|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOCIETE
DEMCO KNITWEAR SARL |
|
|
|
|
Registered Office : |
Zone Industrielle Moknine, Moknine, Monastir 5050 |
|
|
|
|
Country : |
Tunisia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1997 |
|
|
|
|
Com. Reg. No.: |
B 1562332006 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacture
of underwear |
|
|
|
|
No. of Employees : |
540 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
149,000 EUR |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Tunisia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOCIETE DEMCO KNITWEAR SARL
Current Recommended Credit: 149,000
EUR
Payment Record: NO COMPLAINTS
Registration
Number: B
1562332006
Registration
Date: 1997
Legal
Form: PRIVATE
LIMITED CO
Latest Financials: N/A
Nominal
Capital: 100,000
Tunisian Dinar
Issued
Capital: N/A
Turnover: 12,368,241
Tunisian Dinar
Net
Profit: 865,130
Tunisian Dinar
Net
Worth: 7,078,794
Tunisian Dinar
Investigation Number: 155320
Company Name: DEMCO KNITWEAR
Country: TU
Street Name: ZONE INDUSTRIELLE, MOKNINE
5050
City Code:
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: standard@demcoknitwear.com
Former Addresses Date
of Change
Route de
sousse, 1/08/2008
Teboulba,
Monastir 5080
Company was originally started on
28/12/2006
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
Currency: Tunisian
Dinar
Authorized
Capital: 100,000
Paid Up
Capital: 100,000
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
SOCIETE J&S.COM
90.00% (VOTING)
SOCIETE DEMCOTEX
10.00% (VOTING)
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
Name: Ms
Chiraz Zourour
Position
within the company: Principal
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French
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.
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
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
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
Interview Date: 11/04/2012
Source: Adel
Belguith Chief of Accountant
Figures
are: Official
Figures
Currency: Tunisian
Dinar
Months Sales
Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2011 12,368,241
865,130
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
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
Name/Title: Chiraz
Zourour Principal
Comment: Subject
has confirmed the general details shown in the report.
Reporter Comment Date:
11/04/2012
Reporter
Comment: In the interview conducted
with Ms.Chiraz Zourour,she 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 (April 2012)
‑
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.
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.
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.
Country: Tunisia
Date: 26/03/2012 00:00:00
Source: Economist Intelligence Unit
Economy: The economic downturn in 2011
is worse than expectedFebruary 13th 2012. The economy performed more weakly in
2011 than originally forecast. In January the regional development and planning minister,
Jamel Gharbi, said that GDP shrank by 1.8% in 2011, while the central bank governor, Mr Nabli, said the
contraction was 1.85%. As recently as the start of December Mr Nabli had been
predicting that growth over the year as a whole would be close to zero. Growth has faltered as domestic unrest
combined with the economic downturn and sovereign‑debt crisis in the euro
zone and the civil war in Libya reduced production, tourism receipts, worker
remittances and investment flows.Industrial production in the first 11 months
of 2011 fell by 3.2% compared with the same period of 2010, largely because of
a 56% slump in the output of the mining sector and a 4.9% decline in the output
of the energy sector. Manufacturing output fell by 1.2%, largely because a 29%
decline in output of the chemicals sector, which mostly produces phosphate
derivatives and relies heavily on the mining sector for its feedstock; Mr
Jebali estimated that strikes and protests at a state mining firm, Compagnie de
phosphates de Gafsa, and the state fertiliser firm, Groupe chimique, had caused
TD1.2bn (US$852m) of losses. Despite some disruption, the output of the two
biggest manufacturing sectors, mechanical and electrical industries and textiles,
expanded by 3.9% and 1.3% respectively in the first 11 months, while the output
of the food‑processing sector grew by 1.9%. The employers' association,
UTICA, said that industrial unrest has so far caused 170 foreign‑owned
enterprises to shut down operations permanently in 2011; some 3,135 foreign
enterprises were operating at the end of 2010, most of them in manufacturing.
The services sector suffered in 2011 from a downturn in transport and tourism.
Official tourist numbers fell from 6.4m in 2010 to 4.4m. The shrinkage of GDP
was prevented from being even greater by the expansion of agriculture by more
than 9%, following good rains, and by an increase in government spending
intended to reduce social tensions. Foreign investment in the economy also slumped
by 22% in 2011; 24,000 new jobs were created in 2011, although official figures
suggest that 137,000 jobs had been lost across the economy in the same period
as a result of social unrest. One of the rare positive indicators was the
moderation of the inflation rate to 3.5%, according to official figures, from
4.4% in 2010.
Risk: February
13th 2012
Sovereign
risk
Negative.
Tunisia's public debt stock has risen steadily since 2009 and is forecast to continue
to rise in 2012‑13. Large budget and current‑account deficits will
make it more challenging to meet external debt obligations. However, Tunisia
will receive substantial foreign aid in 2012‑13. The G8 group of major
economies has promised to almost double aid to North Africa to US$38bn.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.41 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.66 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.