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Report No. : |
308165 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEDANAH TRADING
COMPANY (SEDANAH DRUGSTORE) |
|
|
|
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Registered Office : |
Al Khaleel Street Kafar Suseh, Meserah Damascus |
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Country : |
Syria |
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Date of Incorporation : |
01.08.2009 |
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|
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Com. Reg. No.: |
8827, Damascus |
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|
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Legal Form : |
Limited Liability
Partnership |
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|
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Line of Business : |
Engaged in the import
and distribution of chemical raw materials for pharmaceutical industries |
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No. of Employee : |
15 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Syria |
D |
D |
|
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 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 : SEDANAH
TRADING COMPANY (SEDANAH DRUGSTORE)
Country of Origin : Syria
Legal Form :
Limited Liability Partnership
Registration Date : 1st
August 2009
Commercial
Registration Number : 8827,
Damascus
Ministry of Health Licence
Number : 2637
Issued Capital : SY Pnds
10,000,000
Paid up Capital : SY Pnds
10,000,000
Total Workforce : 15
Activities :
Distributors of chemical raw materials for pharmaceutical industries.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Moniem
Al Khamees, Managing Partner
SEDANAH TRADING COMPANY (SEDANAH DRUGSTORE)
Street : Al Khaleel Street
Area : Kafar Suseh, Meserah
Town : Damascus
Country : Syria
Telephone : (963-11) 2115662
Facsimile : (963-11) 2115663
Email : abdu@sedanah.com / info@sedanah.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Damascus.
Branch Office
(s)
Location Description
·
Artouz
Highway Warehouse
premises
Damascus
Tel: (963-11) 2115662
Fax: (963-11) 2115663
·
Latakia Warehouse
premises
Tel: (963-11) 2115662
Fax: (963-11) 2115663
·
Sabbourah
New City Warehouse
premises
Tel: (963-11) 2115662
Fax: (963-11) 2115663
Name Position
·
Abdul
Moniem Al Khamees Managing
Partner
·
Saleh
Yousef Al Lalail Partner
·
Dr
Honad Al Halabi Commercial
Manager
Date of Establishment : 1st
August 2009
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 8827,
Damascus
Health
Licence No. :
2637
Issued Capital : SY Pnds 10,000,000
Paid up Capital : SY Pnds 10,000,000
·
Abdul
Moniem Al Khamees
·
Saleh
Yousef Al Lalail
·
Al
Sedanah Jordan Trading Co Ltd
Amman
Jordan
Tel: (962-6) 5105730
Fax: (962-6) 5105735
Activities: Engaged in the import and distribution of
chemical raw materials for pharmaceutical industries.
Import
Countries: China and India
International
Suppliers:
·
Sinochemim China
·
Sinopharma China
·
RT Drug India
Operating Trend: Steady
Subject has a
workforce of 15 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 11,400,000 US$ 12,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Abdul Moniem Al Khamees, Managing Partner
·
Commercial
Bank of Syria
Mouawia Street
PO Box: 2231
Damascus
Tel: (963-11) 2225870
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed 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.62.24 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.