MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ATLAL COMPANY |
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Registered Office : |
Cars Market, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
5th April 2005 |
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Com. Reg. No.: |
11668, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
wholesale and retail of automobiles and related spare parts. |
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$ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ATLAL COMPANY
Also Known As : FARHAN AND GAZI AL NASER
Country of Origin :
Legal Form : General Partnership
Registration Date : 5th April 2005
Commercial Registration Number :
11668,
Membership Number : 12205
Partners Capital : SY Pnds 3,000,000
Total Workforce : 15
Line of Business : Wholesalers and retailers of automobiles and related spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
AL ATLAL COMPANY
ALSO KNOWN AS
FARHAN AND GAZI AL
NASER
ADDRESS
Registered & Physical Address
Building : Cars Market
Street :
Area : Al Bayada Area
Town :
Country :
Telephone : (963-31) 2330073
Facsimile : (963-31) 2330073
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Homs.
KEY PRINCIPALS
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Farhan
Mohamed Al Nazer Managing
Partner
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Gazi
Mohamed Al Nazer Partner
LEGAL FORM &
OWNERS
Date of Establishment : 5th
April 2005
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 11668
Membership No. : 12205
Partners Capital : SY Pnds 3,000,000
Name of Partner (s)
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Farhan
Mohamed Al Nazer
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Gazi
Mohamed Al Nazer
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 wholesale and retail of
automobiles and related spare parts.
Import Countries
: Europe and the
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 31/12/06 :
Total Revenue SY Pnds 22,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial Bank of
Hesham Ibn Abed
Tel : (963-31) 225214
Fax : (963-31) 223300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the wholesale and retail of automobiles and
related spare parts.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 75,000
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%)