MIRA INFORM REPORT

Report No. :	309598
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	OFFICE CHERIFIEN DES PHOSPHATES S.A
Registered Office :	2-4 Rue Al Abtal, Hay Erraha, 20200 Casablanca
Country :	Morocco
Date of Incorporation :	01.03.1920
Com. Reg. No.:	RC40327
Legal Form :	Societe Anonyme
Line of Business :	Subject operate mining, exploration and export of phosphates
No of Employees :	5500

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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:	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 Al Abtal Street, Hay Erraha, 21500 Casablanca
Registered Address:	2-4 Rue Al Abtal, Hay Erraha, 20200 Casablanca
Postal Address:	BP 5196,
	Maarif Casablanca,
Country:	Morocco
Phone:	212-522998387/22230025/30125/31025/32025/ 22998382/522230025/522230125
Fax:	212-522998395
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
Mostafa Terrab		Chairman
Mohamed Hassad		Director
Salaheddine Mezouar		Director
Mohammed Boussaid		Director
Aziz Akhannouch		Director
Moulay Hafid Elalamy		Director
Abdelkader Amara		Director
Mohammed Louafa		Director
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
Registered to operate 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:		5500 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Morocco
Location:		Owned premises, 20,000 square meters,
AUDITORS AND INSURANCE
Auditors:		Deloitte & Associés
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Moroccan Dinar (MAD.)
Approx. Ex. Rate:		1 US Dollar = 9.73 Moroccan Dinar
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 Submitted below
BANK
Bank Name:		Banque Centrale 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. 62.74
UK Pound	1	Rs. 94.60
Euro	1	Rs. 67.09

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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 s	--

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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