MIRA INFORM REPORT

 

 

Report Date :

2nd March, 2007

                                                         

 

 

IDENTIFICATION DETAILS

 

Name :

AL KANATER SAL

 

 

Registered Office :

Toni Abou Naoum Building, Industrial Area, PO Box: 69, Mkalles, Lebanon.

 

 

Country :

Lebanon

 

 

Date of Incorporation :

1977

 

 

Com. Reg. No.:

64732, Baabda

 

 

Legal Form :

Societe Anonyme Libanaise - SAL (Lebanese Joint Stock Company)

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products.

 

 

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$ 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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

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

 

·       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

 

·       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

 

Opinion on the credit figure of US$ 100,000

 

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 and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 100,000

 

 

 

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