MIRA INFORM REPORT

 

 

Report Date :           

27.07.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

MIL-STONE MARBLE WORKS LTD.

 

 

Registered Office :

P.O. Box 6639 (77166), 1 Habetihut Street, Northern Industrial Zone, Ashdod 77520

 

 

Country :

Israel

 

 

Date of Incorporation :

11.06.1998

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Traders, Importers, Exporters, Processors and Marketers of stone, mosaic, marble, wall coverings, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000

 

 

Status :

Satisfactory

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address 

 

MIL-STONE MARBLE WORKS LTD.

Telephone  972 8 611 01 11

Fax           972 8 611 01 00

P.O. Box 6639 (77166)

1 Habetihut Street

Northern Industrial Zone

ASHDOD   77520               ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-264385-9 on the 11.06.1998.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 23,800.00, divided into -

                 23,800 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

1.    Amir Milstein, 80%,

2.    Dudu Niv, 20%.

 

 

DIRECTORS AND JOINT GENERAL MANAGERS

 

1.    Amir Milstein,

2.    Dudu Niv.

 

 

BUSINESS

 

Traders, importers, exporters, processors and marketers of stone, mosaic, marble, wall coverings, etc.

 

30% of sales are export.

 

In the end of 2010 subject acquired 45% of PARQUETEAM - SHAY & ZAFRIR WOODEN FLOORING LTD., importers, marketers and installers of wood work for the home, i.e. parquets, doors, stairs, pergolas, fences, etc., as well as stone elements

 

Among clients: ALONY MARBLE, ZAHAVI ATZMON, GERBELSKY, etc.

Among suppliers: JERUSALEM MARBLE, ZUK MARBLE, EVEN BAR, etc.

 

Operating from premises, partly owned by shareholders and partly rented, on an area of 7,500 sq. meters (3,000 sq. meters built), in 1 Habetihut Street, Northern Industrial Zone, Ashdod.

 

Having 60 employees in subject.

 

 

MEANS

 

Current stock is valued at 10,000,000.

 

Other financial data not forthcoming.

 

There are 12 charges for unlimited amounts registered on the company's assets (financial assets, fixed assets and vehicles), in favor of Bank Leumi Le'Israel Ltd. and Bank Hapoalim Ltd. (last 2 charges placed in January – February 2011).

 

 

SALES

 

·         2009 sales claimed to be NIS 50,000,000, 30% for export.

·         2010 sales claimed to be NIS 60,000,000, 30% for export.

·         First half of 2011 sales claimed to be NIS 30,000,000, 30% for export.

 

 

OTHER COMPANIES

 

·         PARQUETEAM - SHAY & ZAFRIR WOODEN FLOORING LTD., 45%, established 1992.

·         PROFILE STONE LTD., non-active.

 

 

BANKERS

 

·         Bank Leumi Le'Israel Ltd., Ashdod Business Branch (No. 618), Ashdod.

·         Bank Hapoalim Ltd., Ashdod Business Branch (No. 399), Ashdod.

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learnt.

 

PARQUETEAM - SHAY & ZAFRIR WOODEN FLOORING reportedly acquired PIERRE & HOLTZ, a workshop from Geneva, Switzerland.

 

There are some 250 importers of ceramics and granite porcelain operating in Israel, and the branch is highly competitive.

In 2010 some 37% of imported ceramic and porcelain goods were from Turkey, as well as relatively high portion from China (27%), on account of the traditional suppliers from Spain (20%) and Italy.

 

The general improvement in local economy in 2010 has been felt in the building sector. Investment in the local building branch rose by 5.9% in 2010. Investment in construction for dwelling rose by 4.1% in 2009 and by 13.8% in 2010, in annual calculation. These positive signs appear after over the last several years gross domestic investment in building and other construction works was stagnant (after rising trends in 2006 and 2007). While in 2009 investments indicators were still mixed, reflecting the general slow-down in 2009 1st half, indicators in 2010 pointed on recovery in the building and real estate market activity. Gross domestic investment in building and other construction works increased in 2009 by less than 1% from 2008, and grew by some 10% in 2010 (in current prices), mainly in private construction (less in public construction and in other construction).

 

Consumption expenditure of households in 2010 on Housing and on Housing Equipment grew by 2.5% and by 7.5%, respectively, in annual calculation.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 300,000.

 

Note: the phone/ fax numbers you provided (972 8 853 58 07; 852 09 51) are old numbers and don't serve subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.29

UK Pound

1

Rs.72.37

Euro

1

Rs.64.17

 

 

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.