MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE
NATIONAL COMPANY FOR CLOTHING & FOOTWEAR FOR WORKERS LTD. |
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Registered Office : |
17 Hamerkava Street, Industrial Zone, Holon
58851 |
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Country : |
Israel |
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Date of Incorporation : |
22.12.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Importers and Marketers of Working/Professional Apparel and
Footwear, for various Industries and Institutions. |
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$ 85,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
& address
THE NATIONAL COMPANY FOR
CLOTHING
& FOOTWEAR FOR WORKERS LTD.
Telephone 972 3 559 29 89; 558 20
46
Fax 972 3 558 28 07
17 Hamerkava Street
Industrial Zone
HOLON 58851 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-256727-2 on
the 22.12.1997, with the view of taking
over the business activities of LAOVED INDUSTRIES LTD. (established in 1989,
registration No. 51-147803-4), following a change in ownership.
SHARE
CAPITAL
Authorized share capital of NIS 31,300.00
divided into -
31,300 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were
issued.
SHAREHOLDERS
Subject is fully owned by Itzhak Yaffe.
SOLE
DIRECTOR AND GENERAL MANAGER
Itzhak (Itzik) Yaffe.
BUSINESS
Manufacturers, importers and marketers of working/proffessional apparel and
footwear, for various industries and institutions.
Among clientele: DAN COOPERATIVE, TEMPO BEVERAGES, THE ISRAEL ELECTRIC
CORP., AMIR SUPPLY CO., ADICO, THE NEW HAMASHBIR LAZARCHAN, HAGARIN, Israel
Institute for Occupational Safety and Hygiene (IIOSH), Israel Prison Service,
ISRAEL POSTAL CO., HILTON HOTEL,
etc.
Most purchases are imports.
Among local suppliers: ARI SHREIBER, GAVRIEL LANIADO, etc.
Operating from premises (offices sewing shop), owned by the shareholders,
on an area of 900 sq. meters, in 17 Hamerkava Street, Industrial Zone, Holon
and further rented premises, on an area of 700 sq. meters, in 25 Hamerkava
Street, Industrial Zone, Holon.
Having 40 employees (same as in 2006).
MEANS
Current stock is valued at NIS 10,000,000.
Other financial data not forthcoming.
There are 19 charges for unlimited amounts registered on the company's
assets, in favor of local banks and leasing companies.
ANNUAL
SALES
2004 sales claimed to be NIS 20,000,000.
2005 sales claimed to be NIS 21,000,000.
2006 sales claimed to be NIS 21,000,000.
2007 sales claimed to be NIS 24,000,000.
2008 sales claimed to be NIS 24,000,000.
OTHER
COMPANIES
WORKER LTD., sister company, operating in the same line as subject.
BANKERS
Bank Hapoalim Ltd., Ha'aliya Branch (No. 503), Tel Aviv, account No. 121916.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
Note: Subject ceased working with Bank Leumi Le’Israel Ltd.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
We spoke with subject's officials and they asked us to send them a fax with
our request for a B/S which they will consider. We sent a fax, and in case we
obtain the B/S data, we will update you accordingly.
Subject's group (subject and sister company) is operating in their field
since 1983.
Subject is known to be among the several leading local suppliers of
working and professional apparel.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 85,000.
NOTE: Subject’s correct telephone numbers.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)