MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

OFFICE CHERIFIEN DES PHOSPHATES S.A.

 

 

Registered Office :

2-4 Rue Al Abtal, Hay Erraha, Casablanca

 

 

Country :

Morocco

 

 

Financials (as on) :

31.12.2011 (Consolidated)

 

 

Date of Incorporation :

01.03.1920

 

 

Com. Reg. No.:

RC40327

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject is engaged into mining, exploration and export of phosphates

 

 

No. of Employees :

5300

 

 

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

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                    OFFICE CHERIFIEN DES PHOSPHATES S.A.

Requested Name:                                    OCP SA

Initials:                                                    OCP SA

Other Names:                                          GROUP OCP (MAROC PHOSPHORE SA)

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   2-4 Rue Al Abtal, Hay Erraha, Casablanca

Postal Address:                                       BP  5196,

                                                              Maarif Casablanca,

Country:                                                  Morocco

Phone:                                                    212-22998387/ 22230025/ 30125/ 31025/ 32025/ 22998382

Fax:                                                       212-22998395

Email:                                                     info@ocpgroup.ma

Website:                                                 www.ocpgroup.ma

 

 

CREDIT OPINION

 

Financial Index as of December 2012 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                      Societe Anonyme

Date Incorporated:                                            01-March-1920

Reg. Number:                                                   RC40327

Tax Number:                                                    02220794

Nominal Capital                                                MAD. 8,288,000,000

Subscribed Capital                                            MAD. 8,288,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Mostafa Terrab                                            Chairman/CEO                

Mr. Marouane Ameziane                                   Head Of CEO office          

Mr. Taha Balafrej                                              Director                           

Mr. Rachid Mouline                                           Director                           

Ms. Meryem Chami                                          Director                           

Mr. Mohamed El Kadiri                                      General Secretary            

 

RELATED COMPANIES  

 

None                                                               Parent company.

MAROC PHOSPHORE,

PHOSBOUCRAA,

SMESI,

MARPHOCEAN,

CERPHOS,

STAR,

SADV,

IMACID,

EUROMAROC PHOSPHORE,

PAKISTAN MAROC PHOSPHORE,

PRAYON,

BUNGE MAROC PHOSPHORE,

PPL,

JACOBS ENGINEERING SA,

IMSA,

LEJONC ET CIE,

SOTREG.                                                        Subsidiary companies.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

In Morocco, Europe, Asia, and USA                   Branches of the firm

 

 

OPERATIONS

 

Subject is engaged into mining, exploration and export of phosphates

 

Imports:                                                           Asia, Middle East

Exports:                                                           Europe, Asia

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Industries,firms and organizations  

Employees:                                                      5300 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Morocco

Location:                                                          Rented premises, 10,000 square meters,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Deloitte & Associés

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Moroccon Dirham (MAD.)

Approx. Ex. Rate:                                             1 US Dollar = 8.17 Moroccon Dirham

Fiscal Year End:                                               December 31, 2012

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2012 was of 13%.

 

BANK 

 

Bank Name:                                                     Bank Populaire

Branch:                                                            Morocco

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

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.61.90

UK Pound

1

Rs.102.74

Euro

1

Rs.85.16

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.