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MIRA INFORM REPORT
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Report No. : |
496444 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ASMAR
MEDICAL SAL |
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Registered Office : |
Kazandjian
Center, 1st Floor, Fouad Chehab Street, Fouad Chehab Street, Sin El Fil,
PO Box – 55045, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
20.01.2015 |
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Com. Reg. No.: |
2040055 |
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Legal Form : |
Lebanese Joint
Stock Company |
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Line of Business : |
Subject Engaged
in the import and distribution of medical and hospital equipment |
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No. of Employees : |
60 |
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 (30.09.2017) |
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 :
ASMAR MEDICAL SAL
Country
of Origin :
Lebanon
Legal
Form :
Lebanese Joint Stock Company
Registration
Date : 20th
January 2015
Commercial
Registration Number : 2040055
VAT
Number :
3022373-601
Issued
Capital :
LP 30,000,000
Paid
up Capital :
LP 30,000,000
Total
Workforce :
60
Activities :
Distributors of medical and hospital equipment
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
COMPANY
NAME
ASMAR MEDICAL SAL
ADDRESS
Registered
& Physical Address
Building : Kazandjian Center, 1st
Floor
Street : Fouad Chehab Street
Area :
Sin El Fil
PO Box :
55045
Town : Beirut
Country : Lebanon
Telephone : (961-1) 512712 / 512812
Facsimile : (961-1) 487509
Mobile : (961-3) 810404
Email : cafarhat@asmarmedical.com
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Beirut.
KEY
PRINCIPALS
Name Position
Anni Cecil Al Asmar Managing
Director
Joana Pierre Hana Al Asmar Director
Claudine Pierre Hana Al Asmar Director
Jan Pierre Hana Al Asmar Director
Pierre Hana Al Asmar General
Manager
Kirkor Ayderian Financial
Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 20th January
2015
Legal
Form : Lebanese Joint Stock Company
Commercial
Reg. No. : 2040055
VAT
No. : 3022373-601
Issued
Capital : LP 30,000,000
Paid
up Capital : LP 30,000,000
Name
of Shareholder (s)
Percentage
Anni Cecil Al Asmar 40%
Joana Pierre Hana Al Asmar 20%
Claudine Pierre Hana Al Asmar 20%
Jan Pierre Hana Al Asmar 20%
OPERATIONS
Activities: Engaged in the import and
distribution of medical and hospital equipment.
Import
Countries:
Europe and the Far East
Brand
Names: DEPUY
SYNTHES, DEPUY CODMAN, ORTHOFIX and AAP
Operating
Trend:
Steady
Subject
has a workforce of 60 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
8,700,000,000 LP
9,100,000,000
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
Byblos
Tower Building
Elias
Sarkis Avenue
Ashrafieh
PO
Box: 115605
Beirut
Tel:
(961-1) 335200
Fax:
(961-1) 339436
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 65.02 |
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1 |
INR 90.12 |
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Euro |
1 |
INR 80.91 |
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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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DIV |
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Report Prepared
by : |
KET |
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.