MIRA INFORM REPORT

 

 

Report Date :           

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

FOOD & DRUG CORPORATION SAL (FDC)

 

 

Registered Office :

Byblos Bank Building, 4th Floor, Farah Center, Hamra Street, Verdun, P O Box 118182, Beirut

 

 

Country :

Lebanon

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.03.1973

 

 

Com. Reg. No.:

28870, Beirut

 

 

Legal Form :

Lebanese Joint Stock Company

 

 

Line of Business :

Distributors of foodstuffs, pharmaceuticals and household chemicals

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 2,000,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Lebanon

c1

c1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

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

Chamber Membership Number                : 21752

Issued Capital                                        : LP 2,100,000,000

Paid up Capital                                      : LP 2,100,000,000

Total Workforce                                     : 340

Activities                                               : Distributors of foodstuffs, pharmaceuticals and household chemicals.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

 

 

COMPANY NAME

 

FOOD & DRUG CORPORATION SAL (FDC)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Byblos Bank Building, 4th Floor, Farah Center

Street               : Hamra Street

Area                 : Verdun

PO Box                   : 118182

Town                 : Beirut

Country             : Lebanon

Telephone         : (961-1) 862000 / 865047 / 868941 / 867394 / 490768

Facsimile          : (961-1) 868089 / 814199

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

 

·       Zakaria Nsouli Building, 3rd Floor                                             Rented Sales office

     Anis Nsouli Street

     Dar Al Fatwa sector

     PO Box: 1135610

     Beirut

     Tel: (961-1) 862072

     Fax: (961-1) 814199

     Email: fdc@terra.net.lb

 

·       Tripoli                                                                                   Rented Sales office

Tel: (961-6) 601642 / 200925

 

·       Saadnayel                                                                            Rented Sales office

Zahleh

     Tel: (961-8) 500177 / 500178

 

·       Aley                                                                                     Sales office & warehouse

Choueifate

     Tel: (961-5) 400079 / 400081 / 400136

     Fax: (961-5) 400137

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

 

·       Ghassan A F Al Mahasini                                                      Managing Director

 

·       Ali A Mroueh                                                                         Director

 

·       Walid A Mroueh                                                                    Director

 

·       Randa Ghassan Al Mahasini                                                  Director

 

·       Ziad Ghassan Al Mahasini                                                     Director

 

·       Chawki Abou Arraj                                                                 Director

 

·       Henry Abou Arraj                                                                   Director

 

·       Fahmi Abou Arraj                                                                  Director

 

·       Kamel Amin Kansour                                                 Director

 

·       Nimer Accad                                                                         Finance Manager

 

·       Abbas El Ali                                                                         Sales Manager

 

·       Amr W Habbal                                                                      Marketing Manager

 

·       Nouhad Abdallah                                                                   Logistics Manager

 

·       Bassem Haidar                                                                     Human Resources Manager

 

·       Samih Masri                                                                         Project Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th March 1973

 

Legal Form                  : Lebanese Joint Stock Company

 

Commercial Reg. No.  : 28870, Beirut

 

Chamber Member No. : 21752

 

Issued Capital              : LP 2,100,000,000

 

Paid up Capital            : LP 2,100,000,000

 

Name of Shareholder (s)

 

·       Ghassan A F Al Mahasini

 

·       Ali A Mroueh

 

·       Walid A Mroueh

 

·       Randa Ghassan Al Mahasini

 

·       Ziad Ghassan Al Mahasini

 

·       Chawki Abou Arraj

 

·       Henry Abou Arraj

 

·       Fahmi Abou Arraj

 

·       Kamel Amin Kansour

 

 

OPERATIONS

 

Activities: 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:

 

·       Merck                      Germany

·       Peaudouce               Tunisia

·       Nana                        Netherlands

·       Canderel                   United Kingdom

·       Lipha                        France

·       Milupa                      Germany

·       Thilo             Belgium

·       Amurol                     United States of America

·       Sarbec                     France

·       Sensodyne               United Kingdom

·       Merito                      Italy

·       Parmalat                  Italy

·       Alfa                          United Arab Emirates

·       Korona                     Greece

·       Two Forks                Singapore

 

Operating Trend: Steady

 

Subject has a workforce of approximately 340 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Lebanese Pounds (LP)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                LP 95,500,000,000                     LP 97,100,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Banque Audi Sal

Ashrafieh Branch

PO Box: 112560

Beirut

Tel: (961-1) 200250 / 200251

Fax: (961-1) 200955

 

·       Byblos Bank

Byblos Tower Building

Elias Sarkis Avenue

Ashrafieh

PO Box: 115605

Beirut

Tel: (961-1) 335200

Fax: (961-1) 339436

 

·       Banca Di Roma

PO Box: 11968

Beirut

Tel: (961-1) 332293

Fax: (961-1) 332932

 

·       Banque Libano Francaise Sal

PO Box: 11808

Beirut

Tel: (961-1) 200493 / 200490

Fax: (961-1) 200494 / 348845

 

·       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 35 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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.70

Euro

1

Rs.65.75

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

 

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.