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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KAMEL MOHAMED ZARZOUR |
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Registered Office : |
Chamber of Industry Building, 4th Floor Harika PO Box 568
Damascus |
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Country : |
Syria |
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Date of Incorporation : |
16.01.1997 |
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Com. Reg. No.: |
68830, Damascus |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs, specialising
in dried foods and rice. |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 : KAMEL MOHAMED ZARZOUR
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 16th January 1997
Commercial Registration Number : 68830, Damascus
Chamber Membership Number : 38792
Invested Capital : SY Pnds 2,500,000
Total Workforce : 6
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Hassan Al Jamal, Sales Manager
KAMEL MOHAMED ZARZOUR
Building :
Chamber of Industry Building, 4th Floor
Area : Harika
PO Box : 568
Town : Damascus
Country : Syria
Telephone : (963-11)
2217145 / 2211651
Facsimile : (963-11)
2247842
Mobile : (963-93)
2211651 / (963-94) 4252527
Email : bdco@bdco.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Damascus.
Name Position
· Kamel Mohamed
Zarzour Proprietor
& General Manager
· Bisher Kamel
Mohamed Zarzour Assistant
General Manager
· Hassan Al Jamal Sales
Manager
Date of
Establishment : 16th
January 1997
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 68830, Damascus
Chamber Member No. : 38792
Invested Capital : SY Pnds 2,500,000
Mr Kamel Mohamed Zarzour is the sole proprietor of the business.
· Zarzour Food
Foodstuff Co
PO Box: 568
Damascus
Tel: (963-11) 2223388 / 2217145
Fax: (963-11)
2247842
CR No. 33106
Activities: Engaged in the import and distribution of general foodstuffs,
specialising in dried foods and rice.
Import Countries: Europe and the Far East.
International
Suppliers:
· Senok Tea Sri Lanka
· Al Fareed Rice
Mill Pakistan
· Bharat Industries India
Subject has a workforce of 6 employees.
Companies registered in Syria are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Al Baraka Bank
Abd Al Rahman Al
Shahbandar Street
Building No.1
PO Box: 100
Damascus
·
Bank Audi
Plaza 86 Building,
2nd & 3rd Floors
Street No. 2
Damascus
Tel: (963-11)
23888000
Fax: (963-11)
2454197
Slow but correct
Please note that correct name of the subject is “Kamel Mohamed Zarzour”
and not “Kamal Zazour”.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
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|
1 |
Rs.98.68 |
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Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.