MIRA INFORM REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HAAMA LTD. |
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Registered Office : |
P.O. Box 29,
Industrial Zone, Migdal Haemek 10550 |
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Country : |
Israel |
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Date of Incorporation : |
04.11.1964 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers
and exporters of non-woven
fabrics and fusible interlining |
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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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 – 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
HAAMA LTD.
Telephone 972 4 654 56 52
Fax 972 4 654 50 66
P.O. Box 29
Industrial Zone
MIGDAL HAEMEK-10550 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-044356-7 on the
04.11.1964.
SHARE
CAPITAL
Authorized share capital NIS 2,070,000.00, divided into -
2,069,990 ordinary
shares (1,263,000 shares issued),
10 foundation shares
(4 shares issued), all of NIS 1.00 each,
of which shares amounting to NIS 1,263,004.00 were issued.
SHAREHOLDERS
1. STAV HAM INVESTMENTS & HOLDINGS LTD,
97.66% of ordinary shares, owned by Michael Fish,
2. Yaron Harel, 2.33% of ordinary shares
and all foundation shares issued.
SOLE
DIRECTOR
Yaron Harel.
JOINT
GENERAL MANAGER
1. Amit Harel,
2. Yaron Harel, both grandsons of Michael Fish,
subject's founder.
BUSINESS
Manufacturers, marketers and exporters of non-woven fabrics and fusible
interlining.
Range of products consists of products for all men's and women's wear
producers: woven, knitted and non-woven interlining.
Subject developed the “snow white”, a white fabric based insulation materials,
used in blankets, coats, sleeping bags, etc.
Around 75% of sales are exports (similar to 2009, 70% in 2008).
Amongst local clients: KITAN TEXTILE INDUSTRIES, BAGIR, AGROTOP, BITUM,
AMINACH FURNITURE & MATTRRESS INDS., SIMMONS (ISRAEL) SLEEP SYSTEMS, DAFNA
FOOTWEAR, ARIGEI GAD, etc.
Almost all of purchasing is from import.
Amongst local suppliers: ASHKELON POLYMERS, KIRSHENBAUM LINING
MANUFACTURING, etc.
Operating from owned premises (offices, warehouse and plant), on an area of
16,000 sq. meters (8,000 sq. meters built up), in the Industrial Zone, Migdal
Haemek.
Having 100 employees (had 80 employees in 2009, same as in 2008).
MEANS
Current inventory is valued at NIS 13,000,000 (was valued at NIS
Owned property is highly valued.
Other financial data not forthcoming.
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In October 2002, the Israeli Investment Center approved US$ 660,000
investment plant for the expansion of subject’s plant.
There are 21 charges for unlimited amounts and 1 charge on NIS 65,240.00
registered on the company's assets, in favor of the State of Israel, Bank
Hapoalim Ltd., Bank Leumi Le'Israel Ltd., The First International Bank of Israel
Ltd and a real estate company.
REVENUES
2006 sales claimed to
be NIS 55,000,000, of which 60% were for export.
2007 sales claimed to be NIS 60,000,000, of which 60% were for export.
2008 sales claimed to be NIS 70,000,000, of which 70% were for export.
2009 sales claimed to be NIS 93,000,000, of which 75% were for export.
2010 sales claimed to be NIS 100,000,000, of which 75% were for export.
OTHER
COMPANIES
MOLITAN INDUSTRIES
(2010) LTD., 75%, manufacturers, dyers, exporters and
marketers of threads for the textile sector and medical industry sectors.
BANKERS
Bank Leumi Le’Israel Ltd., Haifa Main Branch (No. 876), Haifa,
The First International Bank of Israel Ltd., Afula Branch (No. 111), Afula.
Bank Hapoalim Ltd., Migdal Ha'emek Branch (No. 728), Migdal Ha'emek.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
This
is a very long established family business.
Subject
is ISO 9001:2000 certified.
Several years ago we obtained favorable opinion on subject’s payment morality.
Subject was described as a good client with no negative payment history.
MOLITAN INDUSTRIES (2010) LTD. (75% owned by
subject) was established in May 2010 to assume all activities of MOLITAN LTD., originally established in 1972, which in 2009 encountered grave financial
difficulties and in December 2009 went into receivership. By the end of 2009
local textile plant MOLITAN had accumulated debt of some NIS 50 million.
MOLITAN was supposed to be sold to OFERTEX, however, eventually activities and
assets were sold to subject – The Haifa District Court approval was given on
the 01.05.2010 (the Muller family, who founded MOLITAN, holds the remaining
25%) for NIS 7 million (Zvi Meir, owner of OFERTEX received a compensation of
NIS 750,000 and a bonus of NIS 2.6 million).
On the 12.01.2011 the Haifa District Court
issued a liquidation order to MOLITAN LTD.
Sales by local Textile and Fashion Industries experienced
decrease in sales over the last couple of years. The output by the local
Textile and Clothing industries in 2009 fell down by 13% from 2008. Some 60% of
the textile industry production is sold in the local market and the rest for
export. Most exports were the North American markets (some 50%), and the
industries suffered from the global economic crisis, mainly in the USA, as well
as the slow-down in local market.
In 2010 sales for export of the Textile, Clothing &
Leather industries improved just slightly, with 3.5% increase from 2009,
reaching US$ 916.1 million.
The local industry has been in state of crisis during last
decade in face of amounting import from foreign competitors with cheaper
production costs, forcing streamlining process, plants closure, and mostly
resulting in the shift of textile manufacturing to low labor cost countries. The
number employed in the Textile Industry keeps falling: some 1,600 workers were
dismissals during 2008, and in 2009 over 1,900 employees are expected to be
laid-off. There are around 14,000 employed in the textile sector in some 130
plants.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.73.46 |
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Euro |
1 |
Rs.65.47 |
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.