MIRA INFORM REPORT

 

 

Report Date :

23.10.2008

 

IDENTIFICATION DETAILS

 

Name :

AL SHAWAF COMPANY INDUSTRY & TRADING

 

 

Registered Office :

8 Azar Street, PO Box   77, Hama

 

 

Country :

Syria

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1954

 

 

Com. Reg. No.:

64, Hama

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Production of Tahina and Sweets, as well as the Import, Distribution and Packaging of General Foodstuff

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : AL SHAWAF COMPANY INDUSTRY & TRADING

Also Known As                                      : MOHAMED SAMI AL SHAWAF & SONS CO

Country of Origin                                    : Syria

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1954

Commercial Registration Number            : 64, Hama

Issued Capital                                        : SY Pnds 10,000,000

Paid up Capital                                      : SY Pnds 10,000,000

Total Workforce                                     : 45

Activities                                               : Production of Tahina and sweets, as well as the import, distribution and

                                                              packaging of general foodstuff

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Mohamed Sami Al Shawaf, Managing Partner

 

 

 

COMPANY NAME

 

AL SHAWAF COMPANY INDUSTRY & TRADING

 

ALSO KNOWN AS: MOHAMED SAMI AL SHAWAF & SONS CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 8 Azar Street

PO Box             : 77

Town                 : Hama

Country             : Syria

Telephone         : (963-33) 221061

Facsimile          : (963-33) 513947 / 510779

Email                : kh99@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 Hama.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Sami Al Shawaf                                                                 Managing Partner

 

·       Abdulaziz Mohamed Sami Al Shawaf                                                  Partner

 

·       Wassim Mohamed Sami Al Shawaf                                                    Partner

 

·       Khaldoun Mohamed Sami Al Shawaf                                                   Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1954

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 64, Hama

 

Issued Capital              : SY Pnds 10,000,000

 

Paid up Capital            : SY Pnds 10,000,000

 

Name of Shareholder (s)

 

·       Mohamed Sami Al Shawaf

 

·       Abdulaziz Mohamed Sami Al Shawaf

 

·       Wassim Mohamed Sami Al Shawaf

 

·       Khaldoun Mohamed Sami Al Shawaf

 

 

AFFILIATED COMPANIES

 

·       Abdulaziz International Trading

8 Azar Street

PO Box 77

Hama

Tel: (963-33) 221061

Fax: (963-33) 513947

 

 

OPERATIONS

 

Activities: Engaged in the production of Tahina and sweets, as well as the import, distribution and packaging of

     general foodstuff including tea, rice, sesame seeds, lentils, dried food, tinned food and fruits.

 

Import Countries: India, Sri Lanka, Thailand, Egypt and Sudan

 

International Suppliers:

 

·       Ventage                   Sri Lanka

·       Vana Rice                Sri Lanka

·       Al Amal Co               Egypt

·       Fresh Fruit Co           Egypt

·       Al Hilal Co                Sudan

 

Brand Names: ALSHAWAF

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Syrian Pounds (SY Pnds)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                    SY Pnds 73,500,000                  SY Pnds 79,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Syria

Branch No. 1

Hama

Tel: (963-33) 510918 / 510917

 

·       Bank of Syria and Overseas

     Hama

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  November 2004                                    September 2005

Credit amount                            85,000                                      90,000

Amount overdue             0                                              0

Payment terms                          30 days                                     30 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Al Shawaf Company Industry & Trading is very well established with operations dating back to 1954. It is owned by Mr Mohamed Sami Al Shawaf and his sons, Abdulaziz, Wassim and Khaldoun, all of whom have good knowledge of their industry.

 

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 company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.79

UK Pound

1

Rs.81.27

Euro

1

Rs.63.91

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions