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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAHEBA & CO FOR IMPORTING FOODSTUFF,
STATIONERY & FURNITURE |
|
|
|
|
Registered Office : |
Bldg No 2 Al Karimiya, Dubai Street, Near
Shalouf Mosque, Tripoli |
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|
|
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Country : |
Libya |
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|
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Date of Incorporation : |
1991 |
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|
|
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Legal Form : |
Joint Stock Co |
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|
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Line of Business : |
Non‑specialised wholesale of food, beverages and tobacco. Subject is involved in general trading with a special focus on Foodstuff (rice, tomato paste, canned food, biscuit, pineapple, tuna) |
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|
|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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) |
|
Libya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
WAHEBA & CO
FOR IMPORTING FOODSTUFF, STATIONERY & FURNITURE
Rating Briefing
Definition: FAIR CREDIT QUALITY
Payment Record: NO COMPLAINTS
This rating is based on available data. In
the event of additional information a possibility for a different rating
applies.
Registration
Briefing
Registration
Number: 2013
Registration Date: N/A
Legal Form: JOINT STOCK CO
Latest Financials: N/A
Financial Briefing
Nominal Capital: N/A
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth:
Company Name: ALMUDYAF
Country: LI
Street Name: WHEBA
& CO LTD POB 81343
City Code: TRIPOLI
Post Code: TRIPOLI
LIBY
Phone Number: 218215820923
Fax Number: 218213508434
Company Name: Waheba & Co for Importing Foodstuff, Stationery
& Furniture
Headquarter Address: Bldg No 2 Al Karimiya, Dubai Street, Near Shalouf Mosque,
Tripoli,
Libya
Postal Address: P.O.Box 81343, Tripoli
Telephone: +21821 5820923
Fax: +21821 3508434
Company was originally
started on 1991
Current Legal Form: JOINT STOCK CO
Registration Number: 2013
Year/Date Company Established: 1991
Registration Town: Tripoli
Shareholders:
Name/Other Information Shares Held %
of Voting/Non‑Voting capital
Mr. Mohamed Waheba
(Main
Shareholder)
(Principal Shareholder),
Libya
Mr. Sulaiman
Waheba,
Libya
Mr. Mohamed
Waheba's sons,
Libya
Name: Mr
Mohamed Waheba
Position within the company: Chairman and chief executive
Address: Mobile:
218 91 2130459
Country of Birth: Libya
Nationality: Libyan
Name: Mr
Abdul Karim Waheb
Position within the company: Assistant to Chairman and chief executive
Country of Birth: Libya
Nationality: Libyan
Family Connections with: Son of Mr. Mohamed
NACE Codes: 4639 Non‑specialised wholesale of food,
beverages and tobacco
Subject is involved in general trading with
a special focus on Foodstuff (rice, tomato paste, canned food, biscuit,
pineapple, tuna)
HQ Premises Operates from: Office
Location: Central
Business Area, Main Road
Imports Finished Goods
Imports From: Europe, Far East, Italy, Malaysia, Vietnam,
Thailand, India
Importing Terms: Cash against documents
Additional Information: Cash, Credit Facilities
Export % and type of product: Subject does not export
Type of Customer: wholesaler, retailers
Subsidiaries
Affiliates
Information on Related Companies is not available/applicable
Information on Bankers is not available/applicable
Subject's payments reported to be: NO
COMPLAINTS
Date: 1/10/2013
Name/Title: Mr.
Mohamed Waheba Chairman and chief executive
Comment: Subject
has confirmed the general details provided in the report but has declined to
provide any Financial Data.
Reporter Comment: Registration/
legal and financial information is not publicly available. Thus all data stated
in the report was obtained directly from the Subject Company and/ or other
publicly available information. Therefore it should be used as a point of
reference as it is not possible to verify such data with official sources.
In the interview
conducted with Mr. Mohamed Waheba, subject’s chairman and CEO he
provided us with
the information shown in report and requested to get the name of original
inquirer in order to provide further details.
According to Mr.
Waheb, ALMUDYAF Company was founded in 1991, as a joint stock
company owned by
Mr. Mohamed Waheba, his brother and other shareholders.
3 months ago Mr.
Mohamed dissolved Al Medyaf company and founded current subject which is also a
joint stock company, operating in the same business field.
The supplied name is not accurate
Accounts Comments: Full Financial Statements were unavailable to local
analysts so a complete and
accurate picture
of the financial strength of the company could not be ascertained.
Our assessment and ratings are therefore based on non‑financial
data.
Local Reputation: The
company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
General Conclusion: Subject not legally obliged to produce or publish
accounts
Owner/Shareholders Comments: Some of the
owners / shareholders have an active participation in the running of
the business.
Age of Business: The company is a long established family run
business.
Country: Libya
Date: 20/08/2013 00:00:00
Source: "Economist Intelligence
Unit" ‑ The Economist
Risk: Last Updated:
24/07/2013
Sovereign
risk
Libya is estimated to have run up arrears in
2011, owing to the challenging financial conditions resulting from the
conflict. However, renewed access to its foreign reserves and a recovery in oil
revenue will enable the country to meet its modest repayment obligations easily
in 2013‑14.
Currency
risk
We expect the Libyan dinar to remain pegged
to the IMF's special drawing rights, limiting currency volatility. Large (and
growing) stocks of foreign‑exchange reserves will provide support should
the dinar come under sustained pressure.
Banking
sector risk
The banking sector risk rating has improved
to B this month. Rising oil revenue and the lifting of sanctions on the Central
Bank of Libya have enabled it to boost the foreign‑exchange supply to
commercial banks, while the net foreign asset position has strengthened
substantially. Deposits will continue to recover in line with oil earnings and
foreign investment
Political
risk
Government effectiveness will continue to be
impaired by security issues—including conflict over the role of state‑sanctioned
militias—administrative problems and in‑fighting between political groups,
including over the exclusion of Qadhafi‑era officials from political
life.
Economic
structure risk
Libya's high dependency on oil for fiscal
revenue, trade and growth underpins the B rating. The country is highly
vulnerable to commodity price volatility.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.