MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AIMAN AND
ABDULLAH OLABI CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 1991 |
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Com. Reg. No.: |
9040, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import and distribution of general
foodstuff products, including tea, coffee, sugar, nuts, rice, spices and
edible oils. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AIMAN AND ABDULLAH OLABI CO
Country of Origin :
Legal Form : General Partnership
Registration Date : February 1991
Commercial Registration Number :
9040,
Partners Capital : SY Pnds 3,800,000
Total Workforce : 15
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AIMAN AND ABDULLAH
OLABI CO
ADDRESS
Registered & Physical Address
Building : National Syrian Bank Building
Street : Khan Al Hariri Street
PO Box : 9542
Town :
Country : Syria
Telephone : (963-21) 3623010 / 3315074 / 3335030
Facsimile : (963-21) 3023155 / 3623155
Email : info@olabitea.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Aleppo.
KEY PRINCIPALS
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Aiman
Mahmoud Olabi Managing
Partner
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Abdullah
Mahmoud Olabi Partner
LEGAL FORM &
OWNERS
Date of Establishment : February 1991
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 9040, Aleppo
Partners Capital : SY Pnds 3,800,000
Name of Partner (s) Percentage
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Aiman
Mahmoud Olabi 50%
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Abdullah
Mahmoud Olabi 50%
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 general foodstuff products, including tea, coffee, sugar, nuts, rice, spices
and edible oils.
Import Countries
: Sri Lanka, India and
Guatemala.
Brand Names : OLABI and VENICE tea.
Operating Trend
: Steady
Subject has a
workforce of 15 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 27,650,000 SY Pnds 34,900,000
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
Established in
1991, subject is owned and managed by Mr Aiman Mahmoud Olabi and his brother,
Mr Abdullah Mahmoud Olabi who are both well respected in the local business
community.
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.
Maximum suggested
credit figure: US$ 100,000
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%)