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MIRA
INFORM REPORT
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Report No. : |
506074 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ABU
SHAMSIEH CO OF TRADING |
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Registered Office : |
Jerusalem
– Hebron Street Aldoha Bethlehem West Bank Palestinian Authority |
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Country : |
Palestine |
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Date of Incorporation : |
1994 |
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Legal Form : |
Private limited company |
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Line of Business : |
Importers,
marketers and distributors of foodstuffs and beverages. |
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No. of Employees : |
150 (2017) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Palestine |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Company name and address
ABU
SHAMSIA COMPANY
Telephone
972 2 277 60 30
Fax 972 2 277 81 90
Jerusalem
– Hebron Street
Aldoha
BETHLEHEM WEST BANK PALESTINIAN
AUTHORITY
HISTORY & LEGAL FORMATION
A foreign private limited
company, established in 1994 and registered in the Palestinian Authority as per
file No. 56-212092-3.
Note: We
were informed that subject is using the style SHAREKAT ABU SHAMSIA LEL TEJARAH
ELAMAH ADEYA in its import papers (it is in Arabic, where "Sharekat Abu
Shamsia" stands for "Abu Shamsia Company"), but their actual
name is as in caption. Regarding the spelling of “SHAMSIA”, this is the style
used from our findings, but “SHAMSIEH” and “SHAMSIYAH” may also be possible (we
could not confirm that with the officials so far).
SHARE CAPITAL
Data
not forthcoming.
SHAREHOLDERS
Subject is fully owned by Fayez Abu Shamsiyah.
GENERAL MANAGER
Fayez
Abu Shamsiyah.
BUSINESS
Importers,
marketers and distributors of foodstuffs and beverages.
Sales
are to retailers, supermarkets, wholesalers, etc., in the Palestinian
Territories and in Israel.
Sole
local representatives and distributors of (among others):
LOKMAN,
DAMRA OIL, both of Turkey,
AID
Energy Drink, of Poland.
Operating
from premises (offices and warehouse), owned by the shareholders, on an area of
3,000 sq. meters, in Jerusalem – Hebron Street, Aldoha, Bethlehem, West Bank,
Palestinian Authority. Also having branches in the West Bank – Ramallah, and in
Israel - in the Atarot Industrial Zone, Jerusalem.
Website:
www.abushamsieh.com
Had
150 employees in the first half 2017. Current number of employees not
forthcoming.
MEANS
Financial
data not forthcoming.
REVENUES
Sales
data not forthcoming.
BANKERS
We
were informed that subject is working with several banks, including with:
Bank
of Palestine Plc, Bethlehem Branch (Al Mahd St., P.O. Box 471), Bethlehem,
Palestinian Authority.
OTHER COMPANIES
We are
informed that subject is part of a group of companies, which includes companies
in the Palestinian Authority and a company registered in Israel called ALNASIM,
operating from Atarot Industrial Zone, Jerusalem (full name not forthcoming).
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Despite
our strenuous efforts, we have been unable to speak to any of subject's senior
officials, as they were always unavailable. We left messages, which remain
unanswered. In our previous interviews, officials refused to disclose financial
data.
In
case they return with fresh data, we shall update you accordingly.
This
is a veteran company.
During
2012, into 2013, the Palestinian Authority entered a serious credit crisis,
with a dire shortage in cash, suffering a chronic deficit, and was on the verge
of bankruptcy (delay in payment of US$ 500,000 to the private and public
sectors, fear it will be unable to redeem loans to local banks in volume of US$
1.2 billion, trade deficit of US$ 4 billion - 50% of GDP). However, there has
been a clear division between the West Bank and the Gaza Strip economies.
After
the Palestinian economy in the West Bank grew in average of 7.5% in the years
2004-2013, the World Bank reports on a decrease trend in per-capita GDP in the
West Bank and Gaza witnessed since 2013. Economic growth in the West Bank
expects to grow 1.8% in 2015, but population grow 3%. In Gaza, growth was
forecasted at 6.5%, but it is calculated based on the depression point of the
fight with Israel in summer 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 and keeps contracting.
Other
current indicators are still alarming, mainly in the Gaza Strip, such as high
unemployment rates (18% in the West Bank, close to 50% in Gaza) and poverty
(25% of population live in poverty, 14% in the West Bank, 39% in Gaza). Gaza
Strip population account for 40% of the Palestinian population but their part
of the Palestinian GDP is far below.
According
to World Bank and Palestinian Investment Promotion Agency, total GDP of the
Palestinian Economy in 2008 was US$ 4.6 billion.
GDP
per capita in the West Bank stands on US$ 4,000, however well lower in Gaza
Strip, whose economy has been in different condition.
In
terms of foreign trade, Total Import in 2013 summed up to US$ 4,800 million.
Over 80% of imported goods to the Palestinian Territories are carried out via
Israel.
SUMMARY
Notwithstanding the lack of updated data from subject's officials so far, we
figure subject to be good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.66 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 80.01 |
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ILS |
1 |
INR 18.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.