Les obstacles aux échanges

INTRO:

Morocco’s refinery SAMIR is a supplier of petroleum products and a key player in the Moroccan industry that was created in 1959.

This company had faced several problems that affected directly its main objectives.

The problematic revolves about factors that caused its bankruptcy.

1. This company crisis has its roots in the decision to privatize this state-owned company in 1997. By selling it to a Saudi company that have no expertise.

The resignation of the government continued crescendo with the lack of monitoring the investment plan considered by the privatization and the absence of any control quality of distributed products on the local market. Exceedance of the Saudi shareholder will continue, encouraged by a complicit silence of the State.

2. In 2002 la SAMIR introduced the business plan of the new structure of the hydrocracking (process of breaking down petroleum in two samplers molecules) engaging 7 billion dirhams. The realization of this project found place in 2006 with an estimated budget of 13 billion DHS. This underestimation was the cause that ignited the debt.

3. The GAP between engagement and forecast was filled with the working capital.

4. The first alarm signal was in 2009. The fund was in debt of an estimation of 1 billion DHS per months.

5. That’s why la SAMIR opted for spots credits ( advance in short term to finance an important needs of funds)

6. Different facilities were granted to la SAMIR in this period, still it was trustworthy clients to banks

7. Those facilities increased the percentage of debt to the point of no return

8. The manager tried to find an easy way out to escape from his commitment to the banks by launching a new structure of production, which was the leasing (A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant, use of an asset and guarantees the property owner or landlord, regular payments from the lessee for a specified number of months or years)

9. The bank was alerted by how much la SAMIR was in debt but la SAMIR kept having new way around the debt this time it was factoring (Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable to a third party (called a factor) at a discount)

10. This method has been pushed to its maximum until the suppliers decided to cease inputs. ( micro environment)

11. That is why Samir’s company decided to stop its activity.

Macro environement