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Report No. : |
320483 |
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Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
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Name : |
GENERAL MEDICAL
EQUIPMENT SAL |
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Registered Office : |
Sfeir Building, 2nd Floor, Barbar Abou Janude Street, Bauchrieh, P O Box: 901240, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1988 |
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Com. Reg. No.: |
59409, Baabda |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Distributors of
Medical Equipment, Instruments and Machinery. |
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No. of Employees : |
25 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Lebanon |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
Spillover from the Syrian conflict, including the influx of more than 1 million
Syrian refugees, has increased internal tension and slowed economic growth to
the 1-2% range in 2011-13, after four years of averaging 8% growth. Syrian
refugees have increased the labor supply, but pushed more Lebanese into
unemployment. Chronic fiscal deficits have made Lebanon’s debt-to-GDP ratio the
third highest in the world; most of the debt is held internally by Lebanese
banks. Weak economic growth limits tax revenues, while the largest government
expenditures remain debt servicing and transfers to the electricity sector.
These limitations constrain other government spending and limit the
government’s ability to invest in necessary infrastructure improvements, such
as water, electricity, and transportation.
|
Source
: CIA |
Company Name : GENERAL
MEDICAL EQUIPMENT SAL
Country of Origin : Lebanon
Legal Form : Lebanese
Joint Stock Company
Registration Date : 1988
Commercial
Registration Number : 59409,
Baabda
VAT Number :
601-233838
Issued Capital : LP
30,000,000
Paid up Capital : LP
30,000,000
Total Workforce :
25
Activities :
Distributors of medical equipment, instruments and machinery
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
GENERAL MEDICAL
EQUIPMENT SAL
Building : Sfeir Building, 2nd
Floor
Street : Barbar Abou Janude Street
Area : Bauchrieh
PO Box : 901240
Town : Beirut
Country : Lebanon
Telephone : (961-1) 898281 / 885574
Facsimile : (961-1) 897520
Email : info@gme.com.lb / gme@gme.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Beirut.
Name Position
·
George
Boustany Managing
Director
·
Wassim
Boustany Director
·
Fida G
Boustany Director
·
Rita W
Boustany Director
·
Lina
Tomah Sales
Manager
Date of Establishment : 1988
Legal Form :
Lebanese Joint Stock
Company
Commercial Reg. No. : 59409,
Baabda
VAT No. : 601-233838
Issued Capital : LP 30,000,000
Paid up Capital : LP 30,000,000
·
George
Boustany
·
Wassim
Boustany
·
Fida G
Boustany
·
Rita W
Boustany
Activities: Engaged in the import and distribution of
medical equipment, instruments and machinery, including MRI, vascular, scanner,
X-ray, nuclear medicine, ultrasound and laser cameras.
Import
Countries: France and the
United States of America.
International
Suppliers:
·
GE
Health Care United States of
America
·
Da
Vinci United States of
America
·
ADAP France
Operating Trend: Steady
Subject has a
workforce of 25 employees.
Financial
highlights provided by local sources are given below:
Currency: Lebanese
Pounds (LP)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales LP 9,300,000,000 LP 9,750,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Beirut Sal
Clemanceau Street
PO Box: 117354
Beirut
Tel: (961-1) 360850 / 350723
Fax: (961-1) 360850
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.63.64 |
|
|
1 |
Rs.96.81 |
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Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.