MIRA
INFORM REPORT
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Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
VITALGO THE YEARS 2000 LTD. |
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Formerly Known As : |
E. VITALE AND SONS LTD. |
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Registered Office : |
P.O. Box |
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Country : |
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Year of Establishment : |
1957 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
marketers of woolen and synthetic worsted yarn for the weaving and packaging
industries. |
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$ 50,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Name and address
VITALGO THE YEARS
2000 LTD.
Telephone 972 8 942 01 54
Fax 972 8
943 81 36
Industrial Zone
YAVNE-81227 ISRAEL
HISTORY & LEGAL FORMATION
Originally established
as a division of VITALGO TEXTILE WORKS LTD., established 1957 by the Vitale
family, a public limited company, whose shares are traded on the Tel Aviv Stock
Exchange, which in September 1998 sold all its textile activities to the Vitale
family (following a change in ownership, and changed its name to G.J.E.
PROMOTING INVESTMENTS LTD.).
Converted into a
private limited company and registered as such as per file
No. 51-266845-0 on
the 10.8.1998, under the name E. VITALE AND SONS LTD., which changed to the
present name on 06.12.1998.
SHARE CAPITAL
Authorized share
capital
36,000 ordinary shares of
of which 100
shares amounting to
SHAREHOLDERS
1. Mrs. Yael Vitale Nadler, 33%,
2. Ms. Daphne Vitale, 33%,
3. Uri Vitale, 33%,
4. Eldad Vitale, 1%, father of the three under
mentioned.
DIRECTORS
1.
Eldad Vitale, General Manager,
2.
Ms. Yael Vitale,
3.
Mrs. Rachel Vitale.
BUSINESS
Importers and
marketers of woolen and synthetic worsted yarn for the weaving and packaging
industries.
Operating from
premises, owned by shareholders, in
Number of
employees not forthcoming.
MEANS
Financial data not
forthcoming.
There are 3
charges for unlimited amounts registered on the company's assets financial and
fixed assets), in favor of The First International Bank of Israel Ltd. and Bank
Leumi Le'Israel Ltd. (last charge placed in February 2009).
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
VITALGO TRADE
& MARKETING (1998) LTD.
BANKERS
Bank Leumi
Le'Israel Ltd., Yavne Branch (No. 939), Yavne.
The First
International Bank of Israel Ltd., Ramat Aviv Branch (No. 082), Tel Aviv.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's General
Manager refused to disclose financial and employee data on subject.
Subject assumed
the textile business activities, mainly manufacturing and dyeing of woolen and
synthetic worsted yarn, of VITALGO TEXTILE WORKS LTD. (now G.J.E. PROMOTING
INVESTMENTS LTD., which became a real estate company, with no affiliation to
subject).
In November 2000,
the Vitale family (Bruno, Ron and Eldad) sold their stake (65% altogether) in
VITALGO TEXTILE WORKS LTD. for the sum of
Subject’s
officials informed us that as of now subject has no manufacturing and/or dyeing
activities, and they focus on trade only. VITALGO was a well-known in the local
textile industry.
The local textile 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.
Many veteran companies in the sector, such as subject, were forced to change
their focus from manufacturing to trade (many other quit the sector
altogether). The advantage of subject was the valuable real estate they held
and sold (and still hold other real estate properties, subject as the one
serving subject).
According to the Central
Bureau of Statistics (CBS), import of fabrics and yarns rose in 2010 by 16.6%
and reached US$ 684.5 million. This reflects the recovery in general in the
local economy, as well as in the global economic environment (import fell in
2009 by 17.2% from 2008), and return to the growth trend in the recent years
beforehand.
The Chinese
production comprises the largest portion of the imported textile goods followed
by
SUMMARY
Notwithstanding
the refusal to disclose financial details, considered good for trade
engagements.
Maximum
umsecured credit recommended US$ 50,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
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|
1 |
Rs.72.97 |
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Euro |
1 |
Rs.63.57 |
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.