MIRA INFORM REPORT

 

 

Report Date :

07.08.2007

 

IDENTIFICATION DETAILS

 

Name :

OFERTEX INDUSTRIES (1997) LTD.

 

 

Registered Office :

P.O. Box 30, Shoham Street, Industrial Zone, Barkan 44820

 

 

Country :

Israel

 

 

Date of Incorporation :

30.1.1997

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Operating recycling plant for textile waste, from which they produce floor cloths and other products (bathmats, home mats, etc.).

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

name & address

 

OFERTEX INDUSTRIES (1997) LTD.

P.O. Box 30

Shoham Street

Industrial Zone

BARKAN 44820 ISRAEL

Telephone 972 3 936 65 67

Fax           972 3 906 82 96

 

 

HISTORY

 

A private limited company, incorporated as per file No. 51-244253-4 on the 30.1.1997.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 30,000.00, divided into - 30,000 ordinary shares of NIS 1.00 each, of which shares amounting to NIS 1,000.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Zvi Meir.

 

 

SOLE DIRECTORS & GENERAL MANAGER

 

Zvi Meir, of Elkana (town).

 

 

BUSINESS

 

Operating recycling plant for textile waste, from which they produce floor cloths and other products (bathmats, home mats, etc.).

 

Also importers the said textile waste for sale, as well as raw materials for production.

 

Over 50% of sales are for export.

 

Among customers: SANO, HOGLA KIMBERLY, etc.

 

Among local suppliers: N.R. SPUNTECH, VAPORJET, KIDMA FORKLIFTS, etc.

 

Operating from rented premises (offices, warehouse, and plant), on an area of 1,000 sq. meters, in Shoham Street, Industrial Zone, Barkan.

 

Having 150 employees.

 

 

MEANS

 

Current stock is valued at US$ 200,000.

 

Other financial data not forthcoming.

 

There are 12 charges for unlimited amounts registered on the company's assets, in favor of local banks and a forklifts company.

 

 

ANNUAL SALES

 

2004 sales claimed to be US$ 4,000,000, over 50% of which were for export.

2005 sales claimed to be US$ 4,500,000, over 50% of which were for export.

2006 sales claimed to be US$ 5,000,000, over 50% of which were for export.

First half of 2007 sales claim to be US$ 2,700,000, over 50% of which were for export.

 

 

BANKERS

 

Israel Discount Bank Ltd., Main Branch, (No. 010), Tel Aviv, account No. 134988.

 

Union Bank of Israel Ltd., Rosh Ha'ayin Branch (No. 078), Rosh Ha'ayin, account No. 450200/97.

 

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject is ISO 9001:2000 certified.

 

 

SUMMARY

 

Good trade engagements

 

Maximum unsecured credit recommended US$ 120,000.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions