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Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
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Registered Office : |
Al-Jora Street, Gaza, Gaza Strip, Palestinian Authority |
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Country : |
Palestine |
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Year of Establishment : |
2007 |
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Legal Form : |
Foreign Sole Proprietorship |
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Line of Business : |
Importers and marketers of foodstuff, such as
coffee, tea, rice, corn, canned food, etc. |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Palestine |
D |
D |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BASEL FAYOUMI
Telephone 972 8
281 65 37
Fax 972
8 281 65 37
Al-Jora Street
GAZA GAZA STRIP PALESTINIAN AUTHORITY
A foreign sole
proprietorship, established in 2007 in the Palestinian Authority.
Operating under
Dealer License No. 802192013.
Basel Fayoumi.
Basel Fayoumi.
Importers and marketers
of foodstuff, such as coffee, tea, rice, corn, canned food, etc.
Operating from
owned premises, on an area of 10,000 sq. meters, in Al-Jora Street, Gaza, Gaza
Strip, Palestinian Authority.
Having 100
employees.
Current stock is
highly valued.
Financial data not
forthcoming.
2010/ 2011 annual
sales claimed to be between US$ 5 million – US$ 10 million.
Basel Fayoumi is a
partner (jointly with additional 3 partners) in:
· GOLDEN SUN GROUP DOMESTIC ELECTRICAL APPLIANCES, importers and marketers of domestic electrical appliances (small and large).
Bank of Palestine
Plc., Remal (Jundi) Branch (Omar aL Mukhtar Street), Gaza, Gaza Strip,
Palestinian Authority.
Nothing
unfavorable learned.
Subject's official refused to disclose financial data, besides general
sales scale figures.
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.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.92 |
|
UK Pound |
1 |
Rs.88.91 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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.