MIRA INFORM REPORT
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Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AL-QUDSI FOR CARPETS |
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Registered Office : |
Al-Salam Street, Hebron West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Establishment : |
2000 |
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Legal Form : |
Foreign Sole Proprietorship |
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Line of Business : |
Importers and marketers
of carpets and parquets |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Israel |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
AL-QUDSI FOR CARPETS
Telephone 972 2 221 63 29
Fax 972 2 221 63 29
Al-Salam Street
HEBRON WEST BANK PALESTINIAN
AUTHORITY
HISTORY & LEGAL FORMATION
A foreign sole
proprietorship, established in 2000 in the Palestinian Authority.
Operating under
Dealer License No. 850521824.
OWNERSHIP
Moral Dowak.
GENERAL MANAGER
Moral Dowak.
BUSINESS
Importers and marketers
of carpets and parquets.
Import is from
India, Turkey and more.
Operating from
owned premises, on an area of 400 sq. meters, in Al-Salam Street, Hebron, West
Bank, Palestinian Authority.
Having 4
employees.
MEANS
Financial data not
forthcoming.
SALES
Sales figures not
forthcoming.
BANKERS
Palestine Bank
Plc., Hebron Branch (Al Salam St, P.O. Box 471), Hebron, West Bank, Palestinian
Authority.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s officials
refused to disclose financial details on the business.
According to World
Bank and Palestinian Investment Promotion Agency, total GDP of the Palestinian
Economy in 2008 was US$ 4.6 billion, and GDP per capita is US$ 1,290 (was
US$1,272 in 2006). These figures include the West Bank and Gaza Strip, whose
economy has been in different condition. GDP per capita (or average annual
income per capita) in the West bank has climbed to US$ 2,800 by 2009 and around
US$ 3,000 in 2010/11, while remains low in Gaza – around US$ 1,000 per capita.
In terms of
foreign trade, a growth tendency is noticed: Total Import in 2007 summed up to
US$ 3,141 million (up from US$ 2,760 million in 2006), while Total Export
reached US$ 513 million (up from US$ 367 million in 2006). 80% of imported
goods to the Palestinian Territories are carried out via Israel.
Yet, other current
indicators are still alarming, mainly in the Gaza Strip, such as high
unemployment rates (18% in the West Bank, 35%-40% in Gaza) and poverty (70% in Gaza).
The Palestinian
economy suffered a setback in recent years, following the rising of the Hamas
government in Gaza Strip in 2007, which led to internal conflict and clashes
between the Hamas supporters and those of the Phatah movement.
While the political
situation has been stable in the West Bank (controlled by Phatah)
leading to economic growth in recent years, the condition in the Gaza Strip
deteriorated drastically (including the blockage on goods movement in and out
the Strip for long period), mainly after the fighting of Hamas militias with
Israeli Forces. With the end of fighting in Gaza Strip in early 2009, the
recovery efforts are ongoing with donation received from overseas, as well as
the partial lift of goods blockage in 2010, resulting in some improvement in
Gaza economy as well – Gaza Strip economy grew by 16% in 2010 1st
half (1% in 2009) according to the International Monitory Fund (IMF), though
situation is still critical.
The Palestinian
economy in the West Bank grew in 2009 by 8.5% and by 9% in the first half of
2010. Palestinian economy grew as a whole by 9% in 2010, after 3% growth in
2008 and nearly zero in 2007. Much of the growth is attributed to the foreign
aid they receive (donation scheduled are up to US$ 7.7 billion in 3 years), and
the relative calm in the political environment, mainly in the West Bank. The
Palestinian Authority reports on growth in taxes collection (which has always
been a major problem due to the lack of enforcement capabilities), with
expected over US$ 2 billion in 2010 (was US$ 1.688 billion in 2009), while the
deficit (dropped from US$ 1.8 billion in 2008 to US$ 1.2 billion in 2010) to be
covered by the donating countries.
SUMMARY
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
Maximum unsecured credit recommended US$ 10,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.