MIRA INFORM REPORT

 

 

Report Date :

30.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SIMON HASSON LTD.

 

 

Registered Office :

29 Ben Zion Gellis Street Segula Industrial Zone Petach Tikva 49277         

 

 

Country :

Israel

 

 

Date of Incorporation :

16.11.1994

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of marble stone and marble accessories.

 

 

No. of Employees :

8 employees

 

 

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

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address      

 

SIMON HASSON LTD.

(Also spelled SHIMNON HASSON LTD.)

Telephone                            972 3 904 27 22

Fax                                     972 3 904 27 22

29 Ben Zion Gellis Street

Segula Industrial Zone

PETACH TIKVA  49277 ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-205036-0 on the 16.11.1994.

Subject’s founder, Mr. Simon Hasson, incorporated subject after withdrawing from Ephraim S.A. Hasson (1989) Ltd., which he owned jointly with his brother Eliyahu, itself continuing activities which began in 1972 by the father of Simon Hasson.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 25,200.00, divided into,

                      25,200 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Simon Hasson.

 

 

SOLE DIRECTOR & GENERAL MANAGER

 

Simon Hasson

 

 

BUSINESS

 

Importers and marketers of marble stone and marble accessories.

 

Sales are to many local marble dealers.

 

95% of purchase is from import.

 

Operating from rented premises, on an area of 1,000 sq. meters, in 29 Ben Zion Gellis Street, Segula Industrial Zone, Petach Tikva.

 

Having 8 employees.

 

 

MEANS

 

Current stock is valued at nearly US$ 1,000,000.

Other financial data not forthcoming.

 

Simon Hasson informed us that he privately owns real estate properties.

 

There are 4 charges for unlimited amounts, as well as 1 charge for the sum of NIS 500,000.00 registered on the company's assets (financial assets, fixed assets and vehicles), in favor of Israel Discount Bank Ltd., Bank Otsar Hahayal Ltd. and Bank of Jerusalem Ltd. (last charge placed 06.11.2011).

 

 

REVENUES

 

2009 sales claimed to be US$ 2,000,000.

2010 sales claimed to be US$ 2,000,000.

2011 projected sales are US$ 2,000,000.

 

 

BANKERS

 

Israel Discount Bank Ltd., Kiryat Arieh Branch (No. 186), Petach Tikva.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Simon Hasson is a veteran in the marble business.

 

Subject is ISO 9002 certified.

 

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 was 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.

 

Volume of building starts for dwelling in 2010 reached a decade record of 39,000 new apartments, 7% higher than 2009 (which marked 6.5% rise from 2008 and similar level to previous year). However, building finishing ended similar to 2009 (expected to rise in 2011). The total number of transactions in dwellings in 2010 also rose from 2009, continuing the growing trend from 2008, albeit in lower ratio (less than 1% rise in 2010). In the first half of 2011, number of building starts rose by 15% from 2010, thanks to the Government marketing efforts, however prospects for the 2nd half of 2011 are to a reverse in trend.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 30,000.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.93

UK Pound

1

Rs.80.62

Euro

1

Rs.69.36

 

 

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.