MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
ONOT
MODEL LTD. |
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Registered Office : |
84 Ben
Zvi Boulevard Panorama
House Tel Aviv
68104 Israel |
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Country : |
Israel |
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Date of Incorporation : |
31.7.1981 |
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Legal Form : |
Private
limited company |
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Line of Business : |
Manufacturers,
retailers and marketers of women’s fashion, specializing in large sizes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
500,000. |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
NAME & ADDRESS
ONOT MODEL
LTD.
Telephone 972 3 518 42 22
Fax 972 3 683 93 27
84 Ben Zvi
Boulevard
Panorama
House
TEL AVIV
68104 ISRAEL
HISTORY
A private
limited company, incorporated as per file No. 51-089454-6 on 31.7.1981.
SHARE
CAPITAL
Authorized
share capital NIS 2,00, divided into -
100
management shares,
100
ordinary shares, all of NIS 0.01 each, of which shares amounting to NIS 0.40
were issued.
SHAREHOLDERS
1. Yoav
Shema, 50%,
2. Ms. Gila
Shema, 50%,
SOLE
DIRECTOR
Yoav Shema.
JOINT
GENERAL MANAGERS
1. Yoav
Shema,
2. Avi
Yefet.
BUSINESS
Manufacturers,
retailers and marketers of women’s fashion, specializing in large sizes.
Amongst
suppliers: E. COHEN, B. Z. TEXTILE, BRITEX, etc.
Operating
from owned premises, on an area of 1,000 sq. meters, in the Panorama House, 84
Ben-Zvi street, Tel Aviv, and from 30 shops nationwide, 24 operated by subject
and 2 by agents.
Having in
all 120 employees (had 100 in 2003).
MEANS
Premises
are valued at US$ 1,700,000.
Stock is
valued at NIS 4,000,000 (was NIS 2,600,000 in 2003).
There are
30 charges for unlimited amounts and further 3 charges for a total sum of NIS
3,834,670.00 registered on the company's assets, in favor of local banks and
companies.
ANNUAL
SALES
2004 sales
claimed to be NIS 42,000,000.
2005 sales
claimed to be NIS 50,000,000.
January –
May 2006 sales claimed to be NIS 25,000,000.
BANKERS
Bank
Hapoalim Ltd., Balfour Branch (No, 527), Tel Aviv.
Israel
Discount Bank Ltd., Petach Tikva.
CHARACTER
AND REPUTATION
In October
2005, it was reported that the Israeli music federation filed an NIS 100,000
lawsuit against subject, due to unlicensed public playing of recorded music.
Apart from
that, nothing unfavorable learned.
In March
2002, it was reported that subject will launch an advertising campaign, in an
investment of NIS 2.8 million.
In August
2002, it was reported that subject will launch another advertising campaign for
its winter collection, in an investment of NIS 3.2 million.
Subject
also announced it will open 3 new stores in an investment of US$ 400,000.
In August
2003, it was reported that subject opened a new 1,000 sq. meters plant in Erez.
In January
2004, it was reported that subject will open 4 new stores in 2004, in an
investment of NIS 2 million.
In June
2004, it was reported that subject opened a branch in Miami, in an investment
of US$ 500,000.
In
August 2004, it was reported that subject opened 2 new branches, in an
investment of NIS 600,000.
In
September 2004, it was reported that subject launched an advertising campaign,
in an investment of US$ 500,000.
In November
2004, it was reported that subject opened 6 new stores, in an investment of NIS
2.5 million.
In
November 2005, it was reported that subject launched an advertising campaign,
in an investment of US$ 250,000.
In May
2006, it was reported that subject will start marketing a new collection of
women lingerie, in an investment of NIS 2.5 million.
The local textile sector is suffering from
the slow-down in economy, from the
unstable political situation, and from the cheap competition from the
far east. Over the last 10 years, the
number of employees in the branch decreased from 45,300 to 24,000.
During 2003, exports of the branch
decreased by 4% to US$ 993 million, and Sales to the local market of local
manufacturers decreased by 2.5% to US$ 2.2 billion.
A slight
recovery in the branch was noted in the first half of 2004. Exports of the
branch amounted to US$ 550 million, a 11% increase from the parallel period in
2003, however sales to the local market were NIS 2.6 billion, a 2% decrease. As
a result, 400 new employees were recruited in the branch during the first half
of 2004.
During
2003, 20 textile plants were closed,
900 employees were retrenched in the branch, and further diamissals are
expected in the future.
SUMMARY
Maximum
unsecured credit recommended US$ 500,000.
RATING EXPLANATIONS
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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 |
|
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |