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Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ENMAA FOR FINANCIAL SERVICES |
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Registered Office : |
Al Enmaa Financial Building
Abu Nawas Gergash Mater Street, Tripoli |
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Country : |
Libya |
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Date of Incorporation : |
11.02.2012 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as a pension fund |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Libya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
Registered Name: AL ENMAA FOR FINANCIAL SERVICES
Requested Name: AL
ENMAA FOR FINANCIAL SERVICES
Other Names: AFIHC
Physical Address: Al Enmaa Financial Building Abu
Nawas Gergash Mater Street,
Tripoli
Country: Libya
Phone: 218-912009999
Fax: 218-912009999
Email: info@afs.ly
Website: www.afs.ly
Financial Index as of December 2013 shows subject firm with a medium
risk of credit. We recommend Credit of USD 50,000 on 90 days.
Legal Form: Limited Corporation
Date Incorporated: 11-Feb-2012
Reg. Number: Libya
Nominal Capital LYD. 100,000
Subscribed Capital LYD. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Abdulrahman
Abdu Chairman
Mr.Ahmed Magdeldin Director
None Parent company.
None Subsidiary company.
Economic Social Development
Fund,
Al Enmaa for Financial Inv.
Holdings,
Al Enmaa Oil and Gaz,
Al Rahela for oil Services,
Al Enmaa for Medicine &
Medical,
Libyan Health Utilities
Investment,
United Aviation,
Petro Air. Affiliated companies.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as a pension fund
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: None
Stated
Main Customers: Individuals
Employees: 10
employees.
Vehicles: 3
motor vehicles.
Territory of
sales: Libya
Location: Rented
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Libyan Dinar (LYD.)
Approx. Ex. Rate: 1 US Dollar = 1.25 Libyan Dinar
Projected
Fiscal Year End: December 31, 2013
Projected Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in LYD.)
2013
Projected Sales 1,000,000
Bank Name: Libyan Development Bank
Branch: Libya
Comments: None
This information was obtained from outside sources other than the subject
company itself and confirmed the above subject.
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AFFILIATED
COMPANIES |
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· LIBYAN STOCK MARKET |
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· SAHARA BANK |
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· WAHDA BANK |
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· FIRST LIBYAN GULF BANK |
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· LIBYAN FINANCING & LEASING COMPANY |
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· LIBYAN INSURANCE COMPANY |
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· TELECOM LIBYANA & AL MADAR |
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· AL ESTITHMAR FOR INFORMATION |
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· ECONOMIC SOCIAL DEVELOPMENT FUND |
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· AL ENMAA FOR FINANCIAL INV. HOLDINGS |
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· AL ENMAA OIL AND GAZ |
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· AL RAHELA FOR OIL SERVICES |
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· AL ENMAA FOR MEDICINE & MEDICAL |
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· LIBYAN HEALTH UTILITIES INVESTMENT |
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· UNITED AVIATION |
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· PETRO AIR |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.101.27 |
|
Euro |
1 |
Rs.85.43 |
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 |
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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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.