MIRA INFORM REPORT

 

 

Report No. :

349074

Report Date :

10.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SOBITEX RIDEAUX SARL

 

 

Registered Office :

Lot 238-69 Hai Les Touates,Ouled Yaich 09100 Blida

 

 

Country :

Algeria

 

 

Date of Incorporation :

05.05.1999

 

 

Com. Reg. No.:

99B0802654

 

 

Legal Form :

Societe Anonyme Responsabilitee Limitee 

 

 

Line of Business :

Importers and Exporters of Textiles and Garments.

 

 

No. of Employees :

35 Employees.

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Algeria

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ALGERIA - ECONOMIC OVERVIEW

 

Algeria's economy remains dominated by the state, a legacy of the country's socialist postindependence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria's external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government's efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.

 

Source : CIA

 

 

SUBJECT'S NAME

 

Registered Name:

SOBITEX RIDEAUX SARL

Requested Name:

SARL SOBITEX

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Lot 238-69 Hai Les Touates,Ouled Yaich 09100 Blida

Country:

Algeria

Phone:

213-25438266/5/8

Fax:

213-25438264

Email:

None

Website:

None

 

 

LEGAL

 

Legal Form:

Societe Anonyme Responsabilitee Limitee 

Date Incorporated:

05-May-1999

Reg. Number:

99B0802654

Tax Number:

09079972021

VAT Number:

098009070016442

Nominal Capital

DZD. 500,000

Subscribed Capital

DZD. 500,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Ramdane Chami

MD

60%

Mr. Mebareka Bouguerra

Director

20%

Mr. Khadidja Hamadi

Director

20%

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

Mr. Ramdane Chami

Mr. Mebareka Bouguerra

Mr. Khadidja Hamadi

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as importers and exporters of textiles and garments

Imports:

Asia,Middle East

Exports:

Neighboring countries

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Distributors,firms and organizations  

Employees:

35 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Algeria

Location:

Owned premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

 

FINANCE

 

Currency Reported:

Algerian Dinar (DZD.)

Approx. Ex. Rate:

1 US Dollar = 107.92 Algerian Dinar

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in DZD.)

 

2013

2014

Sales

3,450,000,000

4,500,000,000

 

 

BANK

 

Bank Name:

Caisse Nationale d'Épargne et de Prévoyance (CNEP)

Branch:

Algeria

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.66.34

UK Pound

1

Rs.100.03

Euro

1

Rs.71.45

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.