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Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
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Name : |
AIMAN AND ABDULLAH OLABI CO |
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Registered Office : |
National Syrian Bank Building, Khan Al Hariri Street, Al Liramon Area, P O Box 9542, Aleppo |
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Country : |
Syria |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.02.1991 |
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Com. Reg. No.: |
9040, Aleppo |
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Legal Form : |
General Partnership |
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Line of Business : |
Import and distribution
of general foodstuff products, including tea, coffee, sugar, nuts, rice,
spices and edible oils. |
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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 : |
Slow but correct |
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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.
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 |
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
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
Subject operates
from a small 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
·
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 31/12/12: Year Ending 31/12/13:
Total Sales SY Pnds
83,000,000 SY Pnds
78,000,000
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
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|
1 |
Rs.98.06 |
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Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.