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Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE MONITEX SARL |
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Registered Office : |
Route de Khniss, Monastir 5000, |
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Country : |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
B 1112471996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesale of clothing and footwear |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2012
|
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 MONITEX SARL
Current
Recommended Credit:
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
Number: B
1112471996
Registration
Date: 1996
Legal
Form: PRIVATE
LIMITED CO
Latest
Financials: N/A
Nominal
Capital: 150,000
Tunisian Dinar
Issued
Capital: N/A
Turnover: N/A
Net
Profit: N/A
Net
Worth: N/A
-
Company
Name: SOCIETE
MONITEX SARL
Headquarter
Address: Route
de Khniss,
Monastir
5000,
Tunisia
Telephone: +21673
530208
Fax: +21673
530201
Former
Addresses Date
of Change
Avenue
Du Combattant Supreme, 03/07/2008
Monastir
5000
Company
was originally started on 02/1996
Current
Legal Form: PRIVATE
LIMITED CO
Additional
Information: Deposit
Numbers: D 151145896
Registration
Address: Route
de Khniss,
Monastir
5000
Registration
Number: B
1112471996
Registration
Date: 1996
Year/Date
Company Established: 02/1996
Registration
Town: Monastir
Tax
Registration Number: 318055
B/A/M000
Currency: Tunisian
Dinar
Authorized
Capital: 150,000
Paid
Up Capital: 150,000
Parent
Company: ZANNIER
GROUP,
France
%
Shares Held: 100.00%
Name: Mr
Jean Philippe Servanton
Position
within the company: General
manager
Country
of Birth: France
Nationality: French
Can
fluently speak: French
Name: Ms
Karima Hafične
Position
within the company: Accountant
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French
NACE Codes: 4642 Wholesale of clothing and footwear
The subject is an international trade company.
it's involved in importation of fabrics, yarns and accessories to all the clothes industrial companies of the group ZANNIER
(France).
The company is charged of the accountant documents of the companies of the Group.
The company is related to the industrial branch located in Madagascar, it’s charged of the importation of furniture and
exportation of finished goods.
Local Reporters consider the investigated company to be MEDIUM in their field of concern.
Employees Company
Employs: 5
HQ Premises Operates
from: Rented Office
Location: Suburban Business Area, Side Road
Imports
Import
% and type of product: 100% Raw
Materials
Imports
From: Europe,
India
Importing
Terms: 60 days
credit, letters of credit
Exports
Export
% and type of product: 100%
Exports
To: Europe
Exporting
Terms: 90 days
credit, bank transfer
Trading & Selling
Territory: 100%
International
Type
of Customer: industrial
companies
Subsidiaries
Affiliates
APPROTEX
Z.I.
RTE DE KHNISS ‑ 5000 ‑,
MONASTIR,
Tunisia
Start
Date: 2008
Operates
as: A Manufacture of outerwear.
Related
through: a common shareholder
JCT
RUE
AHMED TLILI ‑ 5022 ‑
MENZEL
ENNOUR,
MONASTIR,
Tunisia
Start
Date: 1997
Operates
as: A Manufacture of outerwear and under garments.
Related
through: a common shareholder
BANQUE
INTERNATIONALE ARABE DE TUNISIE,
Branch:
Monastir
5000,
Tunisia
1996
Relationship
with Bank: is
reported to be satisfactory
Subject's
payments reported to be: NO COMPLAINTS
Name/Title: Karima Hafiene Accountant
Comment: Subject has confirmed the general details provided in the report but has declined to
provide any Financial Data.
Reporter Comment Date: 12/07/2012
Reporter Comment: All legal forms in Tunisia are obliged by law to be registered with the Registry office (a dept. of the Court) which is not publicly available.
Some of the companies can also be found listed in the Tunisian Official Gazette which is
publicly available. Subject was found registered and information obtained is as follows:
Registered name/registration number/ deposit number/ registered address/ legal form/ VAT
number/ principals/ capital
According to the Tunisian Commercial Law, only the listed companies in the Tunisian Stock
Exchange are obliged to publish their financial accounts. Financial information on other legal
forms can only be obtained from the Companies directly.
Any other data stated in the report was obtained directly from the Subject Company and/ or
other publicly available information. Therefore it should be used as a point of reference as it is
not possible to verify such data with official sources.
In the interview conducted with Ms.Karima Hafične, she confirmed details shown in this report
and declined to provide financial details and bank account number 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.
Please be informed that the given financial data were obtained from the local tax office as
estimated figures for this entity as the full and official ones are not divulgable.
Please take into your consideration that the right company address is given on this report.
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.
Country: Tunisia
Date: 19/06/2012 00:00:00
Source: Economist Intelligence Unit
Economy: The recovery of some sectors is faltering
There are signs that the economic recovery reported in the first quarter of 2012 has begun to falter in
some sectors, putting in doubt the government's 3.5% GDP growth target for 2012, following the
2.2% contraction of GDP (according to official figures) in 2011. Overall manufacturing output grew by
5.5% in the first quarter of 2012 compared with the same period of 2011, but production in
construction materials, mechanical and electrical industries and textiles began to falter in March.
Export earnings for most goods increased in the first three months of 2012, but earnings of
mechanical and electrical goods, textiles and energy faltered in April, reflecting weaker demand in
the EU. The only export sectors to show an increase in revenue in April were food (reflecting strong
demand in Libya) and mining products (reflecting the recovery of production as the disruption caused
by strikes and sit‑ins has eased).
Contraction in these areas has offset continuing recovery of tourism activity and expansion in
agriculture. Tourist numbers in the first four months were 52% higher than in the same period of 2011,
at 1.4m, but still 12% down on the same period of 2010. Tourism receipts to the end of May were
TD921m (US$628.2m), 36% higher than in the same period of 2011 Agriculture is set for strong
expansion this year, with cereal output expected to be at least 2.5m tonnes, 8.7% more than in
2011, and production of some other crops expected to put on double‑digit growth. Among other
promising signs, investment in industry grew by 8.3% to TD1.2bn in the first four months of 2012, and
imports of equipment, an indicator of capital investment, have grown strongly. Foreign investment in
the first four months was 21% higher, year on year, at TD628m.
Against this, inflationary pressures have increased sharply. Average inflation was 5.5% at the end of
April compared with 3.5% in the same period of 2011 partly as a result of rising food and clothing
prices aggravated by increased demand from neighbouring Libya. Meanwhile, the recovery of the
stockmarket, the Bourse de Tunis, came to an end in May, and the main index, the TunIndex began
to slide amid weak trading, reaching 5,035.4 on June 1st, 6.6% above its level at the start of the year.
The external account presents a mixed picture. A 39% widening of the trade deficit to TD3.3bn
(US$2.3bn) in the year to the end of April caused the current‑account deficit to widen to TD2.1bn.
However, the overall balance‑of‑payments deficit narrowed by 69% to TD725m in the first four months
owing to a TD1.35bn surplus on financial operations.
Risk: Sovereign risk
Negative. The government will find it challenging to meet its external debt obligations given the large
budget and current‑account deficits and as borrowing costs for Tunisia on international markets have
risen. However, Tunisia will receive substantial foreign aid.
Currency risk
Negative. The likelihood of a break‑up of the euro area has increased given fears that Greece may
leave the euro zone. A break‑up would put pressure on the dinar, which is pegged to a basket of
currencies, of which the euro accounts for two‑thirds.
Banking sector risk
Stable. Economic growth in Tunisia is forecast to be moderate in 2012‑13 owing to a contraction in
the euro zone and domestic unrest. This will lead to an increase in non‑performing loans. The new
government also needs to decide what to do with the stakes in banks held by relatives of the former
president.
Political risk
Tensions between extremist Islamic groups and secularists have increased as the former seek to
impose sharia (Islamic law). The risk of an escalation of protests is high if economic conditions do
not improve.
Economic structure risk
Tunisia's dependence on the EU for trade, remittances and tourism is a great concern given the
expected economic contraction in the euro zone in 2012.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.