MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
YASSEN AMJAD
SADEK |
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Registered Office : |
Souq Al Hal,
Damascus |
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Country : |
Syria |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1964 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
wholesale and retail of general foodstuff products, including rice, lentils
and soya. |
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$ 60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : YASSEN AMJAD SADEK
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 1964
Invested Capital : SY Pnds 3,000,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
YASSEN AMJAD SADEK
ADDRESS
Registered & Physical Address
Location : Souq Al Hal
Town : Damascus
Country : Syria
Telephone : (963-11) 5429564 / 5254066
Facsimile : (963-11) 5224066
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Damascus.
KEY PRINCIPALS
·
Yassen Amjad
Sadek Proprietor
·
Emad Yassen
Amjad Sadek General
Manager
·
Abu Bakr
Sadek Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1964
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Invested Capital
: SY Pnds 3,000,000
Mr Yassen Amjad
Sadek is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of
general foodstuff products, including rice, lentils and soya.
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
31/12/05: Year
Ending 31/12/06:
Total Revenue SY Pnds 17,500,000 SY Pnds 18,950,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
Bank of Syria
Branch No. 3
Damascus
Tel : (963-11) 2210444
·
Bank of Syria
& Overseas
Bab Touma Branch
Damascus
Tel: (963-11) 2460560
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1964, subject is owned and managed by Mr Yassen Amjad Sadek who is well
respected in the local business community.
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 60,000
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. |
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%)