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MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NISSIM FARGIUN TRADING 2000 (N.F.) LTD. |
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Registered Office : |
P.O. Box 13272,
4 Haplada Street |
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Country : |
Israel |
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Date of Incorporation : |
1990 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers (wholesalers and retailers) of wood materials. |
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$300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address of
the company
NISSIM FARGIUN
TRADING 2000 (N.F.) LTD.
P.O. Box 13272
4 Haplada Street,
Telephone 972 9 884
75 01; 861 70 59
Fax
972 9 861 70 64
Northern Industrial
Zone (Kiryat Eliezer)
NETANYA 42379 ISRAEL
HISTORY
A private limited company, incorporated as per file
No. 51-288002-2 on the 17.1.2000.
Subject is continuing the activities of NISSIM FARGIUN TRADING (1990) LTD.,
a private limited company established in 1990, which ceased all activities in
January 2000, following changes in the holdings structure among the company’s
shareholders. NISSIM FARGIUN TRADING (1990) LTD. itself is continuing the
activities of a company, NISSIM FARGIUN TRADING AND DISTRIBUTION LTD., a
private limited company established in 1978, which also ceased all activities.
SHARE CAPITAL
Authorized share capital NIS 10,000.00 divided into
- 10,000 ordinary shares of NIS 1.00 each, of which shares amounting to NIS
100.00 were issued.
SHAREHOLDERS
1. Nissim (Simo) Fargiun -99%,
2. Mrs. Rachel Fargiun -1%.
SOLE DIRECTOR AND
GENERAL MANAGER
Nissim (Simo)
Fargiun.
BUSINESS
Importers and marketers
(wholesalers and retailers) of wood materials for the furniture industry
(timber, plywood, veneer, etc.), as well as hardware accessories for the
furniture and carpentry fields.
Also retailer of
wood furniture, including: cabinets, closets, beds, garden furniture, domestic
electrical appliances, etc.
Operating from premises (offices, warehouses and retail store), owned by the
shareholders, in 4 Haplada Street, Northern Industrial Zone (Kiryat Eliezer),
Netanya, on an area of 6,500 sq. meters, of which 5,000 sq meters are built,
and from adjacent premises in 22 Haoreg Street, on a built area of 1,000 sq.
meters.
Having 35
employees.
MEANS
Current
stock is valued at NIS 14,000,000.
Property,
owned by the shareholders, in Northern Industrial Zone of Netanya (where
subject is operating from) is valued as follows:
In 4
Haplada Street – US$ 4,000,000
In
22 Haoreg Street – US$ 500,000
There are 11 charges for unlimited amounts registered on the company's
assets, in favor of Mizrahi Tefahot Bank Ltd., The First International Bank of
Israel Ltd., Bank Leumi LeIsrael Ltd. and Jerusalem Bank Ltd.
ANNUAL SALES
2006
sales claimed to be NIS 58,000,000.
2007
sales claimed to be NIS 60,000,000.
OTHER COMPANIES
NISSIM FARGIUN TRADING (1990) LTD., non-active.
NISSIM FARGIUN
TRADING & DISTRIBUTION 1995 LTD., non active
BANKERS
The First
International Bank of Israel Ltd., Netanya Business Branch (No. 024), Netanya.
Bank Leumi LeIsrael
Ltd., Netanya Business Branch (No. 717), Netanya.
Mizrahi Tefahot
Bank Ltd., Netanya Business Center Branch (No. 422), Netanya.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
According to Industrialists' Association data for 2005, revenues of the
Furniture and Wood products branches summed up to US$ 1.574 billion, a 7.5%
increase from 2004, of which US$ 49.4 million derived from exports.
Investments in machinery and equipment in the branches noted a 28%
increase in 2005.
The import of wood products and furniture in 2005
reached US$ 701.9 million, which represents a 5% increase from 2004. The wood
and timber are imported mostly for construction as well as for the furniture
industries.
According to the
Chairman of the Furniture Industry Union at the Industrialists' Association,
sales of furniture (alone) to the local market for the first 3 quarters of 2006
reached NIS 54.12 million, a 4.5% rise from the parallel period in 2005.
The import of
furniture in the first 3 quarters of 2006 summed up to US$ 121.4 million (a 20%
increase).
Export of
furniture for the period was US$ 17 million, representing a 15% decrease
comparing to the previous year.
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.
SUMMARY
Good for trade
engagements.
Maximum unsecured credit recommended US$ 300,000.
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 |
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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. |
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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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%)