|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONCORDAL SPA |
|
|
|
|
Registered Office : |
Ul Rue Menad Arab (Ex Marcello Fabri) Les Sources, 19, 1600 Bir Mourad
Rais Alger |
|
|
|
|
Country : |
Algeria |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
98B0582138 |
|
|
|
|
Legal Form : |
Limited
Corporation |
|
|
|
|
Line of Business : |
Subject operate
manufacturing sanitary ceramic products, paints, varnishes, printing inks and
pigments |
|
|
|
|
No. of Employees |
500 |
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 |
|
Maximum Credit Limit : |
USD
350,000 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Algeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
ALGERIA ECONOMIC OVERVIEW
Algeria's economy remains dominated by the state, a legacy of the country's socialist postindependence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria's external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government's efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians
|
Source
: CIA |
|
SUBJECT'S NAME |
|
|
Registered Name: |
CONCORDAL SPA |
|
Requested Name: |
CONCORDAL SPA |
|
Other Names: |
None |
|
Physical Address: |
Ul Rue Menad Arab (Ex Marcello Fabri) Les Sources, 19, 1600 Bir Mourad
Rais Alger |
|
Country: |
Algeria |
|
Phone: |
213-21-540908/544393/447261/540908/690283/ 690240 |
|
Fax: |
213-21-447562/447282/540922 |
|
Email: |
sarlconcordal@hotmai.com |
|
Website: |
None |
|
Financial
Index as of December 2013 shows subject firm with a medium risk of credit. We
recommend Credit of USD 350,000 on 90 days. |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
1998 |
|
|
Reg. Number: |
98B0582138 |
|
|
VAT
Number: |
16152925051 |
|
|
Tax
Number: |
099816058213848 |
|
|
Nominal Capital |
DZD. 400,000,000 |
|
|
Subscribed Capital |
DZD. 400,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Ghoulam Neouiwa |
MD |
|
|
Mr. Mohamed Merzoug |
Manager |
|
|
_______________________________________________________________________ |
||
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
None |
Branches of the firm |
|
Registered to operate manufacturing sanitary ceramic products, paints, varnishes, printing inks and pigments |
|
|
Imports: |
Asia, Middle East |
|
Exports: |
Neighboring countries |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
|
|
|
|
Main Customers: |
Local agencies, construction firms and organizations |
|
Employees: |
500 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Algeria |
|
Location: |
Owned premises, 100,000 square feet, |
|
Auditors: |
Information not available. |
|
Insurance Brokers: |
Information not available. |
|
Currency Reported: |
Algerian Dinar (DZD.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 78.58 Algerian Dinar |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not Submitted |
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss (expressed in DZD.) |
||
|
|
|
2013 |
|
Sales |
|
10,750,000,000 |
|
Bank Name: |
Banque Nationale d'Algérie (BNA). |
|
Branch: |
Algeria |
|
Comments: |
None |
|
|
|
|
_______________________________________________________________________ |
|
|
Experiences: |
Good |
None
|
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.