MIRA INFORM
REPORT
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Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NOGA - EINAT SHOES INDUSTRIES LTD. |
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Registered Office : |
Givat Hashlosha 48800 |
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Country : |
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Date of Incorporation : |
25.12.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, manufacturers, exporters and marketers and retailers of footwear, specializing in work
and safety shoes and boots, as well as army shoes |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
NOGA - EINAT SHOES INDUSTRIES LTD.
Telephone 972
3 903 01 50
Fax 972
3 903 01 51
GIVAT
HASHLOSHA-48800-ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-241629-8 on the
25.12.1996. Company was founded with the view to unite and continue the
activities of:
1.
EINAT SHOES, a limited partnership,
registered as per file No. 55-000168-9 on the 16.10.1972, by Kibbutz Einat.
2.
EINAT SHOES AND
MANUFACTURE AND TRADE (1994) LTD., a private limited company, registered as per
file No. 51-198600-2 on the 9.6.1994 by Kibbutz Einat.
3.
NOGA GIVAT HASHLOSHA
SHOES, a limited partnership, registered as per file No. 55-000254-7 on the
29.4.1974, originally established as an industrial department of Kibbutz Givat
Hashlosha in 1930 under the name “MINAL”.
SHARE
CAPITAL
Authorized share capital
5 management
"A" shares (issued),
5 management
"B" shares (issued),
31,290 ordinary
shares (90 shares issued), all of
of which shares amounting to
SHAREHOLDERS
1.
Kibbutz Givat Hashlosha,
50%, a co-operative society operating a communal agricultural settlement,
2.
BANK LEUMI LEISRAEL TRUST
COMPANI LTD, 50%, shares are held in trust on behalf of Kibbutz Einat, also a
cooperative society operating a communal agricultural settlement.
DIRECTORS
1.
Itzhak Gross, Chairman,
2.
Ziv Nimrod,
3.
Ms. Ronit Partok,
4.
Shmuel Merill,
5.
6.
Niv Ronen,
Note: According to the Registrar of Companies, Roberto Kupperman and Zvi Arbel
are still registered as Directors.
GENERAL
MANAGER
Ms. Ora Gilad
BUSINESS
Importers, manufacturers, exporters (very little) and marketers and
retailers of footwear, specializing in work and safety shoes and boots, as well
as army shoes.
Subject also markets varied footwear, including sport shoes, children
shoes, comfort shoes, etc.
Subject also operates a retail store in Kibbutz Givat Hashlosha, selling
subject's shoes and clothing, which comprises of 33% of subject's sales.
Manufacturing activities are carried out by sub-contractors in
Among local distributors of subject's shoes: AS MARKETING &
DISTRIBUTION.
Among clients: Ministry of Defense and IDF (Israel Defense Force), TNUVA,
STRAUSS GROUP, CENTRAL BOTTLING CO. (Coca Cola Israel), ISRAEL RAILWAYS, DEAD
SEA WORKS, EL AL AIRLINES, EGGED TRANSPORTATION, ISRAEL AEROSPACE INDUSTRIES,
THE ISRAEL ELECTRIC CORP., MEKOROTH WATER CO., etc.
Among local suppliers: EL-SRAD, NIMROD, ARAD TOWLS, etc.
Operating from premises (offices, retail store, plant and storage
facilities), in Kibbutz Givat Hashlosha, a locality near Petach Tikva.
Retail store is on an area of 690 sq. meters.
Having 50 employees (had 48 employees in the beginning of 2010).
MEANS
Current stock is valued at
There are 2 charges
for unlimited amounts registered on the company’s assets (financial assets), in
favor of The First International Bank of Israel Ltd.
ANNUAL
SALES
2007 sales
claimed to be
2008 sales
claimed to be
2009 sales claimed
to be
2010 sales
claimed to exceed
OTHER
COMPANIES
NOGA EINAT, non-active.
NOGA GIVAT HASHLOSHA SHOES, a limited partnership, non-active.
EINAT FOOD INDUSTRIES ACS LTD., owned by Kibbutz Einat, manufacturers, marketers
and exporters of baked food products, including buns, bread crumbs, salad
croutons, toppings, etc.
DEGANIT EIN BAR FOOD & BAKERY INDUSTRIES, 50%, a partnership,
manufacturers and marketers of bread, cakes and related products.
EINAT FOOD INDUSTRIES MAADANEY BAR, non-active,
EIN BAR BAKERY IN EINAT LTD., non-active.
BANKERS
The First International Bank of Israel Ltd., Afek Branch (No. 036), Rosh
Ha'ayin, account No. 454400.
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.
Up to October 1999 subject and a local company named BADNER were the sole
suppliers of army boots to the Israeli Army. As of 1999 the Israeli Army, as part
of a strategic decision to cut costs, decided to purchase 50% of its army boots
from manufacturers in the
As a result, there were reports at the time about financial difficulties of
subject, which had to retrench half of its employees and to close its Kiryat
Shmona plant.
Subject is a veteran business, well known in its field.
In the past we received positive opinion on subject payment morality from a
supplier.
Subject is ISO 9001:2000 certified.
Kibbutz Givat Hashlosha was established in 1925.
In 1953, the Kibbutz was split into 2 Kibbutzim: Givat Hashlosha and Einat.
There are 490 residences (members and non members) in Kibbutz Givat
Hashlosha. The Kibbutz has agricultural land on an area of over 1 million sq.
meters. It is also involved in real-estate activities.
Kibbutz Einat was
established in 1952, and has some 150 members. The Kibbutz has
revenues from leasing real estate properties to 3rd party companies
in the kibbutz area, that on top of its traditional agricultural activities, cultivating some
6.5 million sq. meters of agricultural land (corn, peanuts, wheat and melons).
The local footwear market rolls an annual
turnover of around
The share of local production has fallen from
56% in 1998 to 15% in 2008 (by some 30 factories, mostly small workshops (were
over
According to the Chairman of the Footwear Branch in the Industrialists
Association, sales of footwear in 2009 by the local industry reached
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
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.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 150,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.53 |
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1 |
Rs.72.56 |
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Euro |
1 |
Rs.60.62 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.