MIRA
INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ADNAN BASSAM JADAAN |
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Registered Office : |
Building No. 3589/10 Main Road Al Amriya Area Hama |
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Country : |
Syria |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.07.2007 |
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Com. Reg. No.: |
26583, Hama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of sheep wool |
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No. of Employees : |
7 |
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 |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Syria |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : ADNAN BASSAM JADAAN
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 12th July 2007
Commercial Registration Number : 26583, Hama
Chamber Membership Number : 108446
Invested Capital : SY Pnds 1,000,000
Total Workforce : 7
Activities : Distributors of sheep wool
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 60,000
COMPANY NAME
ADNAN BASSAM JADAAN
ADDRESS
Registered & Physical Address
Building : Building No.
3589/10
Street : Main Road
Area : Al Amriya
Area
Town : Hama
Country : Syria
Telephone : (963-33)
4348700 / 2422199
Facsimile : (963-33)
2422199
Mobile : (963-96)
6842666 / (963-93) 3437545
Email : adnan.co@hotmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Hama.
KEY PRINCIPALS
Name Position
· Adnan Bassam
Jadaan Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th July 2007
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 26583, Hama
Chamber Member No. : 108446
Invested Capital : SY Pnds 1,000,000
Mr Adnan Bassam Jadaan is the sole proprietor of the business.
AFFILIATED COMPANIES
· Bassam Jadaan
& Partner
Hama
OPERATIONS
Activities: Engaged in the import and distribution of sheep wool.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 7 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Syrian Pounds (SY Pnds)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales SY
Pnds 69,220,000 SY Pnds
71,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Industrial Bank
29th May Street
PO Box: 2359
Damascus
Tel: (963-11) 2227100
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
SYRIAN UNREST
Protests in Syria started on 26th January 2011 and were
influenced by other protests in the region. Protesters have been calling for
political reforms and the reinstatement of civil rights, as well as an end to
the state of emergency which has been in place since 1963.
Since March 2011 demonstrations have taken place in many cities across
Syria. Thousands of protestors gathered in Al Hasakah, Aleppo, Damascus, Daraa,
Deir Ez Zor and Hama.
After the first day of the protests there were reports of approximately 3,000
arrests.
In Damascus, security forces broke into the Omayyad Mosque and violently
attacked protesters. Several people were injured, and several others were
arrested. In the southern city of Daraa, people chanted against Rami Makhlouf, the cousin of the Syrian
president. The regime replied by sending helicopters and water cannons to
confront the protesters. At least three people were killed by security forces.
As a result of the protests, the Governor of Daraa was fired, but this did
not satisfy the protesters. Demonstrations increased and on 24th
March 2011, it was reported that more than a hundred had been killed.
The entire Syrian cabinet was asked to resign by the president. Adel Safar was named the new prime minister
and his new cabinet
was sworn into office on 14th April 2011.
The cities of Baniyas and Homs have also fallen under siege by government
forces. Army tanks have begun heavy shelling of residential areas.
On 18th May 2011, the United States imposed sanctions on Syrian
President Bashar al-Assad
and six other senior Syrian officials as a response to Syria's bloody crackdown
on political protests.
In June 2011 Syrian troops and Gunmen loyal to President Bashar al-Assad arrested
70 people and set houses on fire after tanks entered a town near the Turkish
border. 19 people were shot dead in the assault.
There is also a growing sense in the region that the regime's days are
numbered. Turkey, one of Syria closest allies, has warned al-Assad that time is
running out and urged him to step down.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
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|
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.