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Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
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Name : |
YARED OFFSHORE
SAL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
03.05.2010 |
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Com. Reg. No.: |
1804239, |
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Legal Form : |
Lebanese Offshore
Joint Stock Company |
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Line of Business : |
Distributors of
steel, pipes, manholes, sanitary ware heating systems and ceramics. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Lebanon |
B2 |
B2 |
|
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 |
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 the 1-2% range in 2011-12, 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
Company Name : YARED OFFSHORE SAL
Country of Origin : Lebanon
Legal Form :
Lebanese Offshore Joint Stock Company
Registration Date : 3rd
May 2010
Commercial
Registration Number : 1804239,
Beirut
Issued Capital : LP
30,000,000
Paid up Capital : LP 30,000,000
Total Workforce : 5
Activities :
Distributors of steel, pipes, manholes, sanitary ware heating systems and ceramics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nadim Al
Hebar, Commercial Manager
YARED OFFSHORE SAL
Building : Yared Building
Street : El Saad Street
Area : Ghandour, Ashrafieh Area
PO Box : 90414
Town : Beirut
Country : Lebanon
Telephone : (961-1) 893128 / 870538
Facsimile : (961-1) 893128
Email : info@jcyared.com
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Beirut.
Name Position
·
Pierre
Jean Claude Yared Managing
Director
·
Tareq
Muneer Baz Director
·
Carla
Charle Baz Director
·
Nadim
Al Hebar Commercial
Manager
Date of Establishment : 3rd
May 2010
Legal Form :
Lebanese Offshore Joint
Stock Company
Commercial Reg. No. : 1804239,
Beirut
Issued Capital : LP 30,000,000
Paid up Capital : LP 30,000,000
·
Pierre
Jean Claude Yared
·
Tareq
Muneer Baz
·
Carla
Charle Baz
·
Jean
Claude Yared and Fils Sal
Yared Building
El Saad Street
Ghandour, Ashrafieh Area
PO Box: 90414
Beirut
Activities: Engaged in the import and distribution of
steel, pipes, manholes, sanitary ware heating systems and
ceramics.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency: Lebanese
Pounds (LP)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales LP 3,400,000,000 LP 3,750,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Beirut and the Arab Countries Sal
PO Box: 111536
Beirut
Tel: (961-1) 867142 / 869835
Fax: (961-1) 869836
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.83.64 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
<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.