MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
OMINI SPORT MARKETING LTD. |
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Registered Office : |
7 Tulipman
Street, Industrial Zone, Rishon Le-Zion 75364 |
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Country : |
Israel |
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Date of Incorporation : |
12.11.1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Agents,
importers and marketers of sporting apparel and shoes. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 160,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name
OMINI SPORT MARKETING LTD.
address
7 Tulipman Street
Industrial Zone
RISHON LE-ZION 75364 ISRAEL
Telephone 972 3 948
61 11
Fax 972 3
948 63 45
HISTORY
A private limited
company, incorporated as per file No. 51-222553-3 on the 12.11.1995, under the
name MEGA SPORT LTD., which changed to present name on the 15.6.1998.
SHARE CAPITAL
Authorized share
capital of NIS 28,000.00 divided into:- 28,000
ordinary shares of NIS 1.00 each, of which shares amounting to NIS 100.00 were
issued.
SHAREHOLDERS
Subject is a
wholly-owned subsidiary of MEGA SPORT SPORTING EQUIPMENT (1996) LTD., of the
FISHMAN Group, controlled by Eliezer Fishman.
DIRECTORS
1. Eyal Fishman - Chairman,
2. Eliezer Fishman,
3. Ms. Anat Fishman,
4. Yosef Ganshar.
GENERAL MANAGER
Roi Holander.
BUSINESS
Agents, importers and
marketers of sporting apparel and shoes.
Subject markets
its goods via its own retail stores ("Kappa" and "Merrell")
and via its parent company “Mega Sport”, operating a 30 branches retail chain
store for sporting goods countrywide.
Advertizing agency:
BAUMANN-BAR-RIVNAY.
All purchasing is
from import.
Sole local agents of (main ones):
KAPPA, of Italy
CHAMPION,
EVERLAST, MERRELL, all of the USA,
ROYAL ELASTICS, of
Australia.
Operating from
premises, owned by the Fishman Group, in 7 Tulipman Street, Industrial Zone,
Rishon Le-Zion and retail store in Nachalat Itzhak Street, Tel Aviv.
Having tens of
employees in the MEGA SPORT Group.
MEANS
Financial data not
forthcoming, however believed to be financially solid.
2006 advertising
budget reported to be US$ 1.5 million.
There are 2
charges for unlimited amounts registered on the company’s assets, in favor of
Bank Leumi LeIsrael Ltd.
ANNUAL SALES
2002 sales
reported to be NIS 12,000,000.
2003 sales
reported to be NIS 15,000,000.
2004 sales figures
not forthcoming.
2005 sales
reported to be NIS 25,000,000.
Later sales
figures not forthcoming.
OTHER COMPANIES
MEGA SPORTING
EQUIPMENT (1996) LTD., operating sporting apparel, shoes, goods and equipment
retail chain store throughout the country, known as "Mega Sport".
In the retail sector, apart from MEGA SPORT
chain, Eliezer and his son Eyal Fishman, control the following retail chain
stores:
"TOYS ‘R’
US" (RAINBOW - HYPERTOY LIMITED PARTNERHSIP) - toys,
”BEITILI / I. D.
DESIGN” (E.F. DESIGNS - LIMITED PARTNERSHIP) - furniture and household goods
(partnership of the Fishman and Eitani families),
"CELIO"
(FISHMAN CHAINS LTD.), men’s fashion wear chain,
BEST BUY MARKETING
NETWORKS LTD. ("Best Buy" and "Big Box" stores), domestic
electrical appliances.
HOME CENTER (DIY)
LTD., retail chain (38 branches nationwide), importers, marketers and retailers
of DIY and consumer products.
ZER.FOR.U (2000)
LTD. (ZER4U), flowers chain.
Subject is part of the FISHMAN GROUP, controlled by Eliezer Fishman, who
fully or partially holds a long list of companies in practically an array of
industrial and commercial sectors in the local market, as well as broad
operations abroad. Holdings include finance and investments (e.g. JERUSALEM
ECONOMIC CORPORATION LTD., real estate and contracting (e.g. DARBAN INVESTMENTS
LTD., ASPEN Group, and MIVNEY TA’ASIYA LTD.), media (e.g. 24% in YEDIOTH
AHRNOTH, Israel’s most popular daily, 66% in GLOBES, Israel’s economic daily, some
20% in HOT CABLE TV SYSTEMS LTD.), communications, petrol stations (TEN), Internet (SCEPIA), textile (OFFIS
TEXTILE LTD.), tires (ALLIANCE TIRE CO. LTD.), food industry, as well as in
many other areas.
BANKERS
Bank Leumi LeIsrael Ltd., Main Branch (No. 800), Tel Aviv.
First International Bank of Israel Ltd., Main Branch (No. 046), Tel
Aviv.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Despite our strenuous efforts, we were
unable to speak with subject's officials as they were always too busy.
The MEGA SPORT
chain is the local largest sporting goods and apparel retail chain.
Eliezer Fishman is
one of Israel leading businessman.
In May 2006, it
was reported that Eliezer Fishman, who controls subject (among many other
companies), lost (directly and through his companies) some NIS 1.2 billion in a
forward short deal on the currency of the Turkish pound (which was devalued by
16% against the US$).
On 31.5.2006, subject closed its short position at a loss of US$
11,178,000.
Mr. Fishman
announced that he will cover all losses to subject and to other public
companies in his group out of his own pocket.
In November 2006,
it was published that Mr. Fishman met all his obligations to the banks with
connection to the Turkish currency positions. Total losses in this affair were
estimated at US$400 million.
He sold part of
his holdings in several of the firms he controls, as well as real estate
assets.
Subject sponsors several
sport clubs in Israel, mainly with its "Kappa" brand. In 2003 it
signed a 3 years sponsorship agreement with Haopel Tel Aviv Football Club, a
leading football team.
In mid 2004
subject received the concession for local "Merrell" shoes marketing.
Subject's General Manager estimated that annual sales will reach NIS 4 million
for the brand.
During 2004
subject opened the "Kappa" sporting apparel flagship store in Tel
Aviv, with an investment of NIS 1 million. In mid 2005 another flagship store,
of "Merrell" shoes, was inaugurated.
In December 2005,
it was reported that subject received the local concession for the
international boxing and sports manufacturers EVERLAST. Subject's General
Manager estimated that in 2006 subject will sale the brand's goods in volume of
NIS 3.5 million.
In April 2006, it
was reported that subject gave sponsorship to the local TV drama series dealing
in football "Ha'alufa", with an investment of NIS 400,000.
In 2006 subject
launched a summer advertising campaign for the "Kappa" fashion with
an investment of NIS 1 million and later a winter campaign with an investment
of NIS 2 million.
SUMMARY
Good for trade
engagements.
Maximum unsecured credit recommended US$ 160,000.
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/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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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%)