MIRA
INFORM REPORT
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Report Date : |
21.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOCIETE CHIMIQUE ALKIMIA |
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Registered Office : |
11 Rue Des Lilas, Cite El Mahrajene, Tunis 1082 |
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Country : |
Tunisia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
March 1996 |
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Com. Reg. No.: |
B 125941996 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of other organic basic chemicals |
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No. of Employees : |
302 |
RATING & COMMENTS
|
MIRAs 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 : |
756,400 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Tunisia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 CHIMIQUE ALKIMIA
Rating Briefing
Current
Recommended Credit: 756,400 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: B
125941996
Registration
Date: 03/1996
Legal
Form: PUBLIC
LIMITED CO
Latest
Financials: December
31, 2010
Financial Briefing
Nominal
Capital: 19,472,530
Tunisian Dinar
Issued
Capital: N/A
Turnover: 62,783,824
Tunisian Dinar
Net
Profit: 1,441,799
Tunisian Dinar
Net
Worth: 43,940,704
Tunisian Dinar
Company Details
Company
Name: SOCIETE
CHIMIQUE ALKIMIA
Headquarter
Address: 11
RUE DES LILAS,
CITE
EL MAHRAJENE,
TUNIS
1082,
Tunisia
Telephone: +21671
792564
+21671
793562
+21671
846052
+21675
270146
Fax: +21671
787283
+21675
273900
E‑Mail: head.office@alkimia.com.tn
Web
Site: www.alkimia.tn
Company
was originally started on 26/09/1972
Registration & Legal Details
Current
Legal Form: PUBLIC
LIMITED CO
Additional
Information: Customs
ID: 121508 M
Registration
Address: 11 RUE
DES LILAS,
TUNIS
1082
Registration
Number: B
125941996
Registration
Date: 03/1996
Year/Date
Company Established: 26/09/1972
Registration
Town: TUNIS
Tax
Registration Number: 001716
L/A/M000
Capital
Currency: Tunisian
Dinar
Authorized
Capital: 19,472,530
Paid
Up Capital: 19,472,530
Start
up Capital:
350,000
Shareholders / Owners
Shareholders:
Name/Other
Information Shares
Held % of Voting/Non‑Voting
capital
Groupe
Chimique Tunisien 761,332 39.09%
(VOTING)
Carte
Assurance, 194,915 10.01%
(VOTING)
Tunisia
IMER,
430,769 22.12%
(VOTING)
Tunisia
SOCIETE
D'ENGRAIS CHIMIQUE, 140,740 7.23%
(VOTING)
Tunisia
STE
HOTELIERE EL KANTAOUI 145,707 7.48% (VOTING)
MARHABA
INTERNATIONAL,
Tunisia
STEC,
143,501 7.37%
(VOTING)
Tunisia
Other
Shareholders 271,029 13.92%
(VOTING)
Principals
Name: Mr
Ali Mhiri
Position
within the company: President
and managing director
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Mr
Habib Hakmouni
Position
within the company: Commercial
Manager
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French
Name: Mr
Youssef Labiadh
Position
within the company: Technical
Manager
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Mr
Abdelkarim Marzouk
Position
within the company: Financial
Manager
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Mr
Mounir Hbaieb
Position
within the company: Production
Manager
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/English
Name: Ms
Sonia Chanoufi
Position
within the company: Assistant
to President and managing director
Country
of Birth: Tunisia
Nationality: Tunisian
Can
fluently speak: French/english
Company Activities
NACE
Codes: 2014 Manufacture of other organic basic chemicals
The company is involved in the chemical
products for Industrial use as a producer and distributor of the sodium tripolyphosphate (STPP; Na5P3O10)which is
essentially used in the manufacture of powdered detergents.
These
finished goods are destined to be sold on a wholesale basis to foreign clients.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 302
HQ Premises Operates
from: Owned Office
Location: Central Business Area, Side Road
Branches Zone
Industrielle Ghannouch,BP 45,
Gabes
6000,
Tunisia
Branch
is: Owned
Description
of branch: Office, Factory, Warehouse
Branch
premises size: 128,514.00 sq.mtrs.
Imports
Import
% and type of product: 35% Raw
Materials
Imports
From: Libya,
Italy, France, Spain, Bulgaria
Importing
Terms: 60 days
credit, bank transfer
Subject's
Suppliers: Company Name: HENKEL
Address: Germany
Company
Name: PROCTER& GAMBLE
Company
Name: UNILEVER
Exports
Export
% and type of product: 100%
Exports
To: Africa, Turkey, Saudi Arabia, Morocco,
Algeria,
Syria,
Egypt
Exporting
Terms: 90 days
credit, bank transfer
Local Purchases
Purchasing
Terms: 45 days bank
transfer
Trading & Selling
Territory: 100%
International
Additional
Information: The company
buys 65 % raw materials from local suppliers.
Type
of Customer: manufacturers
of detergents
Number
of accounts: 500
Related Companies
Subsidiaries
Affiliates
ALKIMIA‑Packaging
SA
11,
Rue des lilas 1082
Tunis‑Mahrajθne,
TUNIS,
Tunisia
Operates
as: Conditioning of soda ash and other chemical products for industrial use.
Related
through: common principals and shareholders
KIMIAL SpA
1,
Route des Salines. BP 204
El‑Bouni,
Annaba,
Algeria
Operates
as: Productor and saler of Sodium Tripolyphosphate STPP.
Related
through: a common principal and shareholder
Bankers
BANQUE
INTERNATIONALE ARABE DE TUNISIE,
Branch:
MAIN
Tunisia
Relationship
with Bank: is
reported to be good
Additional
Information: Date
Account Opened 1992
UNION
BANCAIRE POUR LE COMMERCE ET L'INDUSTRIE,
Branch:
MAIN
Tunisia
Relationship
with Bank: is
reported to be good
Additional
Information: Date
Account Opened 1994
ARAB
BANK CORPORATION,
Branch:
MAIN
Les
Berges Du Lac,
Rue de
Lac d'Annecy,ABC Building,
Tunis
1053,
Tunisia
Relationship
with Bank: is
reported to be good
Financial Information
Financial
Interview Date: 19/03/2012
Source: The
Tunisian stock exchange
Figures
are: Official
Figures
Currency: Tunisian
Dinar
Months Sales
Figures Sales Gross Profit/Loss Net Profit/Loss
6 30/06/2011 62,783,824 1,441,799
12 31/12/2010 162,899,846 1,289,102
12 31/12/2009 132,704,776 3,606,114
12 31/12/2008 182,018,126 (2,943,935)
Balance Sheet & Profit &
Loss
BALANCE
SHEET
As
at: 31‑Dec‑2010 As at: 31‑Dec‑2009
Fixed
Assets
Land &
Buildings
Plant &
Machinery
Furniture
& Equipment
Motor
Vehicles
Misc. Fixed Assets 15,118,391 16,810,612
Total Fixed Assets 15,118,391 16,810,612
Financial
Assets
Shares in
Related Companies
Loans to
related companies
Investments
Deposits
Misc. Financial Assets 3,445,415 6,694,184
Total Financial Assets 3,445,415 6,694,184
Intangibles
Goodwill
Organisational
Expenses
Patents
Misc. Intangible Assets 1,755,201 1,752,806
Total Intangible Assets 1,755,201 1,752,806
Current
Assets
Stock 8,485,722 12,792,022
Stock &
Work in Progress
Trade Debtors & receivables 40,657,189 28,528,783
Provision
for bad debs
Other receivables 161,075 152,726
Due from related
companies
Owed by
shareholders
Prepaid
expenses
Cash 20,806,196 12,309,495
Tax
recoverable
Marketable
Securities
Misc. Current Assets 1,964,713 1,745,401
Total Current Assets 72,074,895 55,528,427
Total Assets 92,393,902 80,786,029
Owner's
Equity & Liabilities
Issued and paid up capital 19,472,530 19,472,530
Share premium account 22,507,253 22,507,253
Retained earnings 671,819 ‑2,934,295
Net profit/Loss for the year 1,289,102 3,606,114
Revaluation
reserves
Legal
Reserves
Other reserves
Net Worth 43,940,704 42,651,602
Deffered
Taxation
Provisions/allowances 4,828,701 2,400,765
Mortgages/Loans
Hire
purchase
Due to group
of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term Liabilities 4,828,701 2,400,765
Current
Liabilities
Creditors 29,938,670 27,716,319
Other
creditors
Accruals
Bank overdrafts/Loans 10,084,306 5,437,105
Misc. Loans
Directors
accounts
Owing to
shareholders
Owing to
related companies
Proposed
dividend
Long Term‑due
1 year
Hire Purchase‑under
1 year
Taxation
Advance
receipts
Misc. Current Liabilities 3,601,521 2,580,238
Total Current Liabilities 43,624,497 35,733,662
Owner's Equity & Liabilities 92,393,902 80,786,029
PROFIT & LOSS
Figures
are: Figures
are:
Fiscal
Year Fiscal
Year
01/01/2010
to 31/12/2010 01/01/2009 to
31/12/2009
Total Income/Turnover 162,899,846 132,704,776
Cost of sales 164,947,279 137,517,886
Gross Profit/(Loss) ‑2,047,433 ‑4,813,110
Admin/selling
expenses
Services
Salaries
Auditors Fee
Stock
Depreciation
Depreciation
Misc.
Operating Expenses
Misc.
Operating Income
Net Operating Profit/(Loss) ‑2,047,433 ‑4,813,110
Interest Receivable/Finance Income 4,874,351 3,279,471
Group
related income
Misc. Financial Income 5,739,633 7,688,832
Total Financial Income 10,613,984 10,968,303
Interest Payable/Finance costs 3,739,574 2,377,503
Misc. financial expenses 3,370,212 85,213
Total Financial Expenses 7,109,786 2,462,716
Profit/(Loss) before taxes 1,456,765 3,692,477
Income Tax 167,663 86,363
Other Tax
Profit/(Loss) after taxes 1,289,102 3,606,114
Extraordinary
items
Exceptional
items
Misc. Items
Net Profit/(Loss) 1,289,102 3,606,114
Previous
years retained earnings
Current years net income 1,289,102 3,606,114
Misc.
additions in current year
Current
years net loss
Dividends in
current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings at end of 1,289,102 3,606,114
financial
period
Average
employees
Directors
fee
Earnings per
share
Earnings per
share‑previous year
Auditors Comments
Date
accounts obtained: 19/03/2012
Auditors
Opinion:
Accounts
have been submitted by: The Tunisian Stock Exchange
FINANCIAL RATIOS / COMPARATIVE
DATA
Actual
Company Industrial Averages Actual Company Industrial Averages
Results
(2010) (2010) Results (2009) (2009)
Liquidity
Ratios
Current Ratio 1.65 1.23 1.55 1.49
Acid Test Ratio 1.46 0.82 1.20 0.97
Accounts 0.18 0.17 0.21 0.19
Payable/Sales
Ratio
Current Liabilities/Net 0.99 2.00 0.84 0.70
Worth
Total Liabilities/Net 1.10 2.20 0.89 0.90
Worth
Fixed Assets/Net 34.41 77.59 39.41 48.64
Worth (%)
Profitability
Ratios
Gross Profit Ratio (%) ‑1.26 1.86 ‑3.63 6.16
Return on Capital 2.99 ‑18.28 8.20 4.51
Employed
(ROCE)(%)
Net Profit/Sales (%) 0.89 ‑0.90 2.78 5.45
Return on Assets (%) 1.58 0.55 4.57 3.73
Efficiency
Ratios
Sales/Working Capital 5.73 15.87 6.70 ‑74.99
Assets/Sales(%) 56.72 122.46 60.88 115.43
Shareholders 3.32 ‑31.04 8.66 2.04
Return(%)
Average Inventory 23.54 81.43 121.41
Period
Average Collection 77.51 95.28 83.62
Period
Leverage
Ratios
Capital Employed 3.86 2.87 3.24 1.99
Capital Structure (%) 9.90 21.86 5.33 11.00
Number of 16 16
Companies
within the
industry
(NACE C)
Statistics
based on Manufacturing Manufacturing
NACE(C)
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific
company
DATE OF REGISTRATION 03/1996
TOTAL EMPLOYEES 302
SALES (2010) 85,636,449
SALES (2009) 69,762,901
NET PROFIT (2010) 677,681
NET PROFIT (2009) 1,895,734
TOTAL ASSETS (2010) 48,571,474
TOTAL ASSETS (2009) 42,469,215
Currency: EUROS
Charts of Financial Trends and Industry Comparisons
PLEASE
NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND COMPARISON PURPOSES
The
statistical Industrial Average results are calculated against companies within
the database for the
specific
country.
Payments
Subject's
payments reported to be: NO COMPLAINTS
No
record has been found of protested bills against the subject.
Representation
Auditors: AMC,ERNEST&YOUNG,
IFC
Interview & Reporter Comments
Name/Title: Sonia
Chanoufi Assistant to President and managing director
Comment: Subject
has confirmed the general details provided in the report but has declined to
provide any Financial Data.
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/ registered address/ legal form/ VAT number/ shareholders %/ 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.Sonia Chanoufi
,she confirmed details shown in this report.
The members of the administration concil are the
followings:
Mr. Ali MHIRI (Groupe chimique Tunisien),Groupe
chimique Tunisien,Societ IMER,Groupe
DRISS,Groupe CARTE.
The company is certified of ISO‑9001:2008,
ISO‑14001:2004 and
OHSAS‑18001:2007
STATISTICAL DATA OF THE CHEMICAL INDUSTRY:
‑ 470
registered industrial companies with more than 10 employees
‑ 390
are partially exporting entities
‑ 80
sell more than 80 % of their finished goods to foreign end users.
* 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 :
‑ 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: A leading concern in this line,
well known principals, considered good.
Owner/Shareholders Comments: All or most 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 Intelligence Information
Country: Tunisia
Date: 21/02/2012 00:00:00
Source: Economist Intelligence Unit
Economy: The current‑account deficit reaches 6.5% of GDP
January 17th 2012
Export earnings grew by 6.7% in 2011 despite the domestic economic disruption caused by the
political turmoil and the economic crisis in the euro zone. Food exports rose by 38% to TD2.6bn
(US$1.9bn), textile exports by 5.6% to TD6.4bn and mechanical and electrical goods exports by 15%
to TD9.3bn; exports of phosphates and fertilisers fell by 48% to TD1.3bn, reflecting the disruption
caused to the sector by strikes and sit‑ins. Import costs rose by 5.9% as agricultural imports rose by
27% to TD4bn and energy imports by 26% to TD4.8bn; imports of mechanical and electrical goods
fell by 2.7% to TD14.2bn as capital investment by business fell. The net result was a modest
widening of the trade deficit to TD8.6bn.
The impact of the merchandise trade deficit on the current account is usually offset by income from
tourism and remittances from Tunisians working abroad. However, tourism receipts in 2011 slumped
by around one‑third to some TD2.3bn and remittances by 4% to TD2.2bn. According to official
figures, the current‑account deficit reached 6.5% of GDP in the first 11 months of 2011, and this
together with a deteriorating capital account (foreign direct investment fell by 36% year on year in the
first 11 months of the year, to TD1.4bn) has required the government to draw down heavily on its
foreign reserves.
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.
Currency risk
Negative. We believe that the likelihood of a break‑up of the euro area has increased (to 40%). Such
a break‑up would put considerable 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 EU in 2012. This will lead to an increase in non‑performing loans. The new government also
needs to tackle the stakes in banks held by relatives of the former president.
Political risk
The new government should bring some stability to the economy, but the risk of an escalation of
protests is high if the 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
possibility of a break‑up of the euro zone.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.25 |
|
|
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
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 SCs 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.