MIRA INFORM REPORT
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Report Date : |
04.04.2012 |
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Tel. No.: |
97289255501 |
IDENTIFICATION DETAILS
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Correct Name : |
PALDINOX IMPORT & MARKETING 1973 LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12.11.1973 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, traders and marketers of household and giftware
products (silverware, crystals, Judaica, etc) |
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No. of Employees
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30 |
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$ 150,000 |
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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 – 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 |
PALDINOX IMPORT & MARKETING 1973 LTD.
Telephone 972 8 925 55 01
Fax 972
8 925 55 06
P.O. Box 2075 (7212001)
1 Hachazon Street
Industrial Zone A
RAMLA 7252902 ISRAEL
A private limited
company, incorporated as per file No. 51-066777-7 on the 12.11.1973.
Subject was
established in view of continuing the activities of a firm called PALDINOX CO.
originally established in 1956.
Authorized share
capital NIS 12.00, divided into
120,000 ordinary shares of
NIS 0.0001 each,
Of which 51,120
shared amounting to NIS 5.112 were issued.
(Note: The currency in share capital was
originally in Old Israeli Shekel whose nominal value was 1 thousandth of
the current New Israeli Shekel (NIS), converted in 1986).
1. Moni Danon, 50%,
2. Adi danon, 50%.
Note: According to
the Register of Companies subject itself holds 30% of shares, and Moni and Adi
each hold 35%.
1. Moni Danon,
2. Adi danon, brother of
Moni.
Importers, traders
and marketers of household and giftware products (silverware, crystals,
Judaica, etc).
Subject offers some 3,000 articles.
Sales are to some 1,500 clients (wholesalers, retail
stores). Among Clientele: HARMONIA LABAIT, DOMO, HAMASHBIR LAZARCHAN (local
largest department store chain), and more.
All purchase is
from import.
Sole local
importers/ representatives of (main ones, among others):
BOHEMIA CRYSTAL,
of the Czech Republic,
WALTER GLASS, of
Germany,
PIP STUDIO, of
Holland.
Operating from
owned premises (offices, logistics, warehouses), on an area of 7,500 sq. meters
(of which 3,600 sq. meters built), in 1 Hachazon Street (name changed from
10 Hayetzira Street), Industrial Zone A, Ramla.
Landlord: Ortam-Malibu
Having 30
employees, in 2011 (same as in the end of 2009).
Stock was valued
at NIS 12,000,000 in mid 2011 (similar to the end of 2009 level).
Owned property in Ramla Industrial Zone
(where subject is operating from) is valued at NIS 25,000,000.
There are 16
charges for unlimited amounts registered on the company’s assets (financial
assets, machinery and vehicle), in favor of Bank Hapoalim Ltd., Israel Discount
Bank Ltd., Mizrahi Tefahot Bank Ltd., Bank of Jerusalem Ltd. and a leasing
company (last charge placed in Aril 2011 on a vehicle, previous charge was in
mid 2008).
2009 sales claimed to be NIS 31,000,000.
2010 sales claimed to be NIS 33,000,000.
First half of 2011 sales claimed to be NIS 16,500,000.
Later sales data not forthcoming.
PALDINOX HOLDINGS
LTD.
· Bank Hapoalim Ltd., Hadarom Branch (No. 517), Tel Aviv.
· Israel Discount Bank Ltd., North Dizengoff Branch (No. 083), Tel Aviv.
·
Mizrahi Tefahot
Bank Ltd., Holon Industrial Zone Branch (No. 419), Holon.
Nothing
unfavorable learned.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
Subject is a very
long established business.
From Central
Bureau of Statistics data, import of Household Utensils in 2011 rose by 7.3%
from 2010, summing up to US$ 589.4 million. This comes after in 2010 import
rose by 15.8% from 2009 (2009 level was similar to 2008).
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.
Notwithstanding
the lack of updated data from subject's officials, considered good for trade
engagements.
Maximum unsecured credit recommended US$
150,000.
Note: Since the beginning of 2012 Israel Post
started using a new area code method of 7 digits (the old method of 5 digits
will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.56 |
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UK Pound |
1 |
Rs.81.05 |
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Euro |
1 |
Rs.67.49 |
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.