MIRA INFORM REPORT

 

 

Report Date :

26.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SODAP LIBAN SAL

 

 

Registered Office :

Sodap Liban Building Main Road Industrial Area, Hosrayel PO Box119666 Jbeil

 

 

 

 

Country :

Lebanon

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Year of Establishment:

1985

 

 

 

 

Com. Reg. No.:

23851, Baabda

 

 

 

 

Legal Form :

Lebanese Joint Stock Company

 

 

 

 

Line of Business :

Import and distribution of building materials, adhesives, solvents and chemical products used in the building industry as well as operating as building contractors dealing in building insulation and weather-proofing.

 

 

 

 

No. of Employees :

100

 

 

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 :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Lebanon

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LEBANON - ECONOMIC OVERVIEW

 

Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment; however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, complex customs procedures, high taxes, tariffs, and fees, archaic legislation, and weak intellectual property rights. The Lebanese economy is service-oriented; main growth sectors include banking and tourism. The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed Lebanon's position as a Middle Eastern entrepot and banking hub. Following the civil war Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks - saddling the government with a huge debt burden. Pledges of economic and financial reforms made at separate international donor conferences during the 2000s have mostly gone unfulfilled, including those made during the Paris III Donor Conference in 2007 following the July 2006 war. The collapse of the government in early 2011 over its backing of the Special Tribunal for Lebanon and unrest in neighboring Syria slowed economic growth to 1.5% after four years of 8% average growth. In September 2011 the Cabinet endorsed a bill that would provide $1.2 billion in funding to improve Lebanon's downtrodden electricity sector, but fiscal limitations will test the government's ability to invest in other areas, such as water.

Source : CIA

 

 

SUMMARY

 

Company Name                                     : SODAP LIBAN SAL

Country of Origin                                    : Lebanon

Legal Form                                            : Lebanese Joint Stock Company

Registration Date                                   : 1985

Commercial Registration Number            : 23851, Baabda

VAT Number                                          : 7750

Issued Capital                                        : LP 900,000,000

Paid up Capital                                      : LP 900,000,000

Total Workforce                                     : 100

Activities                                               : Import and distribution of building materials, adhesives, solvents and

                                                              chemical products used in the building industry as well as operating as

                                                              building contractors dealing in building insulation and weather-proofing.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Rony Harb, Purchasing Manager

 

COMPANY NAME

 

SODAP LIBAN SAL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Sodap Liban Building

Street               : Main Road

Area                 : Industrial Area, Hosrayel

 

PO Box             : 119666

 

Town                 : Jbeil

Country             : Lebanon

 

Telephone         : (961-9) 790920 / 790921 / 790922 / 790923

Facsimile          : (961-9) 790924

Mobile               : (961-3) 700893

Email                : ronyh@sodamco.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Industrial Area of Jbeil.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Zahleh                                                                                              Sales office

Tel: (961-3) 770793

 

·       Al Charki Boulevard                                                                           Sales office

Haret Area

Saida

     Tel: (961-7) 730239

 

·       Azmi Street                                                                                      Sales office

Tripoli

     Tel: (961-3) 291060

 

·       Debbane Bros Property                                                                      Sales office

Zouk Highway

Zouk Mekael

Beirut

Tel: (961-1) 917274

Fax: (961-1) 917680

 

·       Damascus Tower Building                                                                  Sales office

Marge Square

Damascus

Syria

Tel: (963-11) 2311042

 

·       Abu Dhabi Commercial Bank Building, Office No. 102                           Sales office

Airport Road

Abu Dhabi

United Arab Emirates

Tel: (971-2) 6222301

Fax: (971-2) 6222801

 

·       Al Quoz Industrial Area                                                                      Sales office & warehouse

Dubai

United Arab Emirates

Tel: (971-4) 3472640

Fax: (971-4) 3403420

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nadim Badih Saikali                                                                          Managing Director

 

·       Fadi G Debbane                                                                                Director

 

·       Hady Nassif                                                                                      General Manager

 

·       Samir Moharram                                                                               Commercial Manager

 

·       Miss Huda Rashed                                                                            Administrative Officer

 

·       Miss Rosalie Khabbaz                                                                       Accounts Manager

 

·       Rony Harb                                                                                        Purchasing Manager

 

·       Miss Suzanne Abi Habib                                                                    Purchasing Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Lebanese Joint Stock Company

 

Commercial Reg. No.  : 23851, Baabda

 

VAT No.                       : 7750

 

Issued Capital              : LP 900,000,000

 

Paid up Capital            : LP 900,000,000

 

Name of Shareholder (s)

 

·       Sodamco Holding Sal

      Tayar Center, Block B, 1st Floor
General Charles de Gaulle Avenue

Sin El Fil
Tel: (961-1) 510863 

     Fax: (961-1) 510862 

 

·       Nadim Badih Saikali

 

·       Fadi G Debbane

 

 

AFFILIATED COMPANIES

 

·       Pesco International Sal

Tayar Center, Block B, 1st Floor

General Charles de Gaulle Avenue

PO Box 55654

Beirut

Tel: (961-1) 494373

Fax: (961-1) 485848

 

·       Pesco Telecom Sal

Saad Building, 3rd Floor

Baalbeck Street

PO Box 55654

Beirut

Tel: (961-1) 746851

Fax: (961-1) 352281

 

·       Energy Management Services Lebanon Sal

Tayar Center, Block B, 1st Floor

General Charles de Gaulle Avenue

PO Box 55654

Beirut

Tel: (961-1) 484373

Fax: (961-1) 489505

 

·       Societe d’Application des Materiaux de Construction Sarl (SODAMCO)

Dedeyan Center

Dora Boulevard

Beirut

Tel: (961-1) 255957

Fax: (961-1) 255957

 

·       Exotica Sal

Exotica Building

PO Box 119666

Kesrouane

Tel: (961-9) 210023

Fax: (961-9) 211365

 

·       Moscanet Sal

Saad Building, 3rd Floor

Baalbeck Street

PO Box 55654

Beirut

Tel: (961-1) 746851

Fax: (961-1) 746852

 

·       CCF Holding Liban Sal

SNA Building, 10th Floor

Gebrane Tueini Square

PO Box 175476

Beirut

Tel: (961-1) 327127

Fax: (961-1) 333636

 

·       Sodamco Sal

Abu Dhabi

United Arab Emirates

 

·       Sodamco Sal

Dubai

United Arab Emirates

 

·       Sodamco Emirates Factory

Dubai

United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged as building insulation and weather-proofing contractors.

 

Subject is also involved in the import and distribution of building materials, adhesives, solvents and chemical products used in the building industry.

 

Import Countries: France, Spain, Italy, Germany and the United Kingdom.

 

Export Countries: Syria, Qatar and the United Arab Emirates.

 

Brand Names: LANKO, CHRYSO, PAREX, TEXSA, IMPEZ, HEY’DI, COUVRANEUT, IMPROFILI,

BAW, JEFCO, PLASTIGEM, TOLLENS, PLASDOX and SODAP.

 

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 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                LP 14,000,000,000                     LP 14,370,000,000

 

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

 

 

BANKERS

 

·       Banque Audi Sal

Saint Louis Center

Jbeil

Tel: (961-9) 946452

Fax: (961-9) 943121

 

·       Banque Saradar Sal

Espace 2000

Zouk Mekael

Kesrouane

Tel: (961-9) 210900

Fax: (961-9) 210897

 

·       Banque Libano Francaise Sal

Banque du Liban Street

Haret Sakhre

Kesrouane

Tel: (961-9) 914811

Fax: (961-9) 934685

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1985, subject is involved in the import and distribution of building materials, adhesives, solvents and chemical products used in the building industry as well as operating as building contractors dealing in building insulation and weather-proofing.

 

According to local sources, subject deals with a number of reputable international suppliers with nothing detrimental uncovered regarding the manner in which payments are met.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.09

Euro

1

Rs.72.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.