MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
AIMAN AND ABDULLAH OLABI CO |
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Formerly Known As : |
OLABI TEA |
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Registered Office : |
National Syrian Bank Building,
Khan Al Hariri Street, Al Liramon Area, PO Box: 9542,
Aleppo |
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Country : |
Syria |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.02.1991 |
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Com. Reg. No.: |
9040 |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general foodstuff products. |
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No. of Employees : |
22 |
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) |
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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 |
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 :
AIMAN AND ABDULLAH OLABI CO
Also Known As :
OLABI TEA
Country of Origin :
Syria
Legal Form :
General Partnership
Registration Date :
11th February 1991
Commercial Registration Number :
9040, Aleppo
Chamber Membership Number : 520
Partners Capital :
SY Pnds 3,800,000
Total Workforce :
22
Activities :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AIMAN AND ABDULLAH OLABI CO
OLABI TEA
Registered &
Physical Address
Building : National Syrian
Bank Building
Street : Khan Al
Hariri Street
Area : Al Liramon Area
PO Box : 9542
Town : Aleppo
Country : Syria
Telephone : (963-21)
3623010 / 3315074 / 3335030
Facsimile : (963-21)
3023155 / 3623155
Email : info@olabitea.com
/ olabitea@mail.sy
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Aleppo.
Name Position
Aiman Mahmoud Olabi Managing
Partner
Abdullah Mahmoud Olabi Partner
Abdul Qader Hafyan Finance
Manager
Malik Al Shami Public
Relations Manager
Ahmed Olabi Commercial
Manager
Date of Establishment : 11th
February 1991
Legal Form : General
Partnership
Commercial Reg. No. : 9040, Aleppo
Chamber Member No. : 520
Partners Capital : SY Pnds 3,800,000
Name of Partner
(s) Percentage
Aiman Mahmoud Olabi 50%
Abdullah Mahmoud Olabi 50%
Olabi Industry & Trade
Aleppo
Tel: (963-21) 2657772
Activities: Engaged in the import and
distribution of general foodstuff products, including tea, coffee, sugar, nuts,
rice, spices and edible oils.
Import Countries: Sri
Lanka, India and Guatemala
Brand Names: OLABI
& VENICE.
Operating Trend: Steady
Subject has a workforce of 22 employees.
Financial highlights provided by local sources are given below:
Currency: Syrian Pounds (SY Pnds)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales SY
Pnds 88,000,000 SY Pnds
83,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial Bank of Syria
Kastel Hajjarin Street
Aleppo
Tel: (963-21) 4239601
Bank of Syria and Overseas
Main Branch
Aleppo
No complaints regarding subject’s payments have been reported.
Established in 1991, subject is owned and managed by Mr Aiman Mahmoud
Olabi and his brother, Mr Abdullah Mahmoud Olabi who are both well respected in
the local business community.
Please note that we were unable 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. 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.59.15 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.