MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
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IDENTIFICATION DETAILS
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Name : |
SOCIETE CHIMIQUE ALKIMIA |
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Registered Office : |
11 Rue Des Lilas, Tunis 1082 |
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Country : |
Tunisia |
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Financials (as on) : |
31.12.2011 |
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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 : |
519 |
RATING & COMMENTS
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MIRA’s 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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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Tunisia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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.
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Source : CIA |
Company name
SOCIETE CHIMIQUE
ALKIMIA
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, 2011
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 39.10%
(VOTING)
Carte
Assurance, 196,874 10.11%
(VOTING)
Tunisia
IMER, 430,769 22.12%
(VOTING)
Tunisia
STE HOTELIERE EL KANTAOUI 145,707 7.48%
(VOTING)
MARHABA INTERNATIONAL,
Tunisia
STEC, 143,675 7.38%
(VOTING)
Tunisia
Other Shareholders holding less than 268,896 13.81%
(VOTING)
5%
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 such as 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: 519
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‑Mahrajène,
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
Source: The
Tunisian stock exchange
Figures are: Official
Figures
Currency: Tunisian
Dinar
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
6 30/06/2012 87,621,401 7,321,719
12 31/12/2011 122,000,116 7,467,900
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‑2011 As at: 31‑Dec‑2010
Fixed Assets
Land & Buildings
Plant & Machinery
Furniture & Equipment
Motor Vehicles
Misc. Fixed Assets 15,199,114 15,118,391
Total Fixed
Assets 15,199,114 15,118,391
Financial Assets
Shares in Related Companies
Loans to related companies
Investments
Deposits
Misc. Financial
Assets 7,703,325 3,445,415
Total Financial
Assets 7,703,325 3,445,415
Intangibles
Goodwill
Organisational Expenses
Patents
Misc. Intangible
Assets 156,774 1,755,201
Total Intangible
Assets 156,774 1,755,201
Current Assets
Stock 11,530,151 8,485,722
Stock & Work in Progress
Trade Debtors &
receivables 31,121,366 40,657,189
Provision for bad debs
Other receivables 196,323 161,075
Due from related companies
Owed by shareholders
Prepaid expenses
Cash 26,309,885 20,806,196
Tax recoverable
Marketable Securities
Misc. Current Assets 3,228,077 1,964,713
Total Current
Assets 72,385,802 72,074,895
Total Assets 95,445,015 92,393,902
Owner's Equity & Liabilities
Issued and paid up
capital 19,472,530 19,472,530
Share premium account 22,507,253
Retained earnings 1,960,920 671,819
Net profit/Loss for
the year 4,978,598 1,289,102
Revaluation reserves
Legal Reserves 22,507,253
Other reserves 2,489,302
Net Worth 51,408,603 43,940,704
Deffered Taxation
Provisions/allowances 4,828,701
Mortgages/Loans
Hire purchase
Due to group of companies
Minority interest
Misc. deferred liabilities 1,171,963
Total Long Term
Liabilities 1,171,963 4,828,701
Current Liabilities
Creditors 27,368,000 29,938,670
Other creditors
Accruals
Bank
overdrafts/Loans 7,829,945 10,084,306
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 7,666,504 3,601,521
Total Current
Liabilities 42,864,449 43,624,497
Owner's Equity
& Liabilities 95,445,015 92,393,902
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2011 to 31/12/2011 01/01/2010
to 31/12/2010
Total
Income/Turnover 122,000,116 162,899,846
Cost of sales 121,236,441 164,947,279
Gross Profit/(Loss) 763,675 ‑2,047,433
Admin/selling expenses
Services
Salaries
Auditors Fee
Stock Depreciation
Depreciation
Misc. Operating Expenses
Misc. Operating Income
Net Operating
Profit/(Loss) 763,675 ‑2,047,433
Interest
Receivable/Finance Income 486,316 4,874,351
Group related income
Misc. Financial
Income 4,899,517 5,739,633
Total Financial
Income 5,385,833 10,613,984
Interest
Payable/Finance costs 641,421 3,739,574
Misc. financial
expenses ‑1,637,653 3,370,212
Total Financial
Expenses ‑996,232 7,109,786
Profit/(Loss)
before taxes 7,145,740 1,456,765
Income Tax ‑174,680 167,663
Other Tax
Profit/(Loss)
after taxes 7,320,420 1,289,102
Extraordinary items
Exceptional items
Misc. Items ‑147,480
Net Profit/(Loss) 7,467,900 1,289,102
Previous years retained earnings
Current years net
income 7,467,900 1,289,102
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 7,467,900 1,289,102
financial period
Average employees
Directors fee
Earnings per share
Earnings per share‑previous year
Auditors Comments
Date
accounts obtained: 14/03/2013
Auditors
Opinion:
Accounts
have been submitted by: The Tunisian Stock Exchange
FINANCIAL RATIOS / COMPARATIVE DATA
Actual Company Industrial
Averages Actual Company Industrial Averages
Results (2011) (2011) Results (2010) (2010)
Liquidity Ratios
Current Ratio 1.69 1.48 1.65 1.76
Acid Test Ratio 1.42 0.90 1.46 1.16
Accounts 0.22 0.62 0.18 0.33
Payable/Sales Ratio
Current
Liabilities/Net 0.83 1.65 0.99 1.57
Worth
Total
Liabilities/Net 0.86 2.23 1.10 1.92
Worth
Fixed Assets/Net 29.57 95.62 34.41 80.24
Worth (%)
Profitability Ratios
Gross Profit Ratio
(%) 0.63 ‑1.42 ‑1.26 5.56
Return on Capital 13.59 3.32 2.99 1.05
Employed (ROCE)(%)
Net Profit/Sales (%) 5.98 ‑0.27 0.89 7.55
Return on Assets (%) 7.64 3.72 1.58 4.35
Efficiency Ratios
Sales/Working
Capital 4.13 4.90 5.73 ‑18.79
Assets/Sales(%) 78.23 454.20 56.72 294.58
Shareholders 13.90 ‑2.18 3.32 ‑2.31
Return(%)
Average Inventory 30.13 1,957.07 124.62
Period
Average Collection 107.37 1,803.69 68.20
Period
Leverage Ratios
Capital Employed 2.38 2.09 3.86 2.30
Capital Structure
(%) 2.23 23.37 9.90 18.51
Number of 17 17
Companies within the
industry (NACE C)
Statistics based on Manufacturing Manufacturing
NACE(C)
The statistical Industrial Average results are calculated against companies within the database for the specific country.
INDUSTRY SECTOR COMPARATIVE DATA
Elements
Taken Result for
specific RANKING Total Companies Used
company
DATE OF REGISTRATION 03/1996 21 24
TOTAL EMPLOYEES 519 17 36
SALES (2011) 64,135,461 5 14
SALES (2010) 85,636,449 5 17
NET PROFIT (2011) 3,925,875 4 14
NET PROFIT (2010) 677,681 10 17
TOTAL ASSETS (2011) 50,175,444 6 13
TOTAL ASSETS (2010) 48,571,474 9 17
Currency: EUROS
Rankings:
The results given below are calculated
against companies with the Database for the specific country.
Scale: 1 is the highest result found in
our database.
Example: Ranking 5: Total Companies
used to generate the Ranking : 20
This means that this company is the 5th
largest company out of 20 found in our database in the specific industry
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 Date: 14/03/2013
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/
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 M’HIRI (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 responsibility is
accepted for
any errors or omissions in the report. Some of the data is obtained from the
subject or other sources that cannot be confirmed or controlled by
Correspondents. All rights are reserved. This report is provided for internal
use only and cannot be re‑sold or re‑distributed.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.