MIRA INFORM REPORT
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Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
TAFNIT AT HOME LTD. |
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Registered Office : |
Hartuv A Industrial Zone, Matte Yehuda Regional Council, Beit Shemes 99000 |
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Country : |
Israel |
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Date of Incorporation : |
23.11.2010 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of household, kitchenware and giftware goods |
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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
TAFNIT
AT HOME LTD.
Telephone 972
2 999 18 33; 671 13 04
Fax 972
2 999 22 74
Hartuv A industrial Zone
Matte Yehuda Regional Council
BEIT SHEMESH -99000-ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as
per file No. 51-452280-4 on the 23.11.2010.
SHARE CAPITAL
Authorized share capital NIS 50,000.00
divided into -
50,000
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00
were issued.
SHAREHOLDERS
Subject is fully
owned by MADE A DEAL AGENCIES LTD., owned by:
1. OHEV-ZION LTD., 50%, fully owned Daniel (Dani) Ohev-Zion,
2. Joseph (Yosi) Bivas, 50%.
DIRECTORS
1. Daniel (Dani) Ohev-Zion, General Manager,
2. Joseph (Yosi) Bivas.
BUSINESS
Importers and marketers of household,
kitchenware and giftware goods.
Sales are to DIY and household shops,
including to affiliate City Shop retail chain.
Import is from China, Indonesia, Brazil,
Europe, etc.
Operating from premises, in Hartuv A
Industrial Zone, Matte Yehuda Regional Council, situated adjacent to Beit
Shemesh.
Note: We assume that subject is operating
from the premises of OHEV-ZION LTD. (owned by OHEV-ZION) operating on an area
of 8,000 sq. meters.
Since so far subject's officials did not
disclose any data, we could not confirm this.
Number of employees not forthcoming.
MEANS
Financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's
assets (financial assets and fixed assets), in favor of Mercantile Discount
Bank Ltd. (both charges placed January 2011).
REVENUES
Sales figures not forthcoming.
OTHER COMPANIES
MADE A DEAL AGENCIES LTD., parent company.
D.I.Y CITY SHOP LTD., owned (50% each)
by Dani Ohev-Zion and Yosi Bivas, operating a retail DIY and household chain store of 14
shops countrywide.
Subject's shareholders also have holdings in
(among others):
BE LEADER AGENCIES LTD., import and
marketing foodstuff.
B-LEADER LTD.
Also owned by Dani Ohev-Zion:
OHEV ZION LTD., importers,
distributors and marketers of household products, e.g. kitchenware, plastic products,
electrical appliances, disposable utensils, etc. 2010 sales claimed to be NIS 100 million. Owns (99%) PLANERO 2002
LIMITED PARTNERSHIP, importers and marketers of household products for retail
chains sector. There are 120 employees serving OHEV ZION and subsidiary PLANERO.
Also owned by Yosi Bivas:
ASINU ESEK LTD., established 1986, importers and
marketers of working and gardening tools, local representatives of HYUNDAI
Power Tools.
BANKERS
Mercantile Discount Bank Ltd., branch data
not forthcoming.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
So far subject's officials refused to disclose any data. They asked us to
send them a fax with our request – which we did – and they will consider our
request.
In case they return to us with further data, we will update you
accordingly.
Subject's shareholders, Dani Ohev-Zion and Yosi Bivas, are veteran and
well known in the consumer products field.
During 2010,
subject's shareholders, Daniel Ohev-Zion and Yosi Bivas, established City Shop, a discount DIY
and household goods retail chain store, with 14 branches nationwide. According
to a report from September 2010, City Shop will invest some NIS 30 million in 2010
and intends to open other shops by 2011.
According
to the Central Bureau of Statistics (CBS), private consumption expenditure per
capita in 2010 rose by 2.5% from 2009. Private per capita consumption
expenditure on durable goods rose even higher – by 10.1%. The data indicate on
the general recovery from
From CBS data,
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 growth trend continued in the first 8 months of
2011 –close to 8% rise (compared with 2010), totaling US$ 406.3 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
Notwithstanding the refusal to disclose
financial data, considered good for trade engagements.
Maximum unsecured credit recommended US$
50,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.82 |
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UK Pound |
1 |
Rs.78.57 |
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Euro |
1 |
Rs.69.29 |
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.