MIRA INFORM REPORT

 

 

Report Date :

22.02.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

BLUMARINES TURKIS LTD.

 

 

Registered Office :

73 Kibbutz Galuyot Street, Tel Aviv 66536       

 

 

Country :

Israel

 

 

Date of Incorporation :

01.01.2010.

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of women's footwear.

 

 

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$ 20,000.

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

 

BLUMARINES TURKIS LTD.

(Also: BLUMARINES TURQUOISE LTD.)

Telephone                972 3 681 57 58

Fax                         972 3 518 70 93

73 Kibbutz Galuyot Street

TEL AVIV-66536-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-428667-3 on the 23.06.2009. Activities began on the 01.01.2010.

 

Subject was established to continue the activities of TURQUOISE SPORT LAYAM LTD., established in December 2005, after owner Ms. Dvora Blumenzweig got divorced.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 39,100.00, divided into -

                39,100 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Ms. Dvora Blumenzweig.

 

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Ms. Dvora (Debby) Blumenzweig.

 

 

BUSINESS

 

Importers and marketers of women's footwear.

 

Operating a retail chain of 6 stores under the name "Blue Marine".

 

Operating from premises (office, warehouse and retail store), owned by the shareholder, on an area of 440 sq. meters, in 73 Kibbutz Galuyot Street, Tel Aviv and an additional 5 retail stores, all rented, in Tel Aviv, Ramat Gan, Eilat, Raanana and Bat Yam:

 

Having 14 employees.

 

 

MEANS

 

Stock (of former company TURQUOISE SPORT LAYAM) was valued at NIS 1,500,000 in mid 2009.

 

Later and other financial data not forthcoming.

 

There are 4 charges for unlimited amounts registered on the company's assets, in favor of Bank Hapoalim Ltd. nd Mizrahi Tefahot Bank Ltd.

 

 

ANNUAL SALES

 

Sales by former company TURQUOISE SPORT LAYAM LTD.:

2007 sales claimed to be NIS 3,800,000.

2008 sales claimed to be NIS 4,500,000.

First 8 months of 2009 sales claimed to be NIS 5,300,000.

Later (subject’s) sales figures not forthcoming.

 

 

OTHER COMPANIES

 

TURQUOISE SPORT LAYAM LTD., owned by Ms. Dvora Blumenzweig, inactive.

 

We do not know Ms. Blumenzweig current holdings in the following company which she used to own (following the divorce):

 

A.D. TURQUOISE LTD.

 

 

BANKERS

 

Bank Hapoalim Ltd., Hagalil Branch (No. 507), Tel Aviv, account No. 197496.

 

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 on subject itself.

 

We learn on a lawsuit from March 2008 filed to the Tel Aviv District Court by AMERICAN EAGLE of the USA against subject’s owner Dvora Blumenzweig and 2 of her affiliated companies (TURQUOISE SPORT LAYAM LTD. and A.D. TURQUOISE LTD.) for trade mark violations (file No. 2784/08). The plaintiffs, a known fashion retail chain in North America, claimed subject unlawfully presented itself as AMERICAN EAGLE’s concessionaire and offered goods carrying their trade mark in deceit and counterfeit. The defendants rejected the claims and said AMERICAN EAGLE has never published itself in the local market therefore has no recognized trade mark locally. We did find any rulings regarding this case, which is to the best of our knowledge still pending.

 

Subject’s officials refused to update financial data.

 

The local footwear market rolls an annual turnover of around NIS 3.5 billion according to sources in the branch, mostly from import, with 33 million pairs of shoes sold each year over some 1,500 footwear stores. Annual consumption per capita is 4-5 pairs of shoes.

 

According to the Chairman of the Footwear Branch in the Industrialists Association, sales of footwear in 2009 by the local industry reached NIS 618 million, representing 20% decrease from 2008. Exports of the Branch reached US$ 42.1 million in 2007, a 6% withdraw comparing to 2008.

 

Import of footwear originated from Asian countries keeps rising. That trend has brought the local shoe industry to a nearly shut-down.

 

Import of Clothing and Footwear in 2009 summed up to US$ 1,267 million, comparing to US$ 1,402 million in 2008 (9.6% decrease) and US$ 1,188 million in 2007. Import of footwear alone fell by 7% in 2009, reaching US$ 304.5 million. Most import comes from China (US$ 126 million in 2009), while import from Italy summed up to US$ 26 million.

 

The decrease in 2009 reflects the slow-down trend in the local economy during 2009, mainly in the first half of the year. The trend reversed in 2010 and import of Clothing and Footwear rose 12% in 2010 1st half comparing to the parallel period in 2009, reaching US$ 674.6 million.

 

The local fashion market has been suffering from slow-down during 2009, and the trend continued into 2010. According to a local retail research company, retail fashion chains witnessed in 2009 an overall decrease of over 5% in proceeds comparing to 2008. In breaking down the data, it turns that a majority of retails stores witnessed a higher fall of up to 15%, while some stores experienced even a growth. Market reaserch checked 1,100 fashion (cloths and footwear) stores and found that sales reached NIS 2.75 billion (were NIS 2.9 in 2008).

 

In addition new international fashion players (GAP, H&M) entered in 2009/2010 to the local fashion market, which has been highly competitive already.

 

SUMMARY

 

Notwithstanding the refusal to update financial data, considered good for trade engagements.

Maximum unsecured credit recommended US$ 20,000.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.73.25

Euro

1

Rs.61.70

 

 

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

 

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.