MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
CLASSIC CHIRCANY IMPORT AND MARKETING FABRICS LTD |
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Registered Office : |
39 Nahalat Benyamin Street, Tel Aviv 65161 |
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Country : |
Israel |
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Date of Incorporation : |
17.8.1998 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Fashionable Ladies
Fabrics |
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$ 50,000. |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
CLASSIC CHIRCANY IMPORT AND
MARKETING FABRICS LTD.
Telephone 972 3 560 25 37
Fax 972 3 560 25 37
39 Nahalat Benyamin Street
TEL AVIV 65161 ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-267123-1 on the
17.8.1998, continuing part of the activities of a non-registered business
founded in 1989 (which is still active – see below).
Note: Subject's name is registered in Hebrew only, and subject does not
have a definite Latin style, therefore the name in English may vary. The name
in caption is the closest translation from Hebrew. The name also appears as
CLASSIC CHIRCANY IMPORT & DISTRIBUTION FABRICS LTD. In addition, the name
"CHIRKANY" also appears as "SHIRKANY" or
"SHIRKANI".
SHARE
CAPITAL
Authorized share capital NIS 35,700.00 divided into – 35,700 ordinary
shares of NIS 1.00 each, of which
shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. George Chircany - 99%,
2. Ms. Roya Chircany - 1%.
SOLE
DIRECTOR AND GENERAL MANAGER
George Chircany.
BUSINESS
Importers and marketers of fashionable ladies
fabrics.
Sales are to wholesalers and manufacturers.
Among clients: NOVEL FASHION (JUMP), TRACTOR FASHION, FAVOLA, etc.
All purchasing is from import, mostly from the Far East: some 60% of
which from China, around 5% from India. Also import from Taiwan.
Operating from rented premises (office and
store), on an area of 400 sq. meters, in 39 Nahalat Benyamin Street, Tel Aviv.
Having 12 employees (had 9 employees in 2007).
MEANS
Current stock is valued at NIS 3,500,000 (was valued at NIS 3,000,000 in
mid 20070.
Other financial data not forthcoming.
There is one charge for an unlimited amount registered on company’s assets
(financial and fixed assets), in favour of the First International Bank of
Israel Ltd. and Bank Poaley Agudat Israel Ltd.
ANNUAL
SALES
2005 sales claimed to be over NIS 10,000,000.
2006 sales claimed to be over NIS 10,000,000.
2006 sales claimed to be over NIS 10,000,000.
BANKERS
Bank Poaley Agudat Israel Ltd., Tel Aviv Branch
(No. 189), Tel Aviv,
account No. 084182.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
OTHER
COMPANIES
CLASSIC GEORGE CHIRCANY, a sole proprietorship owned by George Chircany,
retailers of fabrics (to privates), imported by subject, established in 1989.
Operating from 19 Nahalat Benyamin Street, Tel Aviv.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
According to the
Industrialists Association economic review, import of fabrics, fibers and yarns
decreased in 2005 by 1% comparing to the previous year, summing up to US$ 682
million.
The Israeli
Chamber of Commerce notes that the Chinese textile production comprises over
20% of the imported textile goods followed by France (14%), Italy (12%), Hong
Kong and Turkey (around 10% each), Spain (7%) and the U.S.A. (4%).
The increase in
imports emanates from the exposure to foreign markets policy by the State.
According to the
Chairman of the Textile and Fashion division of the Industrialists’
Association, the sales of the textile industry in 2006 reached NIS 10 billion,
a 6% rise comparing to 2005. Sales to the local market rose 13% to
NIS 5.18 billion. The forecast overall sales by the sectors to 2007 is a
further rise of 7%.
The Israel Export
and International Cooperation Institute published that the export by the
Textile, Footwear and Leather industries in 2006 grew by 1% and reached US$
1.085 billion. Export is expected to rise in 2007 to US$ 1.13 billion.
Most exports were
the North American markets (49%).
Imported apparel
summed up to US$ 990 million (4% increase from 2005), of which US$ 606 million
were from China.
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%)