|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAKI MEUBLE SARL |
|
|
|
|
Registered Office : |
Hay Yasmina 5 Rue 103 N° 102, Casablanca |
|
|
|
|
Country : |
Morocco |
|
|
|
|
Date of Incorporation : |
28.10.2005 |
|
|
|
|
Com. Reg. No.: |
144591 |
|
|
|
|
Legal Form : |
Societe A Responsibilite Limitee |
|
|
|
|
Line of Business : |
Retail sale of furniture, lighting equipment and other household articles in specialised stores |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Unknown |
|
|
|
|
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 |
RAKI MEUBLE SARL
Rating Briefing
Definition: INSUFFICIENT DATA
There is insufficient information for an
adequate credit assessment.
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: 144591
Registration Date: 28/10/2005
Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Latest Financials: N/A
Financial Briefing
Nominal Capital: 100,000 Moroccan Dirham
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth: N/A
Company Name: RAKI MEUBLE SARL
Country: MO
Street Name: HAY YASMINA 5 RUE 103 N 102
CASABLANCA
Comments: BUSINESS REG : 144591
Company Name: RAKI MEUBLE SARL
Headquarter Address: Hay Yasmina 5 Rue 103 N° 102,
Casablanca,
Morocco
Company was
originally started on 28/10/2005
Current Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration Address: Hay
Yasmina 5 Rue 103 N° 104,
Casablanca
Registration Number: 144591
Registration Date: 28/10/2005
Year/Date Company Established: 28/10/2005
Registration Town: Casablanca
Currency: Moroccan
Dirham
Authorized Capital: 100,000
Paid Up Capital: 100,000
Number of Shares: 1,000 Type of
Shares: None Selected
Issued Shares: 1,000 Value per
share: MDH 100.00 Value of this type:
100,000.00
Shareholders:
Name/Other Information Shares
Held % of Voting/Non‑Voting
capital
Mr. Hassan Afkir, 1,000 100.00% (VOTING)
Morocco
Name: Mr Hassan
Afkir
Position within the company: Managing director
Date of Birth: 27/06/1963
Country of Birth: Morocco
Nationality: Moroccan
NACE Codes: 4759 Retail
sale of furniture, lighting equipment and other household articles in
specialised
stores
HQ Premises
Location: Central
Business Area
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Information on Bankers is not available/applicable
Subject's payments reported to be: UNDETERMINED
Comment: Latest Financial Statements are not
currently available.
We have been unable to contact a company official.
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.
According to the
Morocco Commercial Law, all legal forms except for proprietorship entities are obliged
to file their financial accounts to the OMPIC. However, the subject financial
statements are not available.
There is no
telephone or fax number supplied within the original query. Local telephone
directorywas checked and it was proved that the company RAKI MEUBLE was not
registered. So we are unable to approach the said company you are
investigating.
Local Reputation: Local
informants have not adequate information to assess the Subject's local reputation.
Owner/Shareholders Comments: All
or most of the owners / shareholders have an active participation in the
running of the business.
Age of Business: The
company is long established in the local market.
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.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.