MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
TISKA
SAL |
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Registered Office : |
Skaff
Building, Ground Floor, Main Road, Mkalles, P O Box 1135256, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
45959, Baabda |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Import,
distribution and retail of household soft furnishing materials, textiles,
fabrics, upholstery materials, wooden furniture and wallpaper. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
400,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TISKA SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 1993
Commercial Registration Number : 45959, Baabda
Issued Capital : LP 100,000,000
Paid up Capital : LP 100,000,000
Total Workforce : 23
Line of Business : Distributors of soft furnishing materials, textiles, upholstery
materials, wooden furniture and wallpaper.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TISKA
SAL
ADDRESS
Registered & Physical Address
Building : Skaff Building, Ground Floor
Street : Main Road
Area : Mkalles
PO Box : 1135256
Town : Beirut
Country : Lebanon
Telephone : (961-1) 683019 / 683020 / 683021 /
683022 / 282009
Facsimile : (961-1) 683024 / 282054
Email : tiska@inco.com.lb
Premises
Subject
operates from a small suite of offices, a warehouse and a showroom that are
owned and located in the Central Business Area of Beirut.
KEY PRINCIPALS
· Elie George Skaff Managing
Director
· Phillip George Skaff Director
· George George Skaff Director
· Tony George Skaff Director
· Claudia P. Skaff Director
· Ali Deeb Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1993
Legal Form : Societe Anonyme Libanaise - SAL (Lebanese Joint Stock Company)
Commercial Reg. No. : 45959, Baabda
Issued
Capital : LP 100,000,000
Paid
up Capital : LP 100,000,000
Name of Shareholder
(s)
· Elie George Skaff
· Phillip George Skaff
· George George Skaff
· Tony George Skaff
· Claudia P. Skaff
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.
AFFILIATED COMPANIES
· Georges Skaff & Sons
Skaff Building
Main Road
Mkalles
PO Box : 1135256
Beirut
Tel : (961-1) 683019
Fax : (961-1) 683024
· A l’Etage Sarl
Skaff
Building, First Floor
Main Road
Mkalles
PO Box : 1135256
Beirut
Tel : (961-1) 683020
Fax : (961-1) 683024
LINE OF BUSINESS
Operations
: Engaged in the
import, distribution and retail of household soft furnishing materials,
textiles, fabrics, upholstery
materials, wooden furniture and wallpaper.
Import
Countries :
Italy, Turkey, the Czech Republic and the United States of America.
International
Suppliers :
· Master Craft Inc United States of America
· Collin & Aikman Inc United States of America
· Velbar Spain
· Kolovrat Czech Republic
Operating
Trend : Steady
Subject
has a workforce of 23 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
5,350,000,000 LP
5,590,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Banque
de la Mediterranee SAL
PO Box : 11348
Beirut
Tel : (961-1) 866925
Fax : (961-1) 866925
·
Banque
du Liban et D’ Outre Mer Sal (BLOM)
PO Box : 111912
Beirut
Tel : (961-1) 346290 / 863830 / 371898
Fax : (961-1) 364133
·
Banque
Libano Francaise Sal
PO Box : 11808
Beirut
Tel : (961-1) 200493 / 200490
Fax : (961-1) 200494 / 348845
·
Byblos
Bank Sal
PO Box : 115605
Beirut
Tel : (961-1) 898200
Fax : (961-1) 898209
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of transaction July 1999 February 2003 February 2005
Credit
amount 200,000 50,000 17,000
Amount
overdue 0 0 0
Payment
terms 30 days 60 days 30
days
Payment
Method Letters of Credit Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints No Complaints
Currency US
Dollars US Dollars Pounds Sterling
GENERAL COMMENTS
Opinion
on the credit figure of US$ 100,000
Tiska
Sal has been in business for approximately 10 years and is engaged in the
import, distribution and retail of household soft furnishing materials,
textiles, fabrics, upholstery materials, wooden furniture and wallpaper. The
company is owned by members of the Skaff family who are respected members of
the business community.
The
company deals with a number of international suppliers and no payment delays
have been uncovered. According to local informants, subject’s financial
position is satisfactory and it is considered to be a fair trade risk. As such
we are of the opinion that the above credit figure is admissible.
Maximum
suggested credit figure: US$ 400,000
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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