MIRA
INFORM REPORT
|
Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
JUMP FASHION LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
22.6.1981 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Wholesale:
manufacturers, exporters and marketers of woman’s fashion. Operating a retail
chain of 57 fashion stores nationwide. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Correct Name & address
JUMP FASHION LTD.
West Industrial Zone
RISHON
Telephone 972 3 951 60 61
Fax 972 3 961 60 20
HISTORY
A private limited
company, incorporated as per file No. 51-088994-2 on 22.6.1981, under the name
NOBEL FASHION (1981) LTD., which changed to the present name on 3.5.2007
(subject was trading under the name "JUMP FASHION" for long time, as
its brand name which is widely known).
SHARE CAPITAL
Authorized share capital
SHAREHOLDERS
1. Menahem Kupietz,
(100%),
2. Eran Kupietz, holding
one ordinary share.
SOLE DIRECTOR AND GENERAL MANAGER
Menahem Kupietz, born
1938.
BUSINESS
Operates in two lines of
activities:
1. Wholesale: manufacturers, exporters and marketers of woman’s
fashion (subject's brands).
Sales are to over 200 retail stores in the local market and other clients
abroad.
70% of raw materials (fabrics) are imported.
Among local main clients: NEW HAMASHBIR LAZARCHAN (a
major local department store chain).
2. Retail: operating a retail chain of 57 fashion stores nationwide
(from which some 40 are owned and the
rest are operated by
concessionaires), under the name "Jump ".
Most sales (over 80%) are
from the retail activities.
Amongst local suppliers:
BOSFOROS, BASIC TEXTILE, ARIGEI POLTEX RAMITEX, ADI LIN FASHION ACCESORIES,
PUSH FABRIC MANUFACTURING & MARKETING, HIRSHENBIOM, CLASSIC CHIRCANY IMPORT AND MARKETING
FABRICS, ARIGEY MOFET, M.D. MODE,
etc.
Subject’s customs agent
is ATID CUSTOM AGENTS.
Operating from rented
premises, on an area of 3,000 sq. meters in
Having in all 323
employees (had 260 employees in 2005).
MEANS
Stock was valued at
In May 2007 subject
submitted a draft prospectus to the Securities Authority in view of a public
issue of its shares through the Tel Aviv Stock Exchange.
From the data published
in the draft prospectus, turns up the following data (as of 31.12.2006):
Cash flow in 2006 summed
up to
Banks credit volume:
Equity:
Total B/S:
There are 29 charges for
unlimited amounts registered on the company’s assets, in favor of local banks and
companies.
ANNUAL SALES
2005 sales were around
In 2005 subject made an
operating profit of
2006 sales were
119,800,000, making an operating profit of
OTHER COMPANIES
JUMP
BANKERS
Israel Discount Bank
Ltd., Salame Road Branch (No. 017), Tel Aviv, account No. 616222.
Bank Leumi LeIsrael Ltd.,
Central Branch (No. 800), Tel Aviv, account No. 231000/73.
A check with the Central
Banks' database did not reveal anything detrimental on subject’s a/m accounts.
Also working with:
Bank Hapoalim Ltd.,
Central Branch (No. 600), Tel Aviv.
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
Subject is considered among the leading fashion chain store in
In 2005 we received favorable suppliers' opinions on subject payment morality:
PUSH officials told us they are working with subject for over 10 years, supplying them with fabrics. Credit terms are current + 150 days.
Subject was described as a good client who always pays on time.
ADI LINE officials told us they are working with subject for 14
years, supplying them with fashion accessories. Dealings are estimated at
Subject was described as a good client who always pays on time.
In December 2002, it was
reported that subject intends to open 8 new stores during 2003, and that it
intends to start exporting its products to the
In October 2004, it was reported that subject will open 5 new
branches, with an investment of
In July 2005, it was reported that subject will invest
In February 2007, it was reported that subject is establishing
a retail chain store in
Subject is reported to invest
According to the
The current spending per capita
in
The
Chairman of the Textile and Fashion division of the Industrialists’ Association
reported that the sales of the textile industry in 2006 rose by 6% comparing to
2005, reaching NIS 10 billion (NIS 5.2 billion were sales to the local market,
a 13% rise).
The
local industry is also in the midst of a crisis, forcing streamlining process,
the shift of textile manufacturing to low labor cost countries. According to
the Industrialists’ Association, 12 large plants moved abroad in recent years,
while dozens plants and workshops were closed down.
SUMMARY
Good for trade
engagements.
Maximum unsecured credit
recommended US$ 900,000.
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%)