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Report No. : |
354926 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NASER ALAMEY
COMPANY |
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Registered Office : |
Al Sualamiya Area 99993 Homs |
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Country : |
Syria |
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Date of Incorporation : |
2000 |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Subject is
engaged in the import and distribution of generator sets, pumps and
agricultural machinery. |
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No. of Employee : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Temporary stopped operation |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Syria |
D |
D |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SYRIA ECONOMIC OVERVIEW
Syria's economy continues to deteriorate amid the ongoing conflict that began in 2011. The economy further contracted in 2014 because of international sanctions, widespread infrastructure damage, diminished domestic consumption and production, reduced subsidies, and high 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 and household purchasing power. During 2014, the ongoing conflict and continued unrest and economic decline worsened the humanitarian crisis and elicited a greater need for international assistance, as the number of people in need inside Syria increased from 9.3 million to 12.2 million, and the number of Syrian refugees increased from 2.2 million to more than 3.3 million. Prior to the turmoil, 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, but the economy remains highly regulated. 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, water pollution, and widespread infrastructure damage.
|
Source
: CIA |
Company Name : AL NASER
ALAMEY COMPANY
Country of Origin : Syria
Legal Form :
Limited Liability Partnership
Registration Date : 2000
Issued Capital : SY Pnds
500,000
Paid up Capital : SY Pnds
500,000
Total Workforce :
3
Activities :
Distributors of generator sets, pumps and agricultural machinery.
Financial Condition : Undetermined
Person Interviewed : Mostafa Ahmed
Abu Anzy, Managing Partner
AL NASER ALAMEY
COMPANY
Location : Al Sualamiya Area
PO Box : 99993
Town : Homs
Country : Syria
Telephone : (963-933) 617644 / (963-932) 5727527
Please note that subject’s
previous address was, PO Box 999995, Homs Hama Road, Homs.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Homs.
Name Position
·
Mostafa
Ahmed Abu Anzy Managing
Partner
·
Mohamed
Ahmed Abu Anzy Partner
Date of Establishment : 2000
Legal Form :
Limited Liability
Partnership
Issued Capital : SY Pnds 500,000
Paid up Capital : SY Pnds 500,000
·
Mostafa
Ahmed Abu Anzy
·
Mohamed
Ahmed Abu Anzy
Activities: Engaged in the import and distribution of
generator sets, pumps and agricultural machinery.
Import
Countries: Europe and
India.
International
Suppliers:
·
Kalusar India
·
Samson
Exports India
· Opkal India
Subject has a
workforce of 3 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.
·
Commercial
Bank of Syria
Hesham Ibn Abed Al Malek Street
Homs
Tel: (963-31) 225214
Fax: (963-31) 223300
Local sources report
that subject meets its payments in a timely manner and 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.
Please note that Mr Mostafa Ahmed Abu Anzy, Managing Partner stated that due to the current situation in Syria the subject has not been active for the last six months. He said that they hoped to restart during February 2016.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
SY Pnds |
1 |
Rs.98.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.