MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

ELIE SAAB LIBAN SAL

 

 

Registered Office :

Elie Saab Building, Minet El Hosn, P O Box 113293, Beirut

 

 

Country :

Lebanon

 

 

Date of Incorporation :

22.02.2006

 

 

Com. Reg. No.:

10005437

 

 

Legal Form :

Lebanese Joint Stock Company

 

 

Line of Business :

Engaged as fashion designers and distributors of ladies clothing.

 

 

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

 

Maximum Credit Limit :

US$ 50,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : ELIE SAAB LIBAN SAL

Country of Origin                                    : Lebanon

Legal Form                                            : Lebanese Joint Stock Company

Registration Date                                   : 22nd February 2006

Commercial Registration Number            : 10005437, Beirut

Issued Capital                                        : LP 30,000,000

Paid up Capital                                      : LP 30,000,000

Total Workforce                                     : 80

Line of Business                                    : Fashion designers and distributors of ladies clothing.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

ELIE SAAB LIBAN SAL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Elie Saab Building

Area                 : Minet El Hosn

PO Box             : 113293

Town                 : Beirut

Country             : Lebanon

Telephone         : (961-1) 981982

Facsimile          : (961-1) 981983

Mobile               : (961-3) 671114

Email                : info@eliesaab.com

 

 

Premises

 

Subject operates from a large suite of offices and a warehouse that are rented and located in the Central Business Area of Beirut.

 

 

KEY PRINCIPALS

 

·       Elias Saleem Bu Saab                                                           Managing Director

 

·       Claudine Yacoub Bu Saab                                                     Director

 

·       Nadim Shamas                                                                     General Manager

 

·       Dany Saab                                                                           Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd February 2006

 

Legal Form                  : Societe Anonyme Libanaise - SAL (Lebanese Joint Stock Company)

 

Commercial Reg. No.  : 10005437, Beirut

 

Issued Capital              : LP 30,000,000

 

Paid up Capital            : LP 30,000,000

 

 

Name of Shareholder (s)

 

·       Elias Saleem Bu Saab

 

·       Claudine Yacoub Bu Saab

 

·       Est Holding Sarl

 

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 as fashion designers and distributors of ladies clothing.

 

Import Countries : Europe and GCC countries.

 

Subject has a workforce of 80 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       HSBC Bank Middle East

PO Box : 111380

Beirut

Tel : (961-1) 425296

Fax : (961-1) 425295

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000:

 

Investigations undertaken in Beirut did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.

 

Maximum suggested credit figure: US$ 50,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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