MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FATFAT COMPANY
GENERAL TRADE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
12499, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
import and distribution of sanitary ware products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FATFAT COMPANY GENERAL TRADE
Country of Origin :
Legal Form : General Partnership
Registration Date : 1990
Commercial Registration Number :
12499,
VAT Number : 12808-601
Partners Capital : LP 2,500,000
Total Workforce : 12
Line of Business : Distributors of sanitary ware products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FATFAT COMPANY
GENERAL TRADE
ADDRESS
Registered & Physical Address
Location : Mina Street
PO Box : 571
Town :
Country : Lebanon
Telephone : (961-6) 213334
Facsimile : (961-6) 213335
Email : fatfatco@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Tripoli.
KEY PRINCIPALS
·
Jawad
Mohamed Fatfat Managing
Partner
·
Saad Mohamed
Fatfat Partner
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Mohamed
Jawad Mohamed Fatfat General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1990
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 12499,
Tripoli
VAT
Number : 12808-601
Partners Capital : LP 2,500,000
Name of Partner (s)
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Jawad
Mohamed Fatfat
·
Saad Mohamed
Fatfat
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
sanitary ware products.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Lebanese
Pounds (LP)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue LP 3,850,000,000 LP 4,150,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Banque
du Liban et D’ Outre-Mer Sal
Azmi Street
Tripoli
Tel : (961-6) 433064
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of EUR 200,000:
Established in
1990, subject is owned and managed by Mr Jawad Mohamed Fatfat and Mr Saad Mohamed Fatfat who are
both well respected in the local business community.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: EUR 200,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)