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MIRA INFORM REPORT
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Report No. : |
504015 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
LAMA FOODS |
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Registered Office : |
Floor 4, Unesco Center, Verdun, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
3001128, Tripoli |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of packaged fruit
and vegetables. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
US$ 100,000 |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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
1.1 million registered Syrian refugees, has increased internal tension and
slowed economic growth to the 1-2% range in 2011-17, after four years of
averaging 8% growth. Syrian refugees have increased the labor supply, but are
blamed for pushing more Lebanese into unemployment. Chronic fiscal deficits
have increased 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, salaries for government workers, and transfers to the electricity
sector. These limitations constrain other government spending, limiting its
ability to invest in necessary infrastructure improvements, such as water,
electricity, and transportation. The Lebanese government in 2017 passed
initiatives to encourage foreign investment to improve the country’s
infrastructure and exploit offshore energy resources.
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Source
: CIA |
SUMMARY
Company Name :
LAMA FOODS
Country of Origin :
Lebanon
Legal Form :
Sole Proprietorship
Start Date :
1986
Registration Date :
23rd December 2004
Commercial Registration Number :
3001128, Tripoli
Invested Capital :
LP 3,000,000
Total Workforce :
20
Activities :
Distributors of packaged fruit and vegetables
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 100,000
Person Interviewed :
Karim Al Baba, Sales Manager
COMPANY
NAME
LAMA FOODS
ADDRESS
Registered Office
Location : Floor 4, Unesco
Center, Verdun
Town : Beirut
Country : Lebanon
Telephone : (961-1) 837783
/ 797433 / 797499 / 838353
Facsimile : (961-1) 838353
Physical Address
Location : Autostrade, Alama Area
Town : Tripoli
Country : Lebanon
Telephone : (961-6) 685124
Mobile : (961-3) 76390351
Email : info@lamafoods.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Tripoli.
KEY
PRINCIPALS
Name Position
Abdulnasser Moustafa Al Samad Proprietor
Karim Al Baba Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 23rd
December 2004, however activities date back to 1986
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 3001128, Tripoli
Invested Capital : LP 3,000,000
Mr Abdulnasser Moustafa Al Samad is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of packaged fruit and
vegetables.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 20 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Lebanese
Pounds (LP)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Revenue LP
5,275,000,000 LP
5,500,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Byblos Bank Sal
Jabadou Building
Al Bawabeh Street
Tripoli
Tel: (961-6) 812414
Fax: (961-6) 205943
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
CREDIT
Recommendation
Recommended credit limit: US$
100,000
GENERAL
COMMENTS
Please note that the correct name of the subject is “Lama Foods” and not “Lama Foods Sarl”.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
According to local sources, subject meets its payment obligations in a
timely manner and the business 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 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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LBP |
1 |
INR 0.043 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.