MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOMACO CO SARL |
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Registered Office : |
Halbawi Center,
Ground Floor, Adaimi Street, Haret Hreik, PO Box 2571, Beirut |
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Country : |
Lebanon |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1988 |
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Com. Reg. No.: |
993, Zahle |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Mattresses, Upholstered Furniture, Household
Linens and Bedding |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FOMACO CO SARL
Country of Origin : Lebanon
Legal Form : Limited Liability Company
Registration Date : 1988
Commercial Registration Number : 993, Zahle
Issued Capital : LP 3,000,000,000
Paid up Capital : LP 3,000,000,000
Total Workforce : 65
Activities : Manufacture of mattresses, upholstered furniture, household linens and
bedding
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
FOMACO CO SARL
ADDRESS
Registered & Physical Address
Building : Halbawi Center, Ground Floor
Street : Adaimi Street
Area : Haret Hreik
PO Box : 2571
Town : Beirut
Country : Lebanon
Telephone : (961-1) 558888
Facsimile : (961-1) 555559
Mobile : (961-3) 280346
Email : sales@foma-co.com
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Beirut.
Branch Office
(s)
Location Description
·
Baalbeck Road Owned
factory premises
Mafraq Saqrin
Bekaa
Tel: (961-8) 921111
Fax: (961-8) 922028
KEY PRINCIPALS
Name Position
·
Oussama R
Halbawi Managing
Director
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Saeb C Nahas Director
·
Sabih Nahas Director
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Abdelghani R
Halbawi Director
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Fauzi S Kassir Director
·
Yasser Halbawi Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1988
Legal Form :
Limited Liability Company
Commercial Reg. No. : 993, Zahle
Issued Capital : LP 3,000,000,000
Paid up Capital : LP 3,000,000,000
Name of Shareholder (s)
·
Oussama R
Halbawi
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Saeb C Nahas
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Sabih Nahas
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Abdelghani R
Halbawi
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Fauzi S Kassir
AFFILIATED COMPANIES
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Halbawi
Industry and Trade
Halbawi Centre
Haret Hreik
Beirut
Tel: (961-1) 558888
Fax: (961-1) 555559
OPERATIONS
Activities: Engaged in the manufacture of mattresses,
upholstered furniture, household linens and bedding.
Import
Countries: Italy and the
Netherlands
Brand Names: FOMA, GOMATEX, FOMACO & HISCO
Operating Trend: Steady
Subject has a workforce
of 65 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Lebanese
Pounds (LP)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales LP 6,300,000,000 LP 6,750,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Fransabank Sal
PO Box 110393
Beirut
Tel: (961-1) 340180 / 354573
Fax: (961-1) 354572
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2005
Credit amount 109,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
1988, subject is involved in the manufacture of mattresses, upholstered
furniture, household linens and bedding.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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. |
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%)