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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AZAM KAMEL SONS OF KHALID |
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Registered Office : |
Al Assi Square, Hama |
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Country : |
Syria |
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Date of Incorporation : |
13.09.1992 |
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Com. Reg. No.: |
19246, Hama |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of general foodstuff products. |
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No. of Employees : |
12 |
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 : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 : AZAM KAMEL SONS OF KHALID
Country of Origin :
Syria
Legal Form :
Sole Proprietorship
Registration Date :
13th September 1992
Commercial Registration Number : 19246, Hama
Chamber Membership Number :
467
Invested Capital :
SY Pnds 4,000,000
Total Workforce :
12
Activities :
Wholesalers and retailers of general foodstuff products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
AZAM KAMEL SONS OF KHALID
Location : Al Assi
Square
Town : Hama
Country : Syria
Telephone : (963-33) 231944 / 222882
Facsimile : (963-33) 231945
Mobile : (963-93) 3506086
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Hama.
Name Position
· Azam Kamel Ibn Kamel Proprietor
& General Manager
Date of
Establishment : 13th
September 1992
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 19246, Hama
Chamber Member No. : 467
Invested Capital : SY Pnds 4,000,000
Mr Azam Kamel Ibn Kamel is the sole
proprietor of the business.
· Musaab Al Wasel & Partner
Hama
CR No. 5963
Activities: Engaged in the wholesale and retail of general foodstuff
products, including dairy products as well as dried
foodstuffs.
Import Countries: Europe and GCC countries.
Subject has a workforce of 12 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
Al Kouatly Street
Hama
Tel: (963-33)
510919
Fax: (963-33) 223827
No complaints regarding subject’s payments have been reported.
Please note that we were not able to contact the subject directly during
our investigation.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled.
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.53.32 |
|
UK Pound |
1 |
Rs.84.59 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.