MIRA INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
GAM A.N.D GAM LTD. |
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Registered Office : |
9 Dr. Moshe Marzouk
Street, Kiryat Ata 28098 |
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Country : |
Israel |
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Year of Establishment : |
2008 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of
high quality underwear and undergarments for men, women, children and babies |
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No. of Employees
: |
06 |
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$ 25,000. |
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Status : |
Small Company |
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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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
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 |
GAM A.N.D GAM LTD.
(Also known as GAM
& GAM)
Telephone 972 50 304 30 00
Fax 972 4 985 33 95
9 Dr. Moshe
Marzouk Street
KIRYAT ATA-28098 ISRAEL
Originally established
in 2008 as a sole proprietorship operating under the style GAM AND GAM, which
continued the (non-registered) business founded by subject’s owner father in
the early 1990s.
Converted into a
private limited company, and registered as such as per file No. 51-429349-7 on
the 09.07.2009.
Authorized share
capital NIS 3,000.00, divided into -
3,000
ordinary shares of NIS 1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
Subject is fully owned
by Nahum Oshri.
Nahum Oshri, born
1985.
Importers and
marketers of high quality underwear and undergarments for men, women, children
and babies. Also deal in home textile.
Sales are to many
private clientele.
All of subject's goods are imported.
Operating from an office at the private residence
of Mr. Oshri, in 9 Dr. Moshe Marzouk Street, Kiryat Ata and a rented warehouse,
on an area of 350 sq. meters, in Industrial Zone, Milouot.
Having 6
employees, as of 2010 (had 2 employees in 2008 as a sole proprietorship).
Financial data not
forthcoming.
There are 4
charges for unlimited amounts registered on the company's assets (financial assets
and a vehicle), in favor of Bank Leumi Le'Israel Ltd. and Mizrahi Tefahot Bank
Ltd. (last charge placed in September 2011).
As a sole proprietorship during 2008 claiming to
have a monthly turnover of NIS 500,000.
2009 sales claimed
to be NIS 5,000,000.
Later sales
figures not forthcoming.
· Mizrahi Tefahot Bank Ltd., Kiryat Ata Branch (No. 448), Kiryat Ata,account No. 175765.
· Bank Leumi Le'Israel Ltd., Kiryat Haim Branch (No. 899), Kiryat Haim, account No. 112200/26.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m accounts.
Nothing unfavorable learned.
We spoke with subject's General Manager Nahum
Oshri as he was on his way abroad. He said he is due back in one week's time
and requested us to call him then. We shall update you after we will speak him
upon his return.
According to reports from the beginning of 2012,
total sales of the local fashion market are NIS 10 billion per annum.
Sources in the local fashion branch comment that in recent months the branch
entered
again a freezing mode. It may be explained by several factors, including the
present slow-down in local economy, the fierce competition and more.
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.
According
to the Central Bureau of Statistics (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).
Notwithstanding the lack of updated data from subject's officials,
considered good for trade engagements.
Maximum unsecured credit recommended US$ 25,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.35 |
|
UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
RATING EXPLANATIONS
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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 |
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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.