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Report No. : |
323269 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Filitex Building, Christ Roi Road, 104 Zouk Mosbeh |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
24766 |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of cotton wear, underwear and sweatshirts. |
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No of Employees : |
250 |
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 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. 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 : FILITEX SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 1971
Commercial Registration Number : 24766, Beirut
Issued Capital : LP 3,798,000,000
Paid up Capital : LP 3,798,000,000
Total Workforce : 250
Activities : Manufacturers of cotton wear, underwear and sweatshirts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nasri Chucri Mohbat, Director
FILITEX SAL
Building : Filitex Building
Street : Christ Roi Road
PO Box : 104
Town : Zouk Mosbeh
Country : Lebanon
Telephone : (961-9) 219290 / 219293 / 219294 /
219299
Facsimile : (961-9) 219296 / 224398
Email : info@filitex.com
Subject operates
from a large suite of offices and a factory covering an area of 13,500 sq metres
that are owned and located in the Central Business Area of Zouk Mosbeh.
Branch Office
(s)
Location Description
·
The
Cotton Mall, Filitex Building Showroom
premises
Christ Roi Road
Zouk Mosbeh
Tel: (961-9) 219290
·
The
Cotton Mall, Abraj Centre Showroom
premises
Damascus International Road
Furn El Chebbak
Tel: (961-1) 281095
Name Position
·
Georges
Fathallah Mohbat Managing
Director
·
Nasri
Chucri Mohbat Director
·
Patrick
Fathallah Mohbat Director
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Paul
Chucri Mohbat Director
·
Rita
Mohbat Moujaes Director
·
Chucri
N Mohbat Director
·
Jean
Michel Fathallah Mohbat Director
·
Elie Michel Birdi Director
·
Marina Jean Michel Fathallah Mohbat Director
Date of Establishment : 1971
Legal Form :
Lebanese Joint Stock
Company
Commercial Reg. No. : 24766,
Beirut
Issued Capital : LP 3,798,000,000
Paid up Capital : LP 3,798,000,000
·
Georges
Fathallah Mohbat
·
Nasri Chucri
Mohbat
·
Patrick
Fathallah Mohbat
·
Paul
Chucri Mohbat
·
Rita
Mohbat Moujaes
·
Chucri
N Mohbat
·
Jean
Michel Fathallah Mohbat
·
Elie Michel Birdi
·
Marina Jean Michel Fathallah Mohbat
Activities: Engaged in the manufacture of cotton wear, underwear
and sweatshirts.
Import
Countries: Germany, India,
Greece and Italy.
Export Countries: Germany, France, the United Kingdom and
Sweden
Brand Names: THE COTTON MALL, BYD, FNB, APOCOLYPSE and
ULYSSE
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 5,280,000 US$ 6,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Nasri Chucri Mohbat, Director
·
Societe
Generale Libano Europeene de Banque Sal
PO Box: 112955
Beirut
Tel: (961-1) 499813 / 483001
Fax: (961-1) 200455
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.84 |
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|
1 |
Rs. 98.37 |
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Euro |
1 |
Rs. 69.64 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.