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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOCIETE
COMMERCIALE TUNISIENNE - SOCOTU |
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Registered Office : |
PLC Sotutex Immeuble Marhaba
3001 Sfax |
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Country : |
Tunisia |
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Date of Incorporation : |
05.03.1990 |
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Com. Reg. No.: |
B133821996 |
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Legal Form : |
Limited Company |
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Line of Business : |
providers of
logistics services for sea, air and road transport |
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No of Employees : |
320 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Tunisia |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. During 2012 and 2013, the Tunisian Government’s focus on the political transition led to a neglect of the economy that resulted in several downgrades of Tunisia’s credit rating. 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 |
Registered Name: SOCIETE COMMERCIALE TUNISIENNE - SOCOTU
Requested Name: SOCOTU
Trade Names: SOCOTU
Physical Address: PLC Sotutex Immeuble Marhaba
3001 Sfax
Country: Tunisia
Phone: 216-74210078/71448377/9137/8671/74/8855/
75710955/279174298727/225041/298732/220975/
221539
Cell:
216-21412716
Fax: 216-71448660/75711163
Email: dg.socotu@planet.tn/houda.gharibi@socotu.com.tn/
Website: www.socotu.com.tn
Financial Index as of December 2013 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Company
Date Incorporated: 05-March-1990
Reg. Number: B133821996
Tax Number: 0001741M
Nominal Capital TND. 2,019,700
Subscribed Capital TND. 2,019,700
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Slaheddine
Lahmer Chairman
Mr. Abderrahmen
Tounsi Director
Mr. Kamel Amara Director
Mr. Mohamed Sallah
Ouhichi Director
Mr. Nourdin
Ferchichi Director
Mr. Habib Hanachi Director
Mrs. Ines Abid Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
Various in Tunisia Branches of the firm
Registered to operate as providers of logistics services for sea, air
and road transport
Imports: Asia,
Middle East
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 320
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Tunisia
Location: Owned
premises, 20,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Tunisian Dinar (TND.)
Approx. Ex. Rate: 1 US Dollar = 1.63 Tunisian 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 TND.)
2013
Sales 50,000,000
Bank Name: Banque de Tunisie (BT)
Branch: Tunisia
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.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.