MIRA INFORM REPORT

 

 

Report Date :

10.09.2014

 

IDENTIFICATION DETAILS

 

Name :

STE NEGANOR PFS

 

 

Registered Office :

Beni khira 8026 Saheb Djbel El haouaria

 

 

Country :

Tunisia

 

 

Date of Incorporation :

01.07.2010

 

 

Com. Reg. No.:

B0725222010           

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Registered to operate as a consultancy firm

 

 

No of Employees :

30                                   

 

 

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 NEGANOR PFS

Requested Name:

NEGANOR

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Beni khira 8026 Saheb Djbel El haouaria

Postal Address:

P.o. Box 8026

Country:

Tunisia

Phone:

216-72294654/20318894

Fax:

216-72294819

Email:

neganor@gmail.com

Website:

None

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

1-July-2010

Reg. Number:

B0725222010

Nominal Capital

TND. 100,000

Subscribed Capital

TND. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Bassem Deddech

MD

 

Mr. Kamel Ben Noubi Deddech

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 a consultancy firm

Imports:

Asia,Middle East

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

30 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Tunisia

Location:

Leased premises, 5,000 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 = 1.76 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

 

5,450,000

 

 

BANK

 

 

Bank Name:

Banque de Tunisie (BT)

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.60.43

UK Pound

1

Rs.97.25

Euro

1

Rs.77.93

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SHG

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.