MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	GIUSEPPE TRADING SARL
Registered Office :	Centre Nawrez Bloc C N 24 Passage Du Lac Edouard Les Berges Du Lac Tunis
Country :	Tunisia
Date of Incorporation :	10.07.2012
Com. Reg. No.:	B2445082012
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Subject operate as general traders dealing with FMCG products, hardware
No of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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:	GIUSEPPE TRADING SARL
Requested Name:	GIUSEPPE TRADING SARL
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Centre Nawrez Bloc C N 24 Passage Du Lac Edouard Les Berges Du Lac Tunis
Country:	Tunisia
Phone:	218-214651825
Fax:	218-214651825
Email:	None
Website:	None
LEGAL
Legal Form:		Societe Anonyme Responsabilitee Limitee
Date Incorporated:		10-July-2012
Reg. Number:		B2445082012
Nominal Capital		TND. 100,000
Subscribed Capital		TND. 100,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Stefano G.		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 as general traders dealing with FMCG products, hardware
Imports:		Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (80%) and 25-90 days (20%), invoices.
Main Customers:		Local agencies, stores, outlets etc
Employees:		10 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Tunisia
Location:		Rented premises, 2,000 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 = 1.83 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			2,000,000
BANK
Bank Name:		Banque International Arabe De Tunisie
Branch:		Agency Galaxy 2000, 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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

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%)

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