MIRA INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
WELL INTERNATIONAL LTD. |
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Registered Office : |
P.O. Box 51841, Jerusalem (9151702), Al Salam Road, Ramehsuburo Neighborhood, Hebron West Bank Palestinian Authority |
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Country : |
Israel |
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Date of Incorporation : |
January 2011 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Manufacturers, importers and marketers of home textile |
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No. of Employees
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05 |
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$ 15,000. |
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Status : |
New 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
WELL INTERNATIONAL LTD.
Telephone 972 2 225 53 15
Fax 972 2 225 53 14
P.O. Box 51841,
Jerusalem (9151702)
Al Salam Road
Ramehsuburo
Neighborhood
HEBRON WEST BANK PALESTINIAN AUTHORITY
A foreign private limited company registered
in the Palestinian Authority as per file No. 56-251253-3 in January 2011.
Data not
available.
Subject
is fully owned by Majdi Muhammad Zghier.
Majdi Muhammad
Zghier.
Manufacturers,
importers and marketers of home textile.
Most of purchase
is from import (does not purchase in Israel).
Sales are to
Israel and the Palestinian Authority.
Operating from premises, owned by shareholder, on an
area of 1,000 sq. meters, in Al Salam Road, Rameh Suburo Neighborhood, Hebron,
West Bank, Palestinian Authority.
Having 5 employees.
Current stock is valued at NIS 400,000.
The Zghier family is believed to be financially
solid.
2011 sales claimed to be NIS 1,000,000.
Owned by the
Zghier family (including Majdi):
ROYAL INDUSTRIAL
TRADING CO., established 1993, manufacturers and marketers of P.V.C., P.P. and
P.E. pipes, a wide range of plumbing and installation products: fittings, water
tanks, etc. having some 400 employees, 2010 sales claimed to be NIS 96 million.
HOME PLAZA LTD.,
(trading as HOME PLAZA CO.), established 2004, importers and marketers of
household artifacts, DIY products, home textiles, gardening products, etc. Also
operating a retail store named "Home Plaza" for selling theirs and
subject’s products.
The Zghier family owns a trading business in the USA (no other
information available).
Bank of Palestine
Plc, Hebron Branch (Salam Street, P.O. Box 471), Hebron, West Bank, Palestinian
Authority.
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.
Good for trade engagements.
Maximum unsecured
credit recommended US$ 15,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.12 |
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UK Pound |
1 |
Rs.79.37 |
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Euro |
1 |
Rs.66.02 |
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.