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MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GENERAL TRADE
SERVICE CENTER (GTSC) |
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Registered Office : |
Arissi Street, P
O Box 771, Homs |
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Country : |
Syria |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
2693 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
import and distribution of spices, herbs and pulses. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
GENERAL TRADE SERVICE CENTER (GTSC) |
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Also Known As |
GENERAL TRADE SPICE CENTER |
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Country of Origin |
Syria |
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Legal Form |
General Partnership |
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Registration Date |
1986 |
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Commercial Registration Number |
2693, Homs |
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Partners Capital |
SY Pnds 10,000,000 |
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Total Workforce |
8 |
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Line of Business |
Distributors of spices, herbs and pulses. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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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
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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
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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%)