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Report No. : |
303978 |
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Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ALATRASH MODERN INVESTMENT LTD. |
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Registered Office : |
Al Fahes Industrial
Zone, Hebron West Bank Palestinian
Authority |
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Country : |
Israel |
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Date of Incorporation : |
2006-2007 |
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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 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Slow but correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Israel |
A2 |
A2 |
|
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 2011, 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. 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. The
economy has recovered better than most advanced, comparably sized economies,
but slowing demand domestically and internationally, and a strong shekel, have
reduced forecasts for the next decade to the 3% level. 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 not due to come online until 2018, but production from Tamar provided
a one percentage point boost to Israel's GDP in 2013 and is expected to
contribute 0.5% growth 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 to address some of the grievances but
has maintained that it will not engage in deficit spending to satisfy populist
demands. In May 2013 the Israeli government, in a politically difficult
process, passed an austerity budget to reign in the deficit and restore
confidence in the government's fiscal position. 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,
2. Muhammad Alatrash (son of Rouhe Alatrash).
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). Had 10 employees in subject
and 40 employees in Group in the end of 2013.
Financial data not
forthcoming.
Subject's annual
sales claimed to be NIS 18,000,000.
ALATRASH CO. FOR
MARBLE AND STONES LTD., sister company, founded in 2001, incorporated 2003,
importers, processors and marketers of marble, stone, tiles, etc.
We are informed
that there is another company in the Group: LABERLA LTD. (name spelling may be
different), 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.
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: 19% in the West Bank in 2012, around 45% 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.
This report is
furnished to you in strict confidence for your EXCLUSIVE use. The correctness
of same is not guaranteed, but it has been obtained in good faith from sources
deemed reliable as of this date.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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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 |
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|
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 |
|
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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 |
|
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<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.