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Report No. : |
320889 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FOAMEX SAL |
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Registered Office : |
Ayoub Building, Khodre Street, Medawar, Karantina, PO Box No. 174042, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.04.2010 |
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Com. Reg. No.: |
2020498 |
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Legal Form : |
Subject is engaged in the manufacture of foam and polymers. |
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Line of Business : |
Lebanese Joint
Stock Company |
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No. of Employees : |
15 |
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
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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.
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Source
: CIA |
Company Name : FOAMEX SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 23rd April 2010
Commercial Registration Number : 2020498, Baabda
VAT Number : 601-2172327
Issued Capital : US$ 50,000
Paid up Capital : US$ 50,000
Total Workforce : 15
Activities : Manufacturers of foam and polymers
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sami Makhlouf, Financial Controller
FOAMEX SAL
Building : Ayoub Building
Street : Khodre Street
Area : Medawar, Karantina
PO Box : 174042
Town : Beirut
Country : Lebanon
Telephone : (961-1) 444250 / 444444
Facsimile : (961-1) 571571
Mobile : (961-3) 444250 / 444151
Email : joey@sleepcomfort.com
Please note that
the correct PO Box number is 174042 and not 175072.
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Beirut.
Name Position
·
Ayoub
Noel Managing
Director
·
Joey
Ayoub Noel Director
·
Jad
Ayoub Noel Director
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Sami
Makhlouf Financial
Controller
Date of Establishment : 23rd
April 2010
Legal Form :
Lebanese Joint Stock
Company
Commercial Reg. No. : 2020498,
Baabda
VAT
No. : 601-2172327
Issued Capital : US$ 50,000
Paid up Capital : US$ 50,000
·
Ayoub
Noel
·
Joey
Ayoub Noel
·
Jad
Ayoub Noel
·
Ayoub
Lebanese Industrial Co Sal (ALICO)
Beirut
·
Sleep Comfort Sal
Ayoub Building
Medwar, Karantina
Beirut
Tel: (961-1) 444444
Fax: (961-1) 571571
CR No. 16425
Activities: Engaged in the manufacture of foam and
polymers.
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
Desle Belgium
Operating Trend: Steady
Subject has a workforce
of 15 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 4,210,000,000 LP 4,670,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Byblos
Bank Sal
PO Box: 115605
Beirut
Tel: (961-1) 898200
Fax: (961-1) 898209
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 |
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US Dollar |
1 |
Rs.63.88 |
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1 |
Rs.97.21 |
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Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
VNT |
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.