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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ALTAEF FOOD COMPANY |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1978 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
distributors of food products, electronics |
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No. of Employees : |
80 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Libya |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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: |
ALTAEF FOOD
COMPANY |
|
Requested Name: |
ALTAEF FOOD COMPANY |
|
Other Names: |
None |
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Physical Address: |
Air
Port Road, |
|
|
Tripoli, |
|
Country: |
Libya |
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Phone: |
218-913129205/913737456/213614963 |
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Fax: |
218-913737456 |
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Email: |
info@altaef-foods.com |
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Website: |
www.altaef-group.com |
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Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
1978 |
|
|
Reg. Number: |
Libya |
|
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Nominal Capital |
LYD.
1,000,000 |
|
|
Subscribed Capital |
LYD.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Mr. Khaled Lamari |
MD |
|
|
Mr. Mustafa Lamari |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
Lamari Electronics |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
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Registered to operate as distributors
of food products, electronics |
|
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Imports: |
Asia |
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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, stores, outlets
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Employees: |
80 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: |
Information not
available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Libyan Dinar (LYD.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 1.29 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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22,500,000 |
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Bank Name: |
Libyan Development Bank |
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Branch: |
Libya |
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Comments: |
None |
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Experiences: |
Good |
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|
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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.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared by
: |
SDA |
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 |
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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 |
|
|
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 |
-- |
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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.