MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GINGER HOME LTD. |
|
|
|
|
Registered Office : |
P.O. Box 160, Azur (58191), 29 Hametzuda Street, Industrial Zone, AZUR
58001 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
14.08.2001. |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and Marketers of Home Textile (beddings, blankets, towels,
cushions, etc.). |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
GINGER HOME LTD.
Telephone 972 3 550 50 01
Fax 972 3 550 50 16
P.O. Box 160, Azur
(58191)
29 Hametzuda
Street
Industrial Zone
AZUR 58001 ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-313912-1, on the 14.08.2001.
Originally registered under the name NIKEA
LTD., which changed to the present name on the 07.03.2002.
SHARE CAPITAL
Authorized share
capital NIS 200,000.00, divided into -
200,000 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. ROYALIFE LTD., 70%, owned (equally) by Hanan Grinberg and Mordechai
(Motty) Bar-on,
2. Shlomo Salomon , 30%.
DIRECTORS
1. Hanan Grinberg,
2. Mordechai (Motty)
Bar-on.
GENERAL MANAGER
Shlomo Salomon
BUSINESS
Importers and
marketers of home textile (beddings, blankets, towels, cushions, etc.).
GINGER HOME also
operates a retail store for home textile goods, which includes products under the
brand "Ginger" and products of "Benetton Home Textile" (of
Italy), which GINGER is the local exclusive representatives.
100% of purchasing
is from import.
Operating from
rented offices, on an area of some 300 sq. meters, in 29 Hametzuda Street, Industrial
Zone, Azur.
Also operating
from plant and warehouses, rented, on an area of 2,000 sq. meters, in the
Barkan Industrial Zone.
Both premises
serve subject and parent company ROYALIFE (most of the warehouse space serves
ROYALIFE).
Note: Subject
moved from their offices in 2 Kaufman Street, Tel Aviv over 2 years ago.
Having 3
employees.
There are 17
employees serving subject and ROYALIFE.
MEANS
Financial data not
forthcoming.
There are 5
charges for unlimited amounts registered on the company's assets (financial and
fixed assets), in favor of Bank Hapoalim Ltd.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
ROYALIFE LTD.,
importers, manufacturer (via subcontractors), exporters and marketers of home textile
products (same line as subject).
BANKERS
Bank Hapoalim Ltd., Belinson Branch (No.
552), Petach Tikva.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's General Manager, Mr. Shlomo Salomon, refused to disclose
financial details.
Parent company, ROYALIFE, is a relatively veteran company (established
1988) in the local home textile area.
Motty Bar-on is a local veteran textile industrialist, who used to
manage KITAN, onme of Israel's leading textile companies.
Mr. Alomon was also a senior executive in KITAN.
In March 2008, subject opened a new retail store, on an area of 80 sq.
meters, in Tel Aviv for selling home textile (Reportedly, paying rental fees of
US$ 35.00 per meter per month). They sell products under subject's own brand
and brands by "Benetton Home Textile".
According to reports, subject invested NIS 1 million in the brands
promotion, including investment in the store launcing of NIS 500,000. Subject's
General Manager, Mr. Shlomo Salomon, was quoted to say they intend to open 10
more stores until the end of 2010 and reach a market share of 10% in the home
textile market.
(Note: In oue interview, Mr. Solomon did not mention the existance of
the store. We later called subject and confirmed that the store indeed
operates, ans under subject's logo).
According to
estimations, the local household products market volume reaches NIS 3 billon
annually. Retail chains capture 30% of the market share, specialization stores
20%, while the institutional and workers unions sector has 50% share.
The "Home
Textile" market rolls, according to estimations in the branch, NIS 1
billion annually.
SUMMARY
Notwithstanding the refusal to disclose
financial data, considered good for trade engagements.
Maximum unsecured
credit recommended US$ 30,000.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)