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MIRA INFORM REPORT
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Report No. : |
490298 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
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Name : |
UNITED GROUP OFFSHORE SAL |
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Registered Office : |
El Amara Building, 1st Floor, Plot No. 176 St Therese Street
El Hadath, Sfeir, Ghobeiri PO Box 825 Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
31.07.2000 |
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Com. Reg. No.: |
67987 |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Subject is engaged in the import and distribution of
general foodstuff products, including cereals, rice, spices, sugar, tea,
coffee, fish and canned products. |
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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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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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.
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Source
: CIA |
SUMMARY
Company Name : UNITED GROUP OFFSHORE SAL
Also Known As : BITAR INTERNATIONAL SAL
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 31st July 2000
Commercial Registration Number : 67987, Baabda
Issued Capital : LP 90,000,000
Paid up Capital : LP 90,000,000
Total Workforce : 20
Activities : Distributors of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rabie Ayash, Sales Manager
COMPANY
NAME
UNITED GROUP OFFSHORE
SAL
ALSO
KNOWN AS: BITAR INTERNATIONAL SAL
ADDRESS
Registered &
Physical Address
Building :
El Amara Building, 1st Floor, Plot No. 176
Street :
St Therese Street
Area :
El Hadath, Sfeir, Ghobeiri
PO Box :
825
Town :
Beirut
Country : Lebanon
Telephone :
(961-5) 466888 / 467994 / 467995
Facsimile :
(961-5) 466888 / 467998
Mobile :
(961-3) 676828
Email : bitar@bitarintl.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Beirut.
KEY
PRINCIPALS
Name Nationality
Position
· Rami
Hilal Bitar Lebanese Managing Director
· Rashid
Hilal Bitar Lebanese Director
· Batoul
Hilal Bitar Lebanese Director
· Rabie
Ayash - Sales Manager
· Maher
Allamah - Finance
Controller
· Effat
Shamoun - Administration
Manager
· Elie
Latoof - Commercial
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 31st
July 2000
Legal
Form : Lebanese
Joint Stock Company
Commercial
Reg. No. :
67987, Baabda
Issued Capital : LP
90,000,000
Paid up Capital :
LP 90,000,000
Name of Shareholder (s) Percentage
· Rami
Hilal Bitar 47.5%
· Rashid
Hilal Bitar 47.5%
· Batoul
Hilal Bitar 5.0%
AFFILIATED
COMPANIES
· Hilal
Bitar & Sons Co Sarl
Fahed
& Itani Building
Oubari
Street
Tallet
El Khayat
Beirut
Tel:
(961-1) 795798 / 795796
Fax:
(961-1) 795796
Email:
hbc@cyberia.net.lb
OPERATIONS
Activities: Engaged in the import and distribution
of general foodstuff products, including cereals, rice, spices, sugar, tea, coffee, fish and canned products.
Import Countries: Europe and the United States of
America
Brand Names: DERONI and FANCY
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 Sales LP
6,000,000,000 LP
6,280,000,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Bank of Kuwait & the Arab World Sal
Bellevue
Building
Verdun
Ain El Tineh
Beirut
Tel:
(961-1) 866305 / 866306
·
Arab Bank Plc
Chiah
Branch
PO
Box: 111015
Beirut
11072070
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
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.
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 |
INR 64.14 |
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1 |
INR 89.50 |
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Euro |
1 |
INR 79.43 |
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LBP |
1 |
INR 0.042 |
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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VIV |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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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.