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Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
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Name : |
HARMONYA LABAIT LTD. |
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Formerly Known As : |
COMIX FASHION LTD |
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Registered Office : |
P.O. Box 8796, Netanya, Bnei Dror Industrial
Zone, Bnei Dror 4581500 |
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Country : |
Israel |
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Date of Incorporation : |
09.12.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, marketers and retailers of house
ware goods (giftware, ornamental items, home design products, kitchen ware,
etc.), home textile and light furniture |
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No. of Employees : |
100 employees. |
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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Status : |
Good |
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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
|
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 |
HARMONYA LABAIT LTD.
Telephone 972
9 891 17 10
Fax 972
9 891 91 44
P.O. Box 8796, NETANYA
Bnei Dror Industrial Zone
BNEI DROR- 4581500-ISRAEL
A private limited company, incorporated as per file No. 51-361643-3 on the 09.12.2004.
Originally
incorporated under the name HIDUSH UBINUY LTD., which changed to COMIX FASHION
LTD. on the 8.12.2005 and then changed to present name on the 28.11.2007.
(Note: English
registered name is HARMONIA
LABAIT LTD. with an “I”, while subject is also using the name with “Y” as you
gave. The name’s translation into English is: “Harmony for Home”).
Authorized share capital NIS 25,000.00, divided
into:-
25,000
ordinary shares of NIS 1.00 each,
of which 2,000 shares amounting to NIS 2,000.00
were issued.
SOLE DIRECTOR &
GENERAL MANAGER
Company is fully owned by Miran Malka.
Miran Malka, born in 1972.
Importers, marketers and retailers of house ware goods
(giftware, ornamental items, home design products, kitchen ware, etc.), home
textile and light furniture.
Also operating a household goods retail store
chain of 20 shops under the name “Harmonya Labait”, of which 9 are franchised
(had 17 shops in early 2012, 15 in 2011 -1 franchised -, and 13 shops in 2010).
4 new branches are to be opened in the near future, of which 1 owned and 3 on
franchise.
Shops are situated mainly in commercial centers
and shopping malls.
All purchasing is from import, mainly from the
Far East.
All of subject's imported goods are sold solely
in their retail chain.
Operating from rented offices and warehouse, on
an area of 3,000 sq. meters, in the Industrial Zone, Bnei Dror, which is a locality
east of Netanya (to where they moved from 75 Hameyasdim Street, Even Yehuda,
a nearby locality).
Also operating from 20 shops, 200-400 sq. meters
each, rented, in: Nahariya, Nesher-Tel Hanan, Kiryat Shmona, Karmiel, Tiberias,
Kiryat Ata, Afula, Netanya, Modi’in, Rishon Le-Zion, Hadera, Nes Ziona, Kiryat
Gat, Bilu Junction, Kfar Sava, Beer Sheva (2 shops), Ashdod, Upper Nazareth and
Ramat Gan.
4 new branches are in stages of opening: in Yarka
Village, Eilat, in Netivot, and in Petach Tikva.
Among landlords: IBC INDUSTRIAL BUILDINGS, GAZIT
GLOBE ISRAEL, BIG.
Having in all some 100 employees.
Stock is valued at NIS 20,000,000.
Estimated annual advertising budget NIS 4
million.
There are 4 charges for unlimited amounts registered on the company's
assets (general current charge on all assets and financial assets), in favor of
Bank
Hapoalim Ltd. (last charge placed on the 15.05.2012).
2007 sales claimed to be NIS 15,000,000.
2008 sales claimed to be NIS 20,000,000.
2009 sales unavailable.
2010 sales claimed to be NIS 40,000,000.
2011 sales claimed to be NIS 60,000,000.
Sales for the first half of 2012 claimed to be
NIS 40,000,000.
Bank Hapoalim Ltd., Netanya Business Branch (No. 167), Netanya, account
No. 47299.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
Israel Discount Bank Ltd., Netanya Poleg Branch (No. 526), Netanya.
Nothing unfavorable learned.
Prior to
establishing subject, owner and General Manager Miran Malka worked as a salaried employee at the same area as subject and was the
marketing VP of MATIM LI STORES, a large local fashion dealer and retailer
(owned by Avi Malka, his bother).
It was reported that Mr. Malka acquired the chain of stores in March 2006
from the receiver of the previous owner, who established the chain in 2001, and
went into financial difficulties.
During May 2012 it was reported on 3 new shops
subject is in stages of opening: Bialik Mall, Ramat Gan – leased 300 sq.
meters, paying NIS100 per sq.m/ month
7 Mall, Beer Sheva – leased 320 sq. meters,
paying NIS100 per sq.m/ month
Hataas St., Kfar Saba – leased 350 sq. meters,
paying NIS100 per sq.m/ month.
In August 2012 it was reported that subject
leased premises for 3 new branches: in Yakhin Center, Petach Tikva– leased 300
sq. meters, paying NIS100 per sq.m/ month, in Hasatat St., Eilat – leased 460
sq. meters, paying NIS 60 per sq.m/ month, and in Kfar Yarka– leased 450 sq.
meters, paying NIS60 per sq.m/ month.
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).
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).
The total giftware
market in Israel is estimated at NIS 9 - 10 billion (including holidays
presents) annually according to surveys. The market has been growing over the
last years, which brought the local supermarket chains to expand their
activities in this branch, considered 'Non-Food'. The market is divided into
the following categories: simple shops, exclusive shops, household and giftware
chains, complementary department in marketing chains, and departments in DIY
chains.
Good for trade
engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.51 |
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UK Pound |
1 |
Rs.87.60 |
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Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.