MIRA INFORM REPORT

 

 

Report Date :

12.07.2013

 

IDENTIFICATION DETAILS

 

Name :

JOUD TRADING CO

 

 

Registered Office :

44 Omar Bin El Khattab Street, P O Box 219 and 199, Lattakia

 

 

Country :

Syria

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

1339, Lattakia

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions like Domestic Appliances Division And General Trading Division

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

 

ECONOMIC OVERVIEW - SYRIA

 

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

SUMMARY

 

Company Name                                     : JOUD TRADING CO

Country of Origin                                    : Syria

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1978

Commercial Registration Number            : 1339, Lattakia

Issued Capital                                        : SY Pnds 20,000,000

Paid up Capital                                      : SY Pnds 20,000,000

Total Workforce                                     : 250

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Soubhi Mohamed Joud, Managing Partner

 

 

 

COMPANY NAME

 

JOUD TRADING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 44 Omar Bin El Khattab Street

PO Box             : 219 & 199

Town                 : Lattakia

Country             : Syria

 

Telephone         : (963-41) 241517 / 240730 / 416590 / 419213 / 424247 / 381201 / 412470 / 241107 / 245206     245280 / 241368 / 473200

Facsimile          : (963-41) 241958 / 415700 / 878827 / 244824

Email                : joud@net.sy / joud@joud.com

 

Premises

 

Subject operates from a large suite of offices, a factory and warehousing that are owned and located in the Suburban Business Area of Lattakia.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Mleha Road                                                                                      Rented sales office

Ghouta

     Damascus

     Tel: (963-11) 4732304

     Fax: (963-11) 4732305

 

·       Al Mansoura Al Gharbiyeh                                                                 Rented sales office

Aleppo

     Tel: (963-21) 5210354

     Fax: (963-21) 5210119

 

·       Al Ghadeer Avenue                                                                            Rented sales office

Tertous

     Tel: (963-43) 364401

 

·       Al Waha Rest Road                                                                           Rented sales office

     Der Al Zor

     Tel: (963-51) 219844

     Fax: (963-51) 216572

 

·       Damascus Highway                                                                           Rented sales office

Homs

     Tel: (963-31) 651219

     Fax: (963-31) 651218

 

·       Al Bayad Area                                                                                  Rented sales office

Hama

     Tel: (963-33) 516890

 

·       Damascus Highway                                                                           Rented sales office

Daraa

     Tel: (963-15) 224445

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Soubhi Mohamed Joud                                                                      Managing Partner

·       Farouq Mohamed Joud                                                                      Partner

·       Anas Mohamed Joud                                                             Partner

·       Zuhair Mohamed Joud                                                                        Partner

·       Mohamed Mohamed Joud                                                                  Partner

·       Haitham Mohamed Joud                                                                    Partner

·       Jammal Naddaf                                                                                 General Manager

·       Mohamed Domyati                                                                            Finance Manager

·       Mohamed Al Shamsi                                                                         Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1978

Legal Form                  : Limited Liability Partnership

Commercial Reg. No.  : 1339, Lattakia

Issued Capital              : SY Pnds 20,000,000

Paid up Capital            : SY Pnds 20,000,000

 

 

Name of Shareholder (s)

 

·       Soubhi Mohamed Joud

·       Farouq Mohamed Joud

·       Anas Mohamed Joud

·       Zuhair Mohamed Joud

·       Mohamed Mohamed Joud

·       Haitham Mohamed Joud

 

 

AFFILIATED COMPANIES

 

·       Batric Transport Co

·       Joud Transport Co

·       Dolphin Transport Co

·       Joud Advertising & Media

·       Joud International

·       Joud Metal Industry

·       Joud Domestic Industry

·       Joud Timber Industry

·       Mandarin Co (Joud Drink)

 

 

OPERATIONS

 

Activities: Subject’s activities are performed through the following divisions:

 

·       Domestic Appliances Division

 

     Engaged in the production of washing machines, dryers and refrigerators.

 

·       General Trading Division

 

Under this division subject deals in various types of commodities such as rice, sugar, corn, soya beans, coffee, tea, corn oil, gee, butter, animal feed, steel, iron and wood.

 

Import Countries: United States of America and India.

 

International Suppliers:

 

·       D D Williamson                     United States of America

·       Allan Sons                            India

·       ITC Coffee                             India

·       Trimax International               India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

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$ 26,350,000             US$ 28,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Soubhi Mohamed Joud, Managing Partner

 

 

BANKERS

 

·       Commercial Bank of Syria

Branch No. 1

Lattakia

Tel: (963-41) 232070

 

·       Bank of Syria And Overseas

8 March Street

PO Box: 271

Lattakia

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.64

UK Pound

1

Rs.90.14

Euro

1

Rs.77.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.