3decades

MIRA INFORM REPORT

Report No. :	493026
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	VATECH SARL

Registered Office :	Bourj El Salam Building, Ground Floor, Salim Salam Street, Mousseitbeh Sector, PO Box : 145728, Beirut

Country :	Lebanon

Financials (as on) :	31.12.2017

Date of Incorporation :	31.10.1997

Com. Reg. No.:	72465, Beirut

Legal Form :	Limited Liability Company

Line of Business :	Subject is engaged in the wholesale and retail of professional audio visual, lighting and broadcasting equipment and accessories.

No. of Employees :	8

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	US$ 200,000

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

(30.09.2017)

Current Rating

(31.12.2017)

Lebanon

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. The Lebanese government in 2017 passed initiatives to encourage foreign investment to improve the country’s infrastructure and exploit offshore energy resources.

Source : CIA

SUMMARY

Company Name : VATECH SARL

Country of Origin : Lebanon

Legal Form : Limited Liability Company

Registration Date : 31st October 1997

Commercial Registration Number : 72465, Beirut

Issued Capital : LP 5,000,000

Paid up Capital : LP 5,000,000

Total Workforce : 8

Activities : Wholesale and retail of professional audio visual, lighting

and broadcasting equipment and accessories

Financial Condition : Fair

Payments : No complaints

Operating Trend : Steady

Recommended Credit Limit : US$ 200,000

COMPANY NAME

VATECH SARL

ADDRESS

Registered & Physical Address

Building : Bourj El Salam Building, Ground Floor

Street : Salim Salam Street

Area : Mousseitbeh Sector

PO Box : 145728

Town : Beirut

Country : Lebanon

Telephone : (961-1) 310607 / 310608

Facsimile : (961-1) 318371

Email : info@vatech.com.lb

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

· Fadi Hussein Serhan Lebanese Managing Director

· Ihab Hussein Serhan Lebanese Director

LEGAL FORM & OWNERS

Date of Establishment : 31^st October 1997

Legal Form : Limited Liability Company

Commercial Reg. No. : 72465, Beirut

Issued Capital : LP 5,000,000

Paid up Capital : LP 5,000,000

Name of Shareholder (s) Percentage

· Fadi Hussein Serhan 85%

· Ihab Hussein Serhan 15%

OPERATIONS

Activities: Engaged in the wholesale and retail of professional audio visual, lighting and broadcasting equipment and accessories.

Import Countries: United States of America, Japan, China, United Kingdom, Germany, Australia and Canada

International Suppliers:

· Sony Media Japan

· Libec Japan

· Panasonic Japan

· Pro X China

· News Hunter China

· Filmgear China

· Kupo China

· Drift China

· Sigma Electronics Germany

· Vislink Germany

· Sachtler Germany

· Vitec Group Germany

· Schulze Brakel Germany

· Telex Germany

· Dedo Light Germany

· Soundscape Germany

· Barbizon United States of America

· Photo Beard United States of America

· Light Panel United States of America

· Tiffen United States of America

· Steadicam United States of America

· Red Rock Micro United States of America

· Pelican United States of America

· Cotech United Kingdom

· Tvone United Kingdom

· Blackmagic Design Australia

· Ross Video Ltd Canada

Operating Trend: Steady

Subject has a workforce of 8 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 8,125,000,000 LP 8,400,000,000

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 Beirut and the Arab Countries Sal

PO Box: 111536

Beirut

Tel: (961-1) 867142 / 869835

Fax: (961-1) 869836

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct name of the subject is “Vatech Sarl” and not “Vatech Srl”.

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 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
LBP	1	INR 0.043

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

INFORMATION DETAILS

Analysis Done by :	DIV

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.