MIRA INFORM
REPORT
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Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SOCIETE DEMCO KNITWEAR SARL |
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Registered Office : |
Zone Industrielle Moknine, Monastir 5050 |
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Country : |
Tunisia |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
B 1562332006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture of underwear |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
148,900 EUR |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Tunisia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name
SOCIETE DEMCO KNITWEAR SARL
Rating Briefing
Current Recommended Credit: 148,900 EUR
Payment Record: NO COMPLAINTS
Registration Briefing
Registration Number: B 1562332006
Registration Date: 1997
Legal Form: PRIVATE LIMITED CO
Latest Financials: N/A
Financial Briefing
Nominal Capital: 100,000 Tunisian Dinar
Issued Capital: N/A
Turnover: 12,359,000 Tunisian Dinar
Net Profit: 692,383 Tunisian Dinar
Net Worth: 7,078,794 Tunisian Dinar
Original Investigation Details
Investigation Number: 139040
Company Name: Demco
Knitwear
Country: TU
Street Name: Z
Industrielle DE Moknine Shasongaon Fatullah
City Code:
Phone Number: 00216
23406307
Company Details
Company Name: SOCIETE
DEMCO KNITWEAR SARL
Headquarter Address: Zone
Industrielle Moknine,
Moknine,
Monastir 5050,
Tunisia
Telephone: +21673
416100
+21673
416200
Fax: +21673
416310
E‑Mail: adel@demcointer.com
Company History
Former Addresses Date
of Change
Route de sousse, 1/08/2008
Teboulba,
Monastir 5080
Company was originally started on 28/12/2006
Registration & Legal Details
Current Legal Form: PRIVATE
LIMITED CO
Additional Information: Customs
ID 824665 G
Registration Address: Zone
Industrielle Moknine,
Monastir 5050
Registration Number: B
1562332006
Registration Date: 1997
Year/Date Company Established: 28/12/2006
Registration Town: Monastir
Tax Registration Number: 982045
A
Capital
Currency: Tunisian
Dinar
Authorized Capital: 100,000
Paid Up Capital: 100,000
Shareholders
Shareholders:
Name/Other Information Shares
Held % of
Voting/Non‑Voting capital
SOCIETE J&S.COM 90.00% (VOTING)
SOCIETE DEMCOTEX 10.00% (VOTING)
Principals
Name: Mr
John De Meirsman
Position within the company: General manager
Country of Birth: Belgium
Nationality: Belgian
Can fluently speak: French/english
Name: Mr
Johan Maeulebroeck
Position within the company: Manager
Country of Birth: Belgium
Nationality: Belgian
Can fluently speak: French/english
Name: Mr
Adel Belguith
Position within the company: Chief of Accountant
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Company Activities
NACE Codes: 1414 Manufacture of underwear
The Company is
involved in the manufacturing of men’s and women’s underwear’s as T‑shirts,
underpants, shorts, jogging outfits, made from imported and local purchased raw
materials then sold totally on a wholesale basis to the foreign clients.
Local Reporters consider the investigated company to be
LARGE in their field of concern.
Operations
Employees Company Employs: 540
Group employs: 3600 staff
HQ Premises Operates from: Rented
Offices , Factory, Warehouse
Premises Size: 715
square meters
Location: Suburban
Business Area, Side Road
Imports
Import % and type of product: 90% Raw Materials
Imports From: Belgium,
France, Netherlands, USA, Italy
Importing Terms: 60
days credit, letters of credit
Additional Information: The
other payment method is bank transfer.
Subject's Suppliers: Company
Name: SPORTSWEAR
Address: Spain
Company Name: TT
LIMITED
Address: India
Company Name: EDOR
Address: Portugal
Company Name: ENGELVAART
Address: Netherlands
Agencies:
LENS USA
DIOR France
TOMMY USA
CHAMPION France
Exports
Export % and type of product: 100%
Exports To: France,
Belgium, Netherlands, USA, Italy
Exporting Terms: 90
days credit, bank transfer
Additional Information: The
subject export : Sweat shirts 42%, T‑shirt 45%
, Underwear 13%
Trading & Selling
Territory: 100%
International
Additional Information: The
subject buys 10% raw materials locally.
Type of Customer: European
clothes wholesalers and retailers
Vehicles: Total
number of vehicles: 15
7 cars
Related Companies
Subsidiaries
Affiliates
Societe Demcotex
Zone Industrielle Moknine,
Moknine,
Tunisia
Start Date: 1990
Operates as: A manufacture of under garments.
Related through: common principals and shareholders
D.E.S
Zone Industrielle Moknine,
Monastir,
Tunisia
Start Date: 2006
Operates as: A manufacture operating in Finishing
treatments for clothing items (dyeing, fading, and
silk screening).
Related through: common principals and shareholders
DEMCO
Zone Iindustrielle
Moknine,
Monastir,
Tunisia
Start Date: 1991
Operates as: a manufacturer of outwears.
Related through: common principals and shareholders
J & S.COM
Zone Industrielle Moknine,
Monastir,
Tunisia
Start Date: 2004
Operates as: a manufacturer of outwears.
Related through: common principals and shareholders
AMYCO
AMIRAT EL HOJJAJ, Moknine,
Monastir,
Tunisia
Start Date: 1999
Operates as: a manufacturer of outwears.
Related through: common principals and shareholders
Bankers
Banque Internationale Arabe de Tunisie,
Branch: Teblouba
262 Avenue Habib Bourguiba,
Monsatir 5080,
Tunisia
Account Number: 125100089
8
Currency: Euros
Relationship with Bank: is
reported to be good
Banque Internationale Arabe de Tunisie,
Branch: Teboulba
262 Avenue Habib Bourguiba,
Monastir 5080,
Tunisia
Account Number: 125000124
6
Currency: Tunisian
Dinar
Relationship with Bank: is
reported to be good
ING BANK,
Branch: Alost
Belgium
Account Number: 393‑0062579‑06
Financial Information
Source: Adel
Belguith Chief of Accountant
Figures are: Official
Figures
Currency: Tunisian
Dinar
Months Sales Figures Sales Gross
Profit/Loss Net Profit/Loss
12 31/12/2010 12,359,000 692,383
12 31/12/2009 11,600,000 1,343,283
12 31/12/2008 12,642,000 107,304
Brief Financials Data
Date Obtained: 18/08/2011
Date of Figures: 31/12/2010
Figures are: Financial
Estimates
Currency: Tunisian
Dinar
Issued Capital
100,000
Retained Earnings
2,625,993
Net Worth
7,078,794
Long Term Liabilities
3,418,376
Trade Creditors
3,067,689
Bank Overdraft
592,729
Total Current Liabilities
3,660,418
Total Liabilities
3,660,418
Fixed Assets
2,035,311
Stock 1,599,346
Trade Debtors
2,674,475
Cash 125,594
Total Current Assets
5,043,483
Total Assets
7,078,794
Payments
Subject's payments reported to be: NO COMPLAINTS
Interview & Reporter Comments
Name/Title: Adel
Belgith Chief of Accountant
Comment: Subject
has confirmed the general details shown in the report.
Reporter Comment Date: 18/08/2011
Reporter
Comment: In
the interview conducted with Mr.Adel Belguith,he confirmed details
shown
in this report and declined to provide full financial details stating
the
grounds of the company’s confidentiality.
As per
Tunisian Commercial law companies, except the quoted public limited ones, are
not required to file their financials and are under no obligation to provide
such details to third parties, representatives and or correspondents
representing international and or local clientele.
STATISTICAL
DATA OF THE UNDERWAERS CLOTHES (August 2011)
‑ 217
Registered industrial companies with more than 10 employees.
‑ 188
are totally exporting companies
‑ 29 are partially exporting companies
* TOTALLY EXPORTING COMPANY :
‑ Whose
at least 80 % of its production is entirely destined for export
‑ Whose
services are rendered abroad or in Tunisia for their use abroad ‑ That
works exclusively with the enterprises aforementioned or in the free zones or
with non resident financial establishments
‑ Wholly
exporting enterprises are subject to the free zone system.
* BENEFIT :
‑ Full
exoneration of income and profits from the tax base during the first ten years of
activity and a 50% deduction thereafter.
‑
Extension of the period for the total deduction of income and profit from
export operations, the appropriate law article :
Article 29 of
the finance law for the year 2003
Remaining in
application is the total deduction of income and profit from export operations
for exporting companies within the framework of current fiscal legalization and
for which the duration of the total deduction of their income and profit
resulting from export operations expires before 2007, and for income and profit
realized through to December 31, 2007.
‑ Tax
relief on profits or income reinvested in the initial capital or increase in
capitalization subject to the minimum tax base.
‑ Tax
relief on profits reinvested back into the company subject to the minimum tax
base.
‑ The
liberty to import free of customs duties and taxes the equipment necessary for
production
‑ Total
exoneration from registration fees, stamp duty and value added taxes on the
activities of the enterprise.
‑
Opportunity to sell on the domestic market
20% of turnover ‑ Possibility to recruit up to 4 foreign
management employees.
Conclusions
Local
Reputation: The
company being investigated is well known and trusted in the local
market
and is considered to be a sound trading partner with low trade
risk
associated.
General
Conclusion: Local
informants consider granting of credit to be a fair trade risk.
Financial
Results Trend: Financial
Information indicates that the business activities of the
company
are showing an upward turn.
Age of
Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
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UK Pound |
1 |
Rs.75.32 |
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Euro |
1 |
Rs.65.68 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.