MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHAISH GIRSTEIN LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1950 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers
and marketers of marble, stone, etc.
Also marble and stone processing plant for floor and walls coverings. |
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$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Hebrew Name
SHAISH
GIRSTEIN LTD.
(where
“shaish” in Hebrew means "marble”)
address
NAHARIYA 22310
Telephone 972 4 992 03 29
Fax 972 4 992 50 89
HISTORY
Originally
established as a non-registered business in 1950 under the name “SHAISH
GIRSTEIN”, by the Girstein family.
Converted
into a private limited company and registered as such as per file No.
51-142931-8 on the 5.12.1989.
SHARE CAPITAL
Authorized
share capital
SHAREHOLDERS
1.
Mrs. Shoshana Girstein, 66.66%,
2.
Yohai Girstein, 33.33%, son of Shoshana.
DIRECTORS
1. Yohai Girstein - General
Manager (3rd generation to the founders),
2. Mrs. Shoshana Girstein.
BUSINESS
Importers
and marketers of marble, stone, etc.
Also marble and stone processing plant for floor and walls coverings.
Some
60% of sales are for export.
Among clients:
ITZIK
ELIYAHU, OMER BAR, YARKA STAIRS, A.A.N.I, ITZIK MARDAN – ART IN STONE, etc.
Among
clients are also private customers, including projects for the large private
residence of reputable businessmen, including Morris Kahan (AMDOCS) AND Tzadik
Bino (Paz Oil).
Purchasing
is from import and local supplies (rates of import/ local purchasing varies).
Among
local suppliers:
Operating
from premises offices, plant and warehouse, on an area of 4,000 sq. meters in
Having
30 employees.
MEANS
Current
stock is valued at
Subject
is an "Approved Enterprise", and as such entitled to tax benefits and
State incentives.
In
July 2002 the Investment Center Administration approved US$ 2 million
investment plan for the expansion of subject's plant.
Other
financial data not forthcoming.
There are 4 charges for unlimited amounts registered on the company's
assets, in favor of Bank Leumi LeIsrael Ltd. and The First International Bank
of Israel Ltd.
ANNUAL SALES
2005
sales claimed to be
2005
sales claimed to be
First
8 months of 2007 sales claim to be
Officials
claim 2007 sales will reach double the previous year and export rate will
increase significantly.
BANKERS
Bank Leumi
LeIsrael Ltd., Nahariya Branch No. 962), Nahariya.
The First International Bank of Israel Ltd., Nahariya Branch (No, 052),
Nahariya.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
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
Good for
trade engagements.
Maximum unsecured credit recommended US$ 50,000.
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%)