MIRA INFORM REPORT
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Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
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Name : |
FLORALIS G.Y. BAR DAYAN LTD. |
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Formerly Known As : |
GILA BAR DAYAN PLANTS EMBALMING FOR EXPORT LTD., |
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Registered Office : |
P.O. Box 296 (75102), 14 Hayovel Blvd., Nahalat
Yehuda, Rishon Le-Zion 75911 |
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Country : |
Israel |
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Date of Incorporation : |
25.11.1986 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers,
marketers, wholesalers and retailers of household goods and decorations items
(kitchenware, pots, mirrors, rugs, dehydrated flowers, candles, etc.),
domestic and outdoor/ garden furniture, lighting elements and others |
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No. of Employees
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30 |
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$ 50,000. |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name & address
FLORALIS G.Y. BAR DAYAN LTD.
(Also trading as: FLORALIS LTD. or
FLORALIS HOME FASHION)
Telephone 972
3 956 87 10; 956 86 03
Fax 972 3 956 87 08
P.O. Box 296
(75102)
14 Hayovel Blvd.
Nahalat Yehuda
RISHON LE-ZION 75911 ISRAEL
HISTORY & LEGAL FORMATION
Originally established as a non-registered
business in 1979, under the style GILA BAR DAYAN.
Converted into a private limited company,
incorporated as such as per file No. 51-115359-5 on the 25.11.1986, under the
name GILA BAR DAYAN PLANTS EMBALMING FOR EXPORT LTD., which changed top the
present name on the 22.12.1991.
SHARE CAPITAL
Authorized share
capital NIS 17,640.00, divided into -
17,640 ordinary shares of NIS
1.00 each,
of which 1,000
shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
1. Elad Bar-Dayan, 50%,
2. Ms. Karni Kna'an, 50%.
Both shareholders
are son and daughter of founders Yehoshua and Ms. Gila Bar-Dayan.
DIRECTORS
1. Elad Bar-Dayan, General Manager,
2. Ms. Gila Bar-Dayan,
3. Yehoshua Bar-Dayan.
BUSINESS
Importers,
marketers, wholesalers and retailers of household goods and decorations items
(kitchenware, pots, mirrors, rugs, dehydrated flowers, candles, etc.), domestic
and outdoor/ garden furniture, lighting elements and others.
Most purchasing is
from import, the rest is from local suppliers.
Among local
suppliers: CASSEL CANDLES.
Operating from owned large premises (offices, retail store, warehouses),
in 14 Hayovel Blvd., Nahalat Yehuda, Rishon Le-Zion.
Having 30 employees, as of mid 2009, current number not forthcoming.
MEANS
Financial data not
forthcoming.
There are 10 charges for unlimited amounts
registered on the company’s assets (financial, vehicles and office equipment),
in favor of Bank Hapoalim Ltd., Mercantile Discount Bank Ltd., Mizrahi Tefahot
Bank Ltd., Bank of Jerusalem Ltd., Israel Discount Bank Ltd. and a telecommunications
company (last charge placed in August 2010 on a vehicle).
SALES
Sales figures not
forthcoming.
BANKERS
According to our from previous years, working with:
Israel Discount Bank Ltd., Rishon Le-Zion Branch (No. 055), Rishon
Le-Zion.
Since officials refused to cooperate, we were unable to confirm current
status.
Based on our
checks, we assume subject is also working with:
Mercantile
Discount Bank Ltd.,
Mizrahi Tefahot
Bank Ltd., branch data unavailable.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Despite our
efforts, we were unable to speak with subject's officials, as they were always
unavailable. We left messages which so far remain unanswered.
In previous
interviews we were informed only the very general details.
This is a very
long established family business.
Bar-Dayan family has other holdings and involved in other companies.
In 2008 we visited
at subject's premises in Nachalat Yehuda, Rishon Le-Zion. It is called
"Floralis". This is a large store, well designed and contains quality
products. At the time of our visit, there were plenty of customers, indicating
the place is doing well.
We estimate the
store space at 600 sq. meters. At the back of the store we saw warehouses,
containing large amounts of stock (mainly in carton boxes). In addition, around
the built premises, there is a large open area. According to our files, all the
land and properties are owned by either subject and/or the Bar-Dayan family. In
addition, the family is known to hold other real estate assets.
According to our
files, back in the 1980s-1990s subject used to grow flowers on part of these
areas, deal (import, export) and market mainly dehydrated flowers. We assume
subject ceased the growing activities.
Garden furniture market
in Israel is estimated at NIS 100 million annually according to sources in the
branch in June 2008. Demand is considerably higher towards the summer period.
The market has been growing in latest years due to the growing numbers of
private houses, penthouses and garden apartments, as well as the increasing
trend in balconies in the local construction, all part of the increase in
standard of living in Israel.
From CBS data,
import of Household Utensils in 2010 rose by 15.8% from 2009 summing up to US$
549.3 million, comparing to US$ 474.2 million in 2009 and similar to 2008
level. The growth trend continued in the first 8 months of
2011 –close to 8% rise (compared with 2010), totaling US$ 406.3 million.
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).
SUMMARY
Notwithstanding the lack of update data,
considered good for trade engagements.
Maximum unsecured
credit recommended US$ 50,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.67 |
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UK Pound |
1 |
Rs.77.72 |
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Euro |
1 |
Rs.64.63 |
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.