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Report No. : |
345634 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GROUPEMENT MAROCAIN D’IMPORT EXPORT S.A. |
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Registered Office : |
Ain
Sebaa Center-Al Hadika,Ib.2, No.62-3
Eme Etage, Casablanca 20250 |
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Country : |
Morocco |
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Date of Incorporation : |
23.09.1986 |
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Com. Reg. No.: |
48531 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Subject operate import and
sale of chemicals and plastic products |
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No. of Employees : |
32 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Morocco |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 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.
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Source
: CIA |
Company
Name
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Registered Name: |
GROUPEMENT
MAROCAIN D'IMPORT EXPORT S.A. |
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Requested Name: |
GRIMEX S.A. |
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Trade Names: |
GRIMEX S.A. |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Ain
Sebaa Center-Al Hadika,Ib.2, No.62-3
Eme Etage, |
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Casablanca
20250 |
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Country: |
Morocco |
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Phone: |
212-22359517/2309692 |
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Fax: |
212-22340548/2319386 |
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Email: |
grimex@menara.ma |
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Website: |
None |
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CREDIT
OPINION
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Societe Anonyme |
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Date Incorporated: |
10-May-1999 |
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Founded: |
23-Sept-1986 |
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Reg. Number: |
48531 |
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Nominal Capital |
MAD.
8,500,000 |
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Subscribed Capital |
MAD.
8,500,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Abdeljalil Mdidech |
MD |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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Boulevard Rahal El Meskini, Casablanca 20000, Morocco |
Branches of the firm |
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OPERATIONS
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Registered to operate
import and sale of chemicals and plastic products |
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Imports: |
Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
32 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Morocco |
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Location: |
Leased premises, 5,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Moroccan Dirham (MAD.) |
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Approx. Ex. Rate: |
1 US Dollar = 9.57
Moroccan Dirham |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 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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2013 |
2014 |
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Sales |
55,650,000 |
62,250,000 |
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BANK
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Bank Name: |
Banque Marocaine du Commerce Extérieur (BMCE Bank) |
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Branch: |
Morocco |
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Comments: |
Other Banks |
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Société
Générale Maroc |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS
None |
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COMMENTS
/ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.