MIRA
INFORM REPORT
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Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
SUN PHARM CHEMICALS LTD. |
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Registered Office : |
P.O. Box 711, Amman Street, Eastern Industrial Zone Nablus Palestinian Authority |
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Country : |
Israel
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Date of Incorporation : |
1970 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers
and distributors of raw materials mainly for the pharmaceutical industries. |
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 : |
Usually
correct |
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Litigation : |
Clear |
Correct Name
SUN PHARM CHEMICALS LTD.
address
P.O. BOX 711
AMMAN STREET
EASTERN INDUSTRIAL ZONE
NABLUS PALESTINIAN AUTHORITY
TELEPHONE 972 9 231 11 81 / 2
FAX 972 9 231 11 84
HISTORY
A foreign private limited company, registered in the Palestinian Authority, incorporated as per file No. 56-210836-5 in 1970.
SHARE CAPITAL
Authorized share capital US$ 250,000.00 divided into -12 ordinary shares, fully issued.
SHAREHOLDERS
1. Khalil Abu Shamis,
2. Ibrahim Abu Shamis,
3. Khaled Abu Shamis, both later are sons of
Khalil.
Shares
are equally divided between the 3 shareholders.
DIRECTORS
1. Khalil Abu Shamis - Chairman,
2. Ibrahim Abu Shamis - Managing Director,
3. Khaled Abu Shamis.
BUSINESS
Importers
and distributors of raw materials mainly for the pharmaceutical industries.
All
sales are to the Palestinian Authority territories.
95%
of purchases are from imports.
Local
agents of:
DRT,
of France,
KEMPEX,
of the Netherlands,
SAMKEL,
of China.
Operating
from owned premises on an area of 1,200 sq. meters (3 floors) in Amman Street,
Eastern Industrial Zone, Nablus, Palestinian Authority.
Having
18 employees.
MEANS
Stock
is valued at US$ 1,000,000.
Owned
asset (from where subject operates) is valued at US$ 8,000,000.
Other
financial data not forthcoming.
ANNUAL SALES
2001
sales claimed to be US$ 6,000,000.
2002
sales claimed to be US$ 6,000,000.
2003
sales figures not forthcoming.
2004
sales claimed to be US$ 6,000,000.
2005
sales claimed to be US$ 6,000,000.
OTHER COMPANIES
SUNTEX,
a factory in construction for manufacturing of insecticides and antiseptics.
Owned by subject's shareholders.
BANKERS
Cairo
Amman Bank Ltd., Nablus Branch (No. 801), Nablus.
CHARACTER AND REPUTATION
Nothing unfavourable learned.
Subject is a long established
company.
During 2004, the Palestinian economy started to recover for the first
time since the deterioration in the political situation in the region in
October 2000.
According to recearches, GDP per person in the Palestinian authority in
2004 summed at US$ 1,200, which is still lower then the GDP in 1999, which
reached US$ 1,500. GDP of the Palestinian Authority in 2004 was US$ 4.5
billion, 10% increase from 2003. Other positive figures were 27% increase
in exports and 23% increase in imports.
Average annual income per person
was US$ 1,467 in 2003, and the world Bank estimate it will be between US$ 1,221
and 1,758 in 2006.
SUMMARY
Good for trade engagements
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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