MIRA INFORM
REPORT
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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
RONDI TRADING |
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Registered Office : |
Hay Sania, Route Sidi Hrazem, Fes |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.07.2009 |
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Com. Reg. No.: |
32097 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
importer and
wholesaler of textile goods as
fabric and thread. |
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No. of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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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
RONDI TRADING
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: 32097
Registration Date: 13/07/2009
Legal Form: SOCIETE A RESPONSIBILITE LIMITEE
Latest Financials: December 31, 2011
Financial Briefing
Nominal Capital: 200,000 Moroccan Dirham
Issued Capital: N/A
Turnover: 2,266,353 Moroccan Dirham
Net Profit: 97,881 Moroccan Dirham
Net Worth: 273,627 Moroccan Dirham
Company Details
Company Name: RONDI
TRADING
Headquarter Address: Hay
Sania, Route Sidi Hrazem,
Fes 30000,
Morocco
Telephone: +212661
235405
E‑Mail: rondi.andaloussi@hotmail.fr
Company was originally started on 2010
Registration & Legal Details
Current Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration Address: Hay
Sania, Route Sidi Hrazem,
Fes
Registration Number: 32097
Registration Date: 13/07/2009
Year/Date Company Established: 2010
Registration Town: Fes
Tax Registration Number: 40113729
Capital
Currency: Moroccan
Dirham
Authorized Capital: 200,000
Paid Up Capital: 200,000
Authorized Capital Breakdown
Number of Shares: 2,000 Type
of Shares: None Selected
Issued Shares: 2,000 Value
per share: MDH 100.00
Value
of this type: 200,000.00
Shareholders / Owners
Shareholders:
Name/Other
Information Shares
Held % of
Voting/Non‑Voting
capital
Mr. Mohammed Rondi Andaloussi, 1,020 51.00%
(VOTING)
Sidi Hrazem,
Fes,
Morocco
Ms. Ghita Tazi, 980 49.00%
(VOTING)
Sidi Hrazem,
Fes,
Morocco
Principals
Name: Mr
Mohamed Rondi Andaloussi
Position within the company: Managing director
Date of Birth: 22/10/1969
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4641 Wholesale
of textiles
The
subject company is engaged in import and wholesale of textile goods as fabric
and thread.
Local
Reporters consider the investigated company to be SMALL in their field of
concern.
Operations
Employees Company Employs: 1
HQ Premises Operates from: Office
, Warehouse
Location: Suburban
Business Area
Imports
Import % and type of product: 100% Finished Goods
Imports From: India,
China, United Arab Emirates
Importing Terms: Bank
transfer
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Local
Type of Customer: Resellers
& Textile Industry
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
BMCE Bank,
Branch: Moulay El Kamel
94 Avenue des FAR ‑ Jnane Moulay El Kamel,
Fes,
Morocco
Financial Information
Source: Companies
Registry
Figures are: Official
Figures
Currency: Moroccan
Dirham
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2011 2,266,353 110,875 97,881
12 31/12/2010 1,848,500 (24,254) (24,254)
Balance Sheet & Profit &
Loss
BALANCE SHEET
As at: 31‑Dec‑2011 As at: 31‑Dec‑2010
Fixed Assets
Land & Buildings
Plant &
Machinery
Furniture & Equipment 15,333 15,333
Motor Vehicles
Misc. Fixed Assets
Total Fixed Assets 15,333 15,333
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 43,726
Stock & Work in
Progress
Trade Debtors &
receivables
Provision for bad
debs
Other receivables 845,879 78,089
Due from related
companies
Owed by shareholders
Prepaid expenses
Cash 226,775 194,365
Tax recoverable
Marketable
Securities
Misc. Current Assets 334,097 296,917
Total Current Assets 1,450,477 569,371
Total Assets 1,465,810 584,704
Owner's Equity
& Liabilities
Issued and paid up capital 200,000 200,000
Share premium
account
Retained
earnings ‑24,254
Net profit/Loss for the year 97,881 ‑24,254
Revaluation reserves
Legal Reserves
Other reserves
Net Worth 273,627 175,746
Deffered Taxation
Provisions/allowances
Mortgages/Loans
Hire purchase
Due to group of
companies
Minority interest
Misc. deferred
liabilities
Total Long Term Liabilities 0 0
Current
Liabilities
Creditors 701,168 402,509
Other
creditors 470,865
Accruals
Bank overdrafts/Loans 20,150 6,449
Misc. Loans
Directors accounts
Owing to
shareholders
Owing to related
companies
Proposed dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation
Advance receipts
Misc. Current
Liabilities
Total Current Liabilities 1,192,183 408,958
Owner's Equity & Liabilities 1,465,810 584,704
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2011 to 31/12/2011 01/01/2010
to 31/12/2010
Total Income/Turnover 2,266,353 1,848,500
Cost of sales 2,060,322 1,760,666
Gross Profit/(Loss) 206,031 87,834
Admin/selling
expenses 375
Services 94,721 108,897
Salaries
Auditors Fee 77 63
Stock Depreciation
Depreciation
Misc. Operating
Expenses
Misc. Operating
Income
Net Operating Profit/(Loss) 111,233 ‑21,501
Interest
Receivable/Finance Income
Group related income
Misc. Financial
Income
Total Financial Income 0 0
Interest
Payable/Finance costs
Misc. financial expenses 358 2,753
Total Financial Expenses 358 2,753
Profit/(Loss) before taxes 110,875 ‑24,254
Income
Tax 12,994
Other Tax
Profit/(Loss) after taxes 97,881 ‑24,254
Extraordinary items
Exceptional items
Misc. Items
Net Profit/(Loss) 97,881 ‑24,254
Previous years retained
earnings
Current
years net income 97,881
Misc. additions in
current year
Current
years net loss ‑24,254
Dividends in current
year
Withdrawals in
current year
Misc. deductions in
current year
Retained earnings at end of 97,881 ‑24,254
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 (2011) (2011) Results (2010) (2010)
Liquidity Ratios
Current Ratio 1.22 1.62 1.39 1.52
Acid Test Ratio 1.18 1.05 1.39 1.00
Accounts 0.31 0.38 0.22 0.41
Payable/Sales Ratio
Current Liabilities/Net 4.36 1.82 2.33 4.26
Worth
Total Liabilities/Net 4.36 1.39 2.33 4.42
Worth
Fixed Assets/Net 5.60 ‑6.14 8.72 40.89
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) 9.09 26.13 4.75 25.81
Return on Capital 40.52 19.29 ‑13.80 22.89
Employed (ROCE)(%)
Net Profit/Sales (%) 4.89 3.63 ‑1.31 ‑1.22
Return on Assets (%) 7.56 5.14 ‑4.15 3.91
Efficiency Ratios
Sales/Working Capital 8.77 8.79 11.52 7.50
Assets/Sales(%) 64.68 129.54 31.63 123.11
Shareholders 40.52 32.47 ‑13.80 22.01
Return(%)
Leverage Ratios
Capital Employed 8.28 5.63 10.52 6.85
Number of 742 742
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 13/07/2009 1393 1469
TOTAL EMPLOYEES 1 1277 1283
SALES (2011) 199,258 430 471
SALES (2010) 162,520 623 691
NET PROFIT (2011) 8,606 332 445
NET PROFIT (2010) ‑2,132 623 707
TOTAL ASSETS (2011) 128,874 416 438
TOTAL ASSETS (2010) 51,407 685 709
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
Interview & Reporter Comments
Name/Title: Mr.
Mohammed Rondi Andaloussi Managing director
Comment: Subject
has confirmed the general details provided in the report but
has
declined to provide any Financial Data.
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.
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: Progress remains to be seen but informants express favourable opinion.
Owner/Shareholders Comments Some of the owners / shareholders have an active participation in the
running of the business.
Age of Business: The company has been established for under 5 years.
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.65.86 |
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UK Pound |
1 |
Rs.102.52 |
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Euro |
1 |
Rs.87.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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NB |
New Business |
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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.