|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
LIBYAN INTERNATIONAL TELECOM COMPANY (LITC) |
|
|
|
|
Registered Office : |
Hey Elwehda Alarabiya, Tripoli |
|
|
|
|
Country : |
Libya |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Legal Form : |
State Corporation |
|
|
|
|
Line of Business : |
Registered to operate as
an international voice and data wholesale provider |
|
|
|
|
No. of Employees : |
1000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Libya |
B1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
|
Registered Name: |
LIBYAN
INTERNATIONAL TELECOM COMPANY (LITC) |
|
Requested Name: |
LIBIYAN INTERNATIONAL TELECOMMUNICATIONS
COMPANY |
|
Other Names: |
None |
|
Physical Address: |
Hey
Elwehda Alarabiya, Tripoli, |
|
Postal Address: |
P.
o. Box 80768/84062 |
|
|
Tripoli |
|
Country: |
Libya |
|
Phone: |
218-21-3613333/4843400/3620402 |
|
Fax: |
218-21-4843488 |
|
Email: |
info@litc.ly |
|
Website: |
www.litc.ly |
|
Financial Index as of
December 2013 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. |
|
Legal Form: |
State Corporation |
|
|
Date Incorporated: |
2008 |
|
|
Reg. Number: |
Libya |
|
|
Nominal Capital |
LRD.
10,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Kamal Farhat |
CEO |
|
|
Libyan Post, Telecommunications and Information Technology Holding
Company (LPTIC) |
Holding Co |
100% |
|
Libyan Post, Telecommunications and Information Technology Holding
Company (LPTIC) |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
an international voice and data wholesale provider |
|
|
Imports: |
Europe, Middle East |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
General Public |
|
Employees: |
1000 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Libya |
|
Location: |
Owned premises, 50,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Libyan Dinar (LRD.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 1.29 Libyan
Dinar |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
(expressed in LRD.) |
||
|
|
|
2013 |
|
Sales |
|
150,000,000 |
|
Bank Name: |
Alsaraya Trading And Devolpment Bank |
|
Branch: |
Libya |
|
Comments: |
None |
|
Experiences: |
Good |
|
|
|
|
|
|
|
NOTARIAL BONDS |
None |
|
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.