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Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
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Name : |
CITEX GROUP SARL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.04.1999 |
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Com. Reg. No.: |
65558, Baabda |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture and marketing of a wide range
of linen, fabrics, textiles, curtains, table cloths and bed linen. Subject
also offers printing services including screen printing for curtains |
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No. of Employees : |
60 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Lebanon |
B2 |
B2 |
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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 |
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 : CITEX GROUP SARL
Country of Origin : Lebanon
Legal Form :
Limited Liability Company
Registration Date : 14th
April 1999
Commercial
Registration Number : 65558,
Baabda
VAT Number :
601-180364
Issued Capital : LP
100,000,000
Paid up Capital : LP
100,000,000
Total Workforce : 60
Activities :
Manufacture and marketing of a wide range of linen, fabrics, textiles and
curtains
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Joseph Tamraz, Managing
Director
CITEX GROUP SARL
Building : Simon Masaad
Building
Street : Father Afifah
Ossairan Street
Area : El Fanar Area
Town : Beirut
Country : Lebanon
Telephone : (961-1) 684919 / 684918 / 684920
Facsimile : (961-1) 684918
Mobile : (961-3) 605222
Email : tamsons@inco.com.lb
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Beirut.
Name Position
·
Joseph Tamraz Managing
Director
·
Karl Joseph Tamraz Director
·
May Chami Tamraz Director
Date of Establishment : 14th
April 1999
Legal Form :
Limited Liability Company
Commercial Reg. No. : 65558, Baabda
VAT No. : 601-180364
Issued Capital : LP 100,000,000
Paid up Capital : LP 100,000,000
·
Joseph Tamraz
·
Karl Joseph Tamraz
·
May Chami Tamraz
·
Home Trust Sarl
PO Box: 165351
Beirut
Activities: Engaged in the manufacture and marketing of a wide range of linen, fabrics, textiles, curtains, table cloths and bed linen. Subject also offers printing services including screen printing for curtains.
Subject’s clients are primarily hotels and restaurants throughout Lebanon.
Import
Countries: France, Italy,
Spain and India.
International
Suppliers:
·
Athira Textile India
·
Vanilla Textile India
Brand Names: WINDSOR, TIFFANY, NEW TRENDS, ROMANCE, WAVES
and DINAMICA
Operating Trend: Steady
Subject has a
workforce of 60 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales US$ 5,120,000 US$ 5,600,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Joseph Tamraz, Managing Director
·
Banque
de la Mediterranean Sal
PO Box: 11348
Beirut
Tel: (961-1) 866925
Fax: (961-1) 866925
No complaints
regarding subject’s payments have been reported.
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.61.05 |
|
|
1 |
Rs.99.55 |
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Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.