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Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ELIAS GHASSAN
SADAKA (MIELCO) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Year of Establishments : |
1999 |
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Com. Reg. No.: |
66961, Baabda |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of household cleaning products and chemicals. |
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No of Employees : |
19 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Lebanon |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Concern Name : ELIAS GHASSAN SADAKA (MIELCO)
Country of Origin : Lebanon
Legal Form : Sole Proprietorship
Registration Date : 1999
Commercial Registration Number : 66961, Baabda
Invested Capital : LP 1,500,000
Total Workforce : 19
Activities : Distributors of household cleaning products and chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ELIAS GHASSAN SADAKA (MIELCO)
Registered &
Physical Address
Building : Elias Ghassan Sadaka Building,
Ground Floor
Street : Main Highway
Area : Mounsef
PO Box : 238
Town : Jbeil
Country : Lebanon
Telephone : (961-9) 791792 / 790778
Facsimile : (961-9) 790778
Mobile : (961-3) 482532 / 686968
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Central Business Area of Jbeil.
Name Position
·
Elias
Ghassan Sadaka Proprietor
& General Manager
·
Mirna
Sadaka Assistant
General Manager
·
Naji El
Khoury Import
and Export Manager
·
Rania
Romanos Finance
Manager
·
Mehyedine
Abou Sham IT
Manager
·
George
Bou Younes Production
Manager
Date of Establishment : 1999
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 66961, Baabda
Invested Capital
: LP 1,500,000
Mr. Elias Ghassan
Sadaka is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
household cleaning products and chemicals.
Import
Countries: United States of
America, United Arab Emirates, Netherlands, Sweden, France, India, China,
South Korea, Egypt, Turkey
and Belgium.
Brand Names: DUPONT, DOW, AKZO NOBEL ELEMENTS,
KNIGHTSBRIDGE, ELEMENTIS, SUDARCHAN,
and RHOM & HAAS
Operating Trend: Steady
Subject has a
workforce of 19 employees
Financial
highlights provided by local sources are given below:
Currency: Lebanese
Pounds (LP)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue LP 4,850,000,000 LP 5,190,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Credit
Libanais Sal
PO Box: 166729
Beirut
Tel: (961-1) 200028 / 201292
Fax: (961-1) 602615
·
Byblos
Bank Sal
PO Box: 115605
Beirut
Tel: (961-1) 898200
Fax: (961-1) 898209
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.25 |
|
UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.