MIRA INFORM REPORT
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Report Date : |
12.04.2012 |
IDENTIFICATION DETAILS
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Name : |
CALIGULA IMPORTERS LTD. |
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Formerly Known As : |
NINIO EXTRA IMPORTERS (1993) LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
15.06.1993 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of women's footwear |
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No. of Employees
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80 |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
CALIGULA IMPORTERS LTD.
Telephone 972 3 682 61 11
Fax 972 3 681 28 73
32 Kibbutz Galuyot Street
TEL AVIV 6655014 ISRAEL
A private limited
company, incorporated as per file No. 51-182327-0 on the 15.06.1993.
Originally established
under the name SAKO NINIO IMPORTERS LTD., which changed to NINIO EXTRA
IMPORTERS (1993) LTD. on the 11.02.1996, then changed to the present name on
the 20.11.2000.
Subject changed
its name to the present one after CALIGULA MARKETING (1985) LTD. acquired the
stake (50%) of Mr. Malach Ninio
in subject.
Subject is
continuing the CALIGULA footwear brand activities, originally established in
1981 by sister company CALIGULA INDUSTRIES LTD. which is still dealing in
design and manufacturing for the Group (see more below).
Authorized share
capital NIS 18,000.00, divided into -
17,900 ordinary shares (200
shares issued),
100 management shares, all of
NIS 1.00 each,
of which shares
amounting to NIS 200.00 were issued.
Subject is fully
owned by CALIGULA MARKETING (1985) LTD., owned by Gershon
Broshi.
Gershon Broshi
Importers and
marketers of women's footwear.
Most imported
shoes are to the Group’s retail chain “Caligula Shoes”.
Also importers of
raw materials for manufacturing shoes by sister company CALIGULA INDUSTRIES
LTD.
Operating from
rented premises, on an area of 1,000 sq. meters, in 32 Kibbutz Galuyot Street, Merkazim House,
Tel Aviv. Premises serve the CALIGULA Group. The Group operates 19 retail
stores chain spread throughout the country.
Having 80
employees in the CALIGULA Group, whereas subject itself has no employees (same
as in 2010).
CALIGULA Group consolidated
stock was valued at NIS 12,000,000 in mid 2009.
Later and other
financial data not forthcoming.
There are 3 charges for unlimited amounts registered on the company's
assets, in favor of Bank Leumi Le'Israel
Ltd. (2 charges placed in 1994 and the third in 2007).
CALIGULA Group
consolidated sales:
2006 sales claimed
to be NIS 30,000,000.
2007 sales claimed
to be NIS 27,000,000.
2008 sales claimed
to be NIS 27,000,000.
2009 sales claimed
to be NIS 27,000,000.
2010 sales claimed
to be NIS 27,000,000.
2011 sales claimed
to be NIS 28,000,000.
We were informed
that sales are seasonal: the first quarter is the weakest one, while the last
quarter is the strongest, comprising of third of annual sales.
Bank Leumi Le'Israel Ltd., Allenby Business
Branch (No. 802), Tel Aviv, account No. 707200/02.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
CALIGULA Group
includes:
CALIGULA MARKETING
(1985) LTD., parent company, operating the “Caligula” shoe chain store with 19
branches (15 of which operated by CALIGULA and 4 shops operated by concessioners).
CALIGULA
INDUSTRIES LTD., owned by Gershon Broshi,
designers, manufacturers (in Israel and mostly abroad) of women’s footwear and
other leather goods. Sells to Group’s retail chain, as well as to other
retailers and shoe wholesalers.
Nothing
unfavorable learned.
“Caligula Shoes”
is among the leading and recognized shoes brands in Israel. The CALIGULA Group
is veteran, founded in 1981.
Subject's manager Gershon Broshi served as Chairman
of the Shoe Branch Industry, for 4 years, until February 2009.
In November 2006
it was reported that CALIGULA MARKETING is investing NIS 3.5 million opening
and renovating several stores.
In November 2007
it was reported that CALIGULA MARKETING is opening a costumers’ club, investing
NIS
In June 2010 it was
reported that CALIGULA MARKETING is launching a advertizing
campaign, investing 300,000.
Subject's officials informed us that in the first
quarter of 2012 they opened 4 new branches in the CALIGULA retail chain.
The local footwear market rolls an annual
turnover of around NIS 3.5 billion according to sources in the branch, mostly
from import, with 33 million pairs of shoes sold each year over some 1,500
footwear stores. Annual consumption per capita is 4-5 pairs of shoes.
According to the Central Bureau of Statistics (CBS), import of Clothing
and Footwear in 2010 increased by 13.4% comparing to 2009, summing up at
1,436.9 million, after 9.6% decrease in 2009 from 2008.
In 2009 import of footwear alone fell by 7% from 2008, reaching US$
304.5 million. Most import comes from China (US$ 126 million in 2009), while
import from Italy summed up to US$ 26 million in 2009. The decrease in 2009 reflected the slow-down trend in the local economy and
the trend reversed in 2010.
The local fashion
market has been suffering from slow-down during 2009, and the trend continued
into 2010. According to a local retail research
company, retail fashion chains witnessed in 2009 an overall decrease of over 5%
in proceeds comparing to
Market
reaserch checked 1,100 fashion (cloths and footwear) stores and found that
sales reached NIS 2.75 billion
(were
NIS
In addition new
international fashion players (GAP, H&M) entered in 2009/2010 to the local
fashion market, which has been highly competitive already.
From
CBS data, it turns that the current expenditure for private consumption in 2010
for clothing, footwear and personal items rose by circa 10% from
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.51.55 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.67.57 |
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.