MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	TULIPE MEUBLES EURL

Registered Office :	9 Rue Freres Banaouda 09300 Blida

Country :	Algeria

Date of Incorporation :	12.06.2006

Com. Reg. No.:	07B0805750

Legal Form :	Limited Corporation

Line of Business :	Subject operate import and export of wood, cork and articles of straw and plaiting materials, furniture for home and office use, raw material for the manufacture of furniture and furnishings itemsand also installation and repair of equipment and materials

No. of Employees	20

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 150,000
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

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

Company name and address

SUBJECT'S NAME
Registered Name:	TULIPE MEUBLES EURL
Requested Name:	TULIPE MEUBLES EURL
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	9 Rue Freres Banaouda 09300 Blida
Country:	Algeria
Phone:	213-555029523/24/25/99/8251/2/8642/47
Fax:	213-025313541
Email:	None
Website:	None

CREDIT OPINION

Financial Index as of December 2013 shows subject firm with a medium risk of credit. We recommend Credit of USD 150,000 on 90 days.

LEGAL

Legal Form:	Limited Corporation
Date Incorporated:	12-June-2006
Reg. Number:	07B0805750
Nominal Capital	DZD. 1,000,000
Subscribed Capital	DZD. 1,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Mr. Fethi Ali Bahar	Director
Mrs. Sara Taleb	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 import and export of wood, cork and articles of straw and plaiting materials, furniture for home and office use, raw material for the manufacture of furniture and furnishings itemsand also installation and repair of equipment and materials
Imports:	Europe, Middle East
Exports:	Neighbring countries
Trademarks:	None
Terms of sale:	Cash (30%) and 25-90 days (70%), invoices.

Main Customers:	firms and organizations
Employees:	20 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Algeria
Location:	Leased 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 = 79.34 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		350,000,000
_______________________________________________________________________

BANK

Bank Name:	Banque Extérieure d'Algérie (BEA)
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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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.