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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
OFFIS TEXTILE LTD. |
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Registered Office : |
47 Moshe Sharet Industrial Zone Azor 58002 |
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Country : |
Israel |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
18.02.1973 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Textile dyers, printers and bleachers of textile woven fabrics, mainly for bed linen. |
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No. of Employees : |
235 |
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$ 1,000,000 |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
OFFIS TEXTILE LTD.
Telephone
972 3 550 24 94
Fax 972 3 556 93 47
47 Moshe Sharet
Industrial Zone
AZOR 58002-ISRAEL
Originally incorporated
as a private limited company and registered as such as per file No. 51-063832-3
on the 18.02.1973.
Converted into a public limited company and registered as such as per
file
No. 52-003467-9 on the 10.02.1983. In parallel published a prospectus offering
shares to the public on the Tel Aviv Stock Exchange.
On 23.12.2009
following a successful tender offer for the shares held by the public, subject
was de-listed from trade (after being on the preservation list since July 2008)
and re-converted into a private limited company.
Authorized share
capital NIS 20,000,000.00, divided into -
20,000,000,000
ordinary shares of NIS 1.00 each,
of which shares
amounting to NIS 14,300,000.00 were issued.
1. Subject is owned by Eliezer
Fishman via owned company E.T. FISHMAN PROPERTIES (1998) LTD., directly and by
other companies,
2. Ms. Ronit Even, 2.3%.
1. Ramzi Gabbay, Chairman,
2. Eliezer Fishman,
3. Mrs. Ronit Fishman-Ophir, Mr. Fishman’s
daughter
4. Mrs. Ronit Even,
5. Eyal Fishman, Mr. Fishman’s son,
Sason Tzalisher
Textile dyers,
printers and bleachers of textile woven fabrics, mainly for bed linen.
Some 50% of sales
are for export, to retail chains, mainly in Europe.
Also operating
retail factory stores chain for selling finished textile products.
Subject has some
130 clients.
Among local
clients: WARDINON TEXTILE, GOLF & CO., ARLIKTEX/ DARLAN.
Among local suppliers: AVCO CHEMICALS.
Fabrics are imported mainly from the Far East.
Operating from
rented premises (offices, plant), owned by the Fishman family, on an area of
32,000 sq. meters, in 47 Moshe Sharet Street, Industrial Zone, Azor.
Having 235
employees (had 220 employees in the beginning of 2010).
Balance Sheet
showed (last obtainable):
NIS
(thousands)
31.12.2008 30.09.2009
ASSETS
Current assets
Cash and cash equivalents 2,008 4,468
Customers 44,931 47,257
Other
receivables 2,878 1,595
Inventory 64,270 56,386
114,087 109,706
Non-current assets
Investment
in subsidiary 469 425
Fixed
assets 16,434 14,044
16,903 14,469
130,990 124,175
======= =======
LIABILITIES
Current liabilities 65,985 57,812
Non-current liabilities 3,853 3,334
Equity 61,152 63,029
130,990 124,175
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In December 2009
subject's shares were purchased from the public according to a company value of
NIS 75 million.
Subject is an
“Approved Enterprise” and as such enjoys State financial assistance. Subject
received several approvals for their expansion plans of their plant from the
Israeli Investment Centre.
Later financial
data not forthcoming.
There are no
charges registered on the company's assets.
Statement
of Income
NIS
(thousands)
Year
ended 31.12
2006 2007 2008
Sales 209,237 190,585 189,191
Gross profit 31,185 25,823 23,131
Operating income 17,583 12,022 7,957
Pre-Taxes Income 30,323 8,797 4,616
Net income 20,562 6,683 3,286
====== ====== ======
Consolidated first
3 quarters of 2009 revenues NIS 152,689,000 (8.4%
increase comparing to the parallel period in 2008), making a gross profit of
NIS 20,612,000, an operating profit of NIS 10,644,000, making a net profit of
NIS 6,877,000 (compared to a net profit in parallel period 2008 of NIS 421,000).
2009 sales
reported to be some NIS 200,000,000.
According to a
report from May 2011, subject's 2010 sales were NIS 250,000,000, making a net
profit of NIS 10,000,000.
Later sales data
not forthcoming.
GAS DAN LTD., 40%.
FISHMAN GROUP, controlled by Eliezer Fishman, also fully or partially
holds a long list of companies in a large array of industrial and commercial
sectors in the local market, as well as broad operations abroad.
In the Retail
businesses, the Group holds FISHMAN CHAINS LTD., a roof company for the FISHMAN
Group’s retail businesses, managed by Mr. Fishman’s son Eyal Fishman and
includes:
E.F. DESIGNS -
LIMITED PARTNERSHIP, 50% (partnership of the Fishman and Eitani families),
furniture and household goods, 27 store chain under the names ”Betili”,
“IDdesign” and "Rich & Taylor", annual sales of over NIS 200
million.
HOME CENTER (DIY)
LTD., local largest DIY and household goods, indoor and outdoor furniture,
electrical and building materials and appliances, etc (43 branches nationwide,
as well as branches via subsidiaries in Cyprus. Annual consolidated sales were
around NIS 1 billion.
BEST BUY MARKETING
NETWORKS LTD. ("Best Buy" and "Big Box" stores), a large
domestic electrical appliances and electronic goods chain, with estimated
annual sales of NIS 200 million.
HYPERTOY LTD., importers and marketers of
toys (including children and youth bicycles), games (including multimedia) and
accessories, operating 2 retail chains: Toys’R’Us", a franchisee of
Toys’R’Us International - 20 branches, and The Red Pirate" – 18 branches.
CELIO CLOTHING AND FOOTWEAR LTD., men’s fashion wear chain (some 20
branches).
ZER. 4. U (2000)
LTD., 96%, a retail flower chain, operating 26 stores nationwide
FISHMAN CELLULAR DIVISION GENERAL PARTNERSHIP, importers and distributors
of cellular phones.
TELEPHARMA THE
FIRST DIRECT PHARMACY (1999) LTD., Israel’s first direct marketing pharmacy.
As well as the ACCESSIRIZE franchise for fashion
accessories.
Eliezer Fishman and his family own, control and manage companies in major
important sectors in Israel (finance, industry, energy, hi-tech, media), real
estate assets as well as numerous foreign companies. Main publicly
traded companies controlled by FISHMAN Group are real estate holdings
companies JERUSALEM ECONOMY LTD. (JEC), one of the largest in Israel, and its subsidiary INDUSTRIAL BUILDINGS CORPORATION LTD., both
publicly traded on the Tel Aviv Stock Exchange (TASE), as well as DARBAN INVESTMENTS LTD. and MIRLAND DEVELOPMENT CORPORATION PLC. FISHMAN Group
also control (82%) TEN - PETROLEUM COMPANY LTD., publicly traded on TASE, which
operates 35 petrol stations.
The First International Bank of Israel Ltd., Holon Business Branch (No.
078), Holon.
Mizrahi Tefahot
Bank Ltd., Tel Aviv Main Business Branch (No. 461), Tel Aviv.
Nothing
unfavorable learned.
Subject's
officials refused to disclose financial data.
FISHMAN Group is controlled by Eliezer Fishman, a leading local businessman
and entrepreneur, one of the most influential figures in the local business and
commercial community.
Subject is one of
the leading companies in its field in Israel, and estimates its local market
share in sales of woven fabrics at 50%.
Ramzi Gabbay,
subject's Chairman (and until February 2010 subject's General Manager for 23
years) served for many years as the Chairman of the Textile Manufactures Union
and presently serves as the Chairman of The Israel Export & International
Cooperation Institute (Government supported export promotion body).
In May 2011
subject's Chairman reported that it closed 2 sawing facilities in the Galilee
and transferred it production to Egypt.
Sales by local Textile, Clothing and Fashion Industries
experienced decrease in sales over the last couple of years. The output by the
local Textile and Clothing industries in 2009 fell down by 13% from 2008. Some 60% of the textile industry production is sold in the
local market and the rest for export. Most exports were the North American markets
(some 50%), and the industries suffered from the global economic crisis, mainly
in the USA, as well as the slow-down in local market. In 2010 sales for export
of the Textile, Clothing & Leather industries improved just slightly, with
3.5% increase from 2009, however in 2011 fell again by 6.6% (mainly due to
global markets weakness) reaching US$ 858.7 million.
The local industry has been in state of crisis during last
decade in face of amounting import from foreign competitors with cheaper
production costs, forcing streamlining process, plants closure, and mostly
resulting in the shift of textile manufacturing to low labor cost countries.
There are around 14,000 employed in the textile sector in some 130 plants. In
order to deal with the situation, the local textile industry diverted mainly to
advanced technologies production, niches and design aspects.
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 1,000,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
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|
1 |
Rs.78.79 |
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Euro |
1 |
Rs.65.74 |
RATING EXPLANATIONS
|
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 |
|
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.