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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
OFFICE CHERIFIEN DES PHOSPHATES S.A. |
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Registered Office : |
2-4, Rue Al Abtal, Hay Erraha, BP 5196, Casabalanca, |
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Country : |
Morocco |
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Date of Incorporation : |
01.03.1920 |
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Com. Reg. No.: |
RC40327 |
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Legal Form : |
State
Corporation |
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Line of Business : |
Subject operate mining, exploration and export of phosphates |
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No. of Employees : |
23000 |
RATING & COMMENTS
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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 : |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
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SUBJECT'S NAME |
|
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Registered Name: |
OFFICE CHERIFIEN DES PHOSPHATES S.A. |
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Requested Name: |
OFFICE CHERIFIEN DES PHOSPHATES (OCP), MOROCCO |
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Other Names: |
GROUP OCP (MAROC PHOSPHORE SA) |
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Physical Address: |
2-4, Rue Al Abtal, Hay Erraha, |
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Postal Address: |
BP 5196, |
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Casabalanca, |
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Country: |
Morocco |
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Phone: |
212-22998387/ 22230025/
30125/ 31025/ 32025/ 22998382 |
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Fax: |
212-22998395 |
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Email: |
info@ocpgroup.ma/ h.kouiri@ocpgroup.ma |
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Website: |
www.ocpgroup.ma |
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Legal Form: |
State Corporation |
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Date Incorporated: |
01-March-1920 |
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Reg. Number: |
RC40327 |
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Tax
Number: |
02220794 |
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Budget Capital |
MAD. 8,288,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Mr. Mostafa Terrab |
Chairman |
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Mr. Taha Balafrej |
Director |
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Mr. Rachid Mouline |
Director |
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Mr. Amar Drissi |
Director |
|
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Mr. Mhamed Ibnabdeljalil |
Director |
|
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Government of Morocco |
Parent |
100% |
|
Government of Morocco |
Parent. |
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MAROC
PHOSPHORE, PHOSBOUCRAA, SMESI, MARPHOCEAN, CERPHOS, STAR, SOTREG, IMACID, EUROMAROC PHOSPHORE, PAKISTAN MAROC PHOSPHORE, PRAYON, BUNGE MAROC PHOSPHORE, PPL, JACOBS ENGINEERING SA, IMSA, LEJONC ET CIE, |
Subsidiary companies. |
|
None |
Affiliated company. |
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None |
Shareholder of subject firm. |
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Various in Morocco |
Branches of the firm |
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Registered to operate mining, exploration and export of phosphates |
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Imports: |
Europe, Middle East |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. & tenders |
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Main Customers: |
Industries, firms and organizations |
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Employees: |
23000 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Morocco |
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Location: |
Owned premises, 100,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Moroccan Dirham (MAD.) |
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Approx. Ex. Rate: |
1 US Dollar = 8.19 Moroccan Dirham |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in MAD.) |
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|
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2013 |
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Sales |
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60,000,000,000 |
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Bank Name: |
Bank Al-Maghrib |
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Branch: |
Morocco |
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Comments: |
None |
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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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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-- |
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.