MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAMTEX DESIGN LTD. |
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Formerly Known as : |
SUPERFINISH FINISHING PLANT (1996) LTD |
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Registered Office : |
19 Hakishon Street Bnei Brak 51203 |
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Country : |
Israel |
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Date of Incorporation : |
09.06.1996. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Exporters and Marketers of Upholstery Fabrics and Curtains
for the institutional, hospitality & healthcare markets, as well as for
the domestic markets with high quality heavy duty jacquards. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 100,000. |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
RAMTEX DESIGN LTD.
Telephone 972 3 570 51 51
Fax 972 3 579 21 47
19 Hakishon Street
BNEI BRAK 51203 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company,
incorporated as per file No. 51-233425-1 on the 09.06.1996.
Originally
registered under the name M.Z. INITIATIVES & DEVELOPMENT (A.B) (1996) LTD.,
which changed to SUPERFINISH FINISHING PLANT (1996) LTD. on the 07.07.1996 and
then changed to present name on the 26.12.2002.
Subject took on
the activities of RAMTEX LTD., originally established in 1950 as a non
registered business and converted into a private limited company on the
30.1.1959 under the name RAMTEX WEAVING FACTORY LTD., which then changed to the
present name on the 29.9.2002 after becoming a holding company.
SHARE CAPITAL
Authorized share capital NIS 29,400.00, divided into –
29,400 ordinary shares both of NIS 1.00
each,
of which shares amounting to NIS 2,000.00, were issued.
SHAREHOLDERS
1.
RAMTEX LTD., 95%, a holding company, owned by the Shlomo Landau (60%)
and Sara Hasdai (40%).
2.
Ms. Ruth Landau, 5%.
All of a/m
shareholders are children of original mill founder, Hillel Landau.
DIRECTORS
1.
Shlomo Landau, General Manager,
2.
Ms. Sara Landau.
BUSINESS
Manufacturers,
exporters and marketers of upholstery fabrics and curtains for the
institutional, hospitality & healthcare markets, as well as for the
domestic markets with high quality heavy duty jacquards.
65%-70% of sales
are for export. Exporting to over 15 countries worldwide.
Also importers and
marketers of upholstery fabrics and curtains for the local market.
Among local
customers are local hotel chains ISROTEL, DAN HOTELS, hotel INTERCONTINENTAL,
hospitals (TEL HASHOMER -SHEBA), furniture plants (LAVI CARPENTERY),
PALTECHNICA, etc.
Subject imports
raw materials for production as well as import finished products (from Turkey
and China) for the upholstery and curtains markets.
Operating from owned
premises, on an area of 2,500 sq. meters, in 19 Hakishon Street, Industrial
Zone, Bnei Brak, and from rented premises, on an area of 800 sq. meters, in 28
Galim Street, Segula Industrial Zone, Petach Tikva.
Having 40
employees.
MEANS
Current stock is
valued at NIS 4 - 5,000,000.
Property in Bnei
Brak was valued, in past, at US$ 1,500,000.
RAMTEX also owns a
plot, on an area of 8,000 sq. meters in Kadima, valued at US$ 1,200,000.
There are no charges registered on the company’s assets.
ANNUAL SALES
2007 sales claimed
to be NIS 18,000,000, of which 70% were for export.
Projected 2008
sales are NIS 18,000,000 (65%-70% for export).
OTHER COMPANIES
RAMTEX LTD.,
parent company, holding company, owns the property in Bnei Brak.
BANKERS
The First
International Bank of Israel Ltd., Rosh Ha’ayin Branch (No. 036), Rosh Ha’ayin.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
This (subject
itself and its predeceasing company) is a long established family business.
In January 2002,
it was reported that the Tel Aviv District Court, at subject’s request, issued
an injunction prohibiting ARROWTEX from copying RAMTEX WEAVING FACTORY LTD.
designs.
According to the
Chairman of the Textile and Fashion division of the Industrialists’
Association, the sales of the textile industry in 2007 reached US$ 2.4 billion
(similar to 2006, which marked 6% rise comparing to 2005).
Total sales divided
into sales to the local market of US$ 1.4 billion and US$ 950 million for
export. Most exports were the North American markets.
The local industry
has been in state of crisis during last decade in face of amounting import from
foreign competitors with cheaper production costs, forcing streamlining
process, plants closure, and mostly resulting in the shift of textile
manufacturing to low labor cost countries. According to the Industrialists’
Association, 10 manufacturing firms ceased activities in recent couple of
years, while 25 plants moved all or most manufacturing activities abroad (15%
moved to China, 12% to the West Bank Palestinian Autority territories).
2007 marked the
first year in 12 years that new workers were recruited to the textile industry,
however there were also dismissals both during 2007 and beginning of 2008.
There are 18,500 total employed in the textile sector in some 140 plants.
SUMMARY
Good
for trade engagements.
Maximum unsecured credit recommended US$ 100,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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UK Pound |
1 |
Rs.76.68 |
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Euro |
1 |
Rs.63.48 |
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%)