MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CLASSIC CHIRCANY IMPORT AND MARKETING FABRICS
LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17.08.1998 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of fashionable ladies fabrics |
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$ 50,000. |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
CLASSIC CHIRCANY IMPORT AND MARKETING FABRICS LTD.
Telephone 972
3 560 25 37
Fax 972
3 560 25 37
TEL AVIV-65161-ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated as per file No. 51-267123-1 on the
17.08.1998, continuing part of the activities of a non-registered business founded
in 1989 (which is still active – see below).
Note: Subject's name is registered in Hebrew only, and subject does not
have a definite Latin style, therefore the name in English may vary. The name
in caption is the closest translation from Hebrew. The name also appears as
CLASSIC CHIRCANY IMPORT & DISTRIBUTION FABRICS LTD. In addition, the name
"CHIRKANY" also appears as "SHIRKANY" or
"SHIRKANI".
SHARE CAPITAL
Authorized share capital
35,700 ordinary
shares of
of which 100 shares amounting to
SHAREHOLDERS
1. George Chircany, 99%,
2. Ms. Roya Chircany, 1%.
SOLE DIRECTOR AND GENERAL MANAGER
George Chircany.
BUSINESS
Importers and marketers of fashionable ladies
fabrics.
Sales are to wholesalers and manufacturers.
Among clients: JUMP FASHION, TRACTOR FASHION, FAVOLA,
etc.
All purchasing is from import, mostly from the Far
East: (mainly
Operating from rented premises (office and
store), on an area of 400 sq. meters, in
Having 12 employees (same as in several previous
years).
MEANS
Stock was valued at
Other financial data not forthcoming.
There are 3 charges for unlimited amounts registered on company’s assets
(financial assets and fixed assets), in favor of the First International Bank
of Israel Ltd. and Bank Poaley Agudat Israel Ltd. (last 2 charges placed in
November 2010, on financial assets).
ANNUAL SALES
2005 sales claimed to be over
2006 sales claimed to be over
2007 sales claimed to be over
2008 sales claimed to be over
2009 sales claimed to be over
We were informed that 2010 sales are at the same rate of 2009/8.
Later sales figures not forthcoming.
BANKERS
Bank Poaley Agudat Israel Ltd., Tel Aviv Branch (No. 189), Tel Aviv,
account No. 084182.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
OTHER COMPANIES
CLASSIC GEORGE CHIRCANY, a sole proprietorship owned by George Chircany,
retailers of fabrics (to privates), imported by subject, established in 1989.
Operating from
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject's General
Manager refused to disclose financial data.
According to the Central
Bureau of Statistics (CBS), import of fabrics and yarns rose in 2010 by 16.6%
and reached US$ 684.5 million. This reflects the recovery in general in the
local economy, as well as in the global economic environment (import fell in
2009 by 17.2% from 2008), and return to the growth trend in the recent years
beforehand.
The Chinese production
comprises the largest portion of the imported textile goods followed by
According
to the Central Bureau of Statistics (CBS), the current expenditure for private
consumption in 2010 for clothing, footwear and personal items fell by 5.1% from
2009, continuing the decreasing trend in 2009, though in an higher magnitude
(in 2009 it fell marginally (0.7%) from 2008, after rising 4.1% from 2007).
This happened in contrast to the general trend in the local market in 2010,
where expenditure level for private consumption actually increased.
According
to surveys, average spending per houshold on clothing & footwear in 2008
reached NIS 483 per month and fell to around NIS 455 per month in 2009 (similar
level as 2007).
SUMMARY
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Maximum unsecured credit recommended US$ 50,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.22 |
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1 |
Rs.71.97 |
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Euro |
1 |
Rs.63.23 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.