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Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE DE TISSAGE
VELOURS STIVEL |
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|
|
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Registered Office : |
Route de Mahdia,Zone Industrielle Monastir,
Monastir 5018 |
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Country : |
Tunisia |
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Date of Incorporation : |
24.04.1978 |
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Com. Reg. No.: |
B 88101996 |
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Legal Form : |
Public Limited Co |
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Line of Business : |
Manufacture of carpets and rugs |
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No. of Employees : |
130 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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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 |
|
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 TISSAGE VELOURS
STIVEL
Rating Briefing
Definition: GOOD CREDIT QUALITY
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 88101996
Registration Date: 1978
Legal Form: PUBLIC LIMITED CO
Latest Financials: N/A
Financial Briefing
Nominal Capital: 3,640,000 Tunisian Dinar
Issued Capital: N/A
Turnover: 5,822,000 Tunisian Dinar
Net Profit: N/A
Net Worth: N/A
Original Investigation Details
Investigation Number: 175533
Company Name: STIVEL
Country: TU
Street Name: BP 44 ZONE INDUSTRIELLE MONASTIR 5018
City Code:
Phone Number: 00216 73 530970
Company Name: SOCIETE
DE TISSAGE VELOURS STIVEL
Also trades as: STIVEL
Company acronym: STIVEL
Headquarter Address: Route de Mahdia,Zone Industrielle Monastir,
Monastir 5018,
Tunisia
Postal Address: P.O.Box 44,
Monastir 5018
Telephone: +21673 530970
Fax: +21673 530266
E‑Mail:
info@stivel.net
Web Site: www.stivel.net
Company was originally started
on 24/04/1978
Current Legal Form: PUBLIC LIMITED CO
Additional Information: Customs ID 920377 Z
Registration Address: Route de Mahdia,Zone Industrielle Monastir,
Monastir 5018
Registration Number: B 88101996
Registration Date: 1978
Year/Date Company Established: 24/04/1978
Registration Town: Monastir
Tax Registration Number: 004419 S/A/M000
Currency: Tunisian Dinar
Authorized Capital: 3,640,000
Paid Up Capital: 3,640,000
Start up Capital:
2,040,000
Previous Capital amount: 2,550,000
Capital increase on 2011
Shareholders / Owners
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Abdellaziz Dahmani, 51.60% (VOTING)
Tunisia
Sicaf Centre, 21.33% (VOTING)
Tunisia
Hechmi Kooli, 2.72% (VOTING)
Tunisia
Mohamed Amer Brik, 8.37% (VOTING)
Tunisia
Mohamed Dimassi, 2.82% (VOTING)
Tunisia
Salem Zarrad, 4.89% (VOTING)
Tunisia
Mohieddine Radhoučne, 5.09% (VOTING)
Tunisia
Other Shareholders, 0.08% (VOTING)
Tunisia
Name: Mr Abdellaziz Dahmani
Position within the company: President and managing director
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/english
Name: Ms Sihem Rais
Position within the company: Accountant
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Name: Mr Mezri Bouzid
Position within the company: Manager
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Name: Ms Sonia Kallel
Position within the company: Commercial Director
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
NACE Codes: 1393 Manufacture of carpets and rugs
4753 Retail sale of carpets, rugs,
wall and floor coverings in specialised stores
The company is involved in the operation of
manufacturing and selling on a wholesale basis the Woven cotton fabric manufacturing
and Diverse household linens as rugs and carpets, Velvet fabric,
Furnishings(curtains), made from the imported raw materials, then absorbed
partially by the foreign clients.
Local Reporters consider the investigated company
to be LARGE in their field of concern.
Employees Company Employs: 130
HQ Premises Operates from: Owned Office , Factory, Warehouse
Location: Industrial
Area, Main Road
Imports
Import
% and type of product: 70% Raw
Materials
Imports
From: France, Italy, Belgium, India
Importing
Terms: 60 days credit, letters
of credit
Additional
Information: The other payment method
is bank transfer.
Exports
Export
% and type of product: 40%
Exports
To: France, Italy, Belgium, Algeria,
Libya, Saudi Arabia
Exporting
Terms: 90 days credit, bank
transfer
Trading & Selling
Territory: 60% Nationally, 40% International
Additional
Information: The company buys 30%raw
materials locally.
Type
of Customer: Group Companies,
Wholesalers and Retailers,
Hotels
Subsidiaries
Affiliates
SOCIETE
DE TISSAGE
D'AMEUBLEMENT
SOTIAM
RTE
DE KSAR HELLAL BP 10,
Monastir,
Tunisia
Start
Date: 1985
Operates
as: a manufacturer Woven cotton fabric manufacturing.
Related
through: common shareholders
SOCIETE
DE DÉCORATION ET
AMEUBLEMENT
DECORAME
BP
11, RTE DE KSAR HELLAL,
Monastir,
Tunisia
Start
Date: 1998
Operates
as: a manufacturer Woven cotton fabric manufacturing ‑ Diverse household
linens ‑
Industrial
manufacturing of rugs and carpets.
Related
through: common shareholders
COMATEX
INDUSTRIE
AVE
UNION MAGHREBINE,5015 ‑
BOUHJAR,
Monastir,
Tunisia
Start
Date: 2002
Operates
as: A manufacture of Table linens ‑ Furnishings (curtains, etc.) ‑
Bedding.
Related
through: a common shareholder
Other
information: the common Shareholder is Mr.Abdelaziz Dahmani.
Banque Internationale Arabe de
Tunisie,
Branch: Monastir
Monastir 5018,
Tunisia
Relationship with Bank: is reported to be good
Attijari Bank
Monastir 5018,
Tunisia
Account Number: 4508045404700144337
Relationship with Bank: is reported to be good
Source: Sonia Kallel Commercial Director
Figures are: Official Figures
Currency: Tunisian Dinar
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2011 5,822,000
12 31/12/2010 8,725,000
12 31/12/2009 11,464,000
Subject's payments reported to be: NO COMPLAINTS
Date: 02/01/2013
Name/Title: Sonia Kallel Commercial Director
Comment: Subject has confirmed the general details shown in the report.
Reporter Comment Date: 02/01/2013
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.
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 Kallel,
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.
The subject is Certified of ISO 9002.
The members of the administrative council are the
followings :Mr.Abdelazid
Dahmani,Mr.Hechmi Kooli,Mr.Mohamed Amer
Brik,Mr.Mohamed Dimassi,Mr.Salem
Zarrad,Mr.Moheidine Radouhane,Mr.Mezri
Bouzid,Mr.Salem Dahmani,Mr.Ismail Rassas.
THE STATISTICAL DATA OF THE VELVET FABRICS
MANUFACTURIES (January 2013)
‑01 Registered industrial companies with more
than 10 employees.
‑01 is partially exporting companies
* PARTIALLY EXPORTING COMPANY:
‑ Enterprises considered as partially
exporting are companies that realize less than 80% of their turnover from
exporting.
* BENEFIT :
‑ Suspension of value added taxes and
consumption taxes on equipment, products and services necessary for the
realization of their export operations.
‑ Full
exoneration of income and profits from the tax base during the first ten years
of activity and a 50% deduction
thereafter.
‑ Relaxation of the temporary admission or bonded
warehouse system for equipment and products imported for use in the production
of goods destined for export.
‑ Reimbursement of customs duties and taxes
paid on raw materials and semi‑finished products destined to be
transformed for export.
‑ Reimbursement of customs duties and similar
taxes paid on imported equipment, and not manufactured locally, for the
production of goods for export.
* SOLVENCY:
‑ Banking appreciation: Satisfactory.
‑ Payments: No Complaint
‑ Business or commercial morality: Local.
‑ Registered incidents: None
Our general evaluation is:
‑ Large Size Company.
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.
Financial Results
Trend: Financial Information indicates
that the business activities of the company are even / similar in strength to
corresponding years.
Age of Business: The company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.