MIRA INFORM REPORT

Report Date :

07.08.2012


Tel. No.:	972 3 550 50 01
Fax No.:	972 3 550 50 16

IDENTIFICATION DETAILS

Name :	GINGER HOME LTD.

Formerly Known As :	NIKEA LTD.

Registered Office :	P.O. Box 160, Azor (5819101), 29 Hametzuda Street, Industrial Zone, Azor 5800173

Country :	Israel

Date of Incorporation :	14.08.2001

Legal Form :	Private Limited Company

Line of Business :	Importers and marketers of home textile (beddings, blankets, towels, cushions, etc.), home ornaments, decorative furniture, etc.

No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Israel

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

GINGER HOME LTD.

Telephone 972 3 550 50 01

Fax 972 3 550 50 16

P.O. Box 160, Azor (5819101)

29 Hametzuda Street

Industrial Zone

AZOR 5800173 ISRAEL

HISTORY & LEGAL FORMATION

A private limited company, incorporated as per file No. 51-313912-1, on the 14.08.2001.

Originally registered under the name NIKEA LTD., which changed to the present name on the 07.03.2002.

SHARE CAPITAL

Authorized share capital NIS 200,000.00, divided into -

200,000 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

SHAREHOLDERS

1. ROYALIFE LTD., 70%, owned (equally) by Hanan Grinberg and Mordechai (Motty) Bar-on,

2. Shlomo Salomon, 30%.

DIRECTORS

1. Shlomo Salomon, General Manager,

2. Hanan Grinberg,

3. Mordechai (Motty) Bar-on.

BUSINESS

Importers and marketers of home textile (beddings, blankets, towels, cushions, etc.), home ornaments, decorative furniture, etc.

Also operating a retail chain store with 6 branches, for a/m goods.

We assume subject's activities are intertwined with those of ROYALIFE.

Products are sold under the brand "Ginger", as well as products of "Benetton Home Textile" (of Italy), which GINGER is the local exclusive representative.

Most of purchasing is from import.

Operating from rented offices and store, on an area of some 300 sq. meters, in 29 Hametzuda Street, Industrial Zone, Azor, and from 6 additional retail stores in Tel Aviv (2 stores), Kiryat Ono, Hod Hasharon, Modiin and Netanya.

Having 3 employees.

MEANS

Financial data not forthcoming.

There are 7 charges for unlimited amounts registered on the company's assets (financial assets, fixed assets and vehicles), in favor of Bank Hapoalim Ltd. (last charge placed February 2010).

SAleS

Sales figures not forthcoming.

OTHER COMPANIES

ROYALIFE LTD., importers, manufacturer (via subcontractors), exporters and marketers of home textile products (same line as subject).

BANKERS

Bank Hapoalim Ltd., Belinson Branch (No. 552), Petach Tikva.

CHARACTER AND REPUTATION

Nothing unfavorable learned.

Subject's General Manager, Mr. Shlomo Salomon, refused to disclose financial details.

Parent company, ROYALIFE, is a relatively veteran company (established 1988) in the local home textile area.

Motty Bar-on is a local veteran textile industrialist, who used to manage KITAN, onme of Israel's leading textile companies.

Mr. Alomon was also a senior executive in KITAN.

In March 2008, subject opened a new retail store, on an area of 80 sq. meters, in Tel Aviv for selling home textile (Reportedly, paying rental fees of US$ 35.00 per meter per month). They sell products under subject's own brand and brands by "Benetton Home Textile".

According to reports, subject invested NIS 1 million in the brands promotion, including investment in the store launcing of NIS 500,000. Subject's General Manager, Mr. Shlomo Salomon, was quoted to say they intend to open 10 more stores until the end of 2010 and reach a market share of 10% in the home textile market.

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).

According to the Central Bureau of Statistics (CBS) data, private consumption expenditure by local households in furniture in 2011 fell by 3.6% from 2010, after in 2010 it rose by 7.3% from 2009.

From CBS 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).

SUMMARY

Notwithstanding the refusal to disclose financial data, considered good for trade engagements.

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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.47
UK Pound	1	Rs.86.60
Euro	1	Rs.68.66

INFORMATION DETAILS

Report Prepared by :

MNL

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.