|
Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
STE DE PROMOTION DE TEXTILES SA |
|
|
|
|
Registered Office : |
Z.I.
Bir El Kassaa II 2013 Ben Arous |
|
|
|
|
Country : |
Tunisia |
|
|
|
|
Date of Incorporation : |
01.02.1974 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Subject operate as
exporters of fabrics, textiles and garments |
|
|
|
|
No of Employees : |
46 |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Tunisia |
B2 |
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. 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 |
SUBJECT'S
NAME
|
|
|||
|
Registered Name: |
STE DE PROMOTION
DE TEXTILES SA |
|||
|
Requested Name: |
STE PROMOTEX INDUSTRIE |
|||
|
Other Names: |
PROMOTEX |
|||
|
|
||||
ADDRESS
AND TELECOMMUNICATION
|
||||
|
Physical Address: |
Z.I.
Bir El Kassaa II 2013 Ben Arous |
|||
|
Country: |
Tunisia |
|||
|
Phone: |
216-71382707/71382709 |
|||
|
Fax: |
216-71382176 |
|||
|
Email: |
promotex.trihon@gnet.tn |
|||
|
Website: |
None |
|||
|
|
||||
LEGAL
|
|
|||
|
Legal Form: |
Societe Anonyme |
|||
|
Date Incorporated: |
01-Feb-1974 |
|||
|
Reg. Number: |
Tunisia |
|||
|
Nominal Capital |
TND.
730,000 |
|||
|
Subscribed Capital |
TND.
730,000 |
|||
|
Subscribed Capital is Subscribed in the following form: |
||||
|
|
Position |
Shares |
||
|
Mr. Tarek Essghaier |
MD |
|
||
|
|
|
|
||
|
|
||||
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 as exporters
of fabrics, textiles and garments |
||||
|
Imports: |
Europe |
|||
|
Exports: |
Neighboring countries |
|||
|
Trademarks: |
None |
|||
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|||
|
|
|
|||
|
Main Customers: |
Distributors, stores, outlets |
|||
|
Employees: |
46 employees. |
|||
|
Vehicles: |
Several motor vehicles. |
|||
|
Territory of sales: |
Tunisia |
|||
|
Location: |
Leased premises, 10,000 square feet, |
|||
|
|
||||
AUDITORS
AND INSURANCE
|
||||
|
Auditors: |
Information not
available. |
|||
|
Insurance Brokers: |
Information not
available. |
|||
|
|
|
|||
|
|
||||
FINANCE
|
|
|||
|
Currency Reported: |
Tunisian Dinar (TND.) |
|||
|
Approx. Ex. Rate: |
1 US Dollar = 1.82
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 |
|
10,500,000 |
||
|
|
||||
BANK
|
|
|||
|
Bank Name: |
Amen
Bank (AB) |
|||
|
Branch: |
Tunisia |
|||
|
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.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.