MIRA
INFORM REPORT
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Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
HAS
GROUP |
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Registered Office : |
Dummar
Al Balad, PO Box: 111, Damascus, Syria |
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Country : |
Syria |
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Date of Incorporation : |
27.02.1999 |
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Com. Reg. No.: |
69969, Damascus |
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Legal Form : |
Sharikat
Tadhamun Bill Asshum (Limited Liability Partnership) |
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Line of Business : |
Importer
and Distributors of safety, security and lifting
equipment. |
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 : |
EUR
75,000 |
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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 |
HAS GROUP |
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Country of Origin |
Syria |
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Legal Form |
Limited Liability Partnership |
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Registration Date |
27th February 1999 |
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Commercial Registration Number |
69969, Damascus |
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Membership Number |
424 |
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Issued Capital |
SY Pnds 2,500,000 |
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Paid Up Capital |
SY Pnds 2,500,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of safety, security and lifting equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
HAS
GROUP
ADDRESS
Registered & Physical Address
Location : Dummar Al Balad
PO Box : 111
Town : Damascus
Country : Syria
Telephone : (963-11) 3112244
Facsimile : (963-11) 3112277
Email : hawa@has-group.com
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Damascus.
KEY PRINCIPALS
·
Mohamed
Musalam Hawa Managing
Partner
·
Ahmed
Musalam Hawa Partner
·
Zayed
Al Dali Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th February 1999
Legal Form : Sharikat Tadhamun Bill Asshum (Limited Liability Partnership)
Commercial Reg. No. : 69969, Damascus
Membership No. : 424
Issued
Capital : SY Pnds 2,500,000
Paid
Up Capital : SY Pnds 2,500,000
Name of Partner (s)
·
Mohamed
Musalam Hawa
·
Ahmed
Musalam Hawa
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 safety, security and lifting equipment.
Import
Countries : Germany and France.
International
Suppliers :
·
Uvex
Arbeitsschutz GmbH Germany
·
Gallatte France
Operating
Trend : Steady
Subject
has a workforce of 15 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
54,000,000 SY Pnds
61,200,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Syria
Al Nasr Street
PO Box : 314
Damascus
Tel :
(963-11) 2210444
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of EUR 50,000:
Established
in 1999, subject is involved in the import and distribution of safety, security
and lifting equipment.
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.
Maximum
suggested credit figure: EUR 75,000
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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