MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HARMONYA LABAIT LTD. |
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Formerly Known As : |
COMIX FASHION LTD |
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Registered Office : |
P.O. Box 8796, Netanya, 75 Hameyasdim Street,
Even Yeuda 40500 |
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Country : |
Israel |
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Date of Incorporation : |
09.12.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, marketers
and retailers of house ware goods
(ornamental items, home design products, etc.) and light furniture |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 100,000. |
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Status : |
Moderate |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Israel |
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
HARMONYA LABAIT LTD.
Telephone 972
9 891 17 10
Fax 972
9 891 91 44
P.O. Box 8796, Netanya
75 Hameyasdim Street
EVEN YEUDA-40500 -ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-361643-3 on the
09.12.2004.
Originally incorporated under the name HIDUSH UBINUY LTD., which changed to
COMIX FASHION LTD. on the 8.12.2005 and then changed to present name on the
28.11.2007.
(Note: English registered name is HARMONIA LABAIT LTD. with an “I”, while subject is also
using the name with “Y” as you gave. The name’s translation into English is:
“Harmony for Home”).
SHARE
CAPITAL
Authorized share capital NIS 25,000.00, divided
into:-
25,000
ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 2,000.00 were
issued.
SHAREHOLDERS
Company is fully owned by Miran Malka.
SOLE
DIRECTOR AND GENERAL MANAGER
Miran Malka, born in 1972.
BUSINESS
Importers, marketers and retailers of house ware
goods (ornamental items, home design products, etc.) and light furniture.
Also operating a household goods retail store
chain of 15 shops under the name “Harmonya Labait”, of which 1 is operated by
concessionaire (had 13 shops in 2010 and 11 shops in 2009). Shops are situated
mainly in commercial centers and shopping malls.
We are informed that a furter new shop (in
Hadera) is about to be open shortly.
All of subject's imported goods are sold solely
in their retail chain.
Operating from rented offices and warehouse, on an
area of several hundred sq. meters, in 75 Hameyasdim Street, Even Yehuda (to
where they moved from 12 Hashalom Street, Kfar Netter), a nearby locality, near
the city of Netanya. Also operating from 15 shops (200-400 sq. meters each) in:
Bilu Junction (Bilu Center), Netanya (BIG Poleg), Modi’in (One Home Center, 220
sq. meters, rented), Kiryat Gat (BIG Compound), Tiberias (BIG Tveria), Be'er
Sheva (BIG Beer Sheva), Ashdod (Star Center), Nesher, Nes Ziona, Kiryat Shmona,
Afula (G Ba'emek), Karmiel, Kiryat Ata (BIG Krayot), Nahariya (BIG Regba) and
Rishon Le-Zion (Konim Honim Compound).
Among landlords: IBC INDUSTRIAL BUILDINGS, GAZIT
GLOBE ISRAEL, BIG.
Had 40 employees in mid 2009, current number not
forthcoming, assumed to be higher.
MEANS
Stock was valued at NIS
Estimated annual advertising budget NIS 4
million.
There is 1 charge for an unlimited amount registered on the company's
assets (general current charge on all assets), in favor of Bank Hapoalim Ltd.
Charge was placed in April 2011.
REVENUES
2007 sales claimed to be NIS 15,000,000.
2008 sales claimed to be NIS 20,000,000.
Later sales figures not forthcoming, believed to
be higher.
BANKERS
Subject used to be
working with Israel Discount Bank
Ltd. (Poleg Branch, No. 526, Netanya, account No. 35491).
We could not confirm the bank data with officials (as they were
unavailable), but we it is possible that subject switched to working with Bank
Hapoalim Ltd.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
So far we could not get subject's officials
updates on the company. General Manager Miran Malka was busy in all times we
called (in the previous interview he refused to update any details).
Prior to
establishing subject, owner and General Manager Miran Malka worked as a salaried employee at the same area as subject and was the
marketing VP of MATIM LI STORES, a large local fashion dealer and retailer.
It was reported that Mr. Malka acquired the chain of stores in March 2006
from the receiver of the previous owner, who established the chain in 2001, and
went into financial difficulties.
The total
giftware market in Israel is estimated at NIS 4.83 million (not including
holidays presents) according to a report from September 2006. The market is
divided into perfumes (31%), flowers and flowerpots (19%), books (17%),
household goods (17%), pleasure gifts (8%), wine (6%) and others.
According to the Central Bureau of
Statistics (CBS) data, expenditure for private consumption per capita in 2010 on furniture
for the household rose by 7.4% from 2009. This was part of the general growth
in expenditure per capita on durable goods (10.7% increase), recovering from
the slow-down trend in
From CBS data,
import of Household Utensils in 2010 rose by 15.8% from 2009 summing up to US$
549.3 million, comparing to US$ 474.2 million in 2009 and similar to 2008
level. The trend continued in the first 4 months of 2011
–close to 9% rise (compared with 2010), totaling US$ 202.8 million.
SUMMARY
Notwithstanding
the lack of updated data from subject's General Manager, considered good for
trade engagements.
Maximum unsecured credit recommended US$ 100,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.71.96 |
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Euro |
1 |
Rs.64.79 |
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.