MIRA INFORM REPORT

Report No. :	356872
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	BERICOLOR S A
Registered Office :	Quartier Lissasfa, Route d'El Jadida, Km.9 – 20230 Casablanca
Country :	Morocco
Date of Incorporation :	02.05.1993
Com. Reg. No.:	RC 64467
Legal Form :	Societe Anonyme
Line of Business :	Subject engaged in textile weaving, spinning, dyeing, finishing
No. of Employee :	300

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 :

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 poor harvests and economic difficulties in Europe contributed to an economic slowdown. 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 more than 40% of electricity output by 2020. Key sectors of the economy include agriculture, tourism, aerospace, 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 2014, Morocco ended subsidies on diesel, gasoline, and fuel oil which have improved its budget deficit. Subsidies on sugar, butane gas, and flour remain. Morocco’s current account deficit has also benefit from the fall in oil prices. Key economic challenges for Morocco include reforming the education system and the judiciary, while increasing the competitiveness of the private sector.

Source : CIA

Company NAME

Registered Name:	BERICOLOR S A
Requested Name:	BERICOLOR S A
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Quartier Lissasfa, Route d'El Jadida, Km.9 - 20230
	Casablanca
Country:	Morocco
Phone:	212-522651432/33/38/522651434/22301304/223121 18
Fax:	212-522651439/23343588/22319887
Email:	lahlou.safaa@bericolor.ma/Thomas@bericolor.ma/lahlou.ali@bericolor.ma
Website:	www.bericolor.ma
CREDIT OPINION
Financial Index as of December 2014 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:		02-May-1993
Reg. Number:		RC 64467
Nominal Capital		MAD. 50,000,000
Subscribed Capital		MAD. 50,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abdelaziz Lahlou		Chairman
Mr. Mohamed Lahlou		MD
Mrs. Safaa Lahlou		Director
Mr. Ali Lahlou		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
-Zone industrielle El Jadida BP 151 Morocco -14 & 16 Rue El Machrouri Bouchaïb, Morocco		Branches of the firm
OPERATIONS
Registered to operate textile weaving, spinning, dyeing, finishing
Imports:		Asia, Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (50%) and 25-90 days (50%), invoices.
Main Customers:		Distributors, firms and organizations
Employees:		300 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Morocco
Location:		Leased premises, 10,000 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 = 9.86 Moroccan Dirham
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in MAD.)
			2014
Sales			420,500,000
BANK
Bank Name:		Crédit du Maroc
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.66.14
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55
MAD	1	Rs.6.71

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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%)

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