MIRA INFORM REPORT

Report Date :

06.05.2011

IDENTIFICATION DETAILS

Name :	AL SAFFOURY FOR CARTON PAPER TRADING EST

Registered Office :	Kharebt Al Wared Najh Area PO Box 14141 Damascus

Country :	Syria

Date of Incorporation :	01.07.2009

Legal Form :	Sole Proprietorship

Line of Business :	Distributors of carton and paper products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 100,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Syria

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : AL SAFFOURY FOR CARTON PAPER TRADING EST

Country of Origin : Syria

Legal Form : Sole Proprietorship

Start Date : 1^st July 2009

Registration Date : 1^st February 2010

Commercial Registration Number : 62047, Damascus

Invested Capital : SY Pnds 1,500,000

Total Workforce : 10

Activities : Distributors of carton and paper products.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 100,000

Person Interviewed : Ahmed Mardini, Assistant General Manager

COMPANY NAME

AL SAFFOURY FOR CARTON PAPER TRADING EST

ADDRESS

Registered & Physical Address

Location : Kharebt Al Wared

Area : Najh Area

PO Box : 14141

Town : Damascus

Country : Syria

Telephone : (963-11) 6471002 / 6470758

Facsimile : (963-11) 6473140

Mobile : (963-94) 0720022

Email : info@saffoury.com

Premises

Subject operates from a small suite of offices and a factory that are rented and located in the Central Business Area of Damascus.

KEY PRINCIPALS

Name Position

· Mohamed Al Khamees Abu Qassim Al Saffoury Proprietor & General Manager

· Ahmed Mardini Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 1^st July 2009, however subject was registered on 1^st February 2010

Legal Form : Sole Proprietorship

Commercial Reg. No. : 62047, Damascus

Invested Capital : SY Pnds 1,500,000

Mr Mohamed Al Khamees Abu Qassim Al Saffoury is the sole proprietor of the business.

AFFILIATED COMPANIES

· Al Saffoury Paper Industries

PO Box: 14141

Damascus

Tel: (963-11) 6470758

OPERATIONS

Activities: Engaged in the import and distribution of carton and paper products.

Import Countries: Europe and the Far East.

Subject has a workforce of 10 employees.

FINANCIAL DATA

Companies registered in Syria are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Commercial Bank of Syria

Al Nasr Street

PO Box: 314

Damascus

Tel: (963-11) 2210444

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.57
UK Pound	1	Rs.73.58
Euro	1	Rs.66.23

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.