|
Report No. : |
309107 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOCIETE FOMACO SARL |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
1988 |
|
|
|
|
Com. Reg. No.: |
993 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture of mattresses, upholstered furniture,
household linens and bedding. |
|
|
|
|
No. of Employees : |
65 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Lebanon |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LEBANON - ECONOMIC OVERVIEW
Lebanon has a free-market economy
and a strong laissez-faire commercial tradition. The government does not
restrict foreign investment; however, the investment climate suffers from red
tape, corruption, arbitrary licensing decisions, complex customs procedures,
high taxes, tariffs, and fees, archaic legislation, and weak intellectual
property rights. The Lebanese economy is service-oriented; main growth sectors
include banking and tourism. The 1975-90 civil war seriously damaged Lebanon's
economic infrastructure, cut national output by half, and derailed Lebanon's
position as a Middle Eastern entrepot and banking hub. Following the civil war,
Lebanon rebuilt much of its war-torn physical and financial infrastructure by
borrowing heavily, mostly from domestic banks, which saddled the government
with a huge debt burden. Pledges of economic and financial reforms made at
separate international donor conferences during the 2000s have mostly gone
unfulfilled, including those made during the Paris III Donor Conference in 2007
following the July 2006 war. The collapse of the MIKATI government in early
2011 over its backing of the Special Tribunal for Lebanon and the conflict in
neighboring Syria slowed economic growth to the 1-2% range in 2011-13, after
four years of 8% average growth. In September 2011 the Cabinet endorsed a bill
that would provide $1.2 billion in funding to improve Lebanon's downtrodden
electricity sector, but fiscal limitations will test the government's ability
to invest in other areas, such as water.
|
Source
: CIA |
Company Name :
SOCIETE FOMACO SARL
Country of Origin :
Lebanon
Legal Form :
Limited Liability Company
Registration Date :
1988
Commercial Registration Number :
993, Zahle
VAT Number :
601-13268
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
Person Interviewed :
Ahmed Yasser Halbawi, General Manager
SOCIETE FOMACO SARL
Registered &
Physical Address
Building :
Street : Camille
Chamoun Boulevard
Area : Hadath
PO Box : 2571
Town : Beirut
Country :
Telephone : (961-1) 558888
/ (961-5) 470370
Facsimile : (961-1) 555559
/ (961-5) 471666
Mobile : (961-3)
280346
Email : sales@foma-co.com
/ ahmedyh@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
Hellanieh
Zahle
Tel: (961-8) 921111
Fax: (961-8) 922028 / 922022
Mazraa Avenue
Beirut 2048-4810
Tel: (961-1) 706040
Fax: (961-1) 706041
Name Position
Oussama Reda Halbawi Managing
Director
Saeb C Nahas Director
Sabih Nahas Director
Abdelghani Reda Halbawi Director
Fauzi S Kassir Director
Ahmed Yasser Halbawi General
Manager
Edward Khurais Sales
Manager
Date of Establishment : 1988
Legal Form : Limited Liability
Company
Commercial Reg. No. : 993, Zahle
VAT No. : 601-13268
Issued Capital : LP 3,000,000,000
Paid up Capital : LP 3,000,000,000
Name of
Shareholder (s)
Oussama Reda Halbawi
Saeb C Nahas
Sabih Nahas
Abdelghani Reda Halbawi
Fauzi S Kassir
Halbawi Industry and Trade
Halbawi Centre
Haret Hreik
Beirut
Tel: (961-1) 558888
Fax: (961-1) 555559
Lifco Sarl
Beirut
Foma Sweet Sarl
Beirut
Activities: Engaged in the manufacture of mattresses, upholstered furniture,
household linens and bedding.
Import Countries: Spain, Germany and the Netherlands.
International Suppliers:
Repsol Spain
Bayer AG Germany
Shell Global Netherlands
Brand Names: FOMA, GOMATEX, FOMACO and HISCO
Operating Trend: Steady
Subject has a workforce of 65 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales US$
13,620,000 US$ 14,200,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmed Yasser Halbawi, General
Manager
Fransabank Sal
PO Box: 110393
Beirut
Tel: (961-1) 340180 / 354573
Fax: (961-1) 354572
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was uncovered
regarding subject’s operating history or the manner in which payments are
fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.