MIRA INFORM REPORT

 

 

 

Report Date :           

25.01.2012

 

IDENTIFICATION DETAILS

 

Name :

FRIED BROTHERS FEATHERS INDUSTRY (1977) LTD.

 

 

Formerly Known As :

RIVKA F. COMMERCIAL AND INDUSTRIAL COMPANY LTD.

 

 

Registered Office :

3 Alexander Yanai Street, Segula Industrial Zone, Petach Tikva 49277       

 

 

Country :

Israel

 

 

Date of Incorporation :

13.02.1973

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers, Importers, Traders and Marketers of feather filled blankets, cushions, sleeping bags, etc.

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

FRIED BROTHERS FEATHERS INDUSTRY (1977) LTD.

(Registered Latin name is: AHIM FRIED FEATHERS
INDUSTRY (1997) LTD.)

Telephone              972 3 912 10 00

Fax                       972 3 934 36 30

3 Alexander Yanai Street

Segula Industrial Zone

PETACH TIKVA     49277-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established in 1954 as a partnership.

 

Converted into a private limited company and registered as such as per file No. 51-063780-4 on the 13.02.1973.

 

Originally registered under the name of RIVKA F. COMMERCIAL AND INDUSTRIAL COMPANY LTD., which changed to the present name on the 11.05.1977.

 

*“AHIM FRIED” in Hebrew translate into “FRIED BROS.” in English.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 20,000.00, divided into -

              5 management shares (issued),

              19,995 ordinary shares (14,190 shares issued), all of NIS 1.00 each,
of which shares amounting to NIS 14,195.00 were issued.

 

 

SHAREHOLDERS

 

1.    FREID CENTER LTD., controlled by the Fried Family, 40% of management shares and 21.1% of ordinary shares,

2.    Shmuel Fried, 16.6% of ordinary shares,

3.    Ms. Rivka Fried, 16.6% of ordinary shares,

4.    G.A.S. SOFTWARE SERVICES LTD., 40% of management shares and 9.7% of ordinary shares,

5.    Avi Shievitz, 20% of management shares and 8.5% of ordinary shares,

6.    Niela Fried, 8.3% of ordinary shares,

7.    Yitzhak Katzburg, 7% of ordinary shares,

8.    HENRY THE 8TH (1982) LTD., 4.2% of ordinary shares,

9.    Subject, holding 2.8% of ordinary shares,

10.   Michael Fried, 2.6% of ordinary shares,

11.   Ms. Sara Freund, 2.6% of ordinary shares.

 

 

DIRECTORS

 

1.    Avi Shievitz, General Manager,

2.    Itzhak Katzburg,

3.    Shmuel Fried,

4.    Michael Fried,

5.    Ms. Sara Freund,

6.    Niela Fried,

7.    Henry Piliva.

 

 

BUSINESS

 

Manufacturers, importers, traders and marketers of feather filled blankets, cushions, sleeping bags, etc.

Also, through subsidiary FRIED CENTER LTD., also operates a retail chain of 20 stores (had 18 stores in the mid 2008), under the style "Fried Center" (all owned by subject, no franchise).

 

All sales are to local market.

 

Among clients: MEGA BOOL, SHUFERSAL (both largest supermarket chains in Israel), etc.

 

Purchasing is both from foreign and local suppliers.

Among local suppliers: SILVER GOOSE, etc.

Advertising agency: TOTAL PROMOTION.

 

Operating from a 3 story building (offices, warehouse and store), on a total area of 2,000 sq. meters, owned by the shareholders, in 3 Alexander Yanai Street, Segula Industrial Zone, Petach Tikva, and from a plant owned by subject, on an area of 6,000 sq. meters, owned, in Ariel.

Subject also owns 95% of a feather plant in Oro Shahazo in Hungary, with 10 employees.

 

Having 100 employees serving the whole Group (same as in previous years).

 

 

MEANS

 

Current consolidated stock is valued at NIS 5,000,000 (same as in 2010).

                                                                                                                           

Owned property in Ariel (subject's plant) was valued at US$ 1,700,000 several years ago. Property in Petach Tikva (owned by the shareholders) was valued at US$ 2,200,000, several years ago.

 

There are 3 charges for unlimited amounts registered on the company's assets, in favor of Bank Leumi Le’Israel Ltd. and the State of Israel (last charge placed in October 1996).

 

SALES

 

·         2005 sales claimed to be NIS 30,000,000.

·         2006 sales claimed to be NIS 30,000,000.

·         2007 sales claimed to be NIS 30,000,000.

·         2008 sales claimed to be NIS 30,000,000.

·         2009 sales claimed to be NIS 30,000,000.

·         2010 sales claimed to be NIS 30,000,000.

·         Sales for the first half of 2011 claimed to be NIS 15,000,000 (projected 2011 sales were NIS 30,000,000).

 

 

OTHER COMPANIES

 

FRIED CENTER LTD., 100%, operates the Group’s retail chain. All stores are operated by the Group.

 

 

BANKERS

 

Bank Leumi Le’Israel Ltd., Petach Tikva Business Branch (No. 707), Petach Tikva, account No. 223000/11.

 

A check with the Central Banks' database did not reveal anything detrimental on subject’s a/m account.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

This is a very long established enterprise.

 

Subject is a local leading company in the field of feather filled blankets, the only local manufacturing of the said products. According to a report from September 2008 manufactures some 1 million blankets and pillows annually.

 

In December 2003, it was reported that FRIED BROS. opened 3 new stores, with an investment of NIS 600,000.

In mid 2007 FRIED BROS. Group opened a new store in Ramat Gan, leasing 92 sq. meters in the Elram Center (paying US$ 28 per meter per month, including management fees).

 

In August 2008 it was reported that Group is opening 2 stores in shopping centers in northern Israel, investing NIS 2 million.

 

In September 2008 it was reported that FRIED BROS. Group purchased a plant for feather filled blankets and cushions in Hungary for € 1 million.

 

Some 400,000 quilts are sold annually, and market is valued at NIS 50 million.

 

Sales are mostly via specialized chain stores such as FRIED (subject), GOLF & Co., VARDINON, KITAN, and also through retail chain stores and the Internet.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 150,000.

 

Note: The telephone number you gave (972-54-4510620) is the cellular phone of Mr. Meir Lipman, who represents several companies from the Far East that sell –among others- to subject. Mr. Lipman is not employed in subject.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.77.74

Euro

1

Rs.65.09

 

 

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.