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Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.12.1954 |
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Com. Reg. No.: |
4589, |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Engaged in the manufacture and marketing of paints, primers and
varnishes, as well as paint brushes |
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No. of Employees |
100 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
SUMMARY
Company Name : SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 31st December 1954
Commercial Registration Number : 4589, Beirut
Chamber Membership Number : 27499
VAT Number : 601-9236
Issued Capital : LP 13,000,000
Paid up Capital : LP 13,000,000
Total Workforce : 100
Activities : Manufacturers and marketers of paints and related products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jalal Hamawi, Assistant Finance Manager
COMPANY NAME
SIPES INTERNATIONAL PAINT MANUFACTURING CO SAL
ADDRESS
Registered & Physical Address
Building : Bizri
Building, 3rd Floor
Street : Madame Curie
Street
Area : Sakiet El
Janzir Area, Snoubra Sector
PO Box : 113300
Town : Beirut
Country : Lebanon
Telephone : (961-1) 862626
/ 813832 / 862625 / 862627 / 470152
Facsimile : (961-1) 603011
/ 813822
Email : sipes@cyberia.net.lb
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Beirut.
Branch Office (s)
Location Description
· Old Saida Road Owned
factory premises
Choueifate
Tel:
(961-5) 800001 / 800002
Fax:
(961-5) 800003
KEY PRINCIPALS
Name Position
· Mohamed Wajih A
Bizri Chairman
· Majid Fouad A
Bizri Director
· Mazen A Bizri Director
· Houssam Darazi Finance
Manager
· Jalal Hamawi Assistant
Finance Manager
· Waleed Saab Commercial
Manager
· Walid Basatni IT
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 31st
December 1954
Legal Form : Lebanese Joint
Stock Company
Commercial Reg.
No. : 4589, Beirut
Chamber Member No. : 27499
VAT No. : 601-9236
Issued Capital : LP 13,000,000
Paid up Capital : LP 13,000,000
Name of Shareholder (s)
· Mohamed Wajih A
Bizri
· Majid Fouad A
Bizri
· Mazen A Bizri
· Hanna Chemical
Coatings Corp
United States of
America
· Lebanese
businessmen and private investors
AFFILIATED COMPANIES
· Jordanian Sipes
Paints Co Ltd
Jerusalem Street
Moukablin
PO Box: 276
Amman
Jordan
Tel: (962-6)
4797292
Fax: (962-6)
4794620
· Universal Paints
SAE (SIPES)
222 El Hegaz
Street
Heliopolis
Cairo
Egypt
Tel: (20-2)
2458064
· Universal Paints
Inc
Jerusalem Street
Moukablin
PO Box: 276
Amman
Jordan
Tel: (962-6)
4871817
Fax: (962-6)
4871817
· Steel Sal
Sipes Paint
Building
Route de
Khalde
PO Box:
113300
Beirut
Tel:
(961-1) 431495
Fax:
(961-1) 431495
OPERATIONS
Activities: Engaged in the manufacture and marketing of paints, primers and
varnishes, as well as paint brushes
under licence from Hanna Chemical Coatings Corp, USA.
Import Countries: The United States of America and the United
Kingdom.
International
Suppliers:
· Silvochem Netherlands
· CPS Finland
· Floute Sarl Lebanon
Export Countries: GCC countries.
Brand Names: SIPES
Operating Trend: Steady
Subject has a workforce of 100 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/12: Year Ending 31/12/13:
Total Sales US$
12,800,000 US$ 14,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jalal Hamawi, Assistant Finance
Manager
BANKERS
·
Banque Audi Sal
Main Branch
PO Box: 112560
Beirut
Tel: (961-1)
200250
Fax: (961-1)
200955
·
Banque Saradar Sal
Main Branch
PO Box: 111121
Beirut
Tel: (961-1) 410351
Fax: (961-1)
404490
·
ABN AMRO Bank
Main Branch
PO Box: 1135162
Beirut
Tel: (961-1)
410351
Fax: (961-1)
404490
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction November
2012
Credit amount 78,000
Amount overdue 0
Payment terms 90
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.61.12 |
|
|
1 |
Rs.103.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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.