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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AHMAD ZEIN SHAN AL ZEIN ESTABLISHMENT |
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Registered Office : |
Alf Center, Engineers Building 8th Azar Square PO Box 10921 Damascus |
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Country : |
Syria |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
58013, Damascus |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuff products. |
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No. of Employees : |
10 |
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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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 – 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 |
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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, and
inflation has risen sharply. The government has struggled to address the
effects of economic decline, which include 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 : AHMAD ZEIN SHAN AL ZEIN ESTABLISHMENT
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 1988
Commercial Registration Number : 58013, Damascus
Chamber Membership Number : 7961
Invested Capital : SY Pnds 2,000,000
Total Workforce : 10
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmad Zein Shan Al Zein, Proprietor & General Manager
AHMAD ZEIN SHAN AL ZEIN ESTABLISHMENT
Building : Alf Center,
Engineers Building
Street : 8th
Azar Square
PO Box : 10921
Town : Damascus
Country : Syria
Telephone : (963-11)
3330338 / 3334878 / 3322146 / 3322145
Facsimile : (963-11)
3320405
Email : a-zein@net.sy
/ zeintea@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Damascus.
Name Position
· Ahmad Zein Shan Al
Zein Proprietor
& General Manager
· Bassam Al Zein Assistant
General Manager
Date of Establishment : 1988
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 58013, Damascus
Chamber Member No. : 7961
Invested Capital : SY Pnds 2,000,000
Mr Ahmad Zein Shan Al Zein is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuff, including
dried food, rice, lentils, sugar, edible oils and tea.
Import Countries: Sri Lanka, Thailand, India and Turkey
International
Suppliers:
· Swiss Singapore India
· Siewert &
Dolakia India
·
Harrison India
Brand Names: ZEIN
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales US$
4,250,000 US$
5,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmad Zein Shan Al Zein,
Proprietor & General Manager
·
Banque Bemo Saudi Fransi
Adeeb Ishac Street
Bab Touma
Damascus
Tel: (963-11)
5433056
Fax: (963-11)
5430919
·
Syria Gulf Bank
29 Ayyar Street
PO Box: 373
Damascus
No complaints regarding subject’s payments have been reported.
Ahmad Zein Shan Al Zein Establishment has been trading since 1988 and is
engaged in the import and distribution of general foodstuff.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is 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.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
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 |
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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 |
|
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.