MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMESSA LABS |
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Registered Office : |
Hama Highway, P O
Box 5195, Homs |
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Country : |
Syria |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1958 |
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Com. Reg. No.: |
6039, Homs |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
production of medicines, including tablets, capsules, creams, ointments, suppositories
and powders. |
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 : |
Fair |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : EMESSA LABS
Country of Origin : Syria
Legal Form : Limited Liability Partnership
Start Date : 1958
Registration Date : 25th June 1998
Commercial Registration Number : 6039, Homs
Membership Number : 7160
Issued Capital : SY Pnds 10,000,000
Paid Up Capital : SY Pnds 10,000,000
Total Workforce : 65
Line of Business : Producers of medicines.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EMESSA LABS
ADDRESS
Registered & Physical Address
Location : Hama Highway
PO Box : 5195
Town : Homs
Country : Syria
Telephone : (963-31) 2226325
Facsimile : (963-31) 2235623
Email : emessalabs@net.sy
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Homs.
KEY PRINCIPALS
Dr Ayad Rizkullah Abu Khater Managing Partner
Hekmat Rizkullah Abu Khater Partner
Sadiq Aref Al Akhraz Partner
Neshat Aref Al Akhraz Partner
Haytham Aref Al Akhraz Partner
Mohamed Amat Attara Partner
Hanaya Dabbag Partner
Salma Gawi Finance Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1958, however
subject was registered on 25th June 1998.
Legal Form :
Sharikat Tadhamun Bill
Asshum (Limited Liability Partnership)
Commercial Reg. No. : 6039, Homs
Membership No. : 7160
Issued Capital : SY Pnds 10,000,000
Paid Up Capital : SY Pnds 10,000,000
Name of Partner (s)
Dr
Ayad Rizkullah Abu Khater
Hekmat Rizkullah Abu Khater
Sadiq Aref Al Akhraz
Neshat Aref Al Akhraz
Haytham Aref Al Akhraz
Mohamed Amat Attara
Hanaya Dabbag
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 production of medicines,
including tablets, capsules, creams, ointments, suppositories and powders.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 65 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Syrian
Pounds (SY Pnds)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue SY Pnds 125,000,000 SY Pnds 138,000,000
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) 2225214
Fax : (963-31) 2223300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1958, subject is involved in the production of medicines, including tablets,
capsules, creams, ointments, suppositories and powders.
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: 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%)