MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RUGS S.D.Y. LTD. |
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Registered Office : |
4 Haetzel Street, New Industrial Zone, Rishon
Le-Zion 75706 |
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Country : |
Israel |
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Date of Incorporation : |
01.01.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, Marketers and Retailers of Carpets. |
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$ 75,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
RUGS S.D.Y. LTD.
Telephone 972
3 951 51 14
Fax 972 9 951 51 14
4 Haetzel Street
New Industrial Zone
RISHON LE-ZION 75706 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated as per file No. 51-348651-4 on the
01.01.2004.
SHARE
CAPITAL
Authorized share capital NIS 38,100.00, divided into -
38,100 ordinary
shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. David Shamai, 50%,
2. SHAPUR RUGS A.C. LTD., 50%, owned
by the Cohen family.
DIRECTOR
1. David Shamai, General Manager,
2. Aharon Zarin Cohen,
3. Tamir Cohen.
BUSINESS
Importers, marketers and retailers of carpets.
Also operating through 4 retail chain stores. Stores are in a "store
within store" concept, inside furniture retail chain stores SHOMRAT
HAZOREA.
Among clients: SHOMRAT HAZOREA, TIRAT HASHTICHIM, carpets stores.
All purchases are imports.
Operating from rented premises (offices, warehouse and a store), on an area
of 500 sq. meters, in 4 Haetzel Street, New Industrial Zone, Rishon Le-Zion.
Also operating from 4 stores, each on an area of 100 sq. meters, located
within branches of the local retail chain SHOMRAT HAZOREA in Netanya, Bilu
Junction, Jerusalem and Kibbutz Hazorea.
Having 12 employees.
MEANS
B/S shows:
NIS
31.12.2005 31.12.2006
ASSETS
Current assets:
Cash 2,396 18
Customers 619,996 1,351,944
Other debtors 104,887 104,530
Stock _850,130 _988,730
1,577,409 2,445,242
Fixed assets 189,030 233,969
Other assets and
deferred expenses ____3,605 ____3,605
1,770,044 2,682,543
========= =========
LIABILITIES
Current
liabilities
Credits from banks 549,176 886,741
Short-term loans 189,225 280,846
Suppliers 303,432 639,444
Other accounts payable __96,142 __226,751
1,137,975 2,033,782
Long-term
liabilities 762,536 948,462
Equity (in
deficit) (130,467) _(299,701)
1,770,044 2,682,543
========= =========
Subject's current stock is valued at NIS
1,500,000 (was valued at NIS 1,000,000 at the beginning of 2008).
There are 4 charges for unlimited amounts
registered on the company's assets (fixed and financial assets), in favor of
Israel Discount Bank Ltd. and Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
2006 sales claimed to be NIS 5,000,000.
2007 sales claimed to be NIS 8,000,000.
First half of 2008 sales claimed to be NIS 7,000,000.
We are informed that a significant rise in sales pace is noted as subject sells
to much more stores relatively to the earlier year.
OTHER
COMPANIES
SHAPUR RUGS A.C. LTD., importers and marketers of carpets.
BANKERS
Israel Discount Bank Ltd., North Dizengoff
Branch (No. 083), Tel Aviv, account No. 590784.
A check with the Central Banks' database did not reveal negative
information on subject’s bank account.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Shareholder and General Manager, David Shamai, has vast experience in the local
carpets market. He worked for 20 years in CARMEL CARPETS, local largest carpets
chain store.
SHAPUR RUGS is a leading local importer of wool rugs.
The local floor covers market (carpets, rags, wall-to-wall carpets,
parquets floor) is estimated well over at US$ 100 million per annum.
SUMMARY
Good for trade engagements.
Maximum unsecured
credit recommended US$ 75,000.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.71 |
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UK Pound |
1 |
Rs.85.11 |
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Euro |
1 |
Rs.67.73 |
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%)