MIRA INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Name : |
EXPOSE FASHION LTD. |
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Formerly Known As : |
K. EXPOSE ISRAEL 2005 LTD |
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Registered Office : |
P.O. Box 3578,
Caesarea, 11 Leshem Street, Northern Industrial Park, Caesarea 30889 |
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Country : |
Israel |
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Date of Incorporation : |
05.09.2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of ladies and kids swimwear and undergarments |
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No. of Employees
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60 |
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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Maximum Credit Limit : |
US$ 150,000. |
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Status : |
Satisfactory |
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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
EXPOSE FASHION LTD.
Telephone 972 4 623 06 86
Fax 972 4 623 06 88
P.O. Box 3578, Caesarea
11 Leshem Street
Northern Industrial Park
CAESAREA-30889 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company registered as per file No. 51-372919-4 on the
05.09.2005 under the name K. EXPOSE ISRAEL 2005 LTD., which changed to the
present name on the 11.09.2005.
Subject was established by its original shareholders, in view of joining
their activities (of swimwear), i.e. of CORAL MODEL LTD., established by Amir
Haberfeld in 2002, and by LEE COOPER ISRAEL Group (via CONCEPT FASHION, then
headed by Gidi Goldfinger).
SHARE
CAPITAL
Authorized share capital NIS 10,000.00, divided into -
10,000 ordinary shares of NIS
1.00 each,
of which 1,000 shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
1. CORAL
MODEL LTD., 49%, owned by Amir Haberfeld,
2. Ofer
Ganezi, 22%,
3. Moshe
Ganezi, 19%,
4. Z.W.K.
INVESTMENTS 2011 LTD., 10%, owned by Yuval Kidron, CPA.
In September 2011,
Ofer and Moshe Ganezi (brothers), shareholders in BRILL SHOE INDUSTRIES LTD.
(19.25% together) who acquired the activities of LEE COOPER ISRAEL, acquired,
together with Yuval Kidron, the holdings of CONCEPT FASHION
PROD
According to a report from August 2011 the Ganezi brothers paid NIS 10
million for their shares in subject.
DIRECTORS
1.
Amir Haberfeld, General
Manager,
2.
Yakov Haberfeld,
3.
Ofer Ganezi,
4.
Moshe Ganezi.
BUSINESS
Importers and marketers of ladies and kids swimwear
and undergarments, under brands "Galit Levy", as well as
stockings (brand
"Golden Lady").
Subject also serves as marketers of swimwear imported
by CORAL MODEL LTD. (mainly under the name "Banana").
Subject sells its products via leading local retail chains and department
stores, including NEW HAMASHBIR LAZARCHAN, H&O FASHION, AFRODITE, LEVANVANIM,
TEMPTATION, etc.
Local sole concessionaires for the following international brands (in the
swimsuits and underwear categories): “Disney”, “Fox”, "Lee
Cooper", "Looney Tunes", "Galit Levy”, "Pucca",
"Garfield", “Scooby Doo", Tinkerbelle", "Tom &
Jerry", "Muppets", "Simpson's", "Smurfs" and
more.
Also sole representative of GOLDEN LADY and LORMAR, both of Italy.
Advertising
agency: INBAR MERHAV SHAKED.
Operating from rented premises, on an area of 2,000 sq. meters, in 11
Leshem Street, Northern Industrial Park, Caesarea. Premises also serves sister
company CORAL MODEL LTD.
Having 50 - 70 employees (seasonal), currently having
60 employees.
MEANS
Current stock valued at NIS 5,000,000 (similar to last
year).
According to reports 2009 advertising budget is NIS 4,000,000.
There is 1 charge for an unlimited amount registered on the company's
assets, in favor of Mizrahi Tefahot Bank Ltd. (charge placed July 2011).
REVENUES
2007 sales claimed to be NIS 27,000,000.
2008 sales claimed to be NIS 30,000,000.
2008 sales claimed to be NIS 30,000,000.
2010 sales claimed to be NIS 30,500,000.
2011 sales claimed to be NIS 30,000,000.
OTHER
COMPANIES
CORAL MODEL LTD., owned by Amir Haberfeld, importers of fashion swimwear.
BRILL SHOES INDUSTRIES LTD., 19.25% held by the Ganezi brothers, designers,
manufacturers, importers, marketers and exporters of footwear, apparel and
fashion accessories. Publicly traded on the Tel Aviv Stock Exchange,
current market value US$ 57.3 million. Its main subsidiaries:
· SUPER BRANDS LTD., 100%
· S.B.N CLOTHING LTD., 50%, holding the NAUTICA brand rights, operates 14 stores.
· KOL NAAL CENTER LTD., 75%., operating a retail chain store under the name "Kol Naal Center" with 6 stores.
· BRILL FASHION LTD. (known as Lee Cooper Israel), 100%, designers, manufacturers (via sub-contractors), importers and marketers of fashion wear. Also operating retail store chain of "Lee Cooper" (33 shops).
· HOLIS METAL INDUSTRIES LTD., controlled by the Ganezi Family, designers, manufacturers and marketers of window coverings (e.g. blinds, shades and curtain track systems).
BANKERS
·
Bank Leumi Le'Israel Ltd., Kiryat Arye Business Branch (No. 670), Petach Tikva, account No.
105900/99.
·
Mizrahi Tefahot Bank Ltd., Tel Aviv Central Business branch (No. 461), Tel Aviv, account No. 367536.
A check with the Central
Banks' database did not reveal any negative information regarding subject's a/m
accounts.
CHARACTER
AND REPUTATION
Nothing unfavourable learnt on subject itself.
Subject is considered a leading company in the local fashion swimsuits
market.
According to a report from May 2008, subject holds 30% of
the swimwear market, 10%-15% of the lingerie market and over 50% of the
pantehose market.
Subject’s former parent company CONCEPT FASHION encountered serious
financial difficulties in recent years and in March 2011 BRILL SHOES INDUSTRIES
LTD., a leading footwear manufacturers, importers and retailers, the
acquisition of CONCEPT FASHION’s 32 chain stores activities in Israel for NIS
24 million (of which NIS 20 million for inventory).
In May 2011 Ofer and Moshe Ganezi, holding 19.25% of BRILL,
announced that they intend to acquire CONCEPT's shares in subject (60%). It
should be noted the acquisition by the Ganezi brothers was done
privately and not connected to BRILL. Deal was completed in September 2011.
Amir Haberfeld,
was in the past the local Marketing Manager of KLIL YOFI MODEL LTD., leading
local manufacturers and marketers of swimsuits, which went into receivership in
September 2003, following financial difficulties.
Haberfeld
established CORAL MODEL in order to market swimsuits, mainly under the brand
name Banana.
In mid 2007,
subject gained the concession from D
In March 2008, it was reported that subject enters the
children swimwear, launching the brands "Banana" and "Banana
Kids", as well as "Twitty" for babies, with an overall
investment of NIS 900,000.
In April 2008, it was reported on subject's summer
advertising campaign with investment of NIS 1 million.
In June 2010 it was reported that subject purchased
the marketing concession of the women intimate line and pajamas of the Italian
brand LORMAR, with investment of NIS 500,000.
In September 2009 it was reported that subject
received the concessionaire for "Pucca", with investment of NIS
200,000.
In February it was reported that subject acquired the concessionaire for
"Snoopy", with investment of NIS 500,000.
In July 2010 it
was reported that subject acquired the representation of LORMAR undergarments
brand for NIS 500,000 and invested over US$ 150,000 in the launching of the
brand in Israel.
In May 2011 it was
reported that subject invested some NIS 200,000 in the acquisition of the
"Smurf" brand for undergarments.
The
local textile and fashion market is valued at NIS 7.5 billion per annum, NIS 6
billion of which is attributed to the fashion branch.
According to the Central Bureau of Statistics (CBS), import of
Clothing and Footwear in 2011 kept the rising trend from 2010: import rose by
close to 19%, after rising 13.4% in 2010 from 2009, summing up to US$ 1,707.3
million (in 2009 the local market experienced a slow-down). Most import comes
from China. Main other countries of origin for textile goods are France, Italy,
Hong Kong and Turkey, Spain and the U.S.A.
The local fashion
market was suffering from slow-down during 2009, and the trend continued into
2010, although in a less extent. According to a
local retail research company, retail fashion chains witnessed in
According
to CBS, the current expenditure for private consumption in 2010 for clothing,
footwear and personal items fell by 5.1% from 2009, continuing the decreasing
trend in 2009, though in an higher magnitude (in 2009 it fell marginally (0.7%)
from 2008, after rising 4.1% from 2007). This happened in contrast to the
general trend in the local market in 2010, where expenditure level for private
consumption actually increased.
According
to surveys, average spending per houshold on clothing & footwear in 2008
reached NIS 483 per month and fell to around NIS 455 per month in 2009 (similar
level as 2007).
SUMMARY
Good for trade
engagements.
Maximum unsecured credit recommended US$
150,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.65 |
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UK Pound |
1 |
Rs.77.80 |
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Euro |
1 |
Rs.65.05 |
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.