MIRA INFORM REPORT

 

 

Report Date :

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL

 

 

Registered Office :

Bizri Building, 3rd Floor Madame Curie Street Sakiet El Janzir Area, Snoubra Sector PO Box 113300 Beirut

 

 

Country :

Lebanon

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.12.1954

 

 

Com. Reg. No.:

4589, Beirut

 

 

Legal Form :

Lebanese Joint Stock Company

 

 

Line of Business :

Manufacturers and marketers of paints and related 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

 

Status :

Satisfactory

Payment Behaviour :

Usually Correct

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Lebanon

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL

Country of Origin                                    : Lebanon

Legal Form                                            : Lebanese Joint Stock Company

Registration Date                                   : 31st December 1954

Commercial Registration Number            : 4589, Beirut

Chamber Membership Number                : 27499

Issued Capital                                        : LP 13,000,000

Paid up Capital                                      : LP 13,000,000

Total Workforce                                     : 100

Activities                                               : Manufacturers and marketers of paints and related products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Bizri Building, 3rd Floor

Street               : Madame Curie Street

Area                 : Sakiet El Janzir Area, Snoubra Sector

 

PO Box             : 113300

 

Town                 : Beirut

Country             : Lebanon

 

Telephone         : (961-1) 862626 / 813832 / 862625 / 862627

Facsimile          : (961-1) 603011 / 813822

Email                : sipes@cyberia.net.lb

 

Premises

 

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Beirut.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Old Saida Road                                                                                 Owned factory premises

Choueifate

     Tel: (961-5) 800001 / 800002

     Fax: (961-5) 800003

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Wajih A Bizri                                                                     Chairman

 

·       Majid Fouad A Bizri                                                                           Director

 

·       Mazen A Bizri                                                                                   Director

 

·       Houssam Darazi                                                                               Finance Manager

 

·       Wilson Salameh                                                                                Sales Manager

 

·       Walid Basatni                                                                                   IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st December 1954

 

Legal Form                  : Lebanese Joint Stock Company

 

Commercial Reg. No.  : 4589, Beirut

 

Chamber Member No. : 27499

 

Issued Capital              : LP 13,000,000

 

Paid up Capital            : LP 13,000,000

 

Name of Shareholder (s)

 

·       Mohamed Wajih A Bizri

 

·       Majid Fouad A Bizri

 

·       Mazen A Bizri

 

·       Hanna Chemical Coatings Corp

United States of America

 

·       Lebanese businessmen and private investors

 

 

AFFILIATED COMPANIES

 

·       Jordanian Sipes Paints Co Ltd

Jerusalem Street

Moukablin

PO Box: 276

Amman

Jordan

Tel: (962-6) 4797292

Fax: (962-6) 4794620

 

·       Universal Paints SAE (SIPES)

222 El Hegaz Street

Heliopolis

Cairo

Egypt

Tel: (20-2) 2458064

 

·       Universal Paints Inc

       Jerusalem Street

Moukablin

PO Box: 276

Amman

Jordan

Tel: (962-6) 4871817

Fax: (962-6) 4871817

 

·       Steel Sal

Sipes Paint Building

     Route de Khalde

     PO Box: 113300

     Beirut

     Tel: (961-1) 431495

     Fax: (961-1) 431495

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and marketing of paints, primers and varnishes, as well as paint brushes

     under licence from Hanna Chemical Coatings Corp, USA.

 

Import Countries: The United States of America and the United Kingdom.

Export Countries: GCC countries.

Brand Names: SIPES

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Lebanese Pounds (LP)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                LP 10,000,000,000                     LP 11,250,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

BANKERS

 

·       Banque Audi Sal

Main Branch

PO Box: 112560

Beirut

Tel: (961-1) 200250

Fax: (961-1) 200955

 

·       Banque Saradar Sal

Main Branch

PO Box: 111121

Beirut

Tel: (961-1) 410351

Fax: (961-1) 404490

 

·       ABN AMRO Bank

Main Branch

PO Box: 1135162

Beirut

Tel: (961-1) 410351

Fax: (961-1) 404490

 

 

PAYMENT HISTORY

 

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.28

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.