MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
HOME CITY SARL |
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Registered Office : |
Home
City Center, Sahel Alma, Jounieh |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
72760 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged
in the import and distribution of household furniture, carpets and textiles. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HOME CITY SARL
Country of Origin : Lebanon
Legal Form : Limited Liability Company
Registration Date : 2002
Commercial Registration Number : 72760, Baabda
Issued Capital : LP 6,000,000
Paid up Capital : LP 6,000,000
Total Workforce : 10
Line of Business : Distributors of household furniture, carpets and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HOME CITY SARL
ADDRESS
Registered & Physical Address
Building : Home City Center
Area : Sahel Alma
Town : Jounieh
Country : Lebanon
Telephone : (961-9) 911000 / 911911 / 910910
Facsimile : (961-9) 911333
Mobile : (961-3) 969090
Email : homecity2002@gnauk.com
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Jounieh.
KEY PRINCIPALS
· Antoine W Herro Managing
Director
· Rabih W Herro Director
· Charbel W Herro Director
· Nada W Herro Administration Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2002
Legal Form : Societe A’ Responsibilite Limitee - SARL (Limited Liability Company)
Commercial Reg. No. : 72760, Baabda
Issued
Capital : LP 6,000,000
Paid
up Capital : LP 6,000,000
Name of Shareholder
(s)
· Antoine W Herro
· Rabih W Herro
· Charbel W Herro
Note to the Legal Form
The formation of a Limited Liability Company requires a minimum capital of LP 5,000,000. The company must have at least 3 shareholders of any nationality. If the number of shareholders in the company exceeds thirty, the company must change its registration to a Joint Stock Company within two years or else dissolve. A Limited Liability Company may not engage in any activities involving insurance, savings, banking, capital investments and air transport.
The Limited Liability Company must register with the Commercial Register in the district where it is located, as well as with the Patent Office of the Ministry of National Economy and Commerce.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of household furniture, carpets and textiles.
Import
Countries :
Italy, Germany, Belgium and Spain
Brand Names : STEINHOFF, CANNON, MANTEROL and RAGOLLE.
Operating
Trend : Steady
Subject
has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Lebanese Pounds (LP)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue LP
2,900,000,000 LP
3,260,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Fransabank
Sal
PO Box : 110393
Beirut
Tel : (961-1) 340180 / 354573
Fax : (961-1) 354572
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 100,000
Established
in 2002, subject is involved in the import and distribution of household
furniture, carpets and textiles.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
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/normal. |
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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