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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492206

Report Date :

16.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL FOOD CORPORATION SARL

 

 

Registered Office :

Abou Ghaida Building, Ground Floor, Khalde Highway, Khalde Area, PO Box: 136696, Choueifate

 

 

Country :

Lebanon

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

11.02.2004

 

 

Com. Reg. No.:

2002772, Baabda

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the import and distribution of cosmetics and foodstuffs

 

 

No. of Employees :

65

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Lebanon

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : INTERNATIONAL FOOD CORPORATION SARL

Country of Origin                                   : Lebanon

Legal Form                                           : Limited Liability Company

Registration Date                                  : 11th February 2004

Commercial Registration Number           : 2002772, Baabda

VAT Number                                         : 601-433619

Issued Capital                                       : LP 300,000,000

Paid up Capital                                     : LP 300,000,000

Total Workforce                                                : 65

Activities                                               : Distributors of cosmetics and foodstuffs

Financial Condition                                : Fair

Payments                                             : No complaints

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

INTERNATIONAL FOOD CORPORATION SARL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Abou Ghaida Building, Ground Floor

Street               : Khalde Highway

Area                 : Khalde Area

PO Box                        : 136696

Town                : Choueifate

Country : Lebanon

Telephone         : (961-5) 807363 / 807364 / 807365

Facsimile          : (961-5) 805385

Mobile              : (961-3) 888087 / (961-76) 913296

Email                : info@interfoodco.com / lama@interfoodco.com / lama@sevenorkid.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Choueifate.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Hicham Mohamed El Khatib                          Lebanese                                  Managing Director

 

·       Nagi Mohamed El Khatib                              Lebanese                                  Director

 

·       Ahmad Mohamed El Khatib                           Lebanese                                  Director

 

·       Sami Mohamed El Khatib                              Lebanese                                  Director

 

·       Fadi Omar Amoudi                                       Saudi                                        Director

 

·       Ms Lama Alama                                                 -                                          Assistant General Manager

 

·       Ms Taghered El Hussain                                    -                                          Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th February 2004

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2002772, Baabda

 

VAT No.                       : 601-433619

 

Issued Capital              : LP 300,000,000

 

Paid up Capital            : LP 300,000,000

 

Name of Shareholder (s)                                             Percentage           

 

·       Fadi Omar Ahmed Al Amoudi                                                50.0%

 

·       Hicham Mohamed El Khatib                                                  25.0%

 

·       Ahmad Mohamed El Khatib                                                   12.5%

 

·       Sami Mohamed El Khatib                                                      12.5%

 

 

AFFILIATED COMPANIES

 

·       Seven Orkid Cosmetics

Beirut

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of cosmetics and foodstuffs. Subject markets its products to 5,600 retailers and wholesalers throughout Lebanon.

 

Subject’s food and non-food products, include condiments, sauces, syrup, filling, spread, canned food, oil, cereals, chocolate, diet sweeteners, jams, tea, shortening, jelly, rice, pasta, flour, and other non-food products such as shampoo, conditioner, shower gel, deodorants, lotion, and hair gel.

 

Import Countries: United States of America, Sri Lanka, Saudi Arabia, Italy, Spain, Canada and India

 

International Suppliers:

 

·       Slim Fast                 United States of America

·       Robin Hood             United States of America

·       Crispo                      Spain

·       Bianconi                   Italy

 

Brand Names: AFFCO, SLIM FAST, ROBIN HOOD, HUNGRY JACK, MAGIC TIME, SMUCKER’S, JIF, EQUAL, CRISCO, TAJ TEA, BIANCONI, SUAVE, PANGEA and 961

 

Operating Trend: Steady

 

Subject has a workforce of 65 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 6,300,000,000                       LP 6,665,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Banque Audi Sal

Ashrafieh Branch

PO Box: 112560

Beirut

Tel: (961-1) 200250 / 200251

Fax: (961-1) 200955

 

·       Societe Generale Libano Europeene de Banque Sal

     PO Box: 112955

     Beirut

     Tel: (961-1) 499813 / 483001

       Fax: (961-1) 200455

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.92

UK Pound

1

INR 89.55

Euro

1

INR 79.68

LBP

1

INR 0.042

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.