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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE TUNISIENNE DE L'AIR TUNISAIR |
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|
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Registered Office : |
Direction Centrale Technique et Industrie Boulevard du 7 Novembre 1987 2035 L’Ariana |
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Country : |
Tunisia |
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Date of Incorporation : |
21.10.1948 |
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Com. Reg. No.: |
B169701997 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Subject
operate as providers of air travelling services |
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No. of Employees : |
2011 |
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 300,000 |
|
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 – 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 |
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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 |
|
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Registered Name: |
SOCIETE TUNISIENNE
DE L'AIR TUNISAIR |
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Requested Name: |
SOCIETE TUNISIENNE
DE L'AIR TUNISAIR |
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Trade Names: |
GROUPE TUNISAIR |
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Physical Address: |
Direction Centrale Technique et Industrie Boulevard du 7 Novembre 1987
2035 L’Ariana |
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Country: |
Tunisia |
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Phone: |
216-71288533/70837000/71942322/81107777/ 70101300/70836952 |
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Fax: |
216-71285248/70836938/836853/70836900 |
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Email: |
resaonline@tunisair.com.tn/fidelys@ tunisair.com.tn/opinions@tunisair.com.tn/fatma.benguiza@tunisair.com.tn/salma.hammami@tunisair.com.tn/amal.bourguiba@tunisair.com.tn |
|
Website: |
www.tunisair.com.tn |
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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.
We recommend Credit of USD 300,000 on 90 days. |
|
Legal Form: |
Societe Anonyme |
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Date Incorporated: |
21-Oct-1948 |
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Reg. Number: |
B169701997 |
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Tax
Number: |
0002672W |
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Nominal Capital |
TND. 60,000,000 |
|
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Subscribed Capital |
TND. 60,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
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|
Position |
Shares |
|
Mr. Rabeh Jrad |
Chairman |
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Mr. Mohamed Hannachi |
Director |
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Mrs. Nedra Agili |
Director |
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Mrs. Amal Bourguiba |
Director |
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Mrs. Salma Hammami |
Director |
|
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Mrs. Fatma Ben Guiza |
Director |
|
|
Air France |
Shareholder |
50% |
|
Government of Tunisia |
Shareholder |
50% |
|
None |
Parent company. |
|
TunisAir
Express, Tunisair Handling, Tunisie Catering, Tunisair Technics, Societe AISA. |
Subsidiary companies. |
|
None |
Affiliated company. |
|
Air
France Government of Tunisia |
Shareholders of subject firm. |
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-Various in Tunisia including Route X, Charguia II Tunis, Tunisia -Various international offices |
Branches of the firm |
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Registered to operate as providers of air travelling services |
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Imports: |
Worldwide |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
Cash (80%) and 25-90 days (20%), invoices. |
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|
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Main Customers: |
General Public |
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Employees: |
2011 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tunisia |
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Location: |
Owned premises, 300,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Tunisian Dinar (TND.) |
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Approx. Ex. Rate: |
1 US Dollar = 1.79 Tunisian Dinar |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in TND.) |
||
|
|
|
2013 |
|
Sales |
|
1,350,000,000 |
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Bank Name: |
Banque Franco Tunisienne (BFT) |
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Branch: |
Tunisia |
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Comments: |
None |
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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.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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 |
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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 |
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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 |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.