MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

BRIDGE ITC SAL (OFFSHORE)

 

 

Registered Office :

Galleria Bristol Building, 3rd Floor, Mme Curie Street, Hamra, 50101, Beirut

 

 

Country :

Lebanon

 

 

Date of Incorporation :

28.06.2005

 

 

Com. Reg. No.:

1801048

 

 

Legal Form :

Lebanese Joint Stock Company - Offshore

 

 

Line of Business :

Subject operates an offshore general trade licence, enabling it to distribute general merchandise.

 

 

No of Employees :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Offshore Company

Payment Behaviour :

Unknown

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

 

 

 

 

SUMMARY

 

Company Name                                    : BRIDGE ITC SAL (OFFSHORE)

Country of Origin                                   : Lebanon

Legal Form                                           : Lebanese Joint Stock Company - Offshore

Registration Date                                  : 28th June 2005

Commercial Registration Number           : 1801048

Issued Capital                                       : U$ 20,000

Paid up Capital                                     : U$ 20,000

Total Workforce                                     : 10

Activities                                               : Offshore general trade licence

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

BRIDGE ITC SAL (OFFSHORE)

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Galleria Bristol Building, 3rd Floor

Street               : Mme Curie Street

Area                 : Hamra

PO Box            : 50101

Town                : Beirut

Country : Lebanon

 

Telephone         : (961-1) 739340 / 788600 / 751111 / 616865

Facsimile          : (961-1) 613784

Mobile              : (961-3) 954565

Email                : cdcbeirut@gmail.com / cdc@cdcoltd.com

 

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

 

·       Ghanem Al Shamaa                                                                          Managing Director

 

·       Mohamed Toufiq Al Hakim                                                                Director

 

·       Mazen Atif Al Basit                                                                           Director

 

·       Mazen Ahmed Darwish Al Bizri                                                          Director

 

·       Bilal Abdullah Aliyalah                                                                       Director

 

·       Abdulrahman Mohamed Aliyalah                                                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th June 2005

 

Legal Form                  : Lebanese Joint Stock Company - Offshore

 

Commercial Reg. No.   : 1801048

 

Issued Capital              : U$ 20,000

 

Paid up Capital            : U$ 20,000

 

Name of Shareholder (s)                                               

 

·       Ghanem Al Shamaa                                                                         

 

·       Mohamed Toufiq Al Hakim                                                               

 

·       Mazen Atif Al Basit                                                                          

 

·       Mazen Ahmed Darwish Al Bizri                                                         

 

·       Bilal Abdullah Aliyalah                                                                      

 

·       Abdulrahman Mohamed Aliyalah

 

·       Consolidated Developers Holding Sal

 

 

OPERATIONS

 

Activities:                     Subject operates an offshore general trade licence, enabling it to distribute general merchandise.

 

Import Countries:         Europe and the Far East

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Banque de la Mediterranee SAL

Al Nahar Building

Banque du Liban Street

Hamra

Beirut

Tel: (961-1) 353146

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48                  

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

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