|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AHMAD ZEIN SHAN AL ZEIN ESTABLISHMENT |
|
|
|
|
Registered Office : |
Alf Center, Engineers Building 8th Azar Square PO Box 10921 Damascus |
|
|
|
|
Country : |
Syria |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1988 |
|
|
|
|
Com. Reg. No.: |
58013, Damascus |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of general foodstuff, including
dried food, rice, lentils, sugar, edible oils and tea. |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 |
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.56.49 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
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.