MIRA INFORM REPORT

 

 

Report Date :

16.04.2014

 

IDENTIFICATION DETAILS

 

Name :

PRO CHEM SARL

 

 

Registered Office :

Etoil Centre, 8th Floor, Rizkalla Semaan Street, El Remmaneh Area, Furn El Chebbak, PO Box: 50030 Beirut

 

 

Country :

Lebanon

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

2004

 

 

Com. Reg. No.:

2003411, Baabda

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesalers and retailers of chemical products.

 

 

No. of Employees

6

 

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

 

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, 2014

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Lebanon

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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, which saddled 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 MIKATI government in early 2011 over its backing of the Special Tribunal for Lebanon and the conflict in neighboring Syria slowed economic growth to the 1-2% range in 2011-13, 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

 

SUMMARY

 

Company Name                                    : PRO CHEM SARL

Country of Origin                                   : Lebanon

Legal Form                                           : Limited Liability Company

Registration Date                                  : 2004

Commercial Registration Number           : 2003411, Baabda

Issued Capital                                       : LP 15,000,000

Paid up Capital                                     : LP 15,000,000

Total Workforce                                     : 6

Activities                                               : Wholesalers and retailers of chemical products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

PRO CHEM SARL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Etoil Centre, 8th Floor

Street               : Rizkalla Semaan Street

Area                 : Ain El Remmaneh Area, Furn El Chebbak

PO Box            : 50030

Town                : Beirut

Country             : Lebanon

 

Telephone         : (961-1) 280073

Facsimile          : (961-1) 280038

Mobile              : (961-3) 732000 / 094621

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Beirut.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Riad Paul J Khoros                                                                   Managing Director

 

Jennifer P Khoros                                                                     Director

 

Jocelyne J Hatem                                                                     Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2004

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2003411, Baabda

 

Issued Capital              : LP 15,000,000

 

Paid up Capital            : LP 15,000,000

 

Name of Shareholder (s)

 

Riad Paul J Khoros

 

Jennifer P Khoros

 

Jocelyne J Hatem

 

 

AFFILIATED COMPANIES

 

Pro Chem International Sal

Beirut

 

Pro Chem Trading FZE

Dubai

United Arab Emirates

 

Pro Chem International

Hong Kong

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of chemical products.

 

Import Countries:         Turkey, Italy, Belgium, Switzerland, China and India.

 

Export Countries:         Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, Syria, Jordan, Egypt, Nigeria and Ethiopia.

 

Operating Trend:          Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Lebanese Pounds (LP)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                LP 3,810,000,000                       LP 4,050,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Banque Audi Sal

Ashrafieh Branch

PO Box: 112560

Beirut

Tel: (961-1) 200250 / 200251

Fax: (961-1) 200955

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                June 2011

Credit amount                                       13,000

Amount overdue                                    0

Payment terms                                      120 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.23

UK Pound

1

Rs.100.79

Euro

1

Rs.83.29

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.