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3decades

 

 MIRA INFORM REPORT

 

 

Report No. :

497339

Report Date :

14.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KASSEM MAHFOUZ AND SONS CO SAL

 

 

Registered Office :

Mahfouz Building Mokdad Street Ghobeiri (Baabda) Beirut

 

 

Country :

Lebanon

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

10.02.1957

 

 

Com. Reg. No.:

6382

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the manufacture of clothing, as well as importing and distributing textiles and fabrics.

 

 

No. of Employees :

100

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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. 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                                    : KASSEM MAHFOUZ AND SONS CO SAL

Country of Origin                                   : Lebanon

Legal Form                                           : Limited Liability Company

Registration Date                                  : 10th February 1957

Commercial Registration Number           : 6382, Beirut

VAT Number                                         : 601-79101

Issued Capital                                       : LP 28,000,000

Paid up Capital                                     : LP 28,000,000

Total Workforce                                                : 100

Activities                                               : Manufacture of clothing, as well as importing and distributing textiles

  and fabrics

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

 KASSEM MAHFOUZ AND SONS CO SAL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Mahfouz Building

Street               : Mokdad Street

Area                 : Ghobeiri (Baabda)

 

Town                : Beirut

Country : Lebanon

 

Telephone         : (961-1) 552465

Facsimile          : (961-1) 841094

Mobile              : (961-3) 210121

Email                : bmahfouz@cyberia.net.lb

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Choueifat Area                                                                                 Owned factory premises

Beirut

     Tel: (961-5) 433399

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Kassem Mahfouz                                                                              Managing Director

 

·       Bassam Kassem Mahfouz                                                                 Director

 

·       Mohamed Kassem Mahfouz                                                              Director

 

·       Salah Kassem Mahfouz                                                                    Director

 

·       Ali Kassem Mahfouz                                                                         Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th February 1957

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 6382, Beirut

 

VAT No.                       : 601-79101

 

Issued Capital              : LP 28,000,000

 

Paid up Capital            : LP 28,000,000

 

Name of Shareholder (s)

 

·       Kassem Mahfouz

 

·       Bassam Kassem Mahfouz

 

·       Mohamed Kassem Mahfouz

 

·       Salah Kassem Mahfouz

 

·       Ali Kassem Mahfouz

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of clothing, as well as importing and distributing textiles and fabrics.

 

Import Countries: India, China, Italy and Turkey

 

International Suppliers:

 

·       Lonati          Italy

·       Orta Sark     Turkey

 

Brand Names: KMB

 

Subject has a workforce of 100 employees.

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/16:               Year Ending 31/12/17:

 

Total Sales                                US$ 5,000,000                           US$ 5,400,000

 

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 Sal

Clemanceau Street

PO Box: 117354

Beirut

Tel: (961-1) 360850 / 350723

Fax: (961-1) 360850

 

·       Blom Bank Sal

Al Daber Building

Abdel Aziz Street

PO Box: 111912

Beirut

Tel: (961-1) 346290 / 863830 / 371898

Fax: (961-1) 364133

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Kassem Mahfouz And Sons Co Sal” and not “Kassem Mahfouj Sons Co Sal”.

 

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 64.96

UK Pound

1

INR 90.23

Euro

1

INR 80.09

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 :

TRU

                                                


 

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.