MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAMTEX DESIGN LTD. |
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Formerly Known as : |
M.Z. INITIATIVES & DEVELOPMENT (A.B) (1996) LTD |
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Registered Office : |
19 Hakishon Street
Bnei Brak 51203 |
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Country : |
Israel |
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Date of Incorporation : |
09.06.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, importers, exporters and marketers of textile and upholstery
materials for the institutional, hospitality & healthcare markets, as
well as for the domestic markets with high quality heavy duty jacquards. |
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
RAMTEX DESIGN LTD.
Telephone 972 3 570 51
51
Fax 972 3 579
21 47
19 Hakishon Street
BNEI BRAK 51203
ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-233425-1 on the 09.06.1996.
Originally registered
under the name M.Z. INITIATIVES & DEVELOPMENT (A.B) (1996) LTD., which
changed to SUPERFINISH FINISHING PLANT (1996) LTD. on the 07.07.1996 and then
changed to present name on the 26.12.2002.
Subject took on
the activities of RAMTEX LTD., originally established in 1950 as a non
registered business and converted into a private limited company on the
30.1.1959 under the name RAMTEX WEAVING FACTORY LTD., which then changed to the
present name on the 29.9.2002 after becoming a holding company.
SHARE CAPITAL
Authorized share capital NIS 29,400.00, divided into –
29,400 ordinary shares both of NIS 1.00
each, of which shares amounting to NIS
2,000.00, were issued.
SHAREHOLDERS
1.
RAMTEX LTD., 95%, a holding company, owned by the Shlomo Landau (60%) and
Sara Hasdai (40%).
2.
Ms. Ruth Landau, 5%.
All of a/m
shareholders are children of original mill founder, Hillel Landau.
DIRECTORS
1.
Shlomo Landau, General Manager,
2.
Ms. Sara Landau.
BUSINESS
Manufacturers,
importers, exporters and marketers of textile and upholstery materials for the
institutional, hospitality & healthcare markets, as well as for the
domestic markets with high quality heavy duty jacquards.
Exporting to over
15 countries worldwide.
Operating from owned
premises, on an area of 2,000 sq. meters, in 19 Hakishon Street, Bnei Brak, and
from rented premises, in 28 Galim Street, Segula Industrial Zone, Petach Tikva.
Number of
employees not obtainable.
MEANS
Premises in Bnei
Brak were valued, in past, at US$ 1,500,000.
RAMTEX also owns a
plot, on an area of 8,000 sq. meters in Kadima, valued at US$ 1,200,000.
Other financial
data not obtainable.
There are no charges registered on the company’s assets.
ANNUAL SALES
1998 sales claimed
to be NIS 21,000,000, of which 60% were for export.
Later sales
figures not forthcoming.
BANKERS
The First
International Bank of Israel Ltd., Givat Shmuel Branch (No. 095), Givat Shmuel.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
This (subject
itself and its predeceasing company) is a long established family business.
In January 2002,
it was reported that the Tel Aviv District Court, at subject’s request, issued
an injunction prohibiting ARROWTEX from copying RAMTEX WEAVING FACTORY LTD.
designs.
Subject's General
Manager, Mr. Shlomo Landau, the only authorized person to disclose data on
subject, is presently on vacation and due back after the holiday. We shall
contact him upon his return (next week) and update you if we receive further
information.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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%)