MIRA INFORM REPORT

 

 

Report Date :

02.12.2013

 

IDENTIFICATION DETAILS

 

Name :

BUSTAN HOTEL TRIPOLI

 

 

Registered Office :

2km South of 27km Bridge, Janzour

 

 

Country :

Libya

 

 

Year of Establishments:

2008

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

providers of hotel and accommodations services

 

 

No. of Employees :

1000

 

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

 

 

 

Libya ECONOMIC OVERVIEW

 

Libya's economy is structured primarily around the nation's energy sector, which generates about 95% of export earnings, 80% of GDP, and 99% of government income. Substantial revenue from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but Tripoli largely has not used its significant financial resources to develop national infrastructure or the economy, leaving many citizens poor. In the final five years of QADHAFI''s rule, Libya made some progress on economic reform as part of a broader campaign to reintegrate the country into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003 and after Libya announced in December 2003 that it would abandon programs to build weapons of mass destruction. The process of lifting US unilateral sanctions began in the spring of 2004; all sanctions were removed by June 2006, helping Libya attract greater foreign direct investment, especially in the energy and banking sectors. Libyan oil and gas licensing rounds drew high international interest, but new rounds are unlikely to be successful until Libya establishes a more permanent government and is able to offer more attractive financial terms on contracts and increase security. Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution has unleashed previously restrained entrepreneurial activity and increased the potential for the evolution of a more market-based economy. The service and construction sectors, which account for roughly 60% of GDP, expanded over the past five years and could become a larger share of GDP if Tripoli prioritizes capital spending on development projects once political and security uncertainty subside. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya''s primary agricultural water source is the Great Manmade River Project.

 

Source : CIA

 

 

SUBJECT'S NAME   

 

Registered Name:                                    BUSTAN HOTEL TRIPOLI

Requested Name:                                    BUSTAN LIBYA

Other Names:                                          None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   2km South of 27km Bridge, Janzour

Postal Address:                                       P. o. Box 89086/74567

                                                              Tripoli,

Country:                                                  Libya

Phone:                                                    218-21-5826833/7207615

Fax:                                                       218-21-5826833

Email:                                                     enquiries@bustanhotel.com/olga.gonzalez@bustanhotel.com

Website:                                                 www.bustanhotel.com

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            2008

Reg. Number:                                                   Libya

Nominal Capital                                                LYD. 1,000,000

Subscribed Capital                                            LYD. 1,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. M. Salahuddin                                            Director                           

Mrs. Olga Gonzalez                                          Admin                             

 

 

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

OPERATIONS

 

Registered to operate as providers of hotel and accommodations services

 

Imports:                                                           Worldwide

Exports:                                                           None

Trademarks:                                                     None

Terms of sale:                                                  Cash (80%) and 25-90 days (20%), invoices.

                                                                      

Main Customers:                                              General Public

Employees:                                                      1000 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Libya

Location:                                                          Owned premises, 200,000 square feet,

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Libyan Dinar (LYD.)

Approx. Ex. Rate:                                             1 US Dollar = 1.26 Libyan Dinar

Fiscal Year End:                                               December 31, 2012

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted             

                                                                      

Profit and Loss (expressed in LYD.)

                                                                                     2012

Sales                                                                             10,000,000

 

 

BANK 

 

Bank Name:                                                       National Commercial Bank (Main Branch)

Branch:                                                             Mertyr's Square,  P o. Box 4647 & P.o. Box 2553,

Tripoli, Libya

Comments:                                                        None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

                                                                      

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.