|
Report Date : |
21.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
IBL BANK SAL |
|
|
|
|
Registered Office : |
Al Ittihadia Building, Charles Malik Avenue, Riad El Solh, PO
Box115292, Beirut |
|
|
|
|
Country : |
Lebanon |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
1961 |
|
|
|
|
Com. Reg. No.: |
10472 |
|
|
|
|
Legal Form : |
Lebanese Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in all aspects of commercial, retail and investment
banking. |
|
|
|
|
No of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 :
IBL BANK SAL
Also Known As :
INTERCONTINENTAL BANK OF LEBANON SAL
Country of Origin :
Lebanon
Legal Form :
Lebanese Joint Stock Company
Registration Date :
1961
Commercial Registration Number :
10472, Beirut
Issued Capital :
LP 120,000,000,000
Paid up Capital :
LP 120,000,000,000
Total Workforce :
300
Activities :
Commercial, retail and investment banking.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
IBL BANK SAL
ALSO KNOWN AS: INTERCONTINENTAL BANK OF LEBANON SAL
Registered & Physical Address
Building :
Al Ittihadia Building
Street : Charles
Malik Avenue
Area : Riad El Solh
PO Box : 115292
Town : Beirut
Country : Lebanon
Telephone : (961-1) 200350
/ 334102 / 334944
Facsimile : (961-1) 204505
/ 204524
Email : ibl@ibl.com.lb
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Beirut.
Branch Office (s)
Subject has a network of 16 branches located throughout Lebanon,
including Beirut, Tripoli, Jounieh, Saida, Kobeyate, Chtaura, Hazmieh, Tyr,
Antelias and Verdun.
Name Position
Salim Y Habib Chairman
Elie N Ferzli Managing
Director
Dr Mohamed Abdel Hamid Beydoun Director
Kamal A Abi Ghosn Director
Emir Sager Sultan Al Sudairy Director
Mounir K Fathallah Director
Tony N El Choueiri Director
Ziad C Fakhoury Director
Nakhle Khoneisserh Assistant
General Manager
Khalil Salameh Human
Resources Manager
Elie Hlayel IT
Manager
Habib Lahoud Retail
Banking Manager
Date of Establishment : 1961
Legal Form : Lebanese Joint
Stock Company
Commercial Reg. No. : 10472, Beirut
Issued Capital : LP
120,000,000,000
Paid up Capital : LP 120,000,000,000
Name of
Shareholder (s)
Salim Y Habib
Elie N Ferzli
Dr Mohamed Abdel Hamid Beydoun
Kamal A Abi Ghosn
Emir Sager Sultan Al Sudairy
Mounir K Fathallah
Tony N El Choueiri
Ziad C Fakhoury
Bicom Holding Sal
Mardeco SA
Anler Trading Ltd
British Virgin Islands
Euromenia Intercontinental Holding Sal
Engineering & Finance LLP
Private investors
Activities: Engaged in all aspects of commercial, retail and investment banking.
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
Financial highlights provided by local sources are given below:
UNAUDITED
CONSOLIDATED BALANCE SHEET
|
ASSETS |
201 3 LBP
,000 |
2012 LBP
,000 |
|
Cash,
compulsory reserves and deposits with central banks |
2,013,563,129 |
2,036,595,511 |
|
Deposits
with banks and financial institutions |
407,361,580 |
379,730,164 |
|
Loans
to banks |
92,554,494 |
99,627,158 |
|
Loans
and advances to customers |
1,319,239,857 |
1,266,250,508 |
|
Loans
and advances to related parties |
36,248,078 |
38,870,115 |
|
FVTOCI |
0 |
0 |
|
FVTPL
investment securities |
836,717,749 |
647,189,743 |
|
AMC
investment securities |
2,325,887,154 |
2,012,708,994 |
|
Customers)
liability under acceptances |
10,136,121 |
15,201,314 |
|
Assets
acquired in satisfaction of loans |
19,666,700 |
19,666,700 |
|
Property
and equipment |
52,752,867 |
46,758,240 |
|
Intangible
assets |
850,369 |
905,382 |
|
Other
assets |
9,103,503 |
7,466,214 |
|
Total
Assests |
7,124,081,601 |
6,570,970,043 |
|
|
||
|
FINANCIAL INSTRUMENTS WITH
OFF-BALANCE-SHEET RISK |
|
|
|
Documentary
and commercial letters of credit |
79,693,337 |
218,251,554 |
|
Guarantees
and standby letters of credit |
86,456,051 |
77,187,572 |
|
Forward
exchange contracts |
39,739,038 |
79,944,746 |
|
FIDUCIARY
DEPOSITS |
6,391,800 |
5,185,800 |
|
|
||
|
LIABILITIES |
|
|
|
Deposits
and borrowings from banks |
(76,976,299) |
(83,774,443) |
|
Customers)
accounts at amortized cost |
(6,367,708,615) |
(5,891,008,930) |
|
Related
parties) accounts at amortized cost |
(114,874,010) |
(104,245,365) |
|
Customers)
acceptance liability |
(10,136,120) |
(15,201,314) |
|
Other
borrowings |
(11,474,342) |
|
|
Other
liabilities |
(30,841,437) |
(20,620,273) |
|
Provisions |
(7,222,314) |
(5,834,069) |
|
Total
Liabilities |
(6,619,233,137) |
(6,120,684,394) |
|
|
||
|
EQUITY |
2013 LBP ,000 |
2012 LBP ,000 |
|
Capital |
(146,250,000) |
(146,250,000) |
|
Non-cumulative
convertible preferred shares |
(75,356,250) |
(75,356,250) |
|
Common
shares premium |
(6,514,784) |
(6,514,784) |
|
Reserves |
(57,490,908) |
(42,924,647) |
|
Asset
revaluation surplus |
(2,752,680) |
(2,752,680) |
|
Regulatory
reserve for assets acquired in satisfaction of loans |
(6,108,067) |
(4,748,712) |
|
Retained
earnings |
(128,643,833) |
(100,213,134) |
|
Income
for the year/period |
(80,804,769) |
(70,710,626) |
|
Equity
attributable to equity holders of the Bank |
(503,921,291) |
(449,470,833) |
|
Non
Controlling interests |
(927,173) |
(814,816) |
|
Total
Assests |
(504,848,464) |
(450,285,649) |
|
|
|
|
|
Total Liabilities and
Equity |
(7,124,081,601) |
(6,570,970,043) |
UNAUDITED
CONSOLIDATED INCOME STATEMENT
|
|
2013 LBP ,000 |
2012 LBP ,000 |
|
Interest
income |
(406,114,535) |
(396,758,684) |
|
Interest
expense |
334,564,698 |
302,087,337 |
|
Net
interest income |
(71,549,837) |
(94,671,347) |
|
|
|
|
|
Fee
and commission income |
(12,882,762) |
(9,588,641) |
|
Fee
and commission expense |
730,028 |
1,940,503 |
|
Net
fee and commission income |
(12,152,734) |
(7,648,138) |
|
|
|
|
|
Other
operating income |
(7,851,309) |
(9,133,839) |
|
Trading
activities |
(67,438,405) |
(31,488,740) |
|
Net
financial revenues |
(158,992,285) |
(142,942,064) |
|
|
|
|
|
Allowance
for impairment and write-off of loans and advances (net of write-backs) |
5,898,809 |
6,274,370 |
|
Net
financial revenues after impairment charge for credit losses |
(153,093,476) |
(136,667,694) |
|
|
|
|
|
Staff
costs |
35,603,398 |
32,017,789 |
|
Administrative
expenses |
17,980,196 |
17,842,096 |
|
Depreciation
and amortization |
3,765,876 |
3,627,486 |
|
Other
expenses |
128,100 |
67,103 |
|
Profit
before income tax |
(95,615,906) |
(83,113,220) |
|
Income
tax expense |
14,698,780 |
12,306,401 |
|
Total
Liabilities and Equity |
(80,917,126) |
(70,806,819) |
|
|
||
|
Attributable
to |
||
|
Equity
Holder of the Group |
(80,804,769) |
(70,710,626) |
|
Non-Controlling
interest |
(112,357) |
(96,193) |
|
|
(80,917,126) |
(70,806,819) |
Local sources consider subject’s financial condition to be Good.
Slow
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.61.29 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.78.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.