MIRA
INFORM REPORT
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Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
WATERFALL SEA STONE LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
4.6.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
marketers of stone and marble. |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
Correct Name &
address
WATERFALL SEA
STONE LTD.
Kiryat Shaul
RAMAT HASHARON 47231
Telephone 972 3 649 53 04
Fax 972 3 649 57 84
HISTORY
A private limited
company, incorporated as per file No. 51-249157-2 on the 4.6.1997, under the name
MAPALEY HAYAM REAL ESTATE LTD., which changed to the present name on 16.1.2007.
Subject started to
operate in its current business activity (import and marketing) in the
beginning of 2007, after it took part of the business activities of BAR OMER
& MAPALEY HAYAM LTD., a company established in 2001 by subject's owner and
another partner, which is in a process of shutting down.
SHARE CAPITAL
Authorized share
capital
SHAREHOLDERS
1. Naftali-Haim Ikar, 99%,
2. Hen Ikar, 1%.
According to the
Registrar of Companies subject does not have registered directors.
GENERAL MANAGER
Naftali-Haim
(Toli) Ikar, born 1960.
BUSINESS
Importers and
marketers of stone and marble.
All purchasing is
from import.
Operating from rented premises, on an area of 200 sq. meters, in
Having 3
employees.
MEANS
Current stock is
valued at
Other financial
data not forthcoming.
There are no
charges registered on the company's assets.
ANNUAL SALES
First 8 months of
2007 sales claim to be
OTHER COMPANIES
BAR OMER & MAPALEY
HAYAM LTD., equally owned by subject and Omer Bar, dealt in the same area as
subject and operated from the same premises (and telephones) as subject. We are
informed that this company is in the process of closing down.
BANKERS
Mizrahi Tefahot Bank
Ltd., Tel Aviv Main Business Center Branch (No. 461), Tel Aviv, account No.
203266.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
account.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
The company that
preceded subject BAR OMER & MAPALEY HAYAM LTD., has been operating in
subject's line of business since March 2001.
Mr. Omer Bar, who
owned 50% of the former company, also owns BAR OMER 1992 LTD. (since 1992)
operating also in import and marketing of stone and marble.
Mr. Bar and Mr.
Ikar joined forces, until the end of 2006, when they decided to split.
BAR OMER &
MAPALEY HAYAM LTD. had annual sales in 2005 and 2006 of
Subject's reported
sales are well lower; it may be that Mr. Bar "took" the balance of
the income.
The
local building and construction sectors has been slowly recuperating from the
recession during recent years (2001-2003) in the local market in general and in
those sectors in particular (which witnessed a longer recession, practically
since 1997). The local economy has been constantly growing since 2004, although
the local construction sector has been recovering in a much slower pace.
According
to the Central Bureau of Statistics, in 2006 overall investments in the
construction sector fell by 1% compring to 2005, reaching total of
Building
starts for dwelling during 2006 summed up to 29,600 housing units, less than
the 30,600 units in 2005. However, there was a 23% increase in building starts
not for dwelling, reaching 2.1 million square meters.
A
rise of 2% was also noted in the infrastructure construction sector, with
According
to data by the local Contractors' Association, there was an increase in the
total volume of appartments and houses sold in 2006: the number of deals
amounted to 83,150, comparing to
It
is worth noting that construction indicators for the luxurious apartments and
for projects in high demand areas have been constantly growing.
37%
of the apartments sold during 2006 were from the center of the country, of
which 31% in the Tel Aviv district (28% increase from 2005). In the North of
Israel, only 2.9% of total apartments sold in
Nevertheless,
the overall trend in the local sector remains negative due to diminishing
demand in the periphery areas.
SUMMARY
As it is difficult
to estimate at this stage the development of subject, after the split from the business
with Omer Bar (who apparently was the dominant partner), for the time being
dealings are recommend on a secured basis.
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%)