MIRA INFORM REPORT

 

 

Report No. :

493047

Report Date :

23.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

OFFICE CHERIFIEN DES PHOSPHATES S.A

 

 

Registered Office :

2-4 Rue Al Abtal, Hay Erraha, 20200 Casablanca

 

 

Country :

Morocco

 

 

Financials (as on) :

31.12.2016 [Consolidated]

 

 

Date of Incorporation :

01.03.1920

 

 

Com. Reg. No.:

RC40327

 

 

Legal Form :

Anonimous society

 

 

Line of Business :

Registered to operate mining, exploration and export of phosphates

 

 

No. of Employees :

5600

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Morocco

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 work towards building a diverse, open, market-oriented economy. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness.

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. To boost exports, Morocco entered into a bilateral Free Trade Agreement with the US in 2006 and an Advanced Status agreement with the EU in 2008. In late 2014, Morocco eliminated subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighted on the country’s budget and current account. Subsidies on butane gas and certain food products remain in place. Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030.

Despite Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas. Key economic challenges for Morocco include reforming the education system and the judiciary.

 

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 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

 

Legal Form:

Anonimous society

Date Incorporated:

01-March-1920

Reg. Number:

RC40327

Tax Number:

02220794

Nominal Capital

MAD. 8,288,000,000

Subscribed Capital

MAD. 8,287,500,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mostafa Terrab

Chairman/CEO

 

Mohammed Elkadiri

Director

 

Mohammed Ben Abdel Jalil

Director

 

Mohammed Elhaoui

Director

 

Mohammed Issaoui

Director

 

Said Abou Chlieh

Director

 

Mohamed Hassad

Director

 

Salaheddine Mezouar

Director

 

Mohammed Boussaid

Director

 

Moulay Hafid Elalamy

Director

 

Abdelkader Amara

Director

 

Mohammed Louafa

Director

 

Mohammed Sadiki

Director

 

Other Investors

Shareholder

5.88%

Government of Morocco

Parent

94.12%

 

 

RELATED COMPANIES

 

 

Government of Morocco

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.

Other Investors

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:

5600 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Morocco

Location:

Owned premises, 30,000 square meters,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Deloitte & Associés

Insurance Brokers:

Information not available.

 

 

 

FINANCE

 

 

Currency Reported:

Moroccan Dinar (MAD.)

Fiscal Year End:

December 31, 2017

Inflation:

According to information given by independent sources, the inflation at December 31st, 2017 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

INR 65.05

UK Pound

1

INR 90.41

Euro

1

INR 79.83

MAD

1

INR 7.06

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.