|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Correct Name : |
MONIR NASSER & BROTHERS LTD. |
|
|
|
|
Registered Office : |
Haifa Street, Jabalia Neighborhood Gaza, Gaza Strip, Palestinian
Authority |
|
|
|
|
Country : |
Israel |
|
|
|
|
Year of Establishments: |
1996 |
|
|
|
|
Com. Reg. No.: |
56-346435-3 |
|
|
|
|
Legal Form : |
Foreign Private Limited Company |
|
|
|
|
Line of Business : |
Importers and marketers of spices |
|
|
|
|
No. of Employees : |
12 |
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 |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. Its major imports include crude oil, grains,
raw materials, and military equipment. Cut diamonds, high-technology equipment,
and pharmaceuticals are among 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.
Israel's economy also has weathered the Arab Spring because strong trade ties
outside the Middle East have insulated the economy from spillover effects.
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, and
production from the Tama field is expected to meet all of Israel''s natural gas
demand beginning mid-2013. 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 |
MONIR NASSER & BROTHERS LTD.
Telephone 972 8
247 67 07
Mobile 972
59 940 95 30
Fax 972
8 247 67 07
Haifa Street
Jabalia Neighborhood
GAZA GAZA STRIP
PALESTINIAN AUTHORITY
A foreign private limited company,
established in 1996 and registered in the Palestinian Authority as per file No.
56-346435-3.
Data not forthcoming.
1. Monir Nasser, 33.33%,
2. Jihad Nasser, 33.33%,
3. Abdel Fatach Nasser, 33.33%.
Shareholders are
brothers.
1. Monir Nasser,
2. Jihad Nasser.
Importers and
marketers of spices.
Operating from premises
(office and warehouse), owned by shareholders, on an area of 200 sq. meters, in
Haifa Street, Jabaliya Neighborhood, Gaza, Gaza Strip, Palestinian Authority
Having 12
employees.
Current stock is
valued at NIS 500,000.
Other financial data
not forthcoming.
2012 sales claimed
to be circa NIS 4,000,000.
Projected 2013
sales are NIS 4,000,000.
Bank of Palestine
Plc, Jabaliya Branch (Saleh Dardounah St.), Gaza, Gaza Strip, Palestinian
Authority.
Nothing
unfavorable learned.
During 2012, into
2013, the Palestinian Authority entered a serious credit crisis, with a dire
shortage in cash, in fact on the verge of bankruptcy, where in periods the
Authorities are unable to pay salaries, delay in payment of US$ 500,000 to the
private and public sectors, and fear it will be unable to redeem loans to local
banks in volume of US$ 1.2 billion. In the first half of 2013 the Authority
accumulated a debt of US$ 4.3 billion. With a trade deficit of US$ 4 billion
(50% of GDP), the Palestinian economy, which grew by an average of 9% in the
years 2008-2010 (was nearly zero in 2007), show clear signs of slow-down in the
macro aspect, with 5.8% growth in 2011 in the West Bank (figures for 2012 are
ambiguous). Much of the growth was
attributed to the foreign aid received, though over the last period there have
been delays in the transfer of the promised donation - in 2011 & 2012 it
received outside support of US$ 1.5 billion & US$ 1.78 billion,
respectively, though much less than expected.
It should be noted
that according to reports, on the private business level, the crisis is less
felt at this stage in the Palestinian city's streets, though if the
governmental/public sector collapses – as such warnings exists – that may drag
the banking and financial sector down and eventually reach the private sector.
Other current
indicators are still alarming, mainly in the Gaza Strip, such as high
unemployment rates (19% in the West Bank in 2012, over 30% in Gaza), and
poverty (70% in Gaza).
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. These
figures include the West Bank and Gaza Strip, whose economy has been in
different condition. GDP per capita in the West bank was US$ 1,900 in 2012 (was
higher in 2010/11), while remains low in Gaza – around US$ 1,100 per capita in
2012.
In terms of
foreign trade, Total Import in 2007 summed up to US$ 3,141 million, while Total
Export reached US$ 513 million. 80% of imported goods to the Palestinian
Territories are carried out via Israel.
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, also due to the blockage on goods movement in and out
the Strip for long period. The situation in Gaza Strip improved drastically
since 2010, with overseas donation and the partial lifting of goods blockage –
Gaza Strip economy grew by 26% in the first 3Q of 2011 (16.5% in 2010, 1% in
2009) according to the International Monitory Fund (IMF), though situation is
still critical. Yet, deterioration occurred due to the military fight with Israel
in late 2012.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.21 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
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.