MIRA
INFORM REPORT
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Report Date : |
13.02.2012 |
IDENTIFICATION DETAILS
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Name : |
LIFE STYLE CARPETS LTD. |
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Registered Office : |
Dan Design Center, 2 Lechi Street, Bnei Brak 51200 |
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Country : |
Israel |
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Date of Incorporation : |
27.09.1990 |
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Legal Form : |
private limited company |
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Line of Business : |
Importers and
marketers of carpets. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 30,000. |
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Status : |
Moderate |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Israel |
A2 |
A |
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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 and address
LIFE STYLE CARPETS
LTD.
Telephone 972 3 579 36 16
Fax 972 3 579 36 60
Dan Design Center
2 Lechi Street
BNEI BRAK 51200 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-150685-9 on the 27.09.1990.
Subject is continuing
carpet business activities founded by subject’s owner, Mr. Itamar Zaidman, in
1987 and operated as a private limited company, under the name ITAMAR ZAIDMAN
LTD. (this company was later voluntarily liquidated – see more CHARACTER).
SHARE CAPITAL
Authorized share
capital NIS 14,000.00, divided into -
10 management shares (1 share
issued),
13,990 ordinary shares (1,000
shares issued), all of NIS 1.00 each,
of which shares
amounting to NIS 1,001.00 were issued.
SHAREHOLDERS
1. Itamar Zaidman,
2. Menashe Shani, holding one single ordinary
share only.
SOLE DIRECTOR AND GENERAL MANAGER
Itamar Zaidman,
born 1934.
BUSINESS
Importers and
marketers of carpets.
Most imports are
from India.
Operating from rented
premises (offices and showroom), on an area of 150 sq. meters, in Dan Design
Center, 2 Lechi Street, Industrial Area, Bnei Brak, and from 3 rented retail
store branches in:
1.
Beit Yehoshua Train Station,
2.
44 Bar Yehuda Street, Industrial Zone, Haifa,
3.
One Design Center, 53 Ha'etzel Street, New
Industrial Zone, Rishon Le-Zion.
Having 10
employees (had 6 employees in 2010).
MEANS
Financial data not
forthcoming.
There are 13
charges for unlimited amounts registered on the company's assets (financial assets),
in favor of Bank Hapoalim Ltd. (last charge placed in May 2011).
REVENUES
Sales figures not
forthcoming.
OTHER COMPANIES
ITAMAR CARPETS
(1992) LTD.,
BANKERS
Bank Hapoalim Ltd., Lev Dizengoff Branch (No. 681), Tel Aviv, account
No. 471360.
A check with the Central Banks’ database did not reveal any negative
information regarding subject’s a/m account.
(Note: in our intermediate report we omitted one digit in a/m account
no. by mistake).
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
Subject's General
Manager, Itamar Zaidman, refused to disclose financial data.
Itamar Zaidman is
a veteran in the carpets business. He started as one of the shareholders in
ARBEL CARPETS LTD., established in 1972 and was among the leading companies in
the local carpet market, as carpets manufacturers. Mr. Zaidman left ARBEL
CARPETS and founded his own carpet manufacturing company in 1987. Several years
later, he decided to shift to carpets import (as local manufacturing became
non-economical), establishing subject.
The local floor covers market (carpets, rugs, wall-to-wall carpets,
parquets floor) is estimated well over at US$ 100 million per annum.
SUMMARY
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
Maximum unsecured credit recommended US$ 30,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.64 |
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|
1 |
Rs.78.35 |
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Euro |
1 |
Rs.65.79 |
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.