MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL NOUR COMPANY FOR MARBLE LTD. |
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Registered Office : |
Al Quds Street, Nablus Palestinian Authority |
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Country : |
Israel |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
56-241016-7 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and Marketers of Kitchens and Marble Stairs |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
AL NOUR COMPANY FOR MARBLE LTD.
Al Quds Street
NABLUS PALESTINIAN AUTHORITY
Telephone 972 9 231 60 47
Fax 972 9 231 63
24
HISTORY
Originally established as a non registered business in 1980.
Converted into a foreign private limited company, and registered as such
in the Palestinian Authority as per file No. 56-241016-7 in 1994.
SHARE CAPITAL
Data not forthcoming.
SHAREHOLDERS
Subject is fully owned by the Riahn 5 brothers:
1. Abdel -Razek Riahn,
2. Omar Riahn,
3. Abdallah Riahn,
4. Ali Riahn,
5. Abbed Riahn.
GENERAL MANAGER
Abdel -Razek Riahn.
BUSINESS
Subject operates in the stone and marble branch, in 4 lines:
Marble cutting factory;
Manufacturers and marketers of kitchens and marble stairs
Operating 2 quarries in Jama'an, nearby the Tapuach Junction (south of
Nablus).
Traders, importers and marketers of marble and granite stone. Import
mostly from China and India.
Operating from owned main premises (offices, warehouses, plant), on an
area of 1,500 sq. meters, in Al Quds Street, Nablus, and from a plant, on an
area of 1,000 sq. meters, in the Zoo Street, Qalqiliya, both in the West Bank,
Palestinian Authority.
Both premises are owned by the shareholders.
Also operates from a/m quarries.
Having 44 employees.
MEANS
Current stock is valued at NIS 4,000,000.
Other financial data not forthcoming.
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
The Housing Bank For Trade and Finance (Bank Al-Iskan), Nablus Branch
(Al-Hossin Circular-Hawary Building), Nablus, Palestinian Authority.
CHARACTER AND
REPUTATION
Nothing unfavorable learned.
Subject's General Manager Abdel -Razek Riahn refused to disclose
financial data besides current inventory value.
Abdel -Razek Riahn is a respectful and well-known person in the local
stone industry.
The Palestinian Stone and Marble industry is relatively developed and
organized, and its output comprises around 4% of Palestinian GNP.
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, while businesses in the West
Bank remain stable (though partially affected since many West Bank companies
also sold to Gaza).
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.
Nevertheless, the World Bank estimated in its report in April 2008 that
the Palestinian economy to grow by 3% in 2008, after a nearly zero growth in
2007, thanks to the foreign aid they receive (donation scheduled are up to US$
7.7 billion in 3 years).
SUMMARY
Notwithstanding the refusal to disclose financial data, considered good
for trade engagements.
Maximum unsecured credit recommended US$ 100,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)