MIRA INFORM REPORT

Report No. :	506079
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	PELLCO SARL
Registered Office :	4 Rue Du Madagascal La Malsa 2070, 01053 Tunis
Country :	Tunisia
Financials (as on) :	2015 [Summarized]
Date of Incorporation :	10.07.2002
Com. Reg. No.:	B3852242009
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Registered to Operate General Traders
No. of Employees :	38

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Tunisia	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 Arab Spring revolution, including slow economic growth and high unemployment. 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 EU.

Tunisia's liberal strategy, coupled with investments in education and infrastructure, fueled decades of 4-5% annual GDP growth and improved living standards. Former President Zine el Abidine BEN ALI (1987-2011) 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.

Tunisia’s government remains under pressure to boost economic growth quickly to mitigate chronic socio-economic challenges, especially high levels of youth unemployment, which has persisted since the revolution in 2011. Successive terrorist attacks against the tourism sector and worker strikes in the phosphate sector, which combined account for nearly 15% of GDP, slowed growth from 2015 to 2017. Tunis is seeking increased foreign investment and working with labor unions to limit labor disruption.

Source : CIA

Company name
Registered Name:	PELLCO SARL
Requested Name:	PELLCO
Other Names:	SOCIETE PELLCO SARL
ADDRESS AND TELECOMMUNICATION
Physical Address:	4 Rue Du Madagascal La Malsa 2070, 01053 Tunis
Country:	Tunisia
Phone:	216-71960764
Fax:	216-71960802/71960764
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Societe Anonyme Responsabilitee Limitee
Date Incorporated:		10-July-2002
Reg. Number:		B3852242009
Nominal Capital		TND. 1,000,000
Subscribed Capital		TND. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mrs. Sonia Chemmam		MD		50%
Mr. Ali Ahmed		Director		50%
Mr. Olivier Sanna		Manager
Mr. M. Hassan		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mrs. Sonia Chemmam Mr. Ali Ahmed		Shareholders of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate general traders
Imports:		Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, stores etc
Employees:		38 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Tunisia
Location:		Rented premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Tunisian Dinar (TND.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in TND.)
			2015
Sales			17,450,000
BANK
Bank Name:		Banque Internationale Arabe de Tunisie (BIAT)
Branch:		Tunisia
Comments:		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	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
TND	1	INR 27.45

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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