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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL SUBBAH SPARE PARTS CAR CO. LTD. |
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|
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Registered Office : |
P.O. Box 529, Al Kuds Street, Khalil Village, Nablus West Bank Palestinian Authority |
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Country : |
Israel |
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Year of
Establishments: |
1994 |
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Legal Form : |
Foreign Private Limited Company |
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|
|
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Line of Business : |
Traders, importers
and marketers of automotive spare parts for private vehicles solely |
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|
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No. of Employees : |
10 employees (had 8 employees in mid 2009) |
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 |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
AL SUBBAH SPARE PARTS CAR CO. LTD.
Telephone 972 9 232 65 59
Fax 972 9 231 66 70
P.O. Box 529
Al Kuds Street
Khalil Village
NABLUS WEST BANK PALESTINIAN AUTHORITY
A foreign private
limited company, established in 1994 and registered in the Palestinian
Authority as per file No. 56-241492-0.
Data not forthcoming.
1. Fuad Subbah, 33.33%,
2. Ahmed Subbah, 33.33%,
3. Jihad Subbah, 33.33%.
Fuad Subbah.
Traders, importers
and marketers of automotive spare parts for private vehicles solely.
Sales are to many
private costumers, all in the Palestinian Authority.
Purchase is mostly
from import, also purchase locally and from Israel (5% from Israel).
Among Israeli
suppliers: KOGOL, GREENBERG BARUCH, etc.
Operating from
premises (offices, storage facilities), owned by the shareholders, on an area
of 1,720 sq. meters (a 4 floor building) on a plot of 1,300 sq. meters, in Al
Kuds Street, Khalil Village, Nablus, West Bank, Palestinian Authority, and from
warehouse, owned by the shareholders, on an area of 600 sq. meters, in Amal
Street, Nablus, West Bank, Palestinian Authority.
Having 10
employees (had 8 employees in mid 2009).
Current stock is valued
at NIS 17,000,000.
Other financial
data not forthcoming.
· 2007 sales claimed to be NIS 5,000,000.
· 2008 sales claimed to be NIS 6,000,000.
· 2009 and 2010 sales not forthcoming.
· 2011 sales claimed to be NIS 12,000,000.
· 2012 sales claimed to be NIS 12,000,000.
· Sales for the first half of 2013 claimed to be NIS 6,000,000.
The Housing Bank
for Trade and Finance (Iskan Bank), Nablus Branch (Palestine St., P.O. Box
1660), Nablus, 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.58.45 |
|
UK Pound |
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
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.