MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GRANITEX NOUVEAU PRODUITS SPA

 

 

Registered Office :

Zone Industrielle de Oued Smar 16000, BP 85 Oued Smar

 

 

Country :

Algeria

 

 

Date of Incorporation :

01.01.1969

 

 

Com. Reg. No.:

99B0008760

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Engaged in manufacturer and supplier of Paints, Thinners, Retarders, Accelerators for Concrete and Other Related Products

 

 

No of Employees :

150

 

 

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 200,000

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Algeria

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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:                                   GRANITEX NOUVEAU PRODUITS SPA

Requested Name:                                   GRANITEX NOUVEAUX PRODUITS

Other Names:                                          GNP

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Zone Industrielle de Oued Smar 16000,

Postal Address:                                      BP 85

                                                              Oued Smar,

Country:                                                 Algeria

Phone:                                                   213-21516681/2

Cell:                                                       213-660406313/661929930

Fax:                                                       213-21518523/8422

Email:                                                     granitex@granitex.dz/marketing@granitex.dz

Website:                                                 www.granitex.dz

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit. We recommend Credit of USD 200,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           01-Jan-1969

Reg. Number:                                                  99B0008760

VAT Number:                                                   099916000876042

Nominal Capital                                                DZD. 384,445,800

Subscribed Capital                                           DZD. 384,445,800

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Abdelmadjid Meddahi                                 MD                                 

Mr. Redouane Kelalib                                       Director                          

 

 

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate manufacture and supply of paints, thinners, retarders, accelerators for concrete and other related products

 

Imports:                                                           Asia, Middle East

Exports:                                                          None

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                     150 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Algeria

Location:                                                         Owned premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                          Algerian Dinar (DZD.)

Approx. Ex. Rate:                                            1 US Dollar = 86.28 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                                                                            676,426,108

BANK 

 

Bank Name:                                                      Banque de Développement Local (BDL).

Branch:                                                             Algeria

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

 

                                                                      

NOTARIAL BONDS   

 

None

 

COMMENTS / ADDITIONAL INFORMATION    

 

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.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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

 

--

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.