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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED SAMIR AL TAYR (SAMCO) |
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Registered Office : |
Egatha Building, 2nd Floor Abdul Rahi Alaser Street Kanawat
Hejaz PO Box 10049 Damascus |
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Country : |
Syria |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.01.1993 |
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Com. Reg. No.: |
64785, Damascus |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of threads for textiles |
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No. of Employees : |
4 |
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$ 50,000 |
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Status : |
Small Concern |
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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) |
|
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 |
Company Name : MOHAMED SAMIR AL TAYR (SAMCO)
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 6th January 1993
Commercial Registration Number : 64785, Damascus
Chamber Membership Number : 34444
Invested Capital : SY Pnds 500,000
Total Workforce : 4
Activities : Wholesale and retail of threads for textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 50,000
MOHAMED SAMIR AL TAYR (SAMCO)
Building : Egatha
Building, 2nd Floor
Street : Abdul Rahi
Alaser Street
Area : Kanawat
Hejaz
PO Box : 10049
Town : Damascus
Country : Syria
Telephone : (963-11) 2240118
/ 2235033
Facsimile : (963-11)
2230586
Mobile : (963-944)
236575
Email : samco@mail.sy
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Damascus.
Name Position
· Mohamed Samir
Mohamed Nasouh Al Tayr Proprietor
& General Manager
· Razoun Darkashli Administration
Manager
Date of
Establishment : 6th
January 1993
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 64785, Damascus
Chamber Member No. : 34444
Invested Capital : SY Pnds 500,000
Mr Mohamed Samir Mohamed Nasouh Al Tayr is the sole proprietor of the
business.
Activities: Engaged in the wholesale and retail of threads for textiles.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 4 employees.
Financial highlights provided by local sources are given below:
Currency: Syrian Pounds (SY Pnds)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SY
Pnds 49,500,000 SY Pnds
52,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Syria
Mouawia Street
PO Box: 2231
Damascus
Tel: (963-11) 2225870
No complaints regarding subject’s payments have been reported.
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.
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.48.94 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
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 |
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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 |
-- |
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.