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MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FOOD & DRUG
CORPORATION SAL (FDC) |
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Registered Office : |
Byblos Bank Building, 5th/6th/9th
Floors, Unesco Street, Unesco Sector, P O Box 118182, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12th March 1973 |
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Com. Reg. No.: |
28870, Beirut |
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Legal Form : |
Lebanese Joint Stock Company |
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Line of Business : |
Import and
distribution of bottled & canned seafood, animal, fish & vegetable
oils, salt & vinegar, sugar confectionery items, milk, baby food, health
& diet foods, biscuits & crackers, pasta products, cider, fruit &
vegetable juices, tea & coffee, soap & detergents, household cleaning
products, cosmetics & toiletries, tissue paper, polishes, fungicides,
herbicides & insecticides. |
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 : |
US$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FOOD & DRUG CORPORATION SAL (FDC)
Country of Origin : Lebanon
Legal Form : Lebanese Joint Stock Company
Registration Date : 12th March 1973
Commercial Registration Number : 28870, Beirut
Issued Capital : LP 2,100,000,000
Paid up Capital : LP 2,100,000,000
Total Workforce : 300
Line of Business : Distributors of foodstuffs, pharmaceuticals and household chemicals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FOOD & DRUG
CORPORATION SAL (FDC)
ADDRESS
Registered & Physical Address
Building : Byblos Bank Building, 5th/6th/9th
Floors
Street : Unesco Street
Area : Unesco Sector
Town : Beirut
Country : Lebanon
Telephone : (961-1) 865047 / 868941 / 867394 /
490768
Facsimile : (961-1) 868089 / 490787
Email : fdc@idm.net.lb
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Beirut.
Branch Office (s)
Location Description
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Zakaria Nsouli Building, 3rd Floor Rented Sales office
Dar Al Fatwa sector
PO Box: 1135610
Beirut
Tel: (961-1) 862072
Fax: (961-1) 814199
Email: fdc@terra.net.lb
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Tripoli Rented Sales office
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Saadnayel Rented Sales office
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Aley Sales office &
warehouse
KEY PRINCIPALS
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Ghassan A F Al Mahasini Managing
Director
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Ali A Mroueh Director
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Walid A Mroueh Director
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Miss Randa Ghassan Al Mahasini Director
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Ziad Ghassan Al Mahasini Director
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Chawki Abou Arraj Director
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Henry Abou Arraj Director
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Fahmi Abou Arraj Director
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Kamel Amin Kansour Director
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Nimer Accad Finance
Manager
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Claude Deriane Sales
Manager
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Marwan Hert Marketing
Manager
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Nazih Riman Administration
Manager
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Maher Serhal Human
Resources Manager
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Ahmad Siddik IT
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 12th
March 1973
Legal Form :
Societe Anonyme Libanaise
- SAL (Lebanese Joint Stock
Company)
Commercial Reg. No. : 28870, Beirut
Membership No. : 21752
Issued Capital : LP 2,100,000,000
Paid up Capital : LP 2,100,000,000
Name of Shareholder
(s)
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Ghassan A F Al Mahasini
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Ali A Mroueh
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Walid A Mroueh
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Miss Randa Ghassan Al Mahasini
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Ziad Ghassan Al Mahasini
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Chawki Abou Arraj
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Henry Abou Arraj
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Fahmi Abou Arraj
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Kamel Amin Kansour
Note to the Legal Form
A Joint Stock Company may be formed with a minimum capital of LP 30,000,000, twenty-five percent of which must be fully paid and it must have at least three founding members. The majority of the Board, which can have between 3-12 members, must be Lebanese. The company’s head office must be in Lebanon and a foreign-national chairman can only hold office if he has a work permit (this rule does not apply to chairmen of banks, and offshore or holding companies, which are usually formed as joint stock companies.) As a general rule, the law does not set requirements on how much interest the Lebanese members of a joint stock company must own. However, if the object of the company is to trade in real estate in Lebanon, then fifty percent of the company’s capital must be owned by Lebanese nationals.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
bottled and canned seafood, animal, fish and vegetable oils, salt and vinegar,
sugar confectionery items, milk, baby food, health and diet foods, biscuits and
crackers, pasta products, cider, fruit and vegetable juices, tea and coffee, soap,
washing agents and detergents, household cleaning products, cosmetics and
toiletries, tissue paper, polishes, fungicides, herbicides and insecticides.
Subject is a member of the following organisations:
- Syndicate of Foodstuff & Beverage Importers
- Lebanese Pharmaceutical Importers' Association.
Import Countries
: Germany, France,
United Kingdom, Belgium, Netherlands, Greece, Italy, Spain, Austria, Malta,
United Arab Emirates, Tunisia, Saudi Arabia Singapore, Thailand, Indonesia,
Chile, Brazil, and the United States of America
Agencies Held:
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Merck Germany
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Peaudouce Tunisia
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Nana Netherlands
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Canderel United
Kingdom
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Lipha France
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Milupa Germany
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Thilo Belgium
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Amurol United
States of America
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Sarbec France
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Sensodyne United
Kingdom
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Merito Italy
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Parmalat Italy
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Alfa United
Arab Emirates
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Korona Greece
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Two Forks Singapore
Operating Trend
: Steady
Subject has a
workforce of approximately 300 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 91,350,000,000 LP 90,200,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Banque Audi
Sal
Ashrafieh Branch
PO Box : 112560
Beirut
Tel : (961-1) 200250 / 200251
Fax : (961-1) 200955
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Byblos Bank
Byblos Tower Building
Elias Sarkis Avenue
Ashrafieh
PO Box : 115605
Beirut
Tel : (961-1) 335200
Fax : (961-1) 339436
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Banca Di Roma
PO Box : 11968
Beirut
Tel : (961-1) 332293
Fax : (961-1) 332932
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Banque Libano
Francaise Sal
PO Box : 11808
Beirut
Tel : (961-1) 200493 / 200490
Fax : (961-1) 200494 / 348845
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Allied Bank
Sal
PO Box : 1137165
Beirut
Tel : (961-1) 370994 / 864551
Fax : (961-1) 864551
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction January 2006
Credit amount 758,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Food & Drug
Corporation Sal (FDC) has been trading for over 30 years and is very well
established in the local market. It deals with a host of reputable
international suppliers and enjoys an excellent reputation for the quality of
its products.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the subject
is a sound trade risk.
Maximum suggested
credit figure: US$ 2,000,000
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%)