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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARTHAGE LEATHER SARL |
|
|
|
|
Registered Office : |
Zone Industrielle Route El Fejja,
Manouba 1110, |
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|
|
|
Country : |
Tunisia |
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|
|
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Date of Incorporation : |
25.06.2009 |
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|
|
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Com. Reg. No.: |
B 13122002 |
|
|
|
|
Legal Form : |
Private Limited Co |
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|
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Line of Business : |
Manufacture of leather clothes |
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|
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No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Tunisia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TUNISIA - ECONOMIC OVERVIEW
Tunisia's diverse, market-oriented economy has long been
cited as a success story in Africa and the Middle East, but it faces an array of
challenges during the country's ongoing political transition. Following an
ill-fated experiment with socialist economic policies in the 1960s, Tunisia
embarked on a successful strategy focused on bolstering exports, foreign
investment, and tourism, all of which have become central to the country''s
economy. Key exports now include textiles and apparel, food products, petroleum
products, chemicals, and phosphates, with about 80% of exports bound for
Tunisia''s main economic partner, the European Union. Tunisia''s liberal
strategy, coupled with investments in education and infrastructure, fueled
decades of 4-5% annual GDP growth and improving living standards. Former
President (1987-2011) Zine el Abidine BEN ALI continued these policies, but as
his reign wore on cronyism and corruption stymied economic performance and
unemployment rose among the country''s growing ranks of university graduates.
These grievances contributed to the January 2011 overthrow of BEN ALI, sending
Tunisia''s economy into a tailspin as tourism and investment declined sharply.
As the economy recovers, Tunisia''s government faces challenges reassuring
businesses and investors, bringing budget and current account deficits under
control, shoring up the country''s financial system, bringing down high
unemployment, and reducing economic disparities between the more developed
coastal region and the impoverished interior.
|
Source : CIA |
CARTHAGE
LEATHER SARL
Registration Number: B
13122002
Registration Date: 2002
Legal Form: PRIVATE
LIMITED CO
Latest Financials: N/A
Nominal Capital: 55,000
Tunisian Dinar
Issued Capital: All
Turnover: 3,361,000
Tunisian Dinar
Net Profit: 235,270
Tunisian Dinar
Net Worth: N/A
Investigation Number: 199600
Company Name: CARTHAGE
LEATHER
Country: TU
Street Name: SIEGE
SOCIAL:70 ROUTE BOUCHOUCHA
City Code: MANOUBA
Post Code: 2010,
USINE
Phone Number: 21671550173
Fax Number: 21671550172
Comments: carthageleathertunisie@gmail.com
CONTACT:
MONSIEUR MOHAMED NOUREDDINE SOUHABI
Company Name: CARTHAGE
LEATHER SARL
Headquarter Address: Zone
Industrielle Route El Fejja,
Manouba
1110,
Tunisia
Telephone: +21671
550173
Fax: +21671
550172
E‑Mail: carthageleathertunisie@gmail.com
Company was originally started on
25/06/2009
Current Legal Form: PRIVATE
LIMITED CO
Additional Information: Deposit Numbers: D
2432502.
Registration Number: B 13122002
Registration Date: 2002
Year/Date Company Established: 25/06/2009
Registration Town: Manouba
Tax Registration Number: 0781776 N/A/M00
Currency: Tunisian
Dinar
Authorized Capital: 55,000
Issued Capital: All
Paid Up Capital: 55,000
Start up Capital:
450,000
Capital increase on 11/2009
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mohamed Noureddine Souhabi
(Principal Shareholder),
Tunisia
Name: Mr Mohamed
Noureddine Souhabi
Position within the company: General manager
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
Name: Ms Gazela
Dhiab
Position within the company: Principal
Country of Birth: Tunisia
Nationality: Tunisian
Can fluently speak: French/English
NACE Codes: 1411 Manufacture
of leather clothes
The subject is involved in
manufacturing of Processing and tanning of hides as Tanned leather, made from
the imported raw materials then sold to the foreign clients on a wholesale
basis.
Local Reporters consider the
investigated company to be MEDIUM in their field of concern.
Employees Company
Employs: 35
HQ Premises Operates
from: Rented Office , Factory,
Warehouse
Location: Industrial Area, Main Road
Branches 70
Route Bouchoucha,
Mornaguia,
Manouba
1110,
Tunisia
Branch
is: Rented
Description
of branch: Factory, Warehouse
Imports
Import
% and type of product: 100% Raw
Materials
Imports
From: Italy, United Arab Emirates, India, China
Importing
Terms: 60 days credit, letters of credit
Exports
Export
% and type of product: 100%
Exports
To: Italy
Exporting
Terms: 90 days
credit, bank transfer
Trading & Selling
Territory: 100%
International
Type
of Customer: Group Companies,
Wholesalers and Retailers
Subsidiaries
Affiliates
CARTHAGE
LEATHER FINISHING
Z.I.
RTE D'EL FEJJA ‑ 1110 ‑
MORNAGUIA,
MANOUBA,
Tunisia
Start
Date: 2009
Related
through: common principals and shareholders
Amen Bank,
Branch: Main
Tunisia
2002
Relationship with Bank: is reported to
be satisfactory
BANQUE INTERNATIONAL ARABE DE TUNISIE,
Branch: Manouba
1110,
Tunisia
2003
Relationship with Bank: is reported to
be satisfactory
Financial Interview Date: 30/09/2013
Source: The Local Tax
Office
Figures are: Estimates
Currency: Tunisian Dinar
Months Sales
Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2012 3,361,000
235,270
12 31/12/2011 3,251,400
227,598
Subject's payments reported to
be: NO COMPLAINTS
Date: 30/09/2013
Name/Title: Gazela
Dhiab Principal
Comment: Subject has confirmed the general
details provided in the report but has declined to provide any Financial Data.
Reporter Comment Date: 30/09/2013
Reporter Comment:
In the interview conducted with Ms.Gazela
Dhiab, 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.
THE STATISTICAL DATA OF THE Processing
and tanning of hides (SEPTEMBER 2013)
‑ 11 Registered industrial
companies with more than 10 employees.
‑ 08 are totally exporting
companies
‑ 03 are partially exporting
companies
• SOLVENCY:
‑ Banking appreciation:
SATISFACTORY
‑ Payments: NO COMPLAINT
‑ Business or commercial
morality: Local.
‑ Registered incidents: NONE
Our general evaluation is:
* MEDIUM Size Company.
Conclusions
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: 20/08/2013 00:00:00
Source: "Economist Intelligence Unit" ‑
The Economist
Risk: Last Updated: 13/08/2013
Sovereign risk
Foreign borrowing has been significantly
increased to cover a large external financing gap. Much of this funding is
being provided at concessional rates of interest as the international community
attempts to help cement the democratic transition, but unless the domestic
economy improves there could be longer‑term debt sustainability
challenges.
Currency risk
The external imbalance will put
downward pressure on the dinar. However, the loose peg to the euro is likely to
be maintained given economic ties and donor financial support buttressing
reserves during 2013‑14.
Banking sector risk
Investors will watch closely how the
government deals with stakes in banks held by relatives of the former
president. The struggling economy is also depressing income levels, which will
affect demand for bank services.
Political risk
Tunisia has returned to the brink of
political crisis following mass protests against the government. If a unity
government can be agreed, then tensions should recede a little, but there will
be an ongoing risk of unrest. Elections expected in late 2013 or early 2014
will also contribute to tensions.
Economic structure risk
Economic structure risk remains high
owing to Tunisia's dependence on the EU for trade, remittances and tourism. The
recent upsurge in political instability may lead to some financial assistance
from the West being delayed, which would have a negative impact on the economy.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.