MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

SIV STONE - BUILDING MATERIALS EXCHANGE LTD.

 

 

Formerly Known As :

S.R. BUILDING MATERIALS EXCHANGE LTD

 

 

Registered Office :

1a Arvei Nachal Street, Givatayim 53200

 

 

Country :

Israel

 

 

Date of Incorporation :

20.04.1998

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of marble, stone coatings, bricks, etc.

 

 

No. of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                                                                                                  

Company name & address 

 

SIV STONE - BUILDING MATERIALS EXCHANGE LTD.

Telephone              972 3 752 28 80

Fax                       972 3 612 18 05

1A Arvei Nachal Street

GIVATAYIM           53200-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-262445-3 on the 20.04.1998.

 

Originally established under the name S.R. BUILDING MATERIALS EXCHANGE LTD., which changed to the present name on the 11.08.2010.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 23,800.00, divided into -

                 23,800 ordinary shares of NIS 1.00 each,

of which s100 hares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Eran Siv.

 

 

SOLE DIRECTOR & GENERAL MANAGER

 

Eran Siv.

 

 

BUSINESS

 

Importers and marketers of marble, stone coatings, bricks, etc.

 

Also traders, importers and marketers of building materials.

 

Operating from premises, partly owned by shareholder and partly rented, on an area of 7,000 sq. meters, in 1A Arvei Nachal Street, Givatayim, and from a rented showroom, on an area of 100 sq. meters, in 287 Dizengoff Street, Tel Aviv.

 

Having 10 employees.

 

 

MEANS

 

Financial data not forthcoming.

 

There are no charges registered on the company's assets.

 

 

REVENUES

 

Sales figures not forthcoming.

 

 

BANKERS

 

Israel Discount Bank Ltd., Givatayim Branch (No. 145), Givatayim, account No. 189790.

 

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

 

 

CHARACTER AND REPUTATION

 

According to the Registrar of Companies subject has a "Law Violating Company" Status.

 

As part of the Registrar efforts in the last period to collect fees and supervision on meeting all duties by Companies’ law, such status notes have been added to the registry. It should be noted that this status is in principle a technical matter, not necessarily connected to the company's business activities and financial standing, however there is the substantial possibility that it may lead to severe penalties against the company in case the relevant company is not going to fulfill its duties promptly (penalties could be fines up to NIS 250,000, not allowing the company to register new charges or to make changes in the Registrar, and more).

 

In this case, according to the Registrar records, subject did not file annual reports to the Registrar since 2007, and this may be the reason for the "Law Violating Company" Status. However, we could not confirm that this is the actual reason. It is possible that it is a technical administrative matter (certain technical problems occasionally appear in the Registrar of Companies).

 

Subject's General Manager refused to disclose financial data.

 

Eran Siv is the founder of the Renovation Contractors Union in Israel and serves as its Chairman.

 

The general improvement in local economy in 2010 was felt in the building sector. Investment in the local building branch rose by 5.9% in 2010. Investment in construction for dwelling rose by 4.1% in 2009 and by 13.8% in 2010, in annual calculation. These positive signs appear after over the last several years gross domestic investment in building and other construction works was stagnant (after rising trends in 2006 and 2007). While in 2009 investments indicators were still mixed, reflecting the general slow-down in 2009 1st half, indicators in 2010 pointed on recovery in the building and real estate market activity.

 

Gross domestic investment in building and other construction works increased in 2009 by less than 1% from 2008, and grew by some 10% in 2010 (in current prices), mainly in private construction (less in public construction and in other construction).

 

Consumption expenditure of households in 2010 on Housing and on Housing Equipment grew by 2.5% and by 7.5%, respectively, in annual calculation.

 

Volume of building starts for dwelling in 2010 reached a decade record of 39,000 new apartments, 7% higher than 2009 (which marked 6.5% rise from 2008 and similar level to previous year). However, building finishing ended similar to 2009 (expected to rise in 2011). The total number of transactions in dwellings in 2010 also rose from 2009, continuing the growing trend from 2008, albeit in lower ratio (less than 1% rise in 2010). In the first half of 2011, number of building starts rose by 15% from 2010, thanks to the Government marketing efforts, however prospects for the 2nd half of 2011 are to a reverse in trend.

 

 

SUMMARY

 

Notwithstanding a/m "Law Violating Company" remark and the refusal to disclose financial data, we figure that subject is good for trade engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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.