MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
NTC NATIONAL TEXTILE CO. LTD. |
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Registered Office : |
P.O. Box 15, El Sahael Street, Beit Jalla, Self Rule Territories |
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Country : |
Israel |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
56-242869-8 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers and distributors of underwear, socks, underwear,
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$ 20,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
NTC NATIONAL TEXTILE CO. LTD.
P.O. Box 15
El Sahael Street
Beit Jalla, Self Rule Territories
Telephone 972 2 274 26 22
Fax 972 2 277 08
91
HISTORY
A foreign private limited company, registered in the Palestinian
Authority (in Bethlehem) in 1962, as per file No. 56-242869-8.
Subject is also using the styles "THE NATIONAL TEXTILE CO."
and "FARID ABU RUMAN & SONS", or "NATECO" in short.
SHARE CAPITAL
Data not forthcoming.
SHAREHOLDERS AND DIRECTORS
1. Farid Abu Ruman (father
of the u/m shareholders),
2. Scandar Abu Ruman,
3. Majdi Abu Ruman,
4. Henry Abu Ruman.
GENERAL MANAGER
Majdi Abu Ruman.
BUSINES
Manufacturers, marketers and distributors of underwear, socks,
underwear, etc.
All sales are to the Palestinian Territories (West Bank).
Operating from premises (offices, plant and warehouses), a four storey
building on an area of 3,200 sq. meters (each floor 800 sq. meters), owned by
the shareholders, in El Sahael Street (opposite the Al-Hussain Hospital), Beit
Jala (which is close to Bethlehem), West Bank, Palestinian Authority.
Having 25 employees.
MEANS
Financial data not forthcoming.
ANNUAL SALES
2006 sales claimed to be NIS 3,500,000.
2007 sales claimed to be NIS 3,500,000.
We are informed that subject's volume of activity decreased in recent
years (comparing to the late 1990s), due to the political/economic situation in
the Palestinian Territories (see more below).
BANKERS
Arab Bank Plc, Bethlehem Branch (El Mahd St. Nazzal Bldg.), Bethlehem,
Palestinian Authority.
CHARACTER AND
REPUTATION
Nothing unfavorable learned.
Subject is a very long established family 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 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.
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.
Unless a drastic change occurs in the political environment, the World
Bank forecasts a negative growth rate of 2% per annum.
It should be noted, that in mid December 2007 a special forum of donor
countries was committed to allocate US$ 7.4 billion to the Palestinian
Authority, 30% of which are designed for industrial and economic development.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 20,000.
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%)