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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

512316

Report Date :

01.06.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

LAAROUSSI RECYCLAGE SARL

 

 

Registered Office :

Proprietes Noufissa Arrondissement Tifiet Ait Ali Quiahcen Tiflet

 

 

Country :

Morocco

 

 

Financials (as on) :

2017 (Summarized)

 

 

Date of Incorporation :

03.06.2014

 

 

Legal Form :

Societe Anonyme Responsabilitee Limitee

 

 

Line of Business :

Subject is a trader, importer and exporter of Aluminum Scrap, Electronic Goods, Chemicals and other general products.

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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 weighed 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:

LAAROUSSI RECYCLAGE SARL

Requested Name:

LAAROUSSI RECYCLAGE SARL

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Proprietes Noufissa Arrondissement Tifiet Ait Ali Quiahcen Tiflet,

Country:

Morocco

Phone:

212-522263670

Fax:

212-522263670

Email:

None

Website:

None

 

 

CREDIT OPINION

 

 

Financial Index as of December 2017 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

 

Legal Form:

Societe Anonyme Responsabilitee Limitee

Date Incorporated:

03-June-2014

Reg. Number:

Morocco

Nominal Capital

MAD. 100,000

Subscribed Capital

MAD. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

S. Ali

Director

 

 

 

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as a trader, importers and exporters of Aluminium Scrap, Chemicals, Electronic Goods and other general products.

Imports:

Middle East

Exports:

Neighbouring countries

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

15 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Morocco

Location:

Rented 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 = 9.47 Moroccan Dirham

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 not Submitted

 

 

 

 

 

Profit and Loss (expressed in MAD.)

 

 

2017

Sales

 

32,500,000

 

 

 

BANK

 

 

Bank Name:

Société Générale Maroc

Branch:

Morocco

Comments:

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 67.45

UK Pound

1

INR 89.79

Euro

1

INR 78.79

MAD

1

INR 7.07

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

DNS

 

 

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.