MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SCHNITZER NEEMAN
LTD. |
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Registered Office : |
3 Barazani Street TEL AVIV 69121 |
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Country : |
Israel |
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Date of Incorporation : |
19.01.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of products and accessories for events and hospitality,
as well as home decorations, including paper products, designed bathroom and
kitchen accessories, giftware and other gadgets |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SCHNITZER NEEMAN LTD.
(Trading as
"ETTIE'S")
Telephone
972 3 642 67 45
Cellular
972 52 523 98 94
Fax
972 3 643 93 46
3 Barazani Street
TEL
AVIV 69121
ISRAEL
HISTORY
A private limited company, incorporated as
per file No. 51-378544-4 on the 19.01.2006.
SHARE CAPITAL
Authorized share capital NIS 100,000.00
divided into –
100 management shares,
99,900 ordinary shares, all of NIS 1.00
each,
of which shares amounting to NIS 200.00 were
issued.
SHAREHOLDERS
1.
Ms. Ettie Shnitzer, 51% of management shares and 50% of ordinary shares
issued,
2.
Shai Neeman, 49% of management shares and 50% of ordinary shares issued.
DIRECTORS
1. Ms. Ettie
Shnitzer, General Manager
2. Shai Neeman.
BUSINESS
Importers and marketers of products and
accessories for events and hospitality, as well as home decorations, including
paper products, designed bathroom and kitchen accessories, giftware and other
gadgets.
Subject is selling products under the brands
name "Ettie's".
Operating from an office in a residential
building in 3 Barazani Street (the owned residence of the shareholders) and a
rented warehouse, on an area of circa 40 sq. meters, in 15 Achimeir Street
(basement/parking floor of Schuster Center), both in Ramat Aviv Gimmel Neighborhood,
Tel Aviv.
Number of employees not forthcoming,
believed to be few.
Both owners/directors work in the business.
MEANS
Financial data not forthcoming.
According to a
report from July 2007, initial investment in the company was
NIS 150,000.
There is 1 fixed charge for an unlimited
amount registered on the company's assets (financial assets), in favor of Union
Bank of Israel Ltd.
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
Union Bank of Israel Ltd., branch data not
forthcoming.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
We visited both in 3 Barazani Street and in
15 Achimeir Street both in the affluent Ramat Aviv Gimmel Neighborhood in Tel
Aviv. The first address is a residential building. On the postal box at the
entrance it is written "Schnitzer/Neeman" and "CHNITZER NEEMAN
LTD.".
The second address is situated at the
underground parking level of the Schuster Shopping Center. We saw a small
warehouse, which we were informed serves both subject and another company.
There is no sign on the door.
We spoke with a person called Yohanan, who
identified himself as subject's salesman, and confirmed the general details on
subject (activity, addresses, etc.).
Ms. Ettie Shnitzer comes from a wealthy
diamond dealers family and resides in a prestigious penthouse (in the caption
address). She is the daughter of the Late Moshe Schnitzer (passed away in
2007), one of the most veteran diamond dealers in Israel, among the founders of
the local diamond industry. He served as the President of the Israeli Diamond
Exchange (leading the huge expansion of the local diamond industry) and of the
World Federation of Diamond Bourses (WFDB), as well as achieving many awards
and recognitions. His son and Ettie's brother, Shmuel Schnitzer is a partner
(50%) in MOSHE SCHNITZER & CO. DIAMONDS, one of the leading local diamond
companies. It was established 1980, succeeding Moshe Schnitzer's business.
Shmuel Schnitzer also served as the President of the Israeli Diamond Exchange
and the WFDB.
The total giftware market in Israel is
estimated at NIS 4.83 million (not including holidays presents) according to a
report from September 2006. The market is divided into perfumes (31%), flowers
and flowerpots (19%), books (17%), household goods (17%), pleasure gifts (8%),
wine (6%) and others.
SUMMARY
In principle, also considering Ettie
Shnitzer background, subject is good for trade engagements.
As we have no indication of subject's financials
and this appears to be a small business, we do not recommend high credit
exposure.
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%)