MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
NOGA - EINAT SHOES
INDUSTRIES LTD. |
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Registered Office : |
Givat Hashlosha 48800 |
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Country : |
Israel |
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Date of Incorporation : |
25.12.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, manufacturers, exporters and
marketers and retailers of footwear, specializing in work and safety shoes and
boots, as well as army shoes. |
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$ 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
NOGA - EINAT SHOES INDUSTRIES LTD.
GIVAT HASHLOSHA 48800 ISRAEL
Telephone 972
3 903 01 50
Fax 972
3 903 01 51
HISTORY
A private limited company, incorporated as per
file No. 51-241629-8 on the 25.12.1996.
Company was founded with the view to unite and
continue the activities of:
EINAT SHOES, a limited partnership, registered
as per file No. 55-000168-9 on the 16.10.1972, by Kibbutz Einat.
EINAT SHOES AND MANUFACTURE AND TRADE (1994)
LTD., a private limited company, registered as per file No. 51-198600-2 on the
9.6.1994.
NOGA GIVAT HASHLOSHA SHOES, a limited
partnership, registered as per file No. 55-000254-7 on the 29.4.1974 but was
originally established as an industrial department of Kibbutz Givat Hashlosha
in 1930 under the name MINAL.
SHARE
CAPITAL
Authorized share capital NIS 31,300.00, divided
into - 5 management "A" shares, 5 management "b" shares,
31,290 ordinary shares, all of NIS 1.00 each, of which shares amounting to NIS
100.00 were issued.
SHAREHOLDERS
Kibbutz Givat Hashlosha, 50%, a co-operative
society operating a communal agricultural settlement.
BANK LEUMI LEISRAEL TRUST COMPANI LTD, 50%
shares are held in trust on behalf of Kibbutz Einat, also a cooperative society
operating a communal agricultural settlement.
DIRECTORS
Itzhak Gross,
Ziv Nimrod,
Roberto Kupperman,
Shmuel Merill,
Israel Dagai,
Niv Ronen,
Zvi Arbel.
GENERAL
MANAGER
Ms. Ora Gilad
BUSINESS
Importers, manufacturers, exporters and
marketers and retailers of footwear, specializing in work and safety shoes and
boots, as well as army shoes.
Subject also markets various footwear, including
sport shoes, children shoes, comfort shoes, etc.
Manufacturing activities are carried out by
sub-contractors in India.
Among local distributors of subject's shoes: AS
MARKETING & DISTRIBUTION.
Among clients: Ministry of Defense and IDF
(Israel Defense Force), TNUVA, STRAUSS GROUP, CENTRAL BOTTLING CO. (Coca Cola
Israel), etc.
Among local suppliers: EL-SRAD, NIMROD, ARAD
TOWLS, etc.
Operating from premises (offices, store, plant
and storage facilities) in Kibbutz Givat Hashlosha, a locality near Petach
Tikva.
Having some 40 employees.
MEANS
Financial data not forthcoming.
There are 3 charges for unlimited amounts registered on all the company’s
assets, in favor of The First International Bank of Israel Ltd and Israel
Discount Bank Ltd.
ANNUAL
SALES
2001 sales claimed to be NIS 32,000,000.
2002 sales claimed to be NIS 27,000,000.
Later sales figures not forthcoming.
OTHER
COMPANIES
NOGA EINAT, non-active.
EINAT-MAADANEY BAR FOOD INDUSTRIES, a limited
partnership owned by Kibbutz Einat, manufacturers and marketers of bakery food
products.
NOGA GIVAT HASHLOSHA SHOES, a limited
partnership, non active.
Also controlled by Kibbutz Einat:
EIN BAR BAKERY IN EINAT LTD., non active.
BANKERS
The First International Bank of Israel Ltd.,
Rosh Ha'ayin Branch (No. 036), Rosh Ha'ayin.
Also known to be working with Israel Discount
Bank Ltd. and Bank Hapoalim Ltd.
CHARACTER
AND REPUTATION
Up to October 1999 subject and a local company
named BADNER were the sole suppliers of army boots to the Israeli Army.
As of October 1999 the Israeli Army, as part of
a strategic decision to cut costs, decided to purchase 50% of its army boots
from manufacturers in the USA. Following that subject suffered a sharp decrease
in its incoming orders.
Following the decision, there were reports about
financial difficulties of subject, which had to retrench half of its employees
and to close its Kiryat Shmona plant.
Since then, nothing unfavorable learned.
In the past we received positive opinion on
subject payment morality from a supplier.
Subject’s officials refused categorically to
disclose any data.
Subject is ISO 9001:2000 certified.
Kibbutz Givat Hashlosha was established in 1925.
In 1953, the Kibbutz was split into 2 Kibbutzim:
Givat Hashlosha and Einat.
There are 250 members in Kibbutz Givat
Hashlosha.
The Kibbutz has agricultural land on an area of
over 1 million sq. meters. It is also involved in real-estate activities.
Kibbutz Einat was established in 1952, and has
some 150 members. It is also cultivating agricultural land and deals in other
farm activities.
According to the Chairman of the Shoe Branch in
the Industrialists Association, sales of footwear in 2006 reached US$ 126
million, a 16% increase from 2005.
In 2007, the forecast is that the branch sales
will reach US$ 135 million.
Exports of the Branch are expected to reach US$ 40
million in 2007, representing a 5% increase comparing to 2006.
Import of footwear in 2005 reached 32 million
items in value of US$ 234 million, a 12% increase from 2004, of which US$ 124
million from the Far East.
In the 1st quarter of 2007, a 37% rise
in import if shoes from the Far East was noted (China, India, etc.) comparing
to the parallel period in 2006.
That included the import of some 9.5 million
pairs of shoes in value of US$ 51.6 million. Import from China alone was in
value of US$ 32.8 million (7.5 million pairs of shoes), which represents a 44%
increase.
SUMMARY
Notwithstanding the refusal to disclose financial details, considered
good for trade engagements.
Maximum unsecured credit recommended US$ 80,000.
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%)