MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TCHELET DYEING AND FINISHING TEXTILE WORKS LTD. |
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Registered Office : |
P.O. Box 12274, Ashdod, 146 Herzl Street,
Tel Aviv 66070 |
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Country : |
Israel |
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Year of Establishment : |
1940 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Textile dyeing
and finishing works. |
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$ 30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Name & address
TCHELET DYEING AND
FINISHING TEXTILE WORKS LTD.
Telephone 972 3 683 69 95 (offices, Tel Aviv)
972
8 856 43 32 (Plant, Ashdod)
Fax 972 3 681
41 27
P.O. Box 12274, Ashdod
146 Herzl Street
TEL AVIV 66070
ISRAEL
HISTORY & LEGAL FORMATION
Originally established in 1940 as a
non-registered firm, under the style “TCHELET”.
Converted into a private limited company and
registered as such as per file No. 51-061358-1 on the 03.07.1972.
SHARE CAPITAL
Authorized share
capital NIS 2,001,071.20, divided into -
2,000,000
ordinary shares of NIS 1.00 each,
1,066,191 ordinary shares of
NIS 0.001 each,
5,000 ordinary “A” shares of
NIS 0.001 each,
10 management shares of NIS
0.001 each,
of which shares amounting
to NIS 835,124.46 were issued.
SHAREHOLDERS
1. Itzhak Horowitz, majority
shareholder (incl. holding all issued management shares),
2. Eran Horowitz.
SOLE DIRECTOR AND GENERAL MANAGER
Itzhak Horowitz.
BUSINESS
Textile dyeing and
finishing works.
Importers,
processors and marketers of fabrics for the textile industry.
All sales are to
the local market.
Among clients: RED
CHIC, etc.
Operating from
owned premises (main offices and warehouses), on an area of 600 sq. meters, in
146 Herzl Street, Tel Aviv and from a plant (owned premises), on an area of
5,000 sq. meters, in 3 Hahadarim Street, Industrial Zone, Ashdod.
Having 60
employees.
MEANS
Financial data not
forthcoming.
There are 13 charges for unlimited amounts, as
well as 2 charges for a sum of NIA 1,200,000.00 registered on company’s assets,
in favor of local banks.
ANNUAL SALES
Sales
figures not forthcoming.
BANKERS
Bank
Leumi Le’Israel Ltd., Hahashmonaim Business Branch (No. 817), Tel Aviv.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
Subject is very long established, one of the most veteran in their field
and well known.
Subject’s officials refused to disclose financial details.
According to the
Chairman of the Textile and Fashion division of the Industrialists’
Association, the sales of the textile industry in 2007 reached US$ 2.4 billion
(similar to 2006, which marked 6% rise comparing to 2005).
Total sales divided
into sales to the local market of US$ 1.4 billion and US$ 950 million for
export. Most exports were the North American markets.
The local industry
has been in state of crisis during last decade in face of amounting import from
foreign competitors with cheaper production costs, forcing streamlining
process, plants closure, and mostly resulting in the shift of textile
manufacturing to low labor cost countries. According to the Industrialists’
Association, 10 manufacturing firms ceased activities in recent couple of years,
while 25 plants moved all or most manufacturing activities abroad (15% moved to
China, 12% to the West Bank Palestinian Autority territories).
2007 marked the
first year in 12 years that new workers were recruited to the textile industry,
however there were also dismissals both during 2007 and beginning of 2008.
There are 18,500 total employed in the textile sector in some 140 plants.
SUMMARY
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
Maximum unsecured credit recommended US$ 30,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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%)