MIRA INFORM REPORT
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Report Date : |
02.03.2012 |
IDENTIFICATION DETAILS
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Name : |
AL MOUZAYEN CO |
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Registered Office : |
Zablatani Industrial
Area, Plot No. 14, Office No. 48, Damascus |
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Country : |
Syria |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.07.1977 |
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Com. Reg. No.: |
3250, Damascus |
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Legal Form : |
General Partnership |
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Line of Business : |
Distribution of thread and textile raw materials |
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No. of Employees
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06 |
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$ 80,000 |
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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 30th, 2011
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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 |
Company Name : AL MOUZAYEN CO
Country of Origin : Syria
Legal Form : General Partnership
Registration Date : 14th July 1977
Commercial Registration Number : 3250, Damascus
Partners Capital : SY Pnds 1,500,000
Total Workforce : 6
Activities : Distribution of thread and textile raw materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 80,000
AL MOUZAYEN CO
Registered &
Physical Address
Location : Zablatani Industrial Area, Plot
No. 14, Office No. 48
Town : Damascus
Country : Syria
Telephone : (963-11) 4632163
Facsimile : (963-11) 4643163
Mobile : (963-93) 3214656
Email : mouzayen@scs-net.org
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Damascus.
Name Position
·
Abdullatif
Al Mouzayen Abdul Malek Managing
Partner
·
Abeer
Berekesh Administration
Manager
Date of Establishment : 14th
July 1977
Legal Form :
General Partnership
Commercial Reg. No. : 3250,
Damascus
Partners Capital : SY Pnds 1,500,000
Name of Partner (s)
·
Abdullatif
Al Mouzayen Abdul Malek
·
Members
of Mr Abdullatif Al Mouzayen Abdul Malek’s family
·
Al
Nouras Factory
Tel: (963-11) 4632163
Fax: (963-11) 4643163
Mob: (963-93) 3214656
Activities: Engaged in the import and distribution of
thread and textile raw materials.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 6 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
71,200,000 SY Pnds
74,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Industrial
Bank
29th May Street
PO Box: 2359
Damascus
Tel: (963-11) 2227100
No complaints
regarding subject’s payments have been reported.
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.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.15 |
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UK Pound |
1 |
Rs.78.25 |
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Euro |
1 |
Rs.65.57 |
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.