|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
SOCIETE
DE TISSU EPONGE |
|
|
|
|
Registered Office : |
75 Avenue Kheireddine Pacha, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1977 |
|
|
|
|
Com. Reg. No.: |
B 165571997 |
|
|
|
|
Legal Form : |
Public Limited Co |
|
|
|
|
Line of Business : |
Wholesale of other household goods |
|
|
|
|
No. of Employees : |
102 |
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 |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Tunisia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Tunisia - ECONOMIC OVERVIEW
Tunisia has a diverse, market-oriented economy, with important agricultural, mining, tourism, and manufacturing sectors but faces an array of challenges. Following an ill-fated experiment with socialist economic policies in the 1960s, Tunisia successfully focused on bolstering exports, foreign investment, and tourism. Key exports now include textiles and apparel, food products, petroleum products, chemicals, and phosphates, with about 80% going to the European Union. Tunisia achieved four decades of 4-5% annual GDP growth. As the presidency wore on, cronyism and corruption under former President Zine el Abidine BEN ALI (1987-2011) stymied economic performance and unemployment rose among the university's graduates. In January 2011 BEN ALI was overthrown, sending Tunisia's economy into a tailspin. The country's newly elected government faces immediate challenges stabilizing the economy. It must reassure businesses and investors, bring budget and current account deficits under control, shore up the country's financial system, bring down high unemployment, and reduce economic disparities between the more developed coastal region and impoverished interior.
|
Source : CIA |
SOCIETE
DE TISSU EPONGE
Registration
Number: B
165571997
Registration
Date: 1996
Legal
Form: PUBLIC
LIMITED CO
Latest
Financials: N/A
Nominal
Capital: 990,000
Tunisian Dinar
Issued
Capital: N/A
Turnover: N/A
Net
Profit: N/A
Net
Worth:
Investigation Number: 171011
Company Name: SPONGITEX
Country: TU
Street Name: 75 AVE KHEIREDDINE PACHA 1073
TUNIS
City Code:
Comments: We require FRESHLY Investigated Report (with last 2/3 years
financials – if possible) in
lights of current scenario and
development in and around the
subject and any important
guidelines or suggestions to
make on
Please provide the maximum credit
limit & latest financials on
the subject company
ALWAYS INCLUDE FULL LINE OF
BUSINESS ALONGWITH
NAMES OF PRODUCTS MANUFACTURED /
TRADED BY THE
SUBJECT AS THIS IS REQUIRED BY
OUR CLIENT
SPECIFICALLY.
Rime Reference: 10501224
Company Name: SOCIETE DE TISSU EPONGE
Company acronym: SPONGITEX
Headquarter Address: 75 Avenue Kheireddine Pacha, Immeuble Pacha
Center,
Tunis 1073,
Tunisia
Telephone: +21671 950902
+21671 950903
+21673 434999
Fax: +21671 950814
+21673 434604
E‑Mail: spongitex@planet.tn
Company
was originally started on 1977
Current Legal Form: PUBLIC LIMITED CO
Registration Address: 75 Avenue Kheireddine Pacha, Immeuble Pacha
Center,
Tunis 1073
Registration Number: B 165571997
Registration Date: 1996
Year/Date Company Established: 1977
Registration Town: Tunis
Tax Registration Number: 1456 K/A/M000
Currency: Tunisian Dinar
Authorized Capital: 990,000
Paid Up Capital: 990,000
Shareholders:
Name/Other Information Shares Held %
of Voting/Non‑Voting capital
Mahbouba
Kooli (Principal
Shareholder),
Tunisia
Moez
Kooli,
Tunisia
Adel
kooli,
Tunisia
Name: Ms Mhabouba kooli
Position within the company: President and managing director
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Name: Mr Moez kooli
Position within the company: General manager
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
NACE Codes: 4649 Wholesale
of other household goods
1391 Manufacture of knitted and crocheted fabrics
The subject is involved in
manufacturing of textile products for industrial and domestic use:
hotel and home linens in cotton
and poly‑cotton: Toweling (hand and bath towels, beach towels,
peignoirs...),Bedding (bed
sheets, bed covers, pillow
cases…), Table linens (table cloths, tray cloths, table napkins…).
SPONGITEX manufactures
personalized products producing in medium to large runs under sub‑contract
with principal order
givers.
the company produces advertising
and communication support from sponges in the form of towels, bath sheets and
beach
towels, the goal is to allow the
diffusion of customer's logo on a medium to large scale original.
society has reference to such
actions prestigious clients such as Coca Cola, MONOPRIX, DELICE DANONE
TUNISIANA,
Nadhif, BOGA Goldina etc. ..;
Among SPONGITEX clients are the
major hotel chains in Tunisia such as MOVENPICK, CORINTHIA, RIU, IBEROSTAR,
VINCI… as well as major
international supermarket chains such as Carrefour, MONOPRIX…
These goods are made from
imported and local purchased raw materials then sold to the local and foreign
clients in a
wholesale basis.
Local Reporters consider the
investigated company to be LARGE in their field of concern.
Employees Company Employs: 102
Including number of principals:
36
HQ
Premises Operates
from: Rented Office
Location: Suburban Business Area
Branches Zone Industrielle de Ksar
Hellal,
Bouhjar,
Monastir 5015,
Tunisia
Description of branch: Factory
Imports
Imports Finished Goods
Imports From: Europe
Importing Terms: Bank transfer
Brands: BARBARA CARSON ‑ Sheets
CARINA MAISON ‑ bed
Sheets, covers and pillowcases
PALOMA LINE ‑ Sheets
RIHANE ‑ Towels, bath
sheets
FLEURS DES CHAMPS ‑
towels, bath sheets, bathrobes, beach towels
Exports
Export % and type of product: 15%
Exports To: France, Belgium, Poland, Algeria, Libya
Exporting Terms: bank transfer
Trading
& Selling
Territory: 85% Nationally, 15% International
Type of Customer: hotels, collectivities, hypermarkets,
wholesalers
Subsidiaries
Affiliates
SOCIETE
GENERALE DE TISSU
EPONGE
SOGETISS
Zone Industrielle Bouhjar,
monastir,
Tunisia
Start Date: 1970
Operates as: A manufacture of
Unbleached 100% cotton brushed yarn ‑ Unbleached combed yarn
Related through: common
shareholders
TEINTURE
ET BLANCHIMENT
DES
FILES TEINKO
Route de Ksar hellal,Bouhjar,
Monastir,
Tunisia
Start Date: 1990
Operates as: A manufacture of
Yarn processing: whitening, dying, mercerizing.
Related through: common
shareholders
AMEN
BANK,
Branch:
Keireddine pacha
Tunis,
Tunisia
Relationship with Bank: is reported to be satisfactory
Subject's payments reported to
be: NO COMPLAINTS
Name/Title: Moez Kooli General manager
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/
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
Mr. Moez kooli, he confirmed details shown in this report, and
declined to provide financial
details, bank account number and full shareholders names 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
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 a long
established family run business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.