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Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
VERONA FOR MARBLE & GRANITE LTD. |
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Registered Office : |
Alistiqlal Rd., Doha Village, Bethlehem West Bank Palestinian
Authority |
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Country : |
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Year of Establishment : |
1996 |
|
|
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Legal Form : |
Foreign Private
Limited Company |
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|
Line of Business : |
Importers, traders and marketers of marble and granite |
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No. of Employees : |
10 employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
israel - ECONOMIC OVERVIEW
Israel has a technologically
advanced market economy. It depends on imports of crude oil, grains, raw materials,
and military equipment. Cut diamonds, high-technology equipment, and
agricultural products (fruits and vegetables) are the leading exports. Israel
usually posts sizable trade deficits, which are covered by tourism and other
service exports, as well as significant foreign investment inflows. The global
financial crisis of 2008-09 spurred a brief recession in Israel, but the
country entered the crisis with solid fundamentals - following years of prudent
fiscal policy and a resilient banking sector. The economy has recovered better
than most advanced, comparably sized economies. In 2010, Israel formally
acceded to the OECD. Natural gasfields discovered off Israel's coast during the
past two years have brightened Israel's energy security outlook. The Leviathan
field was one of the world's largest offshore natural gas finds this past
decade. In mid-2011, public protests arose around income inequality and rising
housing and commodity prices. The government formed committees to address some
of the grievances but has maintained that it will not engage in deficit
spending to satisfy populist demands.
|
Source : CIA |
VERONA FOR MARBLE
& GRANITE LTD.
Telephone 972 2 274 45 52
Fax 972 2 274 01 21
Alistiqlal Rd.
Doha Village
BETHLEHEM WEST
BANK PALESTINIAN AUTHORITY
A foreign private limited company,
established in 1996 and registered in the Palestinian Authority as per file No.
56-244473-7.
Data not forthcoming.
1. Jamal Abu-Alia, 50%,
2. Akram Bader, 50%,
1. Jamal Abu-Alia, 50%,
2. Akram Bader.
Importers, traders
and marketers of marble and granite.
Subject also
preformed cutting of a/m goods.
Operating from premises,
owned by shareholders, on an area of 3,000 sq. meters, in Alistiqlal Rd., Doha
Village, Bethlehem, West Bank, Palestinian Authority.
Having 10
employees.
Current stock is
valued at NIS 3,000,000.
Other financial
data not forthcoming.
2010 sales claimed
to be NIS 8,000,000.
2011 sales claimed
to be NIS 10,000,000.
We are informed
that 2012 sales pace is as of 2011.
VERONA FOR BLOCKS
LTD., established 2009, 25% owned by Jamal Abu-Alia, and 25% by Akram Bader,
operating a quarry.
JAMAL ABU-ALIA FOR
MARBLE & GRANITE, a proprietorship, established in 1992, owned by Jamal
Abu-Alia, importers and marketers of diamond tools for marble and granite
cutting.
The Palestine Investment Bank, Bethlehem Branch (Al Jabal Street, P.O.
Box 275), Bethlehem, 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$1,272 in 2006). Generally, by 2006 the GDP per capita dropped by 40% since
1999, following unstable political situation, but has been recovering since
2009 as political climate has stabilized. These figures include the West Bank
and Gaza Strip, whose economy has been in different condition. GDP per capita
in the West bank has climbed to US$ 2,800 by 2009, 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 lift of goods blockage in 2010, resulting in some improvement in
Gaza economy as well – Gaza Strip economy grew by 16% in 2010 1st
half (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.
Good for trade engagement.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.68.15 |
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.