MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ZAKKAK BROS. MARBLE WORKSHOP |
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Formerly Known As : |
ZAKKAK BROS. |
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Registered Office : |
71
Yefet Street, TEL AVIV 52520 ISRAEL |
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Country : |
Israel |
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Date of Incorporation : |
1970 |
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Com. Reg. No.: |
557301124 |
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Legal Form : |
Partnership |
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Line of Business : |
Traders, importers and processors of marble (for
kitchen, bathrooms, etc.). |
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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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name & Address
ZAKKAK
BROS. MARBLE WORKSHOP
(also
known as "ZAKKAK BROS.")
Telephone 972 3 683 85 69
Fax 972 3 682 20 71
71
Yefet Street
TEL
AVIV 52520 ISRAEL
HISTORY
A
non-registered partnership, established in 1970.
License
Dealer No. 557301124.
PARTNERS
1. Eli Zakkak,
2. Rimon Zakkak.
JOINT GENERAL MANAGER
1. Eli Zakkak,
2. Rimon Zakkak.
BUSINESS
Traders,
importers and processors of marble (for kitchen, bathrooms, etc.).
50% of
marble purchasing is imported, the rest is purchased locally.
Operating
from premises (owned by the partners/ key-money) on an area of 2,000 sq. meters
in 71 Yefet Street, Tel Aviv/ Jaffa.
Having
5 employees.
MEANS
Current
stock is valued at NIS 400,000.
Owned
property in 71 Yefet Street, Tel Aviv/ Jaffa is valued at US$ 2,000,000.
ANNUAL SALES
2005
sales claimed to be NIS 2,000,000.
First
10 months of 2006 sales claimed to be NIS 2,000,000.
OTHER COMPANIES
A.L.
ZAKKAK 1999 LTD., real estate holdings and contractors. Presently building a
residential apartment building (28 units) in 9 Dr. Erlich Street, Tel Aviv.
BANKERS
Mercantile
Discount Bank Ltd., Jaffa Branch (No. 653), Tel Aviv/ Jaffa.
Bank
Hapoalim Ltd., Jaffa Branch (No. 611), Tel Aviv/ Jaffa.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
This is
a very long established family business.
Companies
operating in the building and construction sectors have been adversely affected
by the recession during recent years (2001-2003) in the local market in general
and in those sectors in particular. Although the local economy has been
constantly growing since 2004, the recovery has not penetrated the local
construction sector and indicators are still mostly negative.
According
to the president of the Contractors Association, there has been a 40% decrease
in the activities in the construction branch between June 2001 and June 2003,
which caused a revenues loss of NIS 5.5 billion.
Although
building starts and sales to the private sector shows slightly higher activity
level comparing to recent years, the weight of investments in the local
building sector as part of GDP decreased during 2005 to 7.4% (7.9% in 2004).
According
to the Central Bureau of
Statistics, buildings starts
during the first half of 2006 was lower by 2.6% comparing to the parallel
period in 2005. 14,840 new apartments were started building during the first
half of 2006, 83.5% of which initiated by the private sector, the rest was
public.
It is
worth noting that construction indicators for the luxurious apartments and for
projects in high demand areas have been showing constant recovery.
During the
first half of 2006 there has been a significant increase in buildings starts in
Jerusalem and Tel Aviv.
However,
the overall trend in the local sector remains negative due to diminishing demand in the periphery
areas, thus the slow down in building by the public sector.
SUMMARY
Good for trade engagements.
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 |
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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 |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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