MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAEED CO. LTD. |
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Registered Office : |
P.O. Box 302, Ein Sara, City Center, Hebron Palestinian Authority |
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Country : |
Israel |
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Date of Incorporation : |
2004 |
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Legal Form : |
A foreign private limited
company |
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Line of Business : |
Traders, importers and wholesale marketers of dry foodstuff, e.g. legumes, spices, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct
Name
SAEED CO. LTD.
P.O. Box 302
Ein Sara, City Center
HEBRON PALESTINIAN AUTHORITY
Telephone 972 2 225 07 29
Fax 972 2 229 66 43
HISTORY
A foreign private limited company,
registered in the Palestinian Authority as per file No. 56-212454-5 in 2004.
SHARE
CAPITAL
Data not forthcoming.
SHAREHOLDERS
Subject is fully owned by Ziad
Imran Saeed.
GENERAL
MANAGER
Ziad Imran Saeed
BUSINESS
Traders, importers and wholesale
marketers of dry foodstuff, e.g. legumes, spices, etc.
All sales are in the Palestinian
Authority.
Most purchasing is from import.
Operating from main premises
(offices and warehouse), owned by the shareholder, on an area of 100 sq.
meters, in Ein Sara City Center, Hebron, West Bank, Palestinian Authority.
Having 3 employees.
MEANS
Financial data not forthcoming.
ANNUAL
SALES
Sales figures not forthcoming.
BANKERS
Bank of Palestine, Hebron Branch
(Alsalam Street, P.O. Box 707), Hebron, Palestinian Authority.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject's General Manager refused
to disclose financial data on subject.
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 researches, GDP per
capita in the Palestinian authority in 2004 summed at US$ 1,200, which is still
lower than 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.
However, the World Bank Report
from 2006 states that year 2006 has been disastrous and one of the worst years
in their economic history, following the rising of the Hamas government. It led
to the suspension of donations and financial aid from the Western world, as
well as to internal conflict, including violence, between the Hamas supporters
and those of the Phatah movement.
The main damage has been in the
Gaza Strip. There has been a deterioration in the relations with Israel, that
brough to the closure of the Karni Checkpoint, the main path to the supply of
goods from Israeli ports. According to recent reports, over 2,900 plants (out
of 3,900) in the Gaza Strip closed their gates due to the shortage in raw
material supply.
According to experts reports from
December 2006, total GDP of the Palestinian Economy in 2006 was US$ 3 billion,
and deteriorated to lower than US$ 1,000 GDP per capita.
The Palestinian total annual
export is evaluated at US$ 0.5 billion. The industrial activity turnover is
evaluated at US$ 1.5 billion (data source as of July 2007), with some 80,000
employees.
SUMMARY
Notwithstanding the refusal to
disclose financial details, considered good for trade engagements.
Maximum unsecured credit
recommended US$ 10,000.
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. |
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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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%)