MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
HADAYA MOTORS TRADING CO |
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Registered Office : |
Darwishieh Street PO Box 868
& 861, Damascus |
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Country : |
Syria |
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Date of Incorporation : |
1966 |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Distributors of
Automobiles and related Spare Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HADAYA MOTORS TRADING
CO
Also Known As : NAZIR
HADAYA AND CO
Country of Origin : Syria
Legal Form : Limited
Liability Partnership
Registration Date : 1966
Issued Capital : SY
Pnds 1,500,000
Paid Up Capital : SY Pnds
1,500,000
Total Workforce : 85
Line of Business :
Distributors of automobiles and related spare parts.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HADAYA MOTORS TRADING CO
ALSO KNOWN AS
NAZIR HADAYA AND CO
ADDRESS
Registered & Physical Address
Location : Darwishieh
Street
PO Box : 868 & 861
Town : Damascus
Country : Syria
Telephone : (963-11)
2238000
Facsimile : (963-11)
2238007
Email : hadaya@mail.sy
Premises
Subject operates from a medium sized suite of offices that are rented and
located in the Suburban Business Area of Damascus.
Branch Office (s)
Location Description
· Adra Free Zone Showroom
premises
Darwi
Tel :
(963-11) 6350807
KEY PRINCIPALS
· Basil Nazir Hadaya Managing
Partner
· Wassem Nazir
Hadaya Partner
· Wael Nazir Hadaya Partner
· Maher Nazir Hadaya Partner
LEGAL FORM & OWNERS
Date of
Establishment : 1966
Legal Form : Sharikat Tadhamun
Bill Asshum (Limited Liability Partnership)
Issued Capital : SY Pnds 1,500,000
Paid Up Capital : SY Pnds 1,500,000
Name of Partner (s)
· Basil Nazir Hadaya
· Wassem Nazir
Hadaya
· Wael Nazir Hadaya
· Maher Nazir Hadaya
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
automobiles and related spare parts.
Import Countries : Europe and Japan.
Brand Names : SUZUKI
Operating Trend : Steady
Subject has a workforce of 85 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 114,300,000 SY Pnds
120,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial Bank of Syria
Mouawia Street
PO Box : 2231
Damascus
Tel : (963-11) 2225870
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1966, subject is involved in the import and distribution
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$ 400,000
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%)