MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SATEX FOR FILIAL
YARNS INDUSTRY |
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Registered Office : |
Al Azbakieh, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
1548, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of yarn, polyester, jet and
polypropylene. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SATEX FOR FILIAL YARNS INDUSTRY
Also Known As : ABDUL QADER, NABIL & FAISAL SHABAREK
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 1990
Commercial Registration Number :
1548,
Issued Capital : SY Pnds 10,000,000
Paid Up Capital : SY Pnds 10,000,000
Total Workforce : 70
Line of Business :
Manufacturers of yarn,
polyester, jet and polypropylene.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SATEX FOR FILIAL
YARNS INDUSTRY
ALSO KNOWN AS
ABDUL QADER, NABIL
& FAISAL SHABAREK
ADDRESS
Registered & Physical Address
Location : Al Azbakieh
PO Box : 8171
Town :
Country : Syria
Telephone : (963-21) 2250179 / 2268648
Facsimile : (963-21) 2256369
Mobile : (963-93) 213158
Email : satex@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 Aleppo.
KEY PRINCIPALS
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Nabil
Mohamed Shabarek Managing
Partner
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Abdul
Qader Mohamed Shabarek Partner
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Faisal
Mohamed Shabarek Partner
LEGAL FORM &
OWNERS
Date of Establishment : 1990
Legal Form :
Sharikat Tadhamun Bill
Asshum (Limited Liability Partnership)
Commercial Reg. No. : 1548, Aleppo
Issued Capital : SY Pnds 10,000,000
Paid Up Capital : SY Pnds 10,000,000
Name of Partner (s)
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Nabil
Mohamed Shabarek
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Abdul
Qader Mohamed Shabarek
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Faisal
Mohamed Shabarek
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 yarn, polyester, jet and polypropylene.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of 70 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 225,900,000 SY Pnds 248,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
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
1990, subject is involved in the manufacture of yarn, polyester, jet and polypropylene.
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$ 250,000
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%)