MIRA INFORM REPORT

 

 

Report No. :

323750

Report Date :

29.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL JAJEH FOR INVESTMENT LTD

 

 

Registered Office :

Fahnaya Area, Damascus

 

 

Country :

Syria

 

 

Date of Incorporation :

2002

 

 

Com. Reg. No.:

5607

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of general foodstuffs, building materials and textiles.

 

 

No of Employees :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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.

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 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 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 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, and the degree of war-damaged infrastructure.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL JAJEH FOR INVESTMENT LTD

Also Known As                                     : TAMITEX

Country of Origin                                   : Syria

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 2002

Commercial Registration Number           : 5607, Damascus

Issued Capital                                       : SY Pnds 4,000,000

Paid up Capital                                     : SY Pnds 4,000,000

Total Workforce                         : 10

Activities                                               : Distributors of general foodstuffs, building materials and textiles.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Company name

 

COMPANY NAME: AL JAJEH FOR INVESTMENT LTD

 

ALSO KNOWN AS: TAMITEX

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Fahnaya Area

 

Town                : Damascus

Country : Syria

 

Telephone         : (963-11) 6719501 / 6151040

Facsimile          : (963-11) 6719501

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Damascus.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Bilal Al Jajeh                                                                                    Managing Partner

 

·       Anas Al Jajeh                                                                                   Partner

 

·       Tamim Al Jajeh                                                                                 Partner

 

·       Wasim Al Jajeh                                                                                 Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2002

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 5607, Damascus

 

Issued Capital              : SY Pnds 4,000,000

 

Paid up Capital            : SY Pnds 4,000,000

 

Name of Shareholder (s)

 

·       Bilal Al Jajeh

 

·       Anas Al Jajeh

 

·       Tamim Al Jajeh

 

·       Wasim Al Jajeh

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, building materials and textiles.

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Commercial Bank of Syria

Mouawia Street

PO Box: 2231

Damascus

Tel: (963-11) 2225870

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.90

UK Pound

1

Rs. 98.16

Euro

1

Rs. 69.73

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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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