MIRA INFORM REPORT

Report No. :	338549
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	GROUPE CHIMIQUE TUNISIEN
Registered Office :	7 Rue Du Royaume D Arabie Saoudite 1002 Tunis Belvedere
Country :	Tunisia
Date of Incorporation :	15.02.2007
Com. Reg. No.:	444799
Legal Form :	Societe Anonyme
Line of Business :	Subject operates Manufacturing, Producing and Marketing of Phosphates, Phosphate Fertilizer.
No. of Employees :	120

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:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Tunisia	B1	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 following the 2011 revolution. 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, security and political upheaval during transition led to a deterioration of the economy and resulted in several downgrades of Tunisia’s credit rating. 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

Company name
Registered Name:	GROUPE CHIMIQUE TUNISIEN
Requested Name:	GROUPE CHIMIQUE TUNISIEN
Other Names:	GCT
ADDRESS AND TELECOMMUNICATION
Physical Address:	7 Rue Du Royaume D Arabie Saoudite 1002 Tunis Belvedere
Country:	Tunisia
Phone:	216-71-785227/784488/783822/795330
Cell:	216-98444789
Fax:	216-71-71783495/785859
Email:	gct@gct.com.tn/dammak.bassem@gct.com.tn/boutheina.baklouti@gct.com.tn/dhaoui.saida@gct.com.tn/mondher.maaref@gct.com.tn/abderrazak.ouanassi@ gct.com.tn/trabelsi.elarbi@gct.com.tn
Website:	www.gct.com.tn
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Societe Anonyme
Date Incorporated:		15-Feb-2007
Reg. Number:		444799
Nominal Capital		TND. 476,084
Subscribed Capital		TND. 476,084
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Najib Mrabet		Chairman
Mr. Romdhane Souid		CEO
Mr. Hatem Triki		MD
Mr. Bassem Dammak		Director
Mr. Arbi Trabelsi		Director
Mrs. Boutheina Baklouti		Director
Mrs. Saida Dhaoui		Director
Mr. Mondher Maaref		Director
Mr. Abderrazek Ouanassi		Director
CIE. DES PHOSPHATES DE GAFSA S.A.		Holding Co.		100%
RELATED COMPANIES
CIE. DES PHOSPHATES DE GAFSA S.A.		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
In Tunisia		Branches of the firm
OPERATIONS
Registered to operate manufacturing, producing and marketing of phosphates, Phosphate Fertilizer.
Imports:		Europe, Middle East
Exports:		Worldwide
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		firms and organizations
Employees:		120 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Tunisia
Location:		Owned premises, 100,000 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 = 1.80 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	2014
Sales		1,764,000,000	2,520,000,000
BANK
Bank Name:		Alubaf International Bank
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. CIE. DES PHOSPHATES DE GAFSA S.A. is a state owned company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.16
UK Pound	1	Rs.101.22
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TPT

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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