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Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GEORGES ZELHOF |
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Registered Office : |
Dentist Syndicate Building, 3rd Floor Al Salhyeh PO Box 889 Damascus |
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Country : |
Syria |
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Date of Incorporation : |
16.02.2000 |
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Com. Reg. No.: |
42250 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuffs, cosmetics and perfumes, paper and cartons. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Syria |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : GEORGES ZELHOF
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 16th February 2000
Commercial Registration Number : 42250
Chamber Membership Number : 29245
Invested Capital : SY Pnds 4,000,000
Total Workforce : 6
Activities : Distributors of general foodstuffs, cosmetics and perfumes, paper and
cartons.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
GEORGES ZELHOF
Building : Dentist
Syndicate Building, 3rd Floor
Area : Al Salhyeh
PO Box : 889
Town : Damascus
Country : Syria
Telephone : (963-11)
2227714 / 2246062
Facsimile : (963-11)
2244879
Mobile : (963-93)
3217227
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Damascus.
Name Position
· George Moosa
Zelhof Proprietor
& General Manager
Date of
Establishment : 16th
February 2000
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 42250
Chamber Member No. : 29245
Invested Capital : SY Pnds 4,000,000
Mr George Moosa Zelhof is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuffs, cosmetics
and perfumes, paper and cartons.
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.
·
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 company 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.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.