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Report No. : |
335400 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ALATRASH MODERN INVESTMENT LTD. |
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|
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Registered Office : |
Al Fahes
Industrial Zone, Hebron West Bank, Palestinian Authority |
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|
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Country : |
Israel |
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Year of Establishment : |
2007 |
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Legal Form : |
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 : |
40-50 Employees in Group (Subject and Sister Company) |
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 |
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Status : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
ISRAEL - ECONOMIC
OVERVIEW
Israel has a technologically advanced market economy. Cut
diamonds, high-technology equipment, and pharmaceuticals are among the leading
exports. Its major imports include crude oil, grains, raw materials, and
military equipment. Israel usually posts sizable trade deficits, which are
covered by tourism and other service exports, as well as significant foreign
investment inflows. Between 2004 and 2013, growth averaged nearly 5% per year,
led by exports. 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.
Israel's economy also has weathered the Arab Spring because strong trade ties
outside the Middle East have insulated the economy from spillover effects.
Slowing demand domestically and internationally and reduced investment due to
uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP
growth to about 2% during 2014. Natural gas fields discovered off Israel's
coast since 2009 have brightened Israel's energy security outlook. The Tamar
and Leviathan fields were some of the world's largest offshore natural gas
finds this past decade. The massive Leviathan field is expected to come online
no sooner than 2017, but production from Tamar provided a one percentage point
boost to Israel's GDP in 2013 and a 0.5% boost in 2014. In mid-2011, public
protests arose around income inequality and rising housing and commodity
prices. Israel's income inequality and poverty rates are among the highest of
OECD countries and there is a broad perception among the public that a small
number of "tycoons" have a cartel-like grip over the major parts of
the economy. The government formed committees and has started splitting up the
oligopolies to address some of the grievances but has maintained that it will
not engage in deficit spending to satisfy populist demands. Over the long term,
Israel faces structural issues, including low labor participation rates for its
fastest growing social segments - the ultra-orthodox and Arab-Israeli
communities. Also, Israel's progressive, globally competitive, knowledge-based
technology sector employs only 9% of the workforce, with the rest employed in
manufacturing and services - sectors which face downward wage pressures from
global competition.
|
Source
: CIA |
ALATRASH MODERN INVESTMENT LTD.
Telephone 972 2 223 42 60
Fax 972 2 223 42 01
Email: info@atrashstone.com
Al Fahes 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 Rouhe Alatrash.
(Note: private
name may also be pronounced "Rawakhi")
1. Rouhe Alatrash, General Manager,
2. Muhammad Alatrash (son of Rouhe Alatrash),
Deputy General Manager.
Importers and
marketers of marble, stone, tiles.
All purchase is
import.
Sales are in the
Palestinian Authority territories, as well as in Israel.
Operating from premises,
owned by shareholders, on an area of 4,000 sq. meters, in Al Fahes Industrial
Zone, Hebron, West Bank, Palestinian Authority. Premises is shared with sister
company.
Having 40-50
employees in Group (subject and sister company), same as in the beginning of
2015, had 40 employees in the end of 2013.
Financial data not
forthcoming.
Subject's (solo)
sales:
2014 sales claimed
to be NIS 18,000,000.
Sales for the
first 6 months of 2015 claimed to be NIS 10,000,000.
ALATRASH CO. FOR
MARBLE AND STONES LTD., sister company, founded in 2001, incorporated 2003,
importers, processors and marketers of marble, stone, tiles, etc.
LABERLA LTD.,
traders in granite, marble, etc.
Jordan National Bank
(Jordan Ahli Bank), Hebron Branch (Al-Salam St., P.O. Box 718), Hebron, West
Bank, Palestinian Authority.
Arab Bank Plc,
Hebron Branch (Al-Salam St.), Hebron, West Bank, Palestinian Authority.
Also working with:
Bank Hapoalim
Ltd., Israel, branch data not forthcoming.
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, 6.3% in 2012, down to
1.9% in 2013 and negative growth (-1%) in 1stQ 2014. Much of the growth was attributed to the
foreign aid received, which due to several reasons (including geo-political
changes in the Arab world) there has been delays in the transfer of the
promised donations (in 2011 & 2012 it received outside support of US$ 1.5
billion & US$ 1.78 billion, respectively, though much less than expected).
The World Bank forecasted in September 2014 a 4% withdraw in growth in 2014:
-15% in Gaza Strip and +0.5% in the West Bank.
The fear of the
Palestinian governmental/public sector to collapse exists, which may drag
banking and financial sectors down and eventually reach the private sector
(which feels the crisis to less extent, yet still has significant impact).
Other current
indicators are still alarming, mainly in the Gaza Strip, such as high
unemployment rates: 17.7% in the West Bank in 2014, around 44% in Gaza in
2014), and poverty (70% in Gaza). Gaza Strip population account for 40% of the
Palestinian population and 24% of Palestinian GDP in 2013 (indications are on
decrease to 12% of the GDP in 2014).
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 (grew to US$
4,800 million in 2013), 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 several years ago years, following the rising of
the Hamas government in Gaza Strip in 2007, which led to internal conflict
between Hamas supporters and those of the Phatah movement, which controls the
West Bank. While the political situation has been stable in the West Bank,
leading to economic growth in recent years, the condition in the Gaza Strip
deteriorated drastically, as result of military clashes with Israel, and also
due to the blockage on goods movement in and out the Strip for long period. The
situation in Gaza Strip improved drastically in 2010, with overseas donation
and the partial lifting of goods blockage, but deteriorated again in late 2012
a result of another military fight with Israel. Situation was quiet for a year
and a half, but during July-August 2014 the fighting with Israel resumed,
causing destruction to extensive parts in Gaza, practically paralyzing the Gaza
economy during that period, and it would now take years to recover.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
NIT |
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 |
-- |
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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.