MIRA INFORM REPORT
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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
STE SOTAFRUIT |
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Registered Office : |
RDC, Avenue Principale N° 102, Hay
Benkirane, Tanger, |
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Country : |
Morocco |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.02.2009 |
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Com. Reg. No.: |
40343 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Subject engaged in import and wholesale
of food products including dried fruits, nuts & legumes. |
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No. of Employees : |
12 |
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 : |
Moderate |
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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.
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Source : CIA |
COMPANY NAME
STE
SOTAFRUIT
Registration Briefing
Registration Number: 40343
Registration Date: 02/02/2009
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest Financials: December
31, 2012
Financial Briefing
Nominal Capital: 100,000
Moroccan Dirham
Issued Capital: N/A
Turnover: 6,747,320
Moroccan Dirham
Net Profit: 165,222
Moroccan Dirham
Net Worth: ‑198,550
Moroccan Dirham
Original Investigation Details
Investigation Number: 197675
Company Name: STE
SOTAFRUIT
Country: MO
Street Name: RDC
AV. PRINCIPALE N.102, HAY BENKIRANE TANGER
City Code:
Company Details
Company Name: STE
SOTAFRUIT
Headquarter Address: RDC, Avenue
Principale N° 102,
Hay
Benkirane,
Tanger,
Morocco
Telephone: +212539
352715
Fax: +212539
352715
E‑Mail: wahabynuts@yahoo.com
Company was originally started on
02/02/2009
Registration & Legal Details
Current Legal Form: SOCIETE A
RESPONSIBILITE LIMITEE
Registration Address: RDC, Avenue
Principale N° 102,
Tanger
Registration Number: 40343
Registration Date: 02/02/2009
Year/Date Company Established: 02/02/2009
Registration Town: Tanger
Tax Registration Number: 40281309
Capital
Currency: Moroccan
Dirham
Authorized Capital: 100,000
Paid Up Capital: 100,000
Authorized Capital Breakdown
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 / Owners
Shareholders:
Name/Other Information Shares Held % of
Voting/Non‑Voting capital
Mr.
Mustapha Wahaby,
1,000 100.00%
(VOTING)
Tanger,
Morocco
Principals
Name: Mr Mustapha
Wahaby
Position within the company: Managing director
Additional Information: Mobile : 212 661
063381
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic,
French & English
Name: Mr Rachid
Salhi
Position within the company: Accountant
Country of Birth: Morocco
Nationality: Moroccan
Can fluently speak: Arabic &
French
Company Activities
NACE Codes: 4639 Non‑specialised
wholesale of food, beverages and tobacco
The company SOTAFRUIT is engaged in
import and wholesale of food products including dried fruits, nuts &
legumes.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Operations
Employees Company
Employs: 12
HQ Premises Operates
from: Office , Warehouse
Location: Central Business Area
Imports
Import
% and type of product: 100% Finished
Goods
Imports
From: India,USA,Turkey,
Iran, Egypt, Canada
Importing
Terms: 60‑90
days credit, bank transfer
Exports
Export
% and type of product: Subject does not
export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Wholesalers
& Supermarkets :
MARJANE,
ACIMA
Number
of accounts: 35
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Banque
Populaire,
Branch:
Place des Nations
76 Boulevard Mohamed V,
Tanger,
Morocco
Financial Information
Source: Mr. Rachid Salhi
Accountant
Figures are: Official
Figures
Currency: Moroccan Dirham
Months
Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2012 6,747,320 285,492 165,222
12 31/12/2011 10,540,488 (301,604) (354,330)
Balance Sheet & Profit & Loss
BALANCE SHEET
As
at: 31‑Dec‑2012 As at: 31‑Dec‑2011
Fixed
Assets
Land
& Buildings
Plant & Machinery 3,449 4,165
Furniture & Equipment 29,619 12,293
Motor
Vehicles
Misc.
Fixed Assets
Total Fixed Assets 33,068 16,458
Financial
Assets
Shares
in Related Companies
Loans
to related companies
Investments
Deposits
Misc.
Financial Assets
Total Financial Assets 0 0
Intangibles
Goodwill
Organisational Expenses 975 2,275
Patents
Misc.
Intangible Assets
Total Intangible Assets 975 2,275
Current
Assets
Stock 2,585,858 853,399
Stock
& Work in Progress
Trade
Debtors & receivables
Provision
for bad debs
Other
receivables
Due
from related companies
Owed
by shareholders
Prepaid
expenses 6,930
Cash 8,565 225,204
Tax recoverable 1,148,062 751,138
Marketable
Securities
Misc.
Current Assets
Total Current Assets 3,742,485 1,836,671
Total Assets 3,776,528 1,855,404
Owner's
Equity & Liabilities
Issued and paid up capital 100,000 100,000
Share
premium account
Retained earnings ‑463,772 ‑109,442
Net profit/Loss for the year 165,222 ‑354,330
Revaluation
reserves
Legal
Reserves
Other
reserves
Net Worth ‑198,550 ‑363,772
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 2,987,476 1,401,338
Other
creditors
Accruals
Bank
overdrafts/Loans 60
Misc.
Loans
Directors
accounts
Owing to shareholders 920,000 790,000
Owing
to related companies
Proposed
dividend
Long
Term‑due 1 year
Hire
Purchase‑under 1 year
Taxation 67,542 27,838
Advance
receipts
Misc.
Current Liabilities
Total Current Liabilities 3,975,078 2,219,176
Owner's Equity & Liabilities 3,776,528 1,855,404
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 6,747,320 10,540,488
Cost of sales 5,017,803 7,762,918
Gross Profit/(Loss) 1,729,517 2,777,570
Admin/selling expenses 66,124 93,144
Services 293,610 255,277
Salaries
Auditors Fee 1,001,845 2,654,127
Stock
Depreciation
Depreciation 5,924 4,896
Misc.
Operating Expenses
Misc.
Operating Income
Net Operating Profit/(Loss) 362,014 ‑229,874
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 35,559 4,616
Total Financial Income 35,559 4,616
Interest Payable/Finance costs 1,310 1,138
Misc. financial expenses 110,771 75,208
Total Financial Expenses 112,081 76,346
Profit/(Loss) before taxes 285,492 ‑301,604
Income Tax 120,270 52,726
Other
Tax
Profit/(Loss) after taxes 165,222 ‑354,330
Extraordinary
items
Exceptional
items
Misc.
Items
Net Profit/(Loss) 165,222 ‑354,330
Previous
years retained earnings
Current
years net income 165,222
Misc.
additions in current year
Current
years net loss ‑354,330
Dividends
in current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of 165,222 ‑354,330
financial
period
Average
employees
Directors
fee
Earnings
per share
Earnings
per share‑previous year
Auditors Comments
Accounts obtained from: Subject's
accountant
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 0.94 1.45 0.83 1.61
Acid Test Ratio 0.29 0.98 0.44 1.05
Accounts 0.44 0.34 0.13 0.38
Payable/Sales
Ratio
Current Liabilities/Net ‑20.02 3.80 ‑6.10 1.87
Worth
Total Liabilities/Net ‑20.02 3.90 ‑6.10 1.43
Worth
Fixed Assets/Net ‑16.65 32.32 ‑4.52 ‑5.81
Worth
(%)
Profitability
Ratios
Gross Profit Ratio (%) 25.63 23.36 26.35 26.13
Return on Capital ‑143.79 11.78 82.91 18.70
Employed
(ROCE)(%)
Net Profit/Sales (%) 4.23 4.28 ‑2.86 3.47
Return on Assets (%) 7.56 5.96 ‑16.26 5.01
Efficiency
Ratios
Sales/Working Capital ‑29.01 10.74 ‑27.56 8.77
Assets/Sales(%) 55.97 94.12 17.60 130.19
Shareholders ‑143.79 13.04 82.91 31.76
Return(%)
Average Inventory 125.09 144.44 191.31
Period
Leverage
Ratios
Capital Employed ‑33.82 5.93 ‑28.80 5.57
Number of 444 444
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 02/02/2009 1363 1470
TOTAL EMPLOYEES 12 688 1284
SALES (2012) 593,224 83 95
SALES (2011) 926,720 273 436
NET PROFIT (2012) 14,526 42 55
NET PROFIT (2011) ‑26,517 415 440
TOTAL ASSETS (2012) 332,032 44 47
TOTAL ASSETS (2011) 163,127 409 443
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
Representation
Other Comments
Other Comments: Patent :
57214911
Interview & Reporter Comments
Name/Title: Mr.
Rachid Salhi Accountant
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.
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:
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 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.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
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.