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MIRA INFORM REPORT
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Report No. : |
491309 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
UNRWA SYRIA FIELD OFFICE |
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Registered Office : |
UN Compound, End of Mezzeh Highway/Beirut Road Intersection, Damascus |
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Country : |
Syria |
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Date of Incorporation : |
01.05.1950 |
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Legal Form : |
Non-Government Entity |
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Line of Business : |
Subject is engaged in the provision of relief and works programmes for
Palestinian refugees. |
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No. of Employees : |
100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Syria |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SYRIA - ECONOMIC OVERVIEW
Syria's economy continues to deteriorate amid the ongoing conflict that
began in 2011, declining by more than 70% from 2010 to 2017. The government has
struggled to address the effects of international sanctions, widespread
infrastructure damage, diminished domestic consumption and production, reduced
subsidies, and high inflation, which have caused dwindling foreign exchange
reserves, rising budget and trade deficits, a decreasing value of the Syrian
pound, and falling 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 had begun 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 |
SUMMARY
Company Name :
UNRWA SYRIA FIELD OFFICE
Also Known As :
UNITED NATIONS RELIEF & WORKS
AGENCY
Country of Origin :
Syria
Legal Form :
Non-Government Entity
Registration Date :
1st May 1950
Total Workforce :
100
Activities :
Providers of relief and works programmes for Palestinian refugees
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
UNRWA SYRIA FIELD OFFICE
ALSO
KNOWN AS
UNITED NATIONS RELIEF & WORKS AGENCY
ADDRESS
Registered &
Physical Address
Location : UN Compound,
End of Mezzeh Highway/Beirut Road Intersection
Town : Damascus
Country : Syria
Telephone : (963-11)
4613303 / 6133035
Facsimile : (963-11)
6133047
Email : h.mukfles@unrwa.org
Premises
Subject operates from a small / medium sized / large suite of offices
that are rented and located in the Central Business Area of Damascus.
KEY
PRINCIPALS
Name Nationality Position
Pierre Krahenbuhl Swiss Commisioner
General
Sandra Mitchell American Deputy
Commisioner General
LEGAL
FORM & OWNERS
Date of Establishment : 1st
May 1950
Legal Form : Non-Government Entity
OPERATIONS
Activities: Engaged in the provision of relief and works programmes for Palestinian
refugees.
UNRWA is unique in terms of its long-standing commitment to one group of
refugees. It has contributed to the welfare and human development of four
generations of Palestine refugees, defined as “persons whose normal place
of residence was Palestine during the period 1 June 1946 to 15 May 1948, and
who lost both home and means of livelihood as a result of the 1948 conflict.”
The descendants of Palestine refugee males, including legally adopted children,
are also eligible for registration.
UNRWA services are available to all those living in its areas of
operations who meet this definition, who are registered with the Agency and who
need assistance. When the Agency began operations in 1950, it was responding to
the needs of about 750,000 Palestine refugees. Today, some 5 million Palestine
refugees are eligible for UNRWA services.
Subject has a workforce of 100 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
Al Nasr Street
PO Box: 314
Damascus
Tel: (963-11) 2210444
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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SYP |
1 |
INR 0.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.