MIRA INFORM REPORT

 

 

Report Date :

14.06.2014

 

IDENTIFICATION DETAILS

 

Name :

BILAL IBRAHIM

 

 

Registered Office :

Al Ashi Building, 3rd Floor, 8 Azar Street (Al Horreya Street), PO Box: 663, Lattakia

 

 

Country :

Syria

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.01.1991

 

 

Com. Reg. No.:

22705, Lattakia

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the wholesale and retail of general foodstuff products, including tea, sugar, rice, lentils and tinned food.

 

 

No. of Employees :

45

 

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.

 

 

SYRIA - ECONOMIC OVERVIEW

 

Despite modest economic growth and reform prior to the outbreak of unrest, Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011. The economy further contracted in 2013 because of international sanctions, widespread infrastructure damage, reduced domestic consumption and production, and sharply rising inflation. 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. The ongoing conflict and economic decline have created a humanitarian crisis, prompting widespread need for international aid. 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, increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                         : BILAL IBRAHIM

Trading As                                             : METRO TRADING

Country of Origin                                    : Syria

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 23rd January 1991

Commercial Registration Number            : 22705, Lattakia

Invested Capital                         : SY Pnds 2,500,000

Total Workforce                         : 45

Activities                                               : Wholesale and retail of general foodstuff products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Gina Faham, Import Manager

 

 

 

COMPANY NAME

 

BILAL IBRAHIM

 

TRADING AS: METRO TRADING

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Al Ashi Building, 3rd Floor

Street               : 8 Azar Street (Al Horreya Street)

PO Box             : 663

Town                 : Lattakia

Country : Syria

 

Telephone         : (963-41) 464002 / 464003

Facsimile          : (963-41) 464004

Mobile               : (963-944) 240962

Email                : metro-sy@scs-net.org

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Lattakia.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Bilal Bashir Ibrahim                                                                                Proprietor & General Manager

 

Feras Bashir Ibrahim                                                                              Assistant General Manager

 

Gina Faham                                                                                          Import Manager

 

Bilal Aboud                                                                                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           23rd January 1991

 

Legal Form      :                       Sole Proprietorship

           

Commercial Reg. No.  :           22705, Lattakia

 

Invested Capital           :           SY Pnds 2,500,000

 

Mr Bilal Bashir Ibrahim is the sole proprietor of the business.

 

 

OPERATIONS

 

 

Activities:                     Engaged in the wholesale and retail of general foodstuff products, including tea, sugar, rice, lentils and tinned food.

 

Import Countries:         India and Thailand

 

International Suppliers:

 

Trimax                          India

Kohinoor                       India

CMS                             Thailand

Ogakron                        Thailand           

 

Brand Names:              LEO

 

Operating Trend:         Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Syrian Pounds (SY Pnds)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                SY Pnds 52,000,000                  SY Pnds 45,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Societe General Cyprus Ltd (International Banking Unit)

7-9 Grivas Dighenis Avenue

PO Box 25400

Nicosia 1309

Cyprus

 

Commercial Bank of Syria

Main Branch

Lattakia

Tel: (963-41) 232070

 

Saudi Fransi Banque (BEMO)

Main Branch

Lattakia

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1991, subject is owned and managed by Mr Bilal Bashir Ibrahim who is well respected in the local business community.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the business is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.48

UK Pound

1

Rs.100.93

Euro

1

Rs.80.71

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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%)

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