MIRA
INFORM REPORT
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Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL KANATER SAL |
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Registered Office : |
Toni Abou Naoum
Building, Meir Road, Industrial Area, P O Box 69, Mkalles |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
64732, Baabda |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products, including tahina, loukoum and
sesame seeds. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL KANATER SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 1977
Commercial Registration Number : 64732, Baabda
Issued Capital : LP 30,000,000
Paid up Capital : LP 30,000,000
Total Workforce : 35
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
AL KANATER SAL
ADDRESS
Registered & Physical Address
Building : Toni Abou Naoum Building
Street : Meir Road
Area : Industrial Area
PO Box : 69
Town : Mkalles
Country : Lebanon
Telephone : (961-1) 687880 / 687881 / 687882
Facsimile : (961-1) 687883
Email : info@al-kanater.com
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Industrial Area of Mkalles.
KEY PRINCIPALS
·
Toni E Abou
Naoum Managing
Director
·
Marleine Abou
Naoum Director
·
Eddy T Abou
Naoum Director
LEGAL FORM & OWNERS
Date of Establishment : 1977
Legal Form :
Societe Anonyme
Libanaise - SAL (Lebanese
Joint Stock Company)
Commercial Reg. No. : 64732, Baabda
Issued Capital : LP 30,000,000
Paid up Capital : LP 30,000,000
Name of Shareholder (s)
·
Toni E Abou
Naoum
·
Marleine Abou
Naoum
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Eddy T Abou
Naoum
Note to the Legal Form
A Joint Stock Company may be formed with a minimum capital of LP 30,000,000, twenty-five percent of which must be fully paid and it must have at least three founding members. The majority of the Board, which can have between 3-12 members, must be Lebanese. The company’s head office must be in Lebanon and a foreign-national chairman can only hold office if he has a work permit (this rule does not apply to chairmen of banks, and offshore or holding companies, which are usually formed as joint stock companies.) As a general rule, the law does not set requirements on how much interest the Lebanese members of a joint stock company must own. However, if the object of the company is to trade in real estate in Lebanon, then fifty percent of the company’s capital must be owned by Lebanese nationals.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products, including tahina, loukoum and sesame seeds.
Import Countries : Sudan
Subject has a
workforce of 35 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : Lebanese
Pounds (LP)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue LP 3,700,000,000 LP 3,500,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Banque de la Mediterranee
SAL
PO Box : 11348
Beirut
Tel : (961-1) 866925
Fax : (961-1) 866925
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1977,
subject is involved in the import and distribution of general foodstuff
products, including tahina, loukoum and sesame seeds.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)