|
Report No. : |
344097 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
L.P. AZAR LIMITED |
|
|
|
|
Registered Office : |
5 Marescaux Road, Kingston, Saint Andrew |
|
|
|
|
Country : |
Jamaica |
|
|
|
|
Date of Incorporation : |
07.01.1955 |
|
|
|
|
Com. Reg. No.: |
2001
|
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesale & Manufacturers of Fabrics. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Jamaica |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAMAICA - ECONOMIC
OVERVIEW
The Jamaican economy is heavily dependent on services, which
accounts for more than 70% of GDP. The country continues to derive most of its
foreign exchange from tourism, remittances, and bauxite/alumina. Remittances
and tourism each account for 30% of GDP, while bauxite/alumina exports make up
roughly 5% of GDP. The bauxite/alumina sector was most affected by the global
downturn while the tourism industry and remittance flow remained resilient.
Jamaica's economy faces many challenges to growth: high crime and corruption,
large-scale unemployment and underemployment, and a debt-to-GDP ratio of about
130%. The attendant debt servicing cost consumes a large portion of the
government's budget, limiting its ability to fund the critical infrastructure
and social programs required to drive growth. Jamaica's economic growth rate in
the recent past has been stagnant, averaging less than 1% per year for over 20
years. Jamaica's onerous public debt burden is largely the result of government
bailouts to ailing sectors of the economy, most notably to the financial
sector. In early 2010, the Jamaican Government initiated the Jamaica Debt
Exchange to retire high-priced domestic bonds and reduce annual debt servicing.
Despite these efforts, debt continued to be a serious concern, forcing the
government to negotiate and sign a new IMF agreement in May 2013 to gain access
to approximately $1 billion additional funds. As a precursor, the government
instigated a second National Debt Exchange in 2012. The IMF deal requires the
government to reform its tax system, eliminate discretionary tax exemptions and
waivers, and achieve an annual surplus of 7.5%, excluding debt payments, to
reduce its debt below 100% of GDP by 2020. The SIMPSON-MILLER administration
now faces the difficult prospect of having to achieve fiscal discipline to
maintain debt payments while simultaneously attacking a serious crime problem
that is hampering economic growth. High unemployment exacerbates the crime problem,
including gang violence that is fueled by the drug trade.
|
Source
: CIA |
STATUTORY
INFORMATION
|
|
|
Legal Name: |
L.P. Azar Limited |
|
Trade Name: |
L.P. Azar |
|
Registration Number: |
2001 |
|
Date Created: |
1955 |
|
Date Incorporated: |
07 Jan 1955 |
|
Legal Address: |
5 Marescaux Road, Kingston, Saint Andrew, JAMAICA |
|
Operative Address: |
5 Marescaux Road, Kingston, Saint Andrew, JAMAICA |
|
Telephone: |
876-926-6525 |
|
Fax: |
876-926-6525 |
|
Legal Form: |
Limited Company |
|
Email: |
NA |
|
Registered in: |
Jamaica |
|
Website: |
NA |
|
Contact: |
Peter Azar - Secretary |
|
Staff: |
30 |
|
Activity: |
Fabrics-Wholesale & Manufacturers |
|
|
|
|
|
|
BANKS
|
|
|
Central Bank of Jamaica |
|
|
The company does not disclose its banking information |
|
|
|
|
|
|
|
History
|
|
|
The company was founded in 1955 |
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
|
|
|
They design and provide custom uniforms, industrial and maintenance apparel.
They also offer logo stitch and embroidery for Oxford and Polo shirts of all
sizes. |
|
Products/Services description: |
Ladies Polo Shirts |
|
Brands: |
LP AZAR |
|
Sales are: |
Wholesale |
|
Clients: |
Riu Hotel Bahamas |
|
Suppliers: |
Murli Exp., |
|
Operations area: |
National and International |
|
The company imports from |
China, India, Ecuador |
|
The company exports to |
Bahamas |
|
The subject employs |
30 employees |
|
Payments: |
Slow but correct |
|
|
|
|
|
|
LOCATION
|
|
|
Headquarters : |
5 Marescaux Road, Kingston, Saint Andrew, JAMAICA |
|
Branches: |
The company does not have branches |
|
Related Companies: |
Tutti Frutti Jamaica |
|
|
|
|
|
|
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
|
|
|
Listed at the stock exchange: |
NO |
|
Shareholders: |
This is a private company owned by Azar family. |
|
Management: |
Peter Azar, Secretary |
|
|
|
|
|
|
FINANCIAL
INFORMATION
|
|
|
This is a private company which does not make its financials public. |
|
|
|
|
|
There are no financial connected to the subject. |
|
|
|
|
|
|
|
LEGAL FILINGS
|
|
|
There are no legal for the subject |
|
|
|
|
|
|
|
SUMMARY
|
|
|
They design and provide custom uniforms, industrial and maintenance
apparel. It has a small sized structure and 50 years of experience in the
market. It is well establihsed in the industry, managed by the founders and
with a wide range of products offered, mainly imported from Asia. There are no negative records connected to the subject. |
|
|
|
|
|
|
|
RISK
INFORMATION
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Slow but correct |
|
CASH FLOW |
Normal |
|
STATUS |
Active |
|
|
|
|
|
|
INTERVIEW
|
|
|
NAME |
Joanne |
|
POSITION |
Administrative |
|
COMMENTS |
She confirmed address, managers and activity. She refused to provide
more data on the subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
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 |
-- |
|
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.