MIRA INFORM REPORT
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Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
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Name : |
GAM A.N.D GAM LTD. |
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Formerly Known As : |
GAM AND GAM |
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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. Also deal in home
textile |
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No. of Employees
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6 employees as
of 2010 (had 2 employees in 2008 as a sole proprietorship) |
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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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 |
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). Current number
of employees unavailable.
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 on financial assets).
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.
General Manager Nahum Oshri refused to update
any data.
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), private consumption expenditure by
Israeli households in 2011 in clothing, footwear and personal effects rose by
mere 1.3% from 2010, after a 9.5% increase from 2009.
Despite the fears
due to the slow-down trend in the local economy, mainly since mid 2011, sales
by the local fashion –clothing and footwear- branch in 2011 witnessed a growth.
Sales during the year characterized in ups and downs, though eventually they
came higher than 2010, a year which was better than 2009, when the branch
suffered from slow-down (coupled with the general local economic environment)
and overall sales indicators were negative. 2010
sales were only marginally positive.
According to sources in the local fashion branch, 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.
Considering the refusal to disclose any data, dealings are recommended
on secured basis (we revised our recommendation due to the reluctance to
update data).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.77.97 |
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Euro |
1 |
Rs.65.62 |
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.