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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ALATRASH MODERN INVESTMENT LTD. |
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Registered Office : |
Industrial Zone,
Hebron West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Establishment : |
2006-2007 |
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Legal Form : |
A foreign private limited company |
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Line of Business : |
Importers and
marketers of marble, stone, tiles. |
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No. of Employees : |
Having 10 employees
in subject and 40 employees in Group (subject and sister company). |
RATING & COMMENTS
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MIRA’s
Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
ALATRASH MODERN INVESTMENT
LTD.
Telephone 972 2 223 42 60
Fax 972 2 223 42 01
Email: info@atrashstone.com
Industrial Zone
HEBRON WEST
BANK PALESTINIAN AUTHORITY
A foreign private limited company,
established in 2006-2007 and registered in the Palestinian Authority as per
file No. 56-252216-9.
Data not forthcoming.
Subject is fully
owned by Rawakhi Alatrash
1. Rawakhi Alatrash,
2. Muhammad Alatrash
(son of Rawakhi Alatrash).
Importers and
marketers of marble, stone, tiles, etc.
All purchase is
import.
Sales are in the
Palestinian Authority as well as in Israel.
Operating from
premises, owned by shareholders, on an area of 4,000 sq. meters, in Industrial
Zone, Hebron, West Bank, Palestinian Authority. Premises is shared with sister
company.
Having 10
employees in subject and 40 employees in Group (subject and sister company).
Financial data not
forthcoming.
Sales data not
forthcoming.
ALATRASH CO. FOR
MARBLE AND STONES LTD., sister company, founded in 2001, incorporated 2003,
importers, processors and marketers of marble, stone, tiles, etc.
Jordan National
Bank (Jordan Ahli Bank), Hebron Branch (Al-Salam St., P.O. Box 718), Hebron, West Bank, Palestinian
Authority.
Also working with:
Bank Hapoalim Ltd., Israel, branch data not forthcoming.
Nothing
unfavorable learned.
Subject's General
Manager refused to disclose financial data.
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.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
|
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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.