MIRA INFORM REPORT
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Report No. : |
332408 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NOUR COMPANY FOR MARBLE LTD. |
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Registered Office : |
Al Quds Street,
Nablus West Bank Palestinian Authority |
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Country : |
Israel |
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Year of Establishment : |
1980 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Importers and Marketers of Stone, Marble and Granite. |
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No. of Employees : |
9 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
Company
Name and address
AL NOUR COMPANY FOR MARBLE
LTD.
Telephone 972 9 231 60 47
Fax 972 9 231 63 24
Al Quds Street
NABLUS WEST BANK
PALESTINIAN AUTHORITY
HISTORY
& LEGAL FORMATION
Originally
established as a non registered business in 1980.
Converted into a
foreign private limited company, and registered as such in the Palestinian
Authority as per file No. 56-241016-
SHARE
CAPITAL
Data not forthcoming.
SHAREHOLDERS
Subject is fully owned by the Riahn 5 brothers:
1. Abdel -Razek Riahn,
2. Omar Riahn,
3. Abdallah Riahn,
4. Ali Riahn,
5. Abbed Riahn.
GENERAL
MANAGER
Abdel -Razek
Riahn.
BUSINESS
Importers and marketers of stone, marble and
granite.
Import mostly from
China and India.
Operating from
premises (offices, warehouses, plant), on an area of 1,500 sq. meters, in Al
Quds Street, Nablus, West Bank, Palestinian Authority.
The Group also operates
from 2 quarries in Jama'an, nearby the Tapuach Junction (south of Nablus), and
from a plant, on an area of 1,000 sq. meters, in the Zoo Street, Qalqiliya,
West Bank, Palestinian Authority.
All premises are
owned by the shareholders.
Having 9 employees.
There are several
tens employees serving the Group.
MEANS
Financial data not
forthcoming, however shareholders, Riahn Family is known to be financially
solid, owners of many real estate properties.
REVENUES
Sales figures not
forthcoming.
OTHER
COMPANIES
Riahn Family also
own a petrol station, olive oil production plant, operating 2 quarries south of
Nablus, and more. Among companies held:
AL-MATA LTD.,
marble cutting factory.
QALQILIYA MARBLE
CO.
BANKERS
The Housing Bank For Trade and Finance (Bank Al-Iskan), Nablus Branch
(Al-Hossin Circular-Hawary Building), Nablus, Palestinian Authority.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Subject's General
Manager Abdel -Razek Riahn refused to disclose financial data.
Abdel -Razek Riahn
is a respectful and well-known person in the local stone industry. Riahn Family
is known to be well-off, holding a lot of real estate properties, besides their
range of businesses.
According to the
Palestinian Trade Center survey (2015), annual sales in the stone and marble
sector estimated to be US$400 million, amounting to a 5% contribution to GDP
and accounts for nearly 13% of non-agricultural employment in the economy. In
2010 US$86.9 million, or 22% of total revenues in the sector, resulted from
exports.
During 2012, into
2013, the Palestinian Authority entered a serious credit crisis, with a dire
shortage in cash, in fact on the verge of bankruptcy, where in periods the
Authorities are unable to pay salaries, delay in payment of US$ 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.
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.
SUMMARY
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
Note: The cellular phone no. you gave
(+972-59-9258001) belongs to Mr. Omar Riahn, the contact person for business
with India.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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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 |
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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.