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Report No. : |
338989 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
BAALBAKI
FOR INDUSTRY & TRADE |
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Registered Office : |
Baalbaki Street, Baalbaki Industrial Zone, Jub Al Safa District, PO Box : 5320, Damascus |
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Country : |
Syria |
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Year of Establishment : |
1957 |
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Com. Reg. No.: |
5869,
Damascus |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
operations are performed through the following divisions: · Air Conditioning & Refrigeration Division · Polyurethane Division · Flexible
Slabstock Division |
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No. of Employees : |
500 |
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 : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Syria |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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.
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Source : CIA |
Company Name : BAALBAKI
FOR INDUSTRY & TRADE
Country of Origin : Syria
Legal Form :
Limited Liability Company
Start Date :
1957
Registration Date : 24th
July 2003
Commercial
Registration Number : 5869,
Damascus
Membership
Number : 19105
Issued Capital : SY Pnds
25,000,000
Paid up Capital : SY Pnds
25,000,000
Total Workforce : 500
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Zuhair Ihsan Baalbaki, Director
BAALBAKI FOR INDUSTRY &
TRADE
Street : Baalbaki Street
Area : Baalbaki Industrial Zone, Jub
Al Safa District
PO Box : 5320
Town : Damascus
Country : Syria
Telephone : (963-11) 2145640 / 5481719 / 5481720
/ 5481721 / 6940801
Facsimile : (963-11) 2146867 / 5481996 / 5481499
/ 6940806
Mobile : (963-96) 7111721 / (961-76)
700224
Email : info@baalbaki.com / zbaalbaki@baalbaki.com / info@baalbakigroup.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Damascus.
Branch Offices
Location Description
·
Alqeen
Area Factory
premises
Damascus
Tel: (963-11) 6940808 / 6940809
Name Position
·
Dr
Ihsan Baalbaki Managing
Director
·
Zuhair Ihsan Baalbaki Director
·
Hassan Ihsan Baalbaki Director
·
Karim Ihsan Baalbaki Director
·
Saleh
Ghazalah Production
Manager
·
Bassam
Al Nouri Purchasing
Manager
·
Khalid
Adham Finance
Manager
·
Bassam Al Erksousi Administration
Manager
Date of Establishment : 1957, however
subject was registered on 24th July 2003
Legal Form :
Limited Liability Company
Commercial Reg. No. : 5869, Damascus
Membership No. :
19105
Issued Capital : SY Pnds 25,000,000
Paid up Capital : SY Pnds 25,000,000
·
Dr
Ihsan Baalbaki
·
Zuhair Ihsan Baalbaki
·
Hassan Ihsan Baalbaki
·
Karim Ihsan Baalbaki
·
Unimetco
Holding Sal
Beirut
Lebanon
Tel: (961-7) 6700224
·
Baalbaki
Financial Investment Co
Beirut
Lebanon
·
Baalbaki
FZE
Hamriyah Free Zone
Sharjah
Activities: Subject’s operations are performed through
the following divisions:
· Air Conditioning &
Refrigeration Division
Engaged in the production of
compressors, refrigerants, HIPS, copper tubes, condensing units, evaporators,
PU panels, cold stores, air conditioning units, and water dispensers.
· Polyurethane Division
Engaged in the manufacture of polyurethane, specialising in polyols, systems and TPU.
Production Capacity of
Esters: 28,000MT PA
Production Capacity of Systems: 86,400MT PA
Production Capacity of TPU: 2,500MT PA
Flexible Slabstock Division
Engaged in the production of Flexible Foam.
Subject has a contract with the UN, which involves the manufacture and
supply of prefabricated houses and mattresses for refugees.
Subject has a
workforce of approximately 500 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
Mouawia Street
PO Box: 2231
Damascus
Tel: (963-11) 2225870
No complaints
regarding subject’s payments have been reported.
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.66.40 |
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UK Pound |
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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.