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Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ADMIC SAL |
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Registered Office : |
City Mall, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.04.1996 |
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Com. Reg. No.: |
57630, Baabda |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Subject is engaged in a department store and a chain of supermarkets,
specialising in the wholesale and retail of household appliances, furniture,
jewellery, clothing, toys, ironmongery, stationery, sporting equipment and general foodstuff products. |
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No. of Employees : |
720 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 |
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Risk Category |
ECGC
Classification |
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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 : ADMIC SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 25th April 1996
Commercial Registration Number : 57630, Baabda
Issued Capital : LP 33,750,000,000
Paid up Capital : LP 33,750,000,000
Total Workforce : 720
Activities : Operators of department stores and supermarkets.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ADMIC SAL
Location : City Mall, 14 Dora Boulevard
Area :
Nahr El Mote, Dora Area
PO Box : 166901
Town : Beirut
Country : Lebanon
Telephone : (961-1) 905000
/ 889602
Facsimile : (961-1) 905040
/ 889605
Mobile : (961-3)
474747
Email : info@admic.com.lb / admic@dm.net.lb
Please note that subject’s previous address was, BHV Complex, Adnane
Hakim Street, Jnah Area, Beirut.
Subject operates from a medium sized suite of offices and a department
store that are rented and located in the Central Business Area of Beirut.
Branch Office (s)
Location Description
· Ashrafieh Rented
supermarket premises
Beirut
Tel: (961-5)
955200
Fax: (961-5)
955202
Email: joycekouyoumjian@admic.com.lb
· Dbayyeh Rented
supermarket premises
Name Position
· Michel G Abchee Managing
Director
· Gabriel G Abchee Director
· Patrick A Abchee Director
· Pascal G Abchee Director
· Ghana Daouk Director
· Bachir H Malass Director
· Marwan M Jaroudi Director
· Tarek A Saleh Director
· Charbile Issa Finance
Manager
· Michael Noujaim Marketing
Manager
Date of
Establishment : 25th
April 1996
Legal Form : Lebanese Joint
Stock Company
Commercial Reg.
No. : 57630, Baabda
Issued Capital : LP 33,750,000,000
Paid up Capital : LP 33,750,000,000
· Michel G Abchee
· Gabriel G Abchee
· Patrick A Abchee
· Pascal G Abchee
· Ghana Daouk
· Bachir H Malass
· Marwan M Jaroudi
· Tarek A Saleh
· AMG Sal
· AMI Sal
· Fattal Holding Sal
· Guard Investments
Holding Sal
· Canary Holding Sal
· Ghana Holding Sal
Weavers Center, 13th
Floor
Clemenceau Street
Beirut
Tel:
(961-1) 374084
Fax:
(961-1) 374085
· AMI Sal
BHV Complex
Adnane Hakim Street
Jnah Area, Opposite Cite Sportive Camille
Chamoun
PO Box: 166901
Beirut
Tel: (961-1) 858590
Fax: (961-1) 474700
· Lebanon Invest Sal
Gefinor Center, 11th
Floor
Clemenceau Street
PO Box: 1136633
Beirut
Tel: (961-1)
340812
Fax: (961-1)
340813
· Societe Assurex
Sal
Fattal Building
Ecochard Street
PO Box: 117358
Beirut
Tel: (961-1)
492049
Fax: (961-1)
494232
Activities: Operators of a department store and a chain of supermarkets,
specialising in the wholesale and retail of household appliances, furniture, jewellery,
clothing, toys, ironmongery, stationery, sporting equipment and
general foodstuff products. Subject also operates a restaurant.
Import Countries : Italy, France, Spain and Germany.
Brand Names : BHV, MONOPRIX and HIPPOPOTAMUS
Operating Trend: Steady
Subject has a workforce of approximately 720 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
18,420,000,000 LP
18,950,000,000
Local sources consider subject’s financial condition to be Fair.
·
Banque de la Mediterranee Sal
PO Box: 11348
Beirut
Tel: (961-1) 866925
Fax: (961-1) 866925
·
Banque Audi Sal
Ashrafieh Branch
PO Box: 112560
Beirut
Tel: (961-1)
200250 / 200251
Fax: (961-1)
200955
No complaints regarding subject’s payments have been reported.
Admic Sal owns and operates a department store and supermarket chain that
specialise in the wholesale and retail of household appliances, furniture,
jewellery, clothing, toys, ironmongery, stationery, sporting equipment and
general foodstuff products.
During the course of this investigation nothing detrimental was uncovered
regarding subject’s operating history or the manner in which payments are
fulfilled. As such the company is considered to be a fair trade risk.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.49 |
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|
1 |
Rs.98.71 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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NB |
New Business |
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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.