MIRA INFORM REPORT

Report No. :	516512
Report Date :	27.06.2018

IDENTIFICATION DETAILS

Name :	PHOSBOUCRAA SA
Registered Office :	2-4 Rue Al Abtal Hay Erraha 20200 CAsablanca Maroc Direction Laayoune, Avenue Hassan II Laayoune, BP 76 70000 Laayoune
Country :	Morocco
Date of Incorporation :	10.04.1962
Com. Reg. No.:	39933
Legal Form :	Anonimous society
Line of Business :	Subject operate extraction treatment transport and marketing of phosphate ore
No. of Employees :	2,194

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
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

Company NAME

Registered Name:	PHOSBOUCRAA SA
Requested Name:	PHOSBOUCRAA SA
Other Names:	PHOSBOUCRAA (PHOSPHATES DE BOUCRAA)
ADDRESS AND TELECOMMUNICATION
Physical Address:	2-4 Rue Al Abtal Hay Erraha 20200 CAsablanca Maroc Direction Laayoune, Avenue Hassan II Laayoune,
Postal Address:	BP 76 70000
	Laayoune,
Country:	Morocco
Phone:	212-528893628/991001
Fax:	212-528894215/1484/991003
Email:	info@ocpgroup.ma
Website:	www.phosboucraa.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:		10-April-1962
Reg. Number:		39933
Nominal Capital		MAD. 1,000,000,000
Subscribed Capital		MAD. 1,000,000,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Mostafa Terrab		Group Chairman/CEO
Maou Lainine		Director/GM
Mohammed Elkadiri		Director
Mohammed Ben Abdel Jalil		Director
Mohammed Elhaoui		Director
Mohammed Issaoui		Director
Said Abou Chlieh		Director
Mohamed Hassad		Director
Salaheddine Mezouar		Director
Group OCP (Maroc Phosphore SA)		Holding Co.	100%
RELATED COMPANIES
Group OCP (Maroc Phosphore SA)		Parent company.
None		Subsidiary company.
MAROC PHOSPHORE, SMESI, MARPHOCEAN, CERPHOS, STAR, SADV, IMACID, EUROMAROC PHOSPHORE, PAKISTAN MAROC PHOSPHORE, PRAYON, BUNGE MAROC PHOSPHORE, PPL, JACOBS ENGINEERING SA, IMSA, LEJONC ET CIE, SOTREG.		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate extraction treatment transport and marketing of phosphate ore
Imports:		Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (50%) and 25-90 days (50%), invoices.
Main Customers:		firms and organizations
Employees:		2,194 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Morocco
Location:		Owned premises, 100,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Moroccan Dirham (MAD.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Group Financial Information Submitted
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 68.17
UK Pound	1	INR 90.47
Euro	1	INR 79.74
MAD	1	INR 7.19

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

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.