MIRA INFORM REPORT
|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GALVA CHIMIE SARL |
|
|
|
|
Registered Office : |
38 Rue 5, Hay Souarat, Aïn Borja,
Casablanca 20300 |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.02.1997 |
|
|
|
|
Com. Reg. No.: |
87065 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Subject engaged in import and distribution of chemical
products for industry |
|
|
|
|
No. of Employees : |
14 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
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
GALVA
CHIMIE SARL
Registration Briefing
Registration
Number: 87065
Registration
Date: 17/02/1997
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: December
31, 2012
Financial Briefing
Nominal
Capital: 1,250,000
Moroccan Dirham
Issued
Capital: N/A
Turnover: 23,287,351
Moroccan Dirham
Net
Profit: 521,420
Moroccan Dirham
Net
Worth: 4,263,968
Moroccan Dirham
Original Investigation Details
Investigation
Number: 199599
Company
Name: GALVACHIMIE
SARL
Country: MO
Street Name: PRODUITS CHIMIQUES POUR
GALVANOPLASTIE ET
IINDUSTR
City Code: CASABLANCA
Post Code: 38,
RUE 5 HA
Phone Number: 00212 522
612 453 00212 522 611 579
Fax
Number: 00212
522 617 254
Comments: VAT:01621934
galvachimie@menera.ma
Company Details
Company
Name: GALVA
CHIMIE SARL
Headquarter
Address: 38 Rue
5, Hay Souarat,
Aïn
Borja,
Casablanca
20300,
Morocco
Telephone: +212522
611579
+212522 612453
Fax: +212522
617254
E‑Mail: galvachimie@menara.ma
Company History
Former
Addresses Date
of Change
62
Rue 2, Hay Souarat, 2003
Aïn
Borja,
Casablanca
Company was originally started on
17/02/1997
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 38 Rue
5, Hay Souarat,
Casablanca
Registration
Number: 87065
Registration
Date: 17/02/1997
Year/Date
Company Established: 17/02/1997
Registration
Town: Casablanca
Tax
Registration Number: 01621934
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 1,250,000
Paid
Up Capital: 1,250,000
Previous
Capital amount:
850,000
Authorized
Capital Breakdown
Number of Shares: 12,500 Type of Shares: None Selected
Issued Shares: 12,500 Value per share: MDH 100.00 Value of this type: 1,250,000.00
Shareholders / Owners
Shareholders:
Name/Other Information
Shares Held % of
Voting/Non‑Voting capital
Mr. Larbi
Amkouy, 12,500 100.00%
(VOTING)
Hay Souarat Rue 2 N° 58 ‑ Aïn
Borja,
Casablanca,
Morocco
Principals
Name: Mr
Larbi Amkouy
Position
within the company: Managing
director
Additional
Information: Mobile :
212 661 314091
Date
of Birth: 1966
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4675 Wholesale of chemical products
Subject
is engaged in import and distribution of chemical products for industry.
Subject
imports 100% of chemicals from France, Belgium, Spain, Italy, Germany, China
& India.
Subject
distributes then to the local market on a wholesale basis.
This
company does not export.
Local
Reporters consider the investigated company to be MEDIUM in their field of
concern.
Operations
Employees Company
Employs: 14
HQ Premises Operates
from: Rented Shop
Premises
Size: 90 square meters
Location: Central Business Area
Branches 15 Rue 70, Hay Souarat,
Ain
Borja,
Casablanca,
Morocco
Branch
is: Rented
Description
of branch: Office
Branch
premises size: 80.00 sq.mtrs.
Km 1.7 Route de Benslimane,
Tit
Mellil,
Casablanca,
Morocco
Branch
is: Owned
Description
of branch: Warehouse
Branch
premises size: 5,583.00 sq.mtrs.
Lot
87 Hay Al Fath 2,
Sidi
Maarouf,
Casablanca,
Morocco
Branch
is: Owned
Description
of branch: Warehouse
Imports
Import
% and type of product: 100% Finished
Goods
Imports
From:France, Belgium, Spain, Italy, Germany, China, India
Importing
Terms: Bank transfer
Additional
Information: Letters of
credit
Exports
Export
% and type of product: Subject does not
export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Industrial
Companies
Number
of accounts: 300
Vehicles: Total
number of vehicles: 7
2
trucks
5
cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
BMCI,
Branch: La Colline
Lotissement Attaoufik,
Angle Rues 1 et 2 Lot N° 22 ‑ Sidi
Maarouf,
Casablanca,
Morocco
Banque Populaire,
Branch: Al Firdaous
Immeuble des Quatres Temps, La Colline ‑
Sidi Maarouf,
Casablanca,
Morocco
Financial Information
Financial
Interview Date: 01/10/2013
Source: Mr.
Larbi Amkouy Managing director
Figures
are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2012 23,287,351 766,772 521,420
12 31/12/2011 17,033,742 492,368 317,342
12 31/12/2010 15,950,425 411,436 268,174
12 31/12/2008 15,500,000
12 31/12/2007 14,700,000
12 31/12/2006 12,071,939 353,907 223,371
12 31/12/2005 8,552,778 212,421 212,421
12 31/12/2004 7,853,303 219,421 140,380
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 |
25,011 |
31,079 |
25,529 |
|
Motor Vehicles |
1,137 |
2,935 |
2,934 |
|
Misc. Fixed Assets |
|
|
|
|
Total Fixed Assets |
26,148 |
34,014 |
28,463 |
|
|
|
|
|
|
Financial Assets |
|
|
|
|
Shares in Related Companies |
|
|
|
|
Loans to related companies |
|
|
|
|
Investments |
|
|
|
|
Deposits |
|
|
|
|
Misc. Financial Assets |
304 |
304 |
304 |
|
Total Financial Assets |
304 |
304 |
304 |
|
|
|
|
|
|
Intangibles |
|
|
|
|
Goodwill |
|
|
|
|
Organisational Expenses |
|
|
|
|
Patents |
|
|
|
|
Misc. Intangible Assets |
|
|
|
|
Total Intangible Assets |
0 |
0 |
0 |
|
|
|
|
|
|
Current Assets |
|
|
|
|
Stock |
1,044,060 |
2,327,232 |
1,460,459 |
|
Stock & Work in Progress |
|
|
|
|
Trade Debtors & receivables |
15,506,104 |
12,741,849 |
17,352,782 |
|
Provision for bad debs |
|
|
|
|
Other receivables |
|
|
|
|
Due from related companies |
|
|
|
|
Owed by shareholders |
|
|
|
|
Prepaid expenses |
507,272 |
|
|
|
Cash |
1,384 |
45,755 |
16,622 |
|
Tax recoverable |
3,144,200 |
2,564,884 |
2,297,795 |
|
Marketable Securities |
|
|
|
|
Misc. Current Assets |
3,736,797 |
|
|
|
Total Current Assets |
20,203,020 |
17,679,720 |
24,864,455 |
|
Total Assets |
20,229,472 |
17,714,038 |
24,893,222 |
|
Owner's Equity & Liabilities |
|
|
|
|
Issued and paid up capital |
1,250,000 |
1,250,000 |
1,250,000 |
|
Share premium account |
|
|
|
|
Retained earnings |
2,408,214 |
2,090,873 |
1,836,107 |
|
Net profit/Loss for the year |
521,420 |
317,342 |
268,174 |
|
Revaluation reserves |
|
|
|
|
Legal Reserves |
84,334 |
84,334 |
70,926 |
|
Other reserves |
|
|
|
|
Net Worth |
4,263,968 |
3,742,549 |
3,425,207 |
|
|
|
|
|
|
|
|
|
|
|
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 |
7,350,176 |
7,793,291 |
12,679,089 |
|
Other creditors |
999,997 |
1,031,798 |
|
|
Accruals |
|
|
|
|
Bank overdrafts/Loans |
2,456,574 |
1,339,631 |
2,843,671 |
|
Misc. Loans |
|
|
|
|
Directors accounts |
|
|
|
|
Owing to shareholders |
19,027 |
899,420 |
1,533,374 |
|
Owing to related companies |
|
|
|
|
Proposed dividend |
|
|
|
|
Long Term‑due 1 year |
|
|
|
|
Hire Purchase‑under 1 year |
|
|
|
|
Taxation |
4,978,987 |
3,735,047 |
3,210,521 |
|
Advance receipts |
|
|
|
|
Misc. Current Liabilities |
160,743 |
204,100 |
169,562 |
|
Total Current Liabilities |
15,965,504 |
13,971,489 |
21,468,015 |
|
Owner's Equity & Liabilities |
20,229,472 |
17,714,038 |
24,893,222 |
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 |
23,287,351 |
17,033,742 |
15,950,425 |
|
Cost of sales |
21,131,871 |
15,317,556 |
14,434,606 |
|
|
|
|
|
|
Gross Profit/(Loss) |
2,155,480 |
1,716,186 |
1,515,819 |
|
|
|
|
|
|
Admin/selling expenses |
38,225 |
24,455 |
43,079 |
|
Services |
648,995 |
641,402 |
651,974 |
|
Salaries |
544,137 |
414,790 |
351,621 |
|
Auditors Fee |
53,183 |
40,351 |
77,901 |
|
Stock Depreciation |
|
|
|
|
Depreciation |
7,866 |
8,623 |
13,018 |
|
Misc. Operating Expenses |
|
|
|
|
Misc. Operating Income |
|
|
|
|
Net Operating Profit/(Loss) |
863,074 |
586,565 |
378,226 |
|
|
|
|
|
|
Interest Receivable/Finance Income |
|
|
|
|
Group related income |
|
|
|
|
Misc. Financial Income |
83,027 |
110,234 |
92,220 |
|
Total Financial Income |
83,027 |
110,234 |
92,220 |
|
|
|
|
|
|
Interest Payable/Finance costs |
124,280 |
90,135 |
|
|
Misc. financial expenses |
55,049 |
114,296 |
59,010 |
|
Total Financial Expenses |
179,329 |
204,431 |
59,010 |
|
|
|
|
|
|
Profit/(Loss) before taxes |
766,772 |
492,368 |
411,436 |
|
|
|
|
|
|
Income Tax |
245,352 |
175,026 |
143,262 |
|
Other Tax |
|
|
|
|
Profit/(Loss) after taxes |
521,420 |
317,342 |
268,174 |
|
|
|
|
|
|
Extraordinary items |
|
|
|
|
Exceptional items |
|
|
|
|
Misc. Items |
|
|
|
|
|
|
|
|
|
Net Profit/(Loss) |
521,420 |
317,342 |
268,174 |
|
|
|
|
|
|
|
|
|
|
|
Previous years retained earnings |
|
|
|
|
Current years net income |
521,420 |
317,342 |
268,174 |
|
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 |
521,420 |
317,342 |
268,174 |
|
financial period |
|
|
|
|
|
|
|
|
|
Average employees |
|
|
|
|
|
|
|
|
|
Directors fee |
|
|
|
|
Earnings per share |
|
|
|
|
Earnings per share‑previous year |
|
|
|
Auditors Comments
Date
accounts obtained: 01/10/2013
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 1.27 1.44 1.27 1.64
Acid Test Ratio 1.20 0.99 1.10 1.05
Accounts 0.32 0.33 0.46 0.38
Payable/Sales
Ratio
Current Liabilities/Net 3.74 2.70 3.73 2.21
Worth
Total Liabilities/Net 3.74 2.81 3.73 1.80
Worth
Fixed Assets/Net 0.61 10.42 0.91 17.07
Worth
(%)
Profitability
Ratios
Gross Profit Ratio (%) 9.26 22.36 10.08 26.23
Return on Capital 17.98 14.49 13.16 20.36
Employed
(ROCE)(%)
Net Profit/Sales (%) 3.29 4.41 2.89 3.62
Return on Assets (%) 3.79 5.80 2.78 5.08
Efficiency
Ratios
Sales/Working Capital 5.50 10.38 4.59 8.58
Assets/Sales(%) 86.87 93.03 103.99 129.22
Shareholders 17.98 15.61 13.16 32.78
Return(%)
Average Inventory 29.12 129.75 45.13 190.99
Period
Average Collection 221.38 140.01 322.43 212.69
Period
Leverage
Ratios
Capital Employed 5.46 5.31 4.55 5.44
Number of 462 462
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 17/02/1997 654 1479
TOTAL EMPLOYEES 14 657 1290
SALES (2012) 2,047,424 67 114
SALES (2011) 1,497,607 237 452
NET PROFIT (2012) 45,843 42 74
NET PROFIT (2011) 27,901 245 458
TOTAL ASSETS (2012) 1,778,575 38 66
TOTAL ASSETS (2011) 1,557,418 224 461
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
: 31903233
Interview & Reporter Comments
Name/Title: Mr.
Larbi Amkouy 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 / 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 long established
in the local market.
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.61.93 |
|
UK Pound |
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.84.23 |
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.