                     1,141.40                     1,141.40

  Period

  Average Collection                            79.05                          89.16                        130.92                        226.32

  Period

  Sales/Inventory                                   7.31                            7.31                          16.45                            8.66

 

  Leverage Ratios

  Capital Employed                               0.83                            0.59                           0.70                           ‑0.36

  Capital Structure (%)                         30.00                          24.27                          35.44                          35.51

 

  Number of                                                                                8                                                                  8

  Companies within the

  industry (NACE B)

  Statistics based on                                       Mining & quarrying                                        Mining & quarrying

  NACE(B)

 

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                        11/06/1981                                       7                                     24

TOTAL EMPLOYEES                                     19,000                                       1                                     15

SALES (2012)                                     4,277,433,212                                       1                                       4

SALES (2011)                                     2,481,076,627                                       1                                       8

NET PROFIT (2012)                                924,144,087                                       1                                       4

NET PROFIT (2011)                             1,285,544,905                                       1                                       8

TOTAL ASSETS (2012)                        8,863,577,002                                       1                                       5

TOTAL ASSETS (2011)                        6,366,703,320                                       1                                       8

 

Currency: EUROS

 

Rankings:

The results given below are calculated against companies with the Rime 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:      REGULAR

 

 

Representation

 

Other Comments

Other Comments:                                      Patent N° : 36000670

 

 

Interview & Reporter Comments

 

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 / related companies / financial information.

 

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 well known and trusted in the local market

and is considered to be a sound trading partner with low trade risk associated.

 

General Conclusion:                  As a State‑owned concern adequate resources should be made available.

 

Financial Results Trend:             Financial Information indicates that the business activities of the company are

declining in strength.

 

Age of Business:                      The company is long established in the local market.

 

 

Clippings

 

Date:    27/03/2012

Source: www.ocpgroup.ma

Absorption by OCP S.A. of its wholly owned subsidiary Maroc Phosphore S.A.

 

The Board of Directors of OCP S.A., meeting on March 27, 2012, approved the absorption by OCP of its wholly owned subsidiary Maroc Phosphore. Created in 1973, Maroc Phosphore's principal activity is the production and sale of phosphoric acid and chemical fertilizers.

 

The purpose of this absorption is to align the formal institutional structure of the OCP Group with its operational structure.

 

This responds to OCP's strategy of having a unified industrial operation for all its mining and chemical activities,

corresponding to the global trend of integration in the phosphate industry.

 

More generally, it contributes to a simplification of OCP's operational structures (legal, accounting, finance) and a

maximization of synergies across the organisation.

 

Maroc Phosphore S.A. will cease to exist juridically as soon as all its assets, rights and obligations are transferred to OCP S.A., an exercise that will be completed during the course of 2012.

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.