MIRA INFORM REPORT

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

GENERAL TRADE SERVICE CENTER (GTSC)

 

 

Registered Office :

Arissi Street, PO Box: 771, Homs, Syria

 

 

Country :

Syria

 

 

Date of Incorporation :

1986

 

 

Com. Reg. No.:

2693, Homs

 

 

Legal Form :

Sharikat Tadhamun (General Partnership)

 

 

Line of Business :

Engaged in the import and distribution of spices, herbs and pulses.

 

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

GENERAL TRADE SERVICE CENTER (GTSC)

Also Known As

GENERAL TRADE SPICE CENTER

Country of Origin

Syria

Legal Form

General Partnership

Registration Date

1986

Commercial Registration Number

2693, Homs

Partners Capital

SY Pnds 10,000,000

Total Workforce

8

Line of Business

Distributors of spices, herbs and pulses.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

GENERAL TRADE SERVICE CENTER (GTSC)

 

 

ALSO KNOWN AS

 

GENERAL TRADE SPICE CENTER

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Arissi Street

PO Box             : 771

Town                 : Homs

Country             : Syria

Telephone         : (963-31) 488060 / 488061 / 488062

Facsimile          : (963-31) 481133

Email                : info@gtscrj.com

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Homs.

 

 

KEY PRINCIPALS

 

·       Mohamed Mufleh Rifai Jandali                                                Managing Partner

 

·       Ali Rifai Jandali                                                                     Partner

 

·       Abdulmomen Helwani                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form                  : Sharikat Tadhamun (General Partnership)

 

Commercial Reg. No.  : 2693, Homs

 

Partners Capital           : SY Pnds 10,000,000

 

 

Name of Partner (s)

 

·       Mohamed Mufleh Rifai Jandali

 

·       Ali Rifai Jandali

 

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 spices, herbs and pulses.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 8 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 87,500,000                  SY Pnds 95,000,000

 

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 1986, subject is involved in the import and distribution of spices, herbs and pulses.

 

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$ 200,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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