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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
GARRARA FOR MARBLE, GARNET & BUILDING MATERIALS S.R.L |
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Registered Office : |
Indusrial Zone Kilo Meter 1 Misurata |
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Country : |
Libya |
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Date of Incorporation : |
10.05.1990 |
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Com. Reg. No.: |
2783 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Suppliers of stone products such as marble and granite |
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No of Employees : |
120 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Libya |
B1 |
B1 |
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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 |
LIBYA - ECONOMIC OVERVIEW
Libya's economy is structured primarily around the nation's energy sector, which generates about 95% of export earnings, 80% of GDP, and 99% of government income. Substantial revenue from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but Tripoli largely has not used its significant financial resources to develop national infrastructure or the economy, leaving many citizens poor. In the final five years of QADHAFI's rule, Libya made some progress on economic reform as part of a broader campaign to reintegrate the country into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003 and after Libya announced in December 2003 that it would abandon programs to build weapons of mass destruction. The process of lifting US unilateral sanctions began in the spring of 2004; all sanctions were removed by June 2006, helping Libya attract greater foreign direct investment, especially in the energy and banking sectors. Libyan oil and gas licensing rounds drew high international interest, but new rounds are unlikely to be successful until Libya establishes a more permanent government and is able to offer more attractive financial terms on contracts and increase security. Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution has unleashed previously restrained entrepreneurial activity and increased the potential for the evolution of a more market-based economy. The service and construction sectors expanded over the past five years and could become a larger share of GDP if Tripoli prioritizes capital spending on development projects once political and security uncertainty subside. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya's primary agricultural water source is the Great Manmade River Project
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Source
: CIA |
SUBJECT'S NAME
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Registered Name: |
GARRARA FOR
MARBLE, GARNET & BUILDING MATERIALS S.R.L |
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Requested Name: |
GARRARA COMPANY |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Indusrial
Zone Kilo Meter 1 Misurata |
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Country: |
Libya |
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Phone: |
218-512720988 |
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Fax: |
218-512720988 |
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Email: |
info@garrara.com/garrara@yahoo.com |
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Website: |
www.garrara.com |
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CREDIT
OPINION
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Financial Index as of
December 2013 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-May-1990 |
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Reg. Number: |
2783 |
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Trade License: |
41687 |
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Nominal Capital |
LYD.
1,000,000 |
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Subscribed Capital |
LYD.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Samir M. |
MD |
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Mr. Ehab Kazem |
Manager |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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Various in Libya |
Branches of the firm |
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OPERATIONS
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Registered to operate as
suppliers of stone products such as marble and granite |
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Imports: |
Asia, Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, firms and organizations |
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Employees: |
120 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Libya |
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Location: |
Owned premises, 20,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not available. |
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FINANCE
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Currency Reported: |
Libyan Dinar (LYD.) |
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Approx. Ex. Rate: |
1 US Dollar = 1.25 Libyan
Dinar |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in LYD.) |
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2013 |
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Sales |
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50,000,000 |
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_______________________________________________________________________ |
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BANK |
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Bank Name: |
National
Banking Corporation |
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Branch: |
Libya |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 60.00 |
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1 |
Rs. 102.04 |
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Euro |
1 |
Rs. 81.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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 |
-- |
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.