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Report Date : |
05.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
FILROC |
|
|
|
|
Registered Office : |
Route
du caid bellaroussi Sit Tabriquet, Salé, BP 517 – 11000, Salé |
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|
|
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Country : |
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|
|
|
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Date of Incorporation : |
1952 |
|
|
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Com. Reg. No.: |
5219 |
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|
|
Legal Form : |
Limited Corporation |
|
|
|
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Line of Business : |
Subject operate as
dealers in textile finishings |
|
|
|
|
No. of Employees : |
320 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
Registered Name: |
FILROC S.A. |
|
Requested Name: |
FILATURE DE LAINE PEIGNEE |
|
Trade Names: |
None |
|
Physical Address: |
Route
du caid bellaroussi Sit Tabriquet, Salé, |
|
Postal Address: |
BP
517 – 11000, |
|
|
Salé, |
|
Country: |
Morocco |
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Phone: |
212-537863639/522242220/537741326 |
|
Fax: |
212-537863521/652240603/653774025 |
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Email: |
None |
|
Website: |
None |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
1952 |
|
|
Reg. Number: |
5219 |
|
|
Nominal Capital |
MAD.
70,000,000 |
|
|
Subscribed Capital |
MAD.
70,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Abdelali Benmlih Taya |
Chairman |
|
|
Mr. Jacques Toledano |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
-421, Bd Moulay Ismaïl (Roches Noires), Casablanca, Morocco - R.p. 1, borne 75, Témara, Morocco |
Branches of the firm |
|
Registered to operate as
dealers in textile finishings |
|
|
Imports: |
Asia, Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
320 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Morocco |
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Location: |
Owned premises, 10,000 square feet, |
|
Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
|
|
|
|
Currency Reported: |
Moroccan Dirham (MAD.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 8.28
Moroccan Dirham |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation at December
31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
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|
|
|
|
|
|
|
|
|
|
Profit and Loss
(expressed in MAD.) |
||
|
|
|
2013 |
|
Sales |
|
300,000,000 |
|
Bank Name: |
Crédit
du Maroc |
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Branch: |
Morocco |
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Comments: |
None |
|
|
|
|
Experiences: |
Good |
|
|
|
None
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.68 |
|
|
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.84.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.