MIRA INFORM REPORT

 

 

Report Date :

05.05.2014

 

IDENTIFICATION DETAILS

 

Name :

LEAR AUTOMOTIVE MAROCCO S A S

 

 

Registered Office :

Lot 102b/2 Zone Franche Dexportation Route De Rabat MA-90000, Tanger

 

 

Country :

Morocco

 

 

Date of Incorporation :

11.03.2003

 

 

Com. Reg. No.:

RC20431

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as dealers in automotive cables, spare parts and accessories

 

 

No of Employees :

520

 

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

 

Maximum Credit Limit :

USD 100,000

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Morocco

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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. In the fall of 2013, Morocco capped some of its fuel subsidies in an effort to gradually reduce the country’s large budgetary 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:                                    LEAR AUTOMOTIVE MAROCCO S A S

Requested Name:                                    LEAR AUTOMOTIVE MAROCCO S A S

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Lot 102b/2 Zone Franche Dexportation Route De Rabat MA-90000,

                                                              Tanger

Country:                                                  Morocco

Phone:                                                    212-539349700/398200

Fax:                                                       212-539349751/735

Email:                                                     None

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit. We recommend Credit of USD 100,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                       Limited Corporation 

Date Incorporated:                                            11-March-2003

Reg. Number:                                                   RC20431

Nominal Capital                                                MAD. 300,000

Subscribed Capital                                            MAD. 300,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Arturo Alvares                                             MD                                 

Mr. Ihssan Saoud                                             Director                           

Mr. Youness Rahou                                          Admin                             

Lear Corporation                                               Holding Co.                      100%

 

 

RELATED COMPANIES  

 

Lear Corporation                                               Parent company.

None                                                               Subsidiary company.

Various worldwide                                             Affiliated companies.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in automotive cables, spare parts and accessories

 

Imports:                                                           Europe, Asia

Exports:                                                           None

Trademarks:                                                     None

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

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                      520 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Morocco

Location:                                                          Owned premises, 5,000 square feet,

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

 

                                                                      

FINANCE 

 

Currency Reported:                                           Moroccan Dirham (MAD.)

Approx. Ex. Rate:                                             1 US Dollar = 8.12 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             

                                                                      

Profit and Loss (expressed in MAD.)

                                                                               2013

Sales                                                                       30,000,000

 

BANK 

 

Bank Name:                                                     Groupe Banque 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.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.