MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALLAM EL SHURAFA |
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Registered Office : |
Hammam El Samara Street, Al Zaytun, Gaza Palestinian Authority |
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Country : |
Israel |
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Date of Incorporation : |
1963 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Importers and
marketers of textile goods, including home textile (towels, blankest, etc.
and underwear. |
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
ALLAM EL SHURAFA
Hammam El Samara Street
Al Zaytun
GAZA PALESTINIAN AUTHORITY
Telephone 972 8 281 82 22
Cellular 972 59 940 40 41
Fax 972 8 281 82 22
HISTORY
A foreign sole
proprietorship, established in 2000 in the Palestinian Authority. Subject is continuing business activities
of a subject's owner father, originally founded in 1963.
Operating under
License dealer No. 924580632.
Subject's owner
informs us, that due to the economic crisis in the Gaza Strip, the business has
practically come to a halt, there are no stocks in the warehouse, and no new
shipments arrive.
OWNERSHIP
Allam El Shurafa.
GENERAL MANAGER
Allam El Shurafa,
born 1973.
BUSINESS
Importers and
marketers of textile goods, including home textile (towels, blankest, etc. and
underwear.
All sales are on
wholesale basis.
All sales are in
the Palestinian Authority.
All purchasing is from
import, mainly from China (60%) and from India (25%).
Operating from
premises (offices and warehouse), owned by Allam El Shurafa, on an area of 700
sq. meters, in Hammam El Samara Street, Al Zaytun, Gaza, Gaza Strip, Palestinian Authority.
Having some 5
employees (currently, due to the economic crisis in the Gaza Strip, we assume
that subject retains less or no employees at all).
MEANS
Financial data not
forthcoming.
ANNUAL SALES
According to
owner, annual sales amounted to several NIS millions (over NIS 5,000,000, exact
figures were not disclose).
Presently there
are hardly any sales -if at all- due to the economic crisis in the Gaza Strip
(see CHARACTER below).
BANKERS
Bank of Palestine Ltd., Main Branch (P.O. Box 50, Omar El-Mukhtar Street), Gaza, Palestinian Authority.
CHARACTER AND REPUTATION
Subject, as most
businesses in Gaza, are in bad situation.
Besides that, we
found nothing detrimental on subject and its owner.
The economic situation in the Gaza Strip, including in Gaza city, is very bad and getting worst each day.
In general, year 2006 has been disastrous and one of the worst years in the Palestinian 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 latter controls the West Bank, where economic situation is better).
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 in
June 2007, the main and only 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.
SUMMARY
Considering the
above said, for the time being dealings are recommended on a secured basis only
(no credits).
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%)