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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KASSEM RMEITI &
CO FOR EXCHANGE SARL (RMEITI EXCHANGE) |
|
|
|
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Registered Office : |
Ramel Street,
Ramel Area, Tyr Town |
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Country : |
Lebanon |
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Date of Incorporation : |
31.07.2001 |
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Com. Reg. No.: |
16754, Tyr |
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|
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
provision of money and currency exchange as well as remittance services. |
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No of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 40,000 |
|
Status : |
Moderate |
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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) |
|
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 $1.2 billion in funding to
improve Lebanon's downtrodden electricity sector, but fiscal limitations will
test the government's ability to invest in other areas, such as water.
|
Source
: CIA |
Company Name : KASSEM RMEITI & CO FOR EXCHANGE SARL (RMEITI
EXCHANGE)
Also Known As : RMEITI GROUP / SOCIETE RMEITI SARL
Country of Origin : Lebanon
Legal Form : Limited Liability Company
Registration Date : 31st July 2001
Commercial Registration Number : 16754, Tyr
VAT Number : 601-236109
Issued Capital : LP 250,000,000
Paid up Capital : LP 250,000,000
Total Workforce : 25
Activities : Provision of money and currency exchange as well as remittance
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit
Limit : US$ 40,000
KASSEM RMEITI &
CO FOR EXCHANGE SARL (RMEITI EXCHANGE)
RMEITI GROUP / SOCIETE RMEITI SARL
Registered &
Physical Address
Street : Ramel Street
Area : Ramel Area
Town : Tyr
Country : Lebanon
Telephone : (961-7) 349325 / 349294 / 344785
Facsimile : (961-7) 349913
Email : kassemrmeiti@yahoo.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Tyr.
Name Position
·
Kassem
Ali Rmeiti Managing
Director
·
Mohamed
Kassem Rmeiti Director
·
Salah
Kassem Rmeiti Director
·
Ali Abu
Khalil Commercial
Manager
Date of Establishment : 31st
July 2001
Legal Form :
Limited Liability Company
Commercial Reg. No. : 16754, Tyr
VAT
Number : 601-236109
Issued Capital : LP 250,000,000
Paid up Capital : LP 250,000,000
Name of Shareholder
(s)
·
Kassem
Ali Rmeiti
·
Mohamed
Kassem Rmeiti
·
Salah
Kassem Rmeiti
Activities: Engaged in the provision of money and
currency exchange as well as remittance services.
Subject has a
workforce of 25 employees.
Companies
registered in Lebanon are not legally required to make their accounts public
and no financial information was released by the company or submitted by
outside sources.
·
Bank of
Beirut and the Arab Countries Sal
PO Box: 111536
Beirut
Tel: (961-1) 867142 / 869835
Fax: (961-1) 869836
No complaints
regarding subject’s payments have been reported.
Two Lebanese
currency exchange firms accused of money laundering by the United States Treasury
Department have vehemently denied the allegations, saying they were
considering legal action to clear their names.
The U.S. Treasury
Department Tuesday labelled the exchange houses, Kassem Ali Rmeiti and
Halawi Exchange, “primary money laundering concerns,” which is likely to cut
them off from the US financial system.
The Treasury
accused the two firms of helping launder funds for an international drug
trafficking ring and financing Hezbollah.
The Treasury
and the US Drug Enforcement Administration said tens of millions of dollars in
drug proceeds and other illegal funds moved through the exchange houses, which
do most of their transactions in cash.
The move is
part of a multiyear probe that has exposed what the US government says are
tight links between South American drug traffickers and Hezbollah.
The U.S.
government first moved against the network in 2011 by designating its alleged
leader, Ayman Joumaa, a “drug kingpin,” allowing the government to seize his
assets. They said the network was doing as much as $200 million a month in
business.
Kassem
Rmeiti, the owner of Tyr-based Rmeiti Exchange, said he was equally surprised
by the accusation, challenging the US Treasury to provide hard evidence that he
was involved in any illegal activity.
“It is all
mere verbal accusations and there is no solid evidence,” Rmeiti said
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.