MIRA INFORM REPORT
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Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
ALSAEED CO. LTD. |
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Registered Office : |
P.O.
Box 302, Ein Sara, City Center, Hebron West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Establishment : |
2004 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Traders, importers and wholsale marketers of dry foodtstuff, e.g. legumes, spices,
nut products, 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 |
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) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
ALSAEED
CO. LTD.
Telephone
972 2 225 07 29
Fax
972 2 229 66 43
P.O.
Box 302
Ein
Sara, City Center
HEBRON WEST
BANK PALESTINIAN AUTHORITY
HISTORY & LEGAL FORMATION
A foreign private limited company,
established in 2004 and registered in the Palestinian Authority as per file No.
56-212454-5.
SHARE CAPITAL
Data not forthcoming.
SHAREHOLDERS
Subject is fully owned by Ziad Imran Saeed.
GENERAL MANAGER
Ziad Imran Saeed
BUSINESS
Traders, importers and wholsale marketers of dry
foodtstuff, e.g. legumes, spices, nut products, etc.
All sales are in the Palestinian territories.
Most purchasing is from import, small part is purchased
locally.
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 4 employees.
MEANS
Current stock is valued at NIS 200,000.
Other financial data not forthcoming.
SALES
·
2007 sales claimed to be NIS 400,000.
·
2008 sales
not forthcoming.
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2009 sales
claimed to be NIS 1,000,000.
·
2010 sales
claimed to be NIS 1,000,000.
·
2011 first
9 months sales claimed to be NIS 750,000.
BANKERS
Bank of Palestine, Hebron Branch (Alsalam Street, P.O. Box
707), Hebron, West Bank, Palestinian Authority.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject is a small 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 set-back 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 lifting of goods blockage in 2010, resulting in some improvement in
Gaza economy as well – Gaza Strip economy grew by 16% in 2010 (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
Good for trade engagements.
Maximum unsecured credit recoomended US$ 10,000.
NOTES
1. With regard to subject's name:
"Sharekat"
is the Arabic word for "Company"
"Libiharat" is the Arabic word for "Spices"
2. The bank name you
gave (HE Housing Bank For Trade And Finance) is irrelevant, subject's owner and
manager told us
they are not working with this bank.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.14 |
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UK Pound |
1 |
Rs.75.97 |
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Euro |
1 |
Rs.65.99 |
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 |
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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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.