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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
OFFICE DU COMMERCE DE LA TUNISIE |
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Registered Office : |
65,
Rue De Syrie 1002 |
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Country : |
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Date of Incorporation : |
24.05.1962 |
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Com. Reg. No.: |
64-17 |
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Legal Form : |
State Corporation |
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Line of Business : |
Mandate to supply of
agricultural products such as sugar, green coffee, tea, rice, inspection of
agricultural products for export, creation and financing of buffer stocks |
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|
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No. of Employees |
500 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Tunisia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
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Registered Name: |
OFFICE DU COMMERCE
DE LA TUNISIE |
|
Requested Name: |
OFFICE DU COMMERCE DE LA TUNISIE |
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Other Names: |
OCT |
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Physical Address: |
65,
Rue De Syrie 1002 |
|
|
Tunis |
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Country: |
Tunisia |
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Phone: |
216-71-785619/785610/800040/786635/799320/ 843125/783704 |
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Cell: |
216-97574416 |
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Fax: |
216-71-788994/788974/784491 |
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Email: |
oct@email.ati.tn/octmail@gnet.tn |
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Website: |
www.commerce.gov.tn |
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Legal Form: |
State Corporation |
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Date Incorporated: |
24-May-1962 |
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Reg. Number: |
64-17 |
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Budget Capital |
TND.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Mr. Slah Louati |
Chairman |
|
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Mr. Sofiene Ben Ameur |
Director |
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Government of |
Parent |
100% |
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Government of |
Parent company. |
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None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Mandate to supply of
agricultural products such as sugar, green coffee, tea, rice, inspection of
agricultural products for export, creation and financing of buffer stocks |
|
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Imports: |
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Exports: |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Distributors, firms and organizations |
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Employees: |
500 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
|
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Location: |
Owned premises, 20,000 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 = 1.74
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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||
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Financial Information not
Submitted |
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Profit and Loss
(expressed in TND.) |
||
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|
2013 |
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Income |
|
50,000,000 |
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Bank Name: |
Banque
Centrale de Tunisie |
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Branch: |
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Comments: |
None |
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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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.60.61 |
|
UK Pound |
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
SDA |
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 |
|
|
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.