MIRA
INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE EURO CYCLES |
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Registered Office : |
Zone Industrielle Kalaa Kebira, Kalaa Kebira, Sousse 4060 |
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Country : |
Tunisia |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
12184 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of bicycles and invalid carriages |
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 : |
386,200 EUR |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name
SOCIETE EURO CYCLES
Rating Briefing
Current
Recommended Credit: 386,200 EUR
Payment
Record: NO
COMPLAINTS
This rating is based on available data. In
the event of additional information a possibility for a different rating
applies.
Registration Briefing
Registration
Number: 12184
Registration
Date: 1997
Legal
Form: PUBLIC
LIMITED CO
Latest
Financials: N/A
Financial Briefing
Nominal
Capital: 1,200,000
Tunisian Dinar
Issued
Capital: N/A
Turnover: 32,059,237
Tunisian Dinar
Net
Profit: N/A
Net
Worth: N/A
Company Details
Company
Name: SOCIETE
EURO CYCLES
Headquarter
Address: ZONE
INDUSTRIELLE KALAA KEBIRA,
KALAA
KEBIRA,
SOUSSE
4060,
Tunisia
Telephone: +21673
342036
+21673
342037
+21673
342038
Fax: +21673
342039
E‑Mail: eurocycles@gnet.tn/mourad.ghazi@eurocycles.com.tn
Company History
Former
Addresses Date
of Change
ROUTE
TOURISTIQUE DE SOUSSE KM 15.5, 08/2004
SOUSSE
4042
Company
was originally started on 08/07/1994
Registration & Legal Details
Current
Legal Form: PUBLIC
LIMITED CO
Additional
Information: CUSTOMS
ID 134157 H
Registration
Address: ZONE
INDUSTRIELLE KALAA KEBIRA,
SOUSSE
4060
Registration
Number: 12184
Registration
Date: 1997
Year/Date
Company Established: 08/07/1994
Registration
Town: SOUSSE
Tax
Registration Number: 44463
T/A/M000
Capital
Currency: Tunisian
Dinar
Authorized
Capital: 1,200,000
Paid
Up Capital: 1,200,000
Previous
Capital amount:
600,000
Capital
increase on 26/10/2007
Shareholders
Shareholders:
Name/Other Information Shares
Held % of Voting/Non‑Voting
capital
Societe
COTIF 50.00%
(VOTING)
Patrice
Garandeau, 15.00%
(VOTING)
France
Habib
Essayeh, 14.73%
(VOTING)
Tunisia
Michel
Borando, 7.50%
(VOTING)
France
Silvestro
Giancarlo, 7.50%
(VOTING)
Italy
Mohamed
Rekik, 5.27%
(VOTING)
Tunisia
Principals
Name: Mr
Habib Essayeh
Position
within the company: President
and managing director
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Mr
Mourad Gazi
Position
within the company: Manager
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Ms
Maha Rouatbi
Position
within the company: Export
Director
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Company Activities
NACE
Codes: 3092 Manufacture of bicycles and invalid carriages
The
company operates in the bicycles trade as a manufacturer and distributor.
The manufactured goods are destined to be
absorbed on a wholesale basis and exclusively by the foreign clientele.
Local Reporters
consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company Employs: 100
HQ Premises Operates from: Owned Office , Factory, Warehouse
Location: Industrial Area, Main Road
Imports
Import % and type of product: 90% Finished Goods
Imports From: Japan, Italy, China, Europe
Importing Terms: 90 days credit, payment order through bank
Exports
Export % and type of product: 100%
Exports To: Netherlands, United Kingdom, Italy, Greece, France
Exporting Terms: 60 days credit, bank transfer
Local Purchases
Purchasing Terms: 45 days letters of credit at sight
Trading & Selling
Territory: 100% International
Additional Information: The company purchases 10 % products from local
suppliers.
Type of Customer: The foreign bicycles wholesalers
Related Companies
Subsidiaries
Affiliates
MAGHREB
CYCLES
Hamam
Sousse,
Sousse,
Tunisia
Operates
as: A wholesaler of bicycles .
Related
through: common shareholders
Bankers
SOCIETE
TUNISIENNE DE BANQUE,
Branch:
SOUSSE
Tunisia
Account
Number: 10500002019913978831
Relationship
with Bank: is
reported to be good
Additional
Information: Date
Account Opened 1995
UNION
BANCAIRE POUR LE COMMERCE ET L'INDUSTRIE
Sousse
4000,
Tunisia
Relationship
with Bank: is
reported to be good
Financial Information
Source: Mourad
Ghazi Manager
Figures
are: Estimates
Currency: Tunisian
Dinar
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2010 32,059,237
12 31/12/2009 32,000,000 2,240,000
12 31/12/2008 30,934,000 2,165,380
Payments
Subject's
payments reported to be: NO COMPLAINTS
No
record has been found of protested bills against the subject.
Interview & Reporter Comments
Name/Title: Mourad Ghazi Manager
Comment: Subject has confirmed the general details shown in the report.
We have sent a fax/e‑mail/questionnaire however no reply has been received as of
yet.
Reporter Comment Date: 09/11/2011
Reporter Comment: In the interview conducted with Mr.Mourad Ghazi, he confirmed details shown in this report and declined to provide full financials 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.
The company's incomes shares are as follows :
‑ England 71.78 %
‑ Italy 11.32 %
‑ Greece 8.66 %
‑ Netherlands 4.74 %
‑ France 3.5 %
STATISTICAL DATA OF THE BICYCLES INDUSTRY (November 2011)
‑ 11 registered industrial companies with more than 10 employees.
‑ 8 sell more than 20% of their manufactured goods to local clients
‑ 3 are totally exporting ones
* 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 up to 30% of turnover
‑ Possibility to recruit up to 4 foreign management employees.
•SOLVENCY:
‑Banking Appreciation : Good
‑Payments : No Complaint
‑Business or Commercial Morality : good
‑Registered Incidents : None
Our general evaluation is:
Large Size Company with good reputation.
Conclusions
Local Reputation: The company being investigated is considered by local reporters to be a Fair / Normal
Trade Risk.
General Conclusion: Local informants consider granting of credit to be a fair trade risk.
Owner/Shareholders Comments: Some of the owners / shareholders have an active participation in the running of the business.
Age of Business: The company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.78 |
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|
1 |
Rs.80.12 |
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Euro |
1 |
Rs.68.82 |
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.