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MIRA INFORM REPORT
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Report No. : |
506074.2 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ABU SHAMSIA COMPANY |
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Registered Office : |
Jerusalem –
Hebron Rd. 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 |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Palestine |
D |
D |
|
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
Cellular 972 52 336 66 61
Fax 972 2 277 81 90
Jerusalem – Hebron
Rd.
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.
We were informed that
subject is also 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. Officials confirmed that the spelling of their name is “SHAMSIA”
(although from our findings “SHAMSIYAH” may also be possible).
SHARE
CAPITAL
Data not
forthcoming.
SHAREHOLDERS
1.
Fayez Abu Shamsiyah, 50%,
2.
Muhaned Abu Shamsiyah, 50%.
JOINT
GENERAL MANAGERS
1.
Fayez Abu Shamsiyah,
2.
Muhaned Abu Shamsiyah.
BUSINESS
Importers, marketers and distributors of foodstuffs and beverages.
Sales are to retailers, supermarkets, wholesalers, etc., mainly in the Palestinian Territories, as well as little in Israel.
Sole local
representatives and distributors of (among others):
LOKMAN, BIZCE OIL,
both of Turkey,
AID Energy Drink,
of Poland.
Among Israeli
suppliers: YAFORA-TABORI, etc.
Operating from
premises (offices and warehouse), owned by the shareholders, on an area of
3,000 sq. meters, in Jerusalem – Hebron Rd., 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
Having over 150
employees (had some 150 employees in the first half 2017).
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 CO.,
operating from Atarot Industrial Zone, Jerusalem.
CHARACTER
AND REPUTATION
Nothing unfavorable learnt.
Subject's officials refused to disclose financial data.
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 the Palestinian Central Bureau of Statistics (CBS) data, GDP of the Palestinian Economy in 2016 was circa US$ 13,400 million in current prices, up from US$ 12,670 million in 2015 (was US$ 7.700 million in 2015 and US$ 7,460 million in 2014 at constant prices, where 2004 is the base year).
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 Jointly, GDP per
capita stood on close to US$ 2,960 in 2016, US$ 2,860 in 2015 in current
prices, based on CBS data, or circa US$ 1,740 in 2015 & 2014 at constant
prices).
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 refusal to disclose financial data, considered 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 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.99 |
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ILS |
1 |
INR 18.90 |
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 : |
KET |
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.