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MIRA
INFORM REPORT
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Report Date : |
22.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
ATASSI
DRUG STORE (ADS) |
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Registered Office : |
Ibn
Khaldoun Building, Flat No. 12, 3rd Floor, Ibn Khaldoun Street, P.
O. Box 377, Homs |
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Country : |
Syria |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1st September 1992 |
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Com. Reg. No.: |
2735 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import and distribution of
raw materials for the medical and pharmaceutical industries. |
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$
100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
ATASSI DRUG STORE (ADS) |
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Also
Known As |
AMER & GHASSAN ATASSI |
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Country
of Origin |
Syria |
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Legal
Form |
General Partnership |
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Registration
Date |
1st September 1992 |
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Commercial
Registration Number |
2735, Homs |
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Membership
Number |
330 |
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Partners
Capital |
SY Pnds 1,500,000 |
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Total
Workforce |
10 |
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Line
of Business |
Distributors of raw materials for the medical and pharmaceutical industries. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
ATASSI
DRUG STORE (ADS)
ALSO KNOWN AS
AMER
& GHASSAN ATASSI
ADDRESS
Registered & Physical Address
Building : Ibn Khaldoun Building, Flat No.
12, 3rd Floor
Street : Ibn Khaldoun Street
PO Box : 377
Town : Homs
Country : Syria
Telephone : (963-31) 470720 / 482426
Facsimile : (963-31) 470638
Email : ads27355@net.sy
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Homs.
KEY PRINCIPALS
· Amer Mohamed Ghatib Atassi Managing
Partner
· Ghassan Abdul Nafi Atassi Partner
LEGAL FORM & OWNERS
Date of Establishment : 1st September 1992
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 2735, Homs
Membership No. : 330
Partners
Capital : SY Pnds 1,500,000
Name of Partner (s)
· Amer Mohamed Ghatib Atassi
· Ghassan Abdul Nafi Atassi
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of raw materials for the medical and pharmaceutical industries.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Syrian Pounds (SY Pnds)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue SY Pnds
37,800,000 SY Pnds
41,410,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
· Commercial Bank of Syria
Hesham Ibn Abed Al Malek Street
Homs
Tel : (963-31) 225214
Fax : (963-31) 223300
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1992, subject is involved in the import and distribution of raw materials
for the medical and pharmaceutical industries.
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.
Maximum
suggested credit figure: US$ 100,000
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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