MIRA INFORM REPORT
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Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
MOHAMED KHOJA & PARTNER |
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Registered Office : |
Muncipality
Building, Mezzah Street, Najah Area, P O Box 35371, Damascus |
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Country : |
Syria |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.01.2006 |
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Com. Reg. No.: |
7342, Damascus |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general foodstuffs |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Moderate |
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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 30th, 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 : MOHAMED KHOJA & PARTNER
Country of Origin : Syria
Legal Form : General Partnership
Registration Date : 29th January 2006
Commercial Registration Number : 7342, Damascus
Chamber Membership Number : 22007
Partners Capital : SY Pnds 1,500,000
Total Workforce : 35
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Mohamed Basheer Khoja, Managing Partner
COMPANY NAME
MOHAMED KHOJA & PARTNER
company ADDRESS
Registered &
Physical Address
Building : Muncipality Building
Street : Mezzah Street
Area : Najah Area
PO Box : 35371
Town : Damascus
Country : Syria
Telephone : (963-11) 6118228
Facsimile : (963-11) 6118219
Mobile : (963-94) 4282244
Email : khoja@net.sy
Please note that
subject’s old address was, Khoja Building, Midan Al Mahta Street, Najah Area,
Damascus.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Damascus.
Branch Offices
Subject has branch
offices located in Aleppo, Homs and Lattakia.
KEY PRINCIPALS
Name Position
·
Mohamed
Basheer Khoja Managing
Partner
·
Anas
Mohamed Basheer Khoja Partner
LEGAL FORM & OWNERS
Date of Establishment : 29th
January 2006
Legal Form :
General Partnership
Commercial Reg. No. : 7342,
Damascus
Chamber Member No. : 22007
Partners Capital : SY Pnds 1,500,000
Name of Partner
(s)
·
Mohamed
Basheer Khoja
·
Anas
Mohamed Basheer Khoja
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuffs, including rice, lentils and beans.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 35 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
55,000,000 SY Pnds
61,000,000
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
Mouawia Street
PO Box: 2231
Damascus
Tel: (963-11) 2225870
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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.50.56 |
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UK Pound |
1 |
Rs.80.30 |
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Euro |
1 |
Rs.68.79 |
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.