MIRA INFORM REPORT

 

 

Report Date :           

28.12.2011

 

IDENTIFICATION DETAILS

 

Name :

BASIC COLLECTION ISRAEL LTD.

 

 

Formerly Known As :

IMMOBILIARE S.L.B. LTD

 

 

Registered Office :

P.O. Box 20332 (61202), 22 Yehuda Hayamit Street, Tel Aviv 68134         

 

 

Country :

Israel

 

 

Date of Incorporation :

30.11.2006

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of furniture for the institutional market

 

 

No. of Employees :

3 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 15,000

Status :

Small Company 

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address

 

BASIC COLLECTION ISRAEL LTD.

Telephone       972 3 944 77 70

Fax                972 3 944 77 71

P.O. Box 20332 (61202)

22 Yehuda Hayamit Street

TEL AVIV       68134-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-389935-1 on the 30.11.2006.

 

In October 2011 subject assumed all activities of Yehuda Bar-Shaked's sole proprietorship, established 2007 under the name BASIC COLLECTION.

 

Originally established under the name IMMOBILIARE S.L.B. LTD., which changed to the present name on the 30.06.2011.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 50,000.00, divided into -

                 50,000 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Yehuda Bar-Shaked.

 

 

DIRECTORS

 

1.    Yehuda Bar-Shaked, General Manager,

2.    Moshe Haimovski.

 

 

BUSINESS

 

Importers and marketers of furniture for the institutional market.

 

Among clientele: DAVID INTERCONTINENTAL HOTEL, SHIKUN & BINUI, LANDWER COFFEE CHAIN, MONTEFIORE HOTEL, BEIT HACAFE, and more.

 

Sole local representatives of (main ones):

·         BILLIANT, METAL MOBIL, both of Italy,

·         THONET, of Germany.

 

Operating from rented premises, on an area of 100 sq. meters, in 22 Yehuda Hayamit Street, Tel Aviv. Also using warehouse facilities at subcontractors according to need.

 

Having 3 employees.

 

 

MEANS

 

Work is according to orders.

 

Financial data not forthcoming.

 

There are no charges registered on the company's assets.

 

 

REVENUES

 

2011 sales claimed to be NIS 2,000,000.

 

 

OTHER COMPANIES

 

BASIC COLLECTION K.F.T., sister company, operating in Hungary.

 

 

BANKERS

 

Israel Discount Bank Ltd., Kidmat Atidim Branch (No. 515), Tel Aviv, account

No. 016007.

 

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Prior to establishing subject (as a sole proprietorship), Yehuda Bar-Shaked owned (almost fully) BAR KISAOT LTD., established 1999, which operates in same line as subject. Bar-Shaked sold his holdings in BAR KISAOT in the end of 2006.

 

Import of furniture (excluding plastic furniture) in 2010 totaled US$ 227 million, 17.4% increase from 2009, of which 25% was from China, 19% from Italy.

Export of furniture (excl. plastic furniture) summed up to US$ 18 million, 21.1% rise from 2009.

 

Central Bureau of Statistics (CBS) data shows that import of Furniture and Domestic Electrical Equipment grew in 2010 by 9.4% from 2009 and summed up to US$ 2,072.5 million. This is after a withdrawal in 2009 by 2.7% from 2008, which stopped the growth trend since mid 2000s, and was due to the slow-down in the local market, parallel to the global economic crisis. According to CBS data for the first 8 months of 2011 the growth trend intensified, marking 29% increase in import comparing to the parallel period in 2010. However, it should be noted that based on CBS data in 2011 2nd half the local market has entered slow-down mainly due to macro economic reasons (connected with the global economic impact) and indications are that the market will continue facing slow-down in coming period.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 15,000.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.89

UK Pound

1

Rs.82.71

Euro

1

Rs.69.15

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.