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At the annual gala of the American Chamber of Commerce in Morocco (AmCham), held last week, Tropicars Maroc, a company specialized in selling golf cars, commercial vehicles and other products used in the golf industry, was awarded the prize of the best importer, reports L’Economiste.
This acknowledgment, however, does not really fit with the current situation of the American company, which is in fact falling apart. The company is faced with significant financial difficulties, sources told Yabiladi.
Polaris, one of the brands that Tropicars Maroc claims to represent in its press release, is in fact no longer distributed by the firm since December the 31st, 2018, as indicated in a contract that Yabiladi had access to.
Polaris, an American snowmobiles, ATV and neighborhood electric vehicles manufacturer, did not renew its contract with the company, a well-informed source that requested anonymity told Yabiladi.
According to our sources, the companies Victory (an American motorcycle manufacturer) and Bad Boy Off Road (all-terrain vehicle), did the same thing in 2017. The financial problems Tropicars Morocco is experiencing are due to the sudden change in its management, a former employee of the company told Yabiladi.
Firing technical and financial directors
After winning the prize in question, Tropicars Maroc indicated in a statement that it had invested «half a million US dollars, created 6 jobs and is planning to increase it to 10 by the end of 2019». However, documents that Yabildi took a look at show that the company invested only 738,110 Moroccan dirhams. Moreover, in 2016 Tropicars Maroc had a 195,600 Moroccan dirhams deficit, and its net income in 2017 deteriorated dramatically resulting in a deficit of 3,462,325 Moroccan dirhams.
Another worrying fact is that documents provided by Inforisk, a business risk consultancy, suggest that the «company is definitely going to fail». On the scale of 0 to 20 developed by Inforisk, the score of Tropicars Morocco was only capped at 0.5 in 2017, a very high risk of default.
Finally, as a result of the financial difficulties that carried on into 2018, the technical director and the chief financial officer were recently fired. The company now has only four employees.
Tropicars Morocco, which we tried to contact in vain, is affiliated to American company Tropicars, based in Miami (Fla). Yabiladi couldn’t reach its director, the only leader listed for this company, James Calvin Evans.
