MIRA INFORM REPORT

 

 

Report Date :

21.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FURNITURE & PLASTIC INDUSTRIES SARL

 

 

Formerly Known As :

FAP INDUSTRIES

 

 

Registered Office :

FAP Building Main Road  Industrial Area PO Box 1165036 Hosrayel

 

 

Country :

Lebanon

 

 

Year of Establishment :

1983

 

 

Com. Reg. No.:

16287, Baabda

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of household linen, soft furnishings and domestic furniture

 

 

No. of Employees :

230

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : FURNITURE & PLASTIC INDUSTRIES SARL

Also Known As                                      : FAP INDUSTRIES

Country of Origin                                    : Lebanon

Legal Form                                            : Limited Liability Company

Registration Date                                   : 1983

Commercial Registration Number            : 16287, Baabda

Issued Capital                                        : LP 4,000,000

Paid up Capital                                      : LP 4,000,000

Total Workforce                                     : 230

Activities                                               : Manufacturers of household linen, soft furnishings and domestic furniture

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

FURNITURE & PLASTIC INDUSTRIES SARL

 

ALSO KNOWN AS: FAP INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : FAP Building

Street               : Main Road

Area                 : Industrial Area

 

PO Box             : 1165036

 

Town                 : Hosrayel

Country             : Lebanon

 

Telephone         : (961-9) 790830 / 790831 / 790832 / 790970

Facsimile          : (961-9) 790840 / 790841 / 790842

Mobile               : (961-3) 600217 / 600218 / 600219

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Hosrayel.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sami Solh Avenue                                                                             Showroom premises

Beirut

Tel: (961-1) 386320

Fax: (961-1) 386321

 

·       Hamra Sector                                                                                   Showroom premises

Beirut

Tel: (961-1) 750080

Fax: (961-1) 750081

 

·       Jounieh Highway                                                                               Showroom premises

Haret Sakhre

Tel: (961-9) 934212

Fax: (961-9) 934212

 

·       Jal El Dib                                                                                          Showroom premises

Tel: (961-4) 712155

Fax: (961-4) 713155

 

·       Mkalles                                                                                            Showroom premises

Tel: (961-1) 483548

Fax: (961-1) 483549

 

·       Elissar Area                                                                                      Showroom premises                              

Mazraet Yachouh

Tel: (961-4) 911802

Fax: (961-4) 911803

 

·       Tyr                                                                                                   Showroom premises

Tel: (961-7) 344830

Fax: (961-7) 344831

 

·       Boulevard Tripoli                                                                                Showroom premises

Tel: (961-6) 438383

Fax: (961-6) 438989

 

·       Maarad Street                                                                                   Showroom premises

Tripoli

Tel: (961-6) 442189

Fax: (961-6) 442190

 

·       Highway, Jbeil                                                                                   Showroom premises

Tel: (961-9) 545971

Fax: (961-9) 545971

 

·       Industrial Area                                                                                   Showroom premises

Hosrayel

Tel: (961-9) 791970

 

·       Haret Hreik                                                                                       Showroom premises

Baabda

Tel: (961-1) 555361

Fax: (961-1) 555362

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Eid S Chedraoui                                                                                Managing Director

 

·       Nawfal S Chedraoui                                                                           Director

 

·       Richard Chedraoui                                                                             Director

 

·       Joseph Rizk                                                                                      General Manager

 

·       Georges Abou Melham                                                                      Human Resources Manager

 

·       Marwan Nader                                                                                   Purchasing Manager

 

·       Milad Helou                                                                                      Financial Manager

 

·       Antoine Khabbaz                                                                               IT Manager

 

·       Jony Zeeni                                                                                        Production Manager

 

·       Ramzi Ghanem                                                                                 R & D Manager

 

·       Charbel Chedraoui                                                                             Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 16287, Baabda

 

Issued Capital              : LP 4,000,000

 

Paid up Capital            : LP 4,000,000

 

Name of Shareholder (s)                                    

 

·       Eid S Chedraoui                                                                   

 

·       Nawfal S Chedraoui                                                              

 

·       Richard Chedraoui

 

 

AFFILIATED COMPANIES

 

·       Cleanzi Sarl

Old Tripoli Road

Amchit

Tel: (961-9) 623233

Fax: 9961-9) 623234

 

·       FAP

Saudi Arabia

 

·       Latex Foam Ltd

Ghana

 

·       Latex Foam Ltd

Nigeria

 

·       Latex Foam Ltd

Burkina Faso

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of household linen, soft furnishings and domestic furniture.

 

                 Subject is ISO 9001 accredited.

 

Import Countries: Spain, Italy, Belgium, Germany, China and South Korea.

 

Export Countries: Syria, Jordan, Qatar and Saudi Arabia.

 

Brand Names: FAP

 

Subject has a workforce of approximately 230 employees.

 

 

FINANCIAL DATA

 

Companies registered in Lebanon are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Fransabank Sal

PO Box: 110393

Beirut

Tel: (961-1) 340180 / 354573

Fax: (961-1) 354572

 

·       Byblos Bank

Byblos Tower Building

Elias Sarkis Avenue

Ashrafieh

PO Box: 115605

Beirut

Tel: (961-1) 335200

Fax: (961-1) 339436

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.87

UK Pound

1

Rs.86.46

Euro

1

Rs.69.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.