MIRA INFORM REPORT
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Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
MOHI NAZZAL DRUG STORE CO. LTD. |
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Registered Office : |
Al-Zahra Street, Nazzal Building, Jenin West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Establishment : |
1997 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Importers, distributors
and marketers of
pharmaceuticals and medications, natural health products |
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$ 40,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
MOHI NAZZAL DRUG
STORE CO. LTD.
Telephone 972 4 250 20 29
Fax 972 4 250 20 27
Al-Zahra Street
Nazzal Building
JENIN WEST BANK PALESTINIAN AUTHORITY
HISTORY & LEGAL FORMATION
A foreign private limited company, established
in 1997 and registered in the Palestinian Authority as per file No.
56-212537-7.
SHARE CAPITAL
Data not forthcoming.
SHAREHOLDERS
Subject is fully owned by Mohi Hassan Nazzal.
GENERAL
MANAGER
Mohi Hassan Nazzal, Pharmacist
BUSINESS
Importers, distributors and marketers of pharmaceuticals and medications,
natural health products (vitamins, diet products, etc.), medical supplies,
cosmetics, baby-care and body-care products.
Sales are in the Palestinian Territories areas, including in Gaza Strip,
and in East Jerusalem.
Purchasing is from import and from Israeli suppliers.
Sole local importers and representatives of:
SUNLIFE, of Germany
AMOL PHARMACEUTICALS, of India
F.C.P CO., of Thailand
SODOT HAMIZRAH, of Israel.
Operating from premises, offices and warehouse, owned by the shareholder,
on an area of 180 sq. meters, in Nazzal Building, as well as from
another building, premises on an area of 450 sq. meters (also offices and
warehouse, rented), both in Al-Zahra Street, Jenin, West Bank,
Palestinian Authority. In addition, operating from a branch in Ramallah, West
Bank, Palestinian Authority.
Having 10 employees.
MEANS
Financial data not forthcoming.
REVENUES
Sales figures not forthcoming.
OTHER
COMPANIES
We are informed that
subject's owner Mohi Nazzal, owns also a company in Jordan, however more
details unavailable.
BANKERS
Palestinian
Investment Bank, Jenin Branch, Jenin (City Center, Abu-Baker St.
Al-Anis Bld. P.O.
Box 120), West Bank, Palestinian Authority.
CHARACTER
AND REPUTATION
Nothing unfavorable
learned.
Subject's owner and
General Manager, Mohi Nazzal, refused to disclose financial data.
There are more than 4,000 Palestinian, Israeli,
and foreign pharmaceutical products in the Palestinian market. Palestinian
products cover a wide range of therapeutic categories with various dosage
forms; however many Palestinian pharmaceutical companies focus on similar
products, mostly re-production of generics. Palestinian drugs are believed to
constitute around 45 percent of the dollar value, and 60 percent of drug
consumption, in a market estimated at around US$ 100 million.
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
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
Maximum unsecured
credit recommended US$ 40,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
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Euro |
1 |
Rs.69.29 |
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 |
|
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.