MIRA
INFORM REPORT
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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE RIFIENNE POUR L'INDUSTRIE ET LE
COMMERCE INTERNATIONAL |
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Registered Office : |
Dar
Dbagh N° 30, Bab Jdid, Meknes |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.05.2005 |
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Com. Reg. No.: |
23901 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
importer and wholesaler
of chemical products. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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) |
|
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
SOCIETE RIFIENNE POUR
L'INDUSTRIE ET LE COMMERCE INTERNATIONAL
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: 23901
Registration Date: 20/05/2005
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2012
Financial Briefing
Nominal Capital: 4,569,600 Moroccan Dirham
Issued Capital: N/A
Turnover: 9,895,600 Moroccan Dirham
Net Profit: 129,723 Moroccan Dirham
Net Worth: 5,499,041 Moroccan Dirham
Company Details
Company Name: SOCIETE
RIFIENNE POUR L'INDUSTRIE ET LE COMMERCE
INTERNATIONAL
Also trades as: SORICOIN
Headquarter Address: Dar
Dbagh N° 30,
Bab Jdid,
Meknes,
Morocco
Telephone: +212535
469533
Fax: +212535
469533
E‑Mail: soricoin@live.fr
Company was
originally started on 20/05/2005
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: Dar
Dbagh N° 30, Bab Jdid,
Meknes
Registration
Number: 23901
Registration
Date: 20/05/2005
Year/Date
Company Established: 20/05/2005
Registration
Town: Meknes
Tax
Registration Number: 04110370
Capital
Currency: Moroccan
Dirham
Authorized
Capital: 4,569,600
Paid
Up Capital: 4,569,600
Authorized Capital Breakdown
Number
of Shares: 45,696 Type
of Shares: None Selected
Issued
Shares: 45,696 Value
per share: MDH 100.00
Value
of this type: 4,569,600.00
Shareholders / Owners
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Sedik El Matichi, 45,696 100.00%
(VOTING)
Alhamdia,
Meknes,
Morocco
Principals
Name: Mr
Sedik El Matichi
Position
within the company: Managing
director
Additional
Information: Mobile
: 212 661 207223
Country
of Birth: Morocco
Nationality: Moroccan
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4675 Wholesale of chemical products
Subject company
specialises in import and wholesale of chemical products.
Local Reporters
consider the investigated company to be MEDIUM in their field of concern.
Operations
Employees Company Employs: 10
HQ Premises Operates from: Rented
Office , Warehouse
Location: Central
Business Area
Imports
Import % and type of product: 100% Finished Goods
Imports From: Italy,
Brazil, Spain, India
Importing Terms: Bank
transfer
Additional Information: Cash
against documents
Exports
Export
% and type of product: Subject
does not export
Trading
& Selling
Territory: 100%
Nationally
Type of Customer: Industrial
Companies
Number of accounts:
200
Vehicles: Total
number of vehicles: 2
1 trucks
1 cars
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
BMCE Bank,
Branch: Avenue des FAR
186 Avenue des FAR,
Meknes,
Morocco
Banque Populaire,
Branch: Alexandrie
4 Rue d'Alexandrie,
Meknes,
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 9,895,600 188,581 129,723
12 31/12/2011 12,321,698 18,902 (50,628)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2012 As at: 31‑Dec‑2011
Fixed Assets
Land & Buildings 6,187 6,994
Plant & Machinery 588 1,057
Furniture & Equipment 25,576 44,676
Motor Vehicles 45,924 101,346
Misc. Fixed Assets
Total Fixed Assets 78,275 154,073
Financial Assets
Shares in Related
Companies
Loans to related
companies
Investments
Deposits
Misc. Financial
Assets
Total Financial Assets 0 0
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc. Intangible
Assets
Total Intangible Assets 0 0
Current Assets
Stock 3,620,000 2,776,097
Stock & Work in
Progress
Trade Debtors & receivables 3,350,988 2,824,907
Provision for bad
debs
Other receivables 5,823 5,823
Due from related
companies
Owed
by shareholders 87,656
Prepaid expenses 15,757 15,757
Cash 825,836 605,769
Tax recoverable 850,874 715,188
Marketable
Securities
Misc. Current Assets 290,271 282,623
Total Current Assets 8,959,549 7,313,820
Total Assets 9,037,824 7,467,893
Owner's Equity
& Liabilities
Issued and paid up capital 4,569,600 4,569,600
Share premium
account
Retained earnings 799,718 850,345
Net profit/Loss for the year 129,723 ‑50,628
Revaluation reserves
Legal Reserves
Other reserves
Net Worth 5,499,041 5,369,317
Deffered Taxation
Provisions/allowances 9,232 21,189
Mortgages/Loans
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total Long Term Liabilities 9,232 21,189
Current
Liabilities
Creditors 2,876,348 1,794,039
Other creditors 4,496 4,496
Accruals
Bank
overdrafts/Loans
Misc. Loans
Directors accounts
Owing to shareholders 145,971 2,868
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation 487,835 248,512
Advance receipts
Misc. Current Liabilities 14,901 27,472
Total Current Liabilities 3,529,551 2,077,387
Owner's Equity & Liabilities 9,037,824 7,467,893
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 9,895,600 12,321,698
Cost of sales 8,003,078 5,196,613
Gross Profit/(Loss) 1,892,522 7,125,085
Admin/selling expenses 841,320 4,638,857
Services 338,183 350,167
Salaries 264,041 295,340
Auditors Fee 186,175 248,981
Stock
Depreciation 1,231,812
Depreciation 77,964 77,243
Misc. Operating
Expenses
Misc. Operating
Income
Net Operating Profit/(Loss) 184,839 282,685
Interest
Receivable/Finance Income
Group related income
Misc. Financial Income 45,894 39,830
Total Financial Income 45,894 39,830
Interest Payable/Finance costs 487 729
Misc. financial expenses 41,665 302,884
Total Financial Expenses 42,152 303,613
Profit/(Loss) before taxes 188,581 18,902
Income Tax 58,858 69,530
Other Tax
Profit/(Loss) after taxes 129,723 ‑50,628
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 129,723 ‑50,628
Previous years
retained earnings
Current
years net income 129,723
Misc. additions in
current year
Current
years net loss ‑50,628
Dividends in current
year
Withdrawals in
current year
Misc. deductions in
current year
Retained earnings at end of 129,723 ‑50,628
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous
year
Auditors Comments
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 2.54 1.45 3.52 1.64
Acid
Test Ratio 1.51 0.98 2.18 1.05
Accounts
0.29 0.33 0.15 0.37
Payable/Sales Ratio
Current
Liabilities/Net 0.64 2.72 0.39 2.27
Worth
Total
Liabilities/Net 0.64 2.82 0.39 1.86
Worth
Fixed
Assets/Net 1.42 10.28 2.87 17.67
Worth (%)
Profitability Ratios
Gross
Profit Ratio (%) 19.12 22.23 57.83 26.24
Return
on Capital 3.42 14.20 0.35 20.54
Employed (ROCE)(%)
Net
Profit/Sales (%) 1.91 4.33 0.15 3.60
Return
on Assets (%) 2.09 5.64 0.25 5.06
Efficiency Ratios
Sales/Working
Capital 1.82 10.12 2.35 8.49
Assets/Sales(%) 91.33 93.89 60.61 128.74
Shareholders
3.43 15.26 0.35 32.81
Return(%)
Average
Inventory 145.85 133.27 190.55
Period
Average
Collection 113.90 138.12 212.00
Period
Leverage Ratios
Capital
Employed 1.80 5.25 2.29 5.43
Capital
Structure (%) 0.17 20.98 0.39 37.64
Number
of 466 466
Companies within the
industry (NACE G)
Statistics based on Wholesale
and retail Wholesale
and retail
NACE(G) trade;repair
of motor trade;repair
of motor
vehicles and vehicles
and
motorcycles motorcycles
The
statistical Industrial Average results are calculated against companies within
the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result
for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 20/05/2005 1109 1482
TOTAL EMPLOYEES 10 775 1293
SALES (2012) 870,021 90 117
SALES (2011) 1,083,324 275 456
NET PROFIT (2012) 11,405 59 77
NET PROFIT (2011) 1,662 388 462
TOTAL ASSETS (2012) 794,605 51 69
TOTAL ASSETS (2011) 656,577 315 465
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
: 17537415
Interview & Reporter Comments
Name/Title: Mr.
Sedik El Matichi 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% / 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.
Conclusions
Local Reputation: The
company being investigated is considered by local reporters to be
a
Fair / Normal 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 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
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.