MIRA INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
FARIS SHAMAS |
|
|
|
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Registered Office : |
Al Jora Street, Hebron West Bank Palestinian Authority |
|
|
|
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Country : |
Israel |
|
|
|
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Year of Establishment : |
1990 |
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|
|
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Legal Form : |
Foreign Sole Proprietorship |
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|
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Line of Business : |
Manufacturers and marketers
of sacks (mainly large size) and nets |
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|
|
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No. of Employees
: |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
US$ 10,000. |
|
Status : |
Small Concern |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
FARIS SHAMAS
Telephone 972 2 221 74 68
Mobile 972
59 931 46 92
Fax 972
2 229 06 50
Al Jora Street
HEBRON WEST BANK PALESTINIAN
AUTHORITY
HISTORY & LEGAL FORMATION
A foreign sole
proprietorship, established in
Operating under License
dealer No. 985555234.
OWNERSHIP
Faris Shamas.
GENERAL MANAGER
Faris Shamas.
BUSINESS
Manufacturers and
marketers of sacks (mainly large size) and nets.
Import is mainly
of raw materials.
Operating from rented
premises (offices, manufacturing and storage facilities), on an area of 2,000
sq. meters, in Al Jora Street Hebron, West Bank, Palestinian Authority.
Having 20
employees (same as in 2010).
MEANS
Current Stock is
valued at NIS 1,000,000 (same as in 2010).
Machinery and
equipment is valued at US$ 1,000,000
Other financial
data not forthcoming.
SALES
2008 sales claimed
to be NIS 2,500,000.
2009 sales claimed
to be NIS 2,500,000.
2010 sales claimed
to be NIS 2,500,000.
2011 sales claimed
to be NIS 2,500,000.
BANKERS
· Bank of Palestine Plc, Hebron Branch (Al-Salam St.), Hebron, West Bank, Palestinian Authority.
· Arab Bank Plc, Hebron Branch (Al-Salam St., P.O. Box 601), Hebron, West Bank, Palestinian Authority.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
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 (24% in the West Bank, 36% in Gaza, as of 2011 1st
Quarter) 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 9.4% in 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
(although as of mid 2011 only less than half of the US$ 1 billion donation
scheduled was received), 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 recommended US$
10,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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.