MIRA
INFORM REPORT
|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DYES AND
CHEMICALS MANUFACTURING |
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|
|
|
Registered Office : |
147 Route de Zenata ‑ Ain Sebaa, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.04.1994 |
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Com. Reg. No.: |
73901 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
·
Wholesale of chemical products ·
Manufacture of dyes and pigments |
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|
|
|
No. of Employees : |
25 |
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 |
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Status : |
Good |
|
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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
|
Source
: CIA |
COMPANY NAME
DYES AND CHEMICALS
MANUFACTURING
Rating Briefing
Payment Record: NO COMPLAINTS
This rating is based on available data. In
the event of additional information a possibility for a different rating
applies.
Registration
Briefing
Registration
Number: 73901
Registration Date: 27/04/1994
Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2012
Financial Briefing
Nominal Capital: 7,000,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 68,715,297
Moroccan Dirham
Net Profit: 3,189,934 Moroccan
Dirham
Net Worth: 37,947,624
Moroccan Dirham
Original Investigation Details
Investigation Number: 200997
Company Name: DYECHEM S.A.R.L
Country: MO
Street Name: 30 RUE MOHA OU HAMOU CASABLANCA 20000
City Code:
Company Details
Company Name: DYES AND CHEMICALS MANUFACTURING
Also trades as: DYECHEM
Headquarter Address: Zone Industrielle Ouled Saleh Nº I3G12,
Bouskoura,
Casablanca 20180,
Morocco
Telephone: +212522 593570
+212522 593580
Fax: +212522 592731
E‑Mail: info@dyechem‑colours.com
Web Site: www.dyechem‑colours.com (under
construction)
Company was
originally started on 27/04/1994
Registration & Legal Details
Current Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration Address: 147
Route de Zenata ‑ Ain Sebaa,
Registration Number: 73901
Registration Date: 27/04/1994
Year/Date Company Established: 27/04/1994
Tax Registration Number: 01640806
Capital
Currency: Moroccan
Dirham
Authorized Capital: 7,000,000
Paid Up Capital: 7,000,000
Authorized Capital Breakdown
Number of Shares: 70,000 Type of Shares: None Selected
Issued Shares: 70,000 Value per share:
MDH 100.00 Value of this type:
7,000,000.00
Shareholders / Owners
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr. Hammad Taoudi
Ben Chekroun, 17,150 24.50%
(VOTING)
22, Rue Zahraoui
Andal,
Casablanca,
Morocco
Mr. Youssef Taoudi
Ben Chekroun, 3,500 5.00%
(VOTING)
22, Rue Zahraoui
Andal,
Casablanca,
Morocco
Mr. Hicham Taoudi
Ben Chekroun, 3,500 5.00%
(VOTING)
22, Rue Zahraoui
Andal,
Casablanca,
Morocco
Mr. Mohamed Ben
Abdellah Taoudi Ben 3,500 5.00% (VOTING)
Chekroun,
74, Lotissement
Dr. Faraj,
Fes,
Morocco
Mr. Mohamed Ben Hammad
Taoudi Ben 10,500 15.00% (VOTING)
Chekroun,
34, Rue Normandie,
Maarif,
Casablanca,
Morocco
Mr. Abdellatif
Taoudi Ben Chekroun, 18,550 26.50%
(VOTING)
74, Lotissement
Dr. Faraj,
Fes,
Morocco
Mr. Ali Taoudi Ben
Chekroun, 13,300 19.00% (VOTING)
40, Résidence Des
Oranges,
Fes,
Morocco
Principals
Name: Mr Hammad
Taoudi Ben Chekroun
Position within the company: President and managing director
Date of Birth: 1939
Town of Birth: Fes
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Mr
Mohamed Taoudi Ben Chekroun
Position within the company: General Director
Additional Information: Mail
: m.benchekroun@dyechem‑colours.com
Date of Birth: 13/04/1967
Town of Birth: Casablanca
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Name: Mr
Mustapha El Hilali
Position within the company: Financial Manager
Additional Information: Mail
: m.elhilali@dyechem‑colours.com
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Name: Mr Nabil
Diouri
Position within the company: Commercial Manager
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Company Activities
NACE Codes: 4675 Wholesale of chemical products ‑ 80%
2012 Manufacture of dyes and
pigments ‑ 20%
DYECHEM is engaged in manufacture and
marketing of dyes and chemicals.
Local Reporters consider the investigated
company to be MEDIUM in their field of concern.
Operations
Employees Company Employs: 25
HQ Premises Operates from: Rented Offices , Warehouse
Location: Industrial Area
Branches 30 Bis Rue Moha Ou Hamou,
Casablanca 20000,
Morocco
Branch is: Rented
Description of
branch: Office
147 Route de
Zenata,
Ain Sebaa,
Casablanca,
Morocco
Branch is: Rented
Description of
branch: Factory, Warehouse, Shop
Imports
Imports Raw Materials, Imports Finished
Goods
Imports From: Europe, South
East Asia
Importing Terms: 60‑90 days credit, letters of credit
Subject's Suppliers: Company Name: SYRAL
Company Name: CABOT
Company Name: OLEON
Company Name: SINOCHEM
Company Name: KEMIRA
Exports
Export % and type of product: 10%
Exports To: Europe, Africa
Exporting Terms: 60‑90
days credit, letters of credit
Trading & Selling
Territory: 90% Nationally, 10% International
Type of Customer: Resellers & Industrial Companies : BIMO,
AIGUEBELLE, PASTOR, MARGAFRIQUE
Vehicles: Total number of vehicles: 6
2 trucks
2 vans
4 cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Bankers
Crédit Du Maroc,
Branch: Strasbourg
1 Rue de Strasbourg,
Casablanca,
Morocco
Account Number: 021780 0000 040 030 153374 63
Financial Information
Financial Interview Date: 24/10/2013
Source: Companies
Registry
Figures are: Official Figures
Currency: Moroccan Dirham
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2012 68,715,297 4,510,490 3,189,934
12 31/12/2011 63,774,357 6,596,284 4,669,933
12 31/12/2010 56,984,740 6,829,537 4,861,331
12 31/12/2009 49,743,103 5,514,298 3,897,224
12 31/12/2008 45,318,452 3,732,118 2,628,617
12 31/12/2007 35,297,353 2,956,683 1,932,757
12 31/12/2006 30,550,104 2,616,442 1,711,335
12 31/12/2005 20,062,187 1,997,094 1,230,122
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 |
835,740 |
420,390 |
215,023 |
|
Furniture
& Equipment |
3,220,395 |
540,771 |
577,914 |
|
Motor Vehicles |
67,392 |
104,472 |
172,858 |
|
Misc. Fixed
Assets |
649,117 |
|
|
|
Total Fixed
Assets |
4,123,527 |
1,714,750 |
965,795 |
|
Financial
Assets |
|
|
|
|
Shares in
Related Companies |
|
|
|
|
Loans to
related companies |
|
|
|
|
Investments |
213,610 |
231,700 |
50,617 |
|
Deposits |
|
|
|
|
Misc.
Financial Assets |
2,709 |
2,000 |
2,000 |
|
Total
Financial Assets |
216,319 |
233,700 |
52,617 |
|
Intangibles |
|
|
|
|
Goodwill |
|
|
|
|
Organisational
Expenses |
12,517 |
34,171 |
82,141 |
|
Patents |
48,520 |
69,815 |
95,241 |
|
Misc.
Intangible Assets |
|
|
|
|
Total
Intangible Assets |
61,037 |
103,986 |
177,382 |
|
Current
Assets |
|
|
|
|
Stock |
13,613,330 |
17,184,344 |
12,447,068 |
|
Stock &
Work in Progress |
368,536 |
247,448 |
114,868 |
|
Trade Debtors
& receivables |
28,165,396 |
27,782,773 |
24,861,471 |
|
Provision for
bad debs |
|
|
|
|
Other
receivables |
68,259 |
155,742 |
126,718 |
|
Due from
related companies |
|
|
|
|
Owed by
shareholders |
|
|
|
|
Prepaid
expenses |
314,188 |
632,803 |
244,371 |
|
Cash |
2,208,264 |
3,290,602 |
2,729,185 |
|
Tax
recoverable |
3,001,928 |
3,229,274 |
1,447,121 |
|
Marketable
Securities |
|
|
|
|
Misc. Current
Assets |
198,888 |
138,008 |
21,827 |
|
Total
Current Assets |
47,938,789 |
52,660,994 |
41,992,629 |
|
Total
Assets |
52,339,672 |
54,713,430 |
43,188,423 |
|
Owner's
Equity & Liabilities |
|
|
|
|
Issued and
paid up capital |
7,000,000 |
7,000,000 |
7,000,000 |
|
Share premium
account |
|
|
|
|
Retained
earnings |
26,369,806 |
21,933,370 |
17,315,105 |
|
Net profit/Loss
for the year |
3,189,934 |
4,669,933 |
4,861,331 |
|
Revaluation
reserves |
|
|
|
|
Legal Reserves |
1,387,884 |
1,154,388 |
911,322 |
|
Other reserves |
|
|
|
|
Net Worth |
37,947,624 |
34,757,691 |
30,087,758 |
|
Deffered
Taxation |
|
|
|
|
Provisions/allowances |
|
|
|
|
Mortgages/Loans |
2,912,159 |
2,912,159 |
|
|
Hire purchase |
|
|
|
|
Due to group
of companies |
|
|
|
|
Minority
interest |
|
|
|
|
Misc. deferred
liabilities |
|
|
|
|
Total Long
Term Liabilities |
2,912,159 |
2,912,159 |
0 |
|
Current
Liabilities |
|
|
|
|
Creditors |
7,921,066 |
12,690,110 |
6,484,700 |
|
Other
creditors |
9,072 |
4,500 |
|
|
Accruals |
6,402 |
|
|
|
Bank
overdrafts/Loans |
|
|
|
|
Misc. Loans |
|
|
|
|
Directors
accounts |
|
|
|
|
Owing to
shareholders |
2,912,160 |
|
|
|
Owing to
related companies |
|
|
|
|
Proposed
dividend |
|
|
|
|
Long Term‑due
1 year |
|
|
|
|
Hire Purchase‑under
1 year |
|
|
|
|
Taxation |
3,316,294 |
4,148,043 |
3,493,406 |
|
Advance
receipts |
27,760 |
5,100 |
|
|
Misc. Current
Liabilities |
214,769 |
191,255 |
199,497 |
|
Total
Current Liabilities |
11,479,889 |
17,043,580 |
13,100,665 |
|
Owner's
Equity & Liabilities |
52,339,672 |
54,713,430 |
43,188,423 |
PROFIT & LOSS
|
|
01/01/2012
to 31/12/2012 |
01/01/2011
to 31/12/2011 |
01/01/2010
to 31/12/2010 |
|
Total
Income/Turnover |
68,715,297 |
63,774,357 |
56,984,740 |
|
Cost of sales |
45,214,208 |
42,574,719 |
33,117,160 |
|
|
|
|
|
|
Gross
Profit/(Loss) |
23,501,089 |
21,199,638 |
23,867,580 |
|
|
|
|
|
|
Admin/selling
expenses |
10,561,475 |
8,059,528 |
10,719,307 |
|
Services |
3,640,039 |
2,500,302 |
2,631,176 |
|
Salaries |
4,723,334 |
4,028,416 |
3,532,221 |
|
Auditors Fee |
89,233 |
80,334 |
71,495 |
|
Stock
Depreciation |
60,641 |
‑470,215 |
‑9,931 |
|
Depreciation |
293,299 |
430,761 |
326,499 |
|
Misc.
Operating Expenses |
|
|
|
|
Misc.
Operating Income |
2,705 |
|
|
|
Net
Operating Profit/(Loss) |
4,135,773 |
6,570,512 |
6,596,813 |
|
|
|
|
|
|
Interest
Receivable/Finance Income |
1,534 |
|
|
|
Group related
income |
|
|
|
|
Misc.
Financial Income |
847,270 |
272,949 |
523,459 |
|
Total
Financial Income |
848,804 |
272,949 |
523,459 |
|
|
|
|
|
|
Interest
Payable/Finance costs |
50,668 |
30,076 |
4,440 |
|
Misc.
financial expenses |
423,419 |
217,101 |
286,295 |
|
Total
Financial Expenses |
474,087 |
247,177 |
290,735 |
|
|
|
|
|
|
Profit/(Loss)
before taxes |
4,510,490 |
6,596,284 |
6,829,537 |
|
|
|
|
|
|
Income Tax |
1,320,556 |
1,926,351 |
1,968,206 |
|
Other Tax |
|
|
|
|
Profit/(Loss)
after taxes |
3,189,934 |
4,669,933 |
4,861,331 |
|
|
|
|
|
|
Extraordinary
items |
|
|
|
|
Exceptional
items |
|
|
|
|
Misc. Items |
|
|
|
|
|
|
|
|
|
Net
Profit/(Loss) |
3,189,934 |
4,669,933 |
4,861,331 |
|
|
|
|
|
|
|
|
|
|
|
Previous years
retained earnings |
|
|
|
|
Current years
net income |
3,189,934 |
4,669,933 |
4,861,331 |
|
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 |
3,189,934 |
4,669,933 |
4,861,331 |
|
financial
period |
|
|
|
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date accounts
obtained: 24/10/2013
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 4.18 1.45 3.09 1.62
Acid
Test Ratio 2.96 0.97 2.07 1.04
Accounts
0.12 0.40 0.20 0.38
Payable/Sales Ratio
Current
Liabilities/Net 0.30 2.52 0.49 2.18
Worth
Current
0.82 3.02 0.98 2.79
Liabilities/Inventory
Total
Liabilities/Net 0.38 2.66 0.57 1.81
Worth
Fixed
Assets/Net 10.87 15.66 4.93 17.59
Worth (%)
Profitability Ratios
Gross
Profit Ratio (%) 34.20 26.46 33.24 26.63
Return
on Capital 11.04 15.69 17.51 20.82
Employed (ROCE)(%)
Net
Profit/Sales (%) 6.56 4.83 10.34 3.50
Return
on Assets (%) 8.62 6.02 12.06 4.87
Efficiency Ratios
Sales/Working
Capital 1.88 ‑2.97 1.79 8.26
Assets/Sales(%) 76.17 146.13 85.79 130.21
Shareholders
11.89 17.15 18.98 32.42
Return(%)
Average
Inventory 124.31 161.31 127.02 194.55
Period
Average
Collection 148.59 134.54 150.65 210.64
Period
Sales/Inventory 4.91 5.97 3.66 4.62
Leverage Ratios
Capital
Employed 1.81 5.51 1.84 5.60
Capital
Structure (%) 7.13 22.11 7.73 36.46
Number
of 496 496
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 Rime
database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total
Companies Used
company
DATE OF REGISTRATION 27/04/1994 557 1495
TOTAL EMPLOYEES 25 378 1301
SALES (2012) 6,041,449 53 151
SALES (2011) 5,607,041 120 484
NET PROFIT (2012) 280,459 27 112
NET PROFIT (2011) 410,581 63 491
TOTAL ASSETS (2012) 4,601,704 35 104
TOTAL ASSETS (2011) 4,810,405 123 494
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 Rime
database for the specific country.
Payments
Subject's payments reported to be: NO COMPLAINTS
Representation
Auditors: REVISCONTROLE
Rue Ibn El Mouataz, Résidence le Joyau 4, First Floor
Tel: 212522 242304
Other Comments
Other Comments: Patent : 31504535
Interview & Reporter Comments
Name/Title: Mr. Mustapha El Hilali Financial
Manager
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.
Note that the
subject company is registered as " DYES AND CHEMICALS MANUFACTURING "
The address
mentioned in the enquiry : " 30, Rue Moha Ou Hamou, Casablanca " is a
branch.
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: 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: 25/10/2013 00:00:00
Source: "Economist Intelligence
Unit" ‑ The Economist
Sovereign risk
Morocco’s fiscal account will continue to
record large deficits, owing to high recurrent expenditure on
wages and subsidies (although the latter are
now being gradually reduced). With new lending
available on reasonable terms, much of it
concessional, debt‑service payments will remain
manageable.
Currency risk
The current exchange‑rate system (a
heavily‑managed float) will be maintained, with the Moroccan
dirham appreciating slightly against a
weaker euro in 2014. The authorities will continue to respond
cautiously to repeated calls from the IMF
for a shift to a more flexible exchange‑rate regime.
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. 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.61.46 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.84.72 |
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.