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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KAMEL MOHAMED ZARZOUR |
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Registered Office : |
Chamber of Industry Building, 4th Floor, Harika, P O Box 568, Damascus |
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Country : |
Syria |
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Date of Incorporation : |
16.01.1997 |
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Com. Reg. No.: |
68830, Damascus |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuffs |
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No. of Employees : |
06 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
syria ECONOMIC OVERVIEW
Despite modest
economic growth and reform prior to the outbreak of unrest, Syria's economy
continues to suffer the effects of the ongoing conflict that began in 2011. The
economy further contracted in 2012 because of international sanctions and
reduced domestic consumption and production. The government has struggled to
address the effects of economic decline, including dwindling foreign exchange
reserves, rising budget and trade deficits, and the decreasing value of the
Syrian pound. Prior to the unrest, Damascus began liberalizing economic
policies, including cutting lending interest rates, opening private banks,
consolidating multiple exchange rates, raising prices on some subsidized items,
and establishing the Damascus Stock Exchange. The economy remains highly
regulated by the government. Long-run economic constraints include foreign
trade barriers, declining oil production, high unemployment, rising budget
deficits, and increasing pressure on water supplies caused by heavy use in
agriculture, rapid population growth, industrial expansion, and water
pollution.
|
Source : CIA |
Company Name : KAMEL MOHAMED ZARZOUR
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 16th January 1997
Commercial Registration Number : 68830, Damascus
Chamber Membership Number : 38792
Invested Capital : SY Pnds 2,500,000
Total Workforce : 6
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Bisher Kamel Mohamed Zarzour, Assistant General Manager
KAMEL MOHAMED
ZARZOUR
Registered &
Physical Address
Building : Chamber of Industry Building, 4th Floor
Area : Harika
PO Box : 568
Town : Damascus
Country : Syria
Telephone : (963-11) 2223388 / 2217145
Facsimile : (963-11) 2247842
Mobile : (963-93) 2211651
Email : bdco@bdco.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Damascus.
Name Position
·
Kamel
Mohamed Zarzour Proprietor
& General Manager
·
Bisher
Kamel Mohamed Zarzour Assistant
General Manager
Date of Establishment : 16th
January 1997
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 68830,
Damascus
Chamber Member No. : 38792
Invested Capital
: SY Pnds 2,500,000
Mr Kamel Mohamed
Zarzour is the sole proprietor of the business.
·
Zarzour
Food Foodstuff Co
PO Box: 568
Damascus
Tel: (963-11) 2223388 / 2217145
Fax: (963-11) 2247842
CR No. 33106
Activities: Engaged in the import and distribution of general
foodstuffs, specialising in dried foods and rice.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 6 employees.
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.
·
Al
Baraka Bank
Abd Al Rahman Al Shahbandar Street
Building No.1
PO Box: 100
Damascus
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. 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.
After almost two years of unrest, the conflict between the regime and the opposition has escalated to a full-scale civil war. Army defectors formed armed groups that wage a guerrilla war on government forces. By mid-2012 the fighting had reached capital Damascus and commercial hub Aleppo, with growing numbers of senior army officers deserting Assad.
On 2 January 2013, the United Nations stated that the war's death toll had exceeded 60,000. According to various opposition activist groups, between 46,070 and 59,215 people have been killed, of which about half were civilians, but also including 24,220–26,010 armed combatants consisting of both the Syrian Army and rebel forces, up to 2,390 opposition protesters and 1,000 government officials.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
<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.