MIRA
INFORM REPORT
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Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DOMICILE IMPORT EXPORT LTD |
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Registered Office : |
P.O. Box 1943 (58118) 6 Hanapach Street, Industrial Zone, Holon
58818 |
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Country : |
Israel |
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Date of Incorporation : |
23.6.1983 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Fitting Rods, Bathroom Accessories and
Hardware Products for the Furniture and Building Industries and Trade. |
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$ 450,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
DOMICILE IMPORT
EXPORT LTD.
Telephone 972 3 558 88 04
Fax 972 3 558 67 43
P.O. Box 1943 (58118)
6 Hanapach Street
Industrial Zone
HOLON 58818 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-098889-2 on 23.6.1983.
SHARE CAPITAL
Authorized share
capital NIS 10.00, divided into - 8 management shares,
9,992 ordinary shares, all of NIS 0.001 each,
of which share amounting to NIS 0.10 was issued.
SHAREHOLDERS
1. Reuven Srugo,
50%,
2. Daniel Roberto
Geberovich, 50%.
DIRECTORS AND JOINT GENERAL
MANAGERS
1. Reuven Srugo,
2. Daniel Roberto
Geberovich.
BUSINESS
Importers and
marketers of fitting rods, bathroom accessories and hardware products for the
furniture and building industries and trade.
Sales are to many
hardware retailers and carpentries, as well as privates.
Among local
customers: REGBA FURNITURE, etc.
All of subject’s
suppliers are foreign.
Local distributors
of (among others) MEPLA-ALFIT, of Germany.
Operating from
premises, on an area of 6,000 sq. meters, of which 2,600 are built, in 6
Hanapach Street, Industrial Zone, Holon (see more in MEANS), and from a branch
(retail store) in 24 Yirmiyahu Street, Tel Aviv.
Having 70
employees (had 60 employees in 2007 and 50 in 2006).
MEANS
Current stock is
valued at NIS 12,000,000 (was valued at NIS
11,000,000 in mid 2007).
Until October,
2006 subject used to own the premises in Holon, where it is operating from. We
are informed by subject's officials, that in October 2006 subject sold its
property following the expansion of the business. We were not informed as for
how much subject received from the sale (asset was valued at US$3.5 million
several years ago). Subject is currently seeking new and larger premises to
move into. According to the sale agreement subject will not pay rental fees to
the buyer until it moves.
There are 12
charges for unlimited amounts registered on the company's assets (financial and
fixed assets), in favor of Bank Leumi LeIsrael Ltd., Bank Hapoalim Ltd., Bank
of Jerusalem Ltd. and leasing companies.
ANNUAL SALES
2001 sales claimed
to be NIS 42,000,000.
2002/3 sales
figures not forthcoming.
2004 sales claimed
to be NIS 52,000,000.
2005 sales claimed
to be NIS 55,000,000.
2006 sales claimed
to be NIS 60,000,000.
2007 sales claimed
to be NIS 66,000,000.
BANKERS
Bank Hapoalim
Ltd., Azur Branch (No. 643), Azur, account No. 230432.
Bank Leumi
LeIsrael Ltd., Haharoshet Business Branch (No. 651), Holon, account No.
702100/14.
A check with the
Central Banks' Database did not reveal any negative information regarding
subject’s a/m accounts.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject is long
established and well-known in their branch.
We are informed
that subject plans to move to new premises during 2008, probably to the Rishon
Le-Zion Industrial Zone (situated not far from the present location in Holon).
The local economy has been constantly growing since 2004, following the
recession during the years 2001-2003. Most industrial sectors recovered and
have been constantly growing, however the local building and construction
sectors have been recovering in a 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 NIS 47.3 bililion (of which NIS 25.9 billion were construction for
dwelling and NIS 21.4 billion for other construction projects). The forecast
for 2007 stands on NIS 48 billion, and another moderate increase in 2008 – to
NIS 49.8 billion.
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.
The commercial
real estate branch in 2006 was characterized in relatively high demand
comparing to recent years.
A rise of 2% was
also noted in the infrastructure construction sector, with NIS 9.9 billion
investments.
Sales of the
building and consumer products by the local industries in 2006 rose by 2.3%
from 2005, summing up to US$ 14.7 billion, according to the Industrialist's
Association. The break of the sales shows a 2% increase in local sales (US$
11.9 billion) and 5% increase in 2006 sales for export (US$ 2.78 billion)
comparing to 2005.
The estimations in
these branches are for a further growth in sales in 2007 by 2.1%, up to US$
15.15 billion.
SUMMARY
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 450,000.
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%)