MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DELTA FOR
MEDICAMENTS |
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Registered Office : |
Al Mansora Area,
P O Box 880, Aleppo |
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Country : |
Syria |
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Date of Incorporation : |
1958 |
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Com. Reg. No.: |
8219, Aleppo |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturer of more
than 115 different pharmaceutical products. |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DELTA FOR MEDICAMENTS
Country of Origin : Syria
Legal Form : Limited Liability Partnership
Start Date : 1958
Registration Date : 1989
Commercial Registration Number : 8219, Aleppo
Issued Capital : SY Pnds 25,000,000
Paid Up Capital : SY Pnds 25,000,000
Total Workforce : 300
Line of Business : Manufacturers of pharmaceutical products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
DELTA FOR
MEDICAMENTS
ADDRESS
Registered & Physical Address
Location : Al Mansora Area
PO Box : 880
Town : Aleppo
Country : Syria
Telephone : (963-21) 5210124 / 5210253
Facsimile : (963-21) 5210287
Email : info@deltapharma.net
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Aleppo.
KEY PRINCIPALS
·
Mohamed
Safwan Ashrafieh Managing
Partner
·
Kamel
Safwan Ashrafieh Partner
·
Dr Suhail
Ashrafieh General
Manager
·
Dr Abdul
Hamid Tami Quality
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1958, however
subject was registered in 1989
Legal Form :
Sharikat Tadhamun Bill
Asshum (Limited Liability Partnership)
Commercial Reg. No. : 8219, Aleppo
Issued Capital : SY Pnds 25,000,000
Paid Up Capital : SY Pnds 25,000,000
Name of Partner (s)
·
Mohamed
Safwan Ashrafieh
·
Kamel
Safwan Ashrafieh
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 manufacture of more than 115
different pharmaceutical products, including
syrups, tablets and coated tablets, capsules, oral drops, solutions, ointments,
eye, ear and nose drops, oral powders, nasal sprays, vials and oral suspension.
Subject is ISO accredited for the following:
ISO 9001 in 2000
ISO 1401 in 2004
ISO 1801 in 1999
Import Countries
: Europe and the United
States of America.
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Syria are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
BANKERS
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Commercial
Bank of Syria
Kastel Hajjarin Street
Aleppo
Tel : (963-21) 4239601
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Established in
1958, subject is involved in the manufacture of more than 115 different
pharmaceutical products.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 500,000
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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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%)