MIRA INFORM REPORT

 

 

Report Date :           

29.06.2011

 

IDENTIFICATION DETAILS

 

Name :

GIFTS & TIPS LTD.

 

 

Registered Office :

49 Neve Re'im Street, Petach Tikva 49323

 

 

Country :

Israel

 

 

Date of Incorporation :

29.3.2004

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and wholesale marketers of home textile products (finished products)

 

 

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$ 15,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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 

 

GIFTS & TIPS LTD.

Telephone      972 3 613 29 29

Fax                972 3 575 28 97

49 Neve Re'im Street

PETACH TIKVA-49323                     ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-352912-3 on the 29.3.2004.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 100,000.00 divided into -

                   100,000 ordinary shares of NIS 1.00 each,

of which 100 share amounting to NIS 100.00 was issued.

 

 

SHAREHOLDERS

 

1.     Ms. Indira Tegra (Tuagrajan), 50%,

2.     Kalyana Sindrom Tegra (Tuagrajan), 35%,

3.     Satish Sobermenian, 15%.

 

 

DIRECTORS

 

1.     Ms. Indira Tegra, General Manager,

2.     Kalyana Sindrom Tegra, husband of Indira.

 

 

BUSINESS

 

Importers and wholesale marketers of home textile products (finished products).

 

Sales are to retail stores (usually small stores) countrywide.

 

All purchasing are imported from India, including from affiliated company in India THANVAM TEXTILE.

 

Operating from office at the private residence of the Tegra family (owned), in 49 Neve Re'im Street, Belinson Neighborhood, Petach Tikva (to where they moved to from 8/50 Hamavdil Street, Ramat Gan), and from a rented warehouse, on an area of 300 sq. meters, in Kfar Sirkin (adjacent Petach Tikva).

 

Having 5 employees.

 

 

MEANS

 

Financial data not forthcoming.

 

There are 2 charges for unlimited amounts registered on the company's assets, in favor of Union Bank of Israel Ltd.

 

 

REVENUES

 

2009 sales claimed to be NIS 2,200,000.

2010 sales claimed to be NIS 2,200,000.

 

 

OTHER COMPANIES

 

THANVAM TEXTILE, India, owned by subject's shareholders, home textile.

 

 

BANKERS

 

Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.

 

 

CHARACTER AND REPUTATION

 

In 2010, local company K. VISION SYSTEM SOLUTIONS LTD. filed a lawsuit against subject in the Tel Aviv District Court, claiming subject violated intellectual properties of a product (surface for dish drying) which the plaintiffs claimed to have patent on, by marketing a similar product in Israel, which highly resembles the plaintiff's product. The parties also had certain agreements for cooperation and had understandings from 2009, which the plaintiffs claim subject violated in that regard.

 

In March 2011 the Court accepted part of the plaintiffs' arguments and instructed subject to remove all the said products which violated the intellectual properties rights from the market and refrain from marketing it further.

 

Apart from that, nothing unfavorable learned.

 

Subject's General Manager, Ms. Indira Tegra, refused to disclose financial data, besides sales figures.

 

According to the Central Bureau of Statistics (CBS), 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 1st quarter of 2011 –close to 9%% rise (compared with 2010 1stQ), totaling US$ 202.8 million.

 

The local household products market is considered highly competitive after reaching market saturation. It includes household textile, tableware and kitchenware and utensils, bath accessories and ornaments &decorative items, ceramic and glass ware, etc. According to estimations, the local household products market volume reaches NIS 2.5 – 3 billons annually (of which circa NIS 1 billion for “home textile”), and includes retail, wholesale, institutional markets (Retail chains capture 30% of the market share, specialization stores 20%, while the institutional and workers unions sector has 50% share).

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 15,000.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.05

UK Pound

1

Rs.71.92

Euro

1

Rs.64.37

 

 

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.