MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SAL BRIDAL WEAR & EVENING GOWNS LTD.

 

 

Formerly Known As :

SAL WEDDING DRESSES AND GOWNS LTD.,

 

 

Registered Office :

4 Rival Street Tel Aviv 6777835   

 

 

Country :

Israel

 

 

Date of Incorporation :

24.05.2000

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Designers, manufactures, exporters and marketers of wedding dresses and night gowns.

 

 

No. of Employees :

50

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

                                                                                                   

SAL WEDDING DRESSES AND GOWNS LTD.

 

Correct Name:       SAL BRIDAL WEAR & EVENING GOWNS LTD.

                            Telephone           972 3 688 01 88

                            Fax                     972 3 687 04 50

                            4 Rival Street

                            TEL AVIV          6777835-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-295807-5 on the 24.05.2000.

 

Originally established under the name SAL WEDDING DRESSES AND GOWNS LTD., which changed to the present name on the 01.04.2008.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 100,000.00, divided into -

                   10,000,000 ordinary shares of NIS 0.01 each,

of which 198,000 share amounting to NIS 1,980.00 were issued.

 

 

SHAREHOLDERS

 

1.     BRIDGE EXPORT (ISRAEL) LTD., 50%, owned by David Loewenstein,

2.     Mrs. Pnina Assis (Loewenstein), 50%, wife of David.

 

 

DIRECTORS

 

1.     David Loewenstein, General Manager,

2.     Mrs. Pnina Assis, fashion designer.

 

 

BUSINESS

 

Designers, manufactures, exporters and marketers of wedding dresses and night gowns.

Also operating a retails store for the said products, under the name "Pnina Tornai".

95% of sales are export.

Export is mainly to the USA, Greece, England.

 

Operating from rented premises (offices and plant), on an area of 300 sq. meters, in 4 Rival Street, Tel Aviv, and from a retail store, rented, on an area of 200 sq. meters, in Hatzerot Yafo, 15 Jerusalem Ave., Tel Aviv-Jaffa.

 

Having 50 employees.

 

 

MEANS

 

Financial data not forthcoming.

 

There are 6 charges for unlimited amounts registered on the company's assets (financial assets), in favor of Bank Hapoalim Ltd. and Mizrahi Tefahot Bank Ltd. (last 2 charges placed November 2011).

 

 

REVENUES

 

Sales figures not forthcoming

 

 

OTHER COMPANIES

 

David Loewenstein also has holdings in the following companies:

BRIDGE EXPORT (ISRAEL) LTD. (fully owned),

BRIDGE FILTERS LTD., (partly owned), manufacturing, export and marketing of fuel filters for motor vehicles.

 

 

BANKERS

 

Bank Hapoalim Ltd., Hatzafon Branch (No. 602), Tel Aviv, acount No. 6570.

 

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

 

Mizrahi Tefahot Bank Ltd., Afula Branch (No. 474), Afula.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Mr. David Loewenstein refused to disclose financial data.

 

Subject is a leading business in its field, and the "Pnina Tornai" brand is well-known, being one of the most prestigious designers of wedding gowns.

 

 

SUMMARY

 

Notwithstanding the lack of financial data, considered good for trade engagements.

 

 

Note: Since the beginning of 2012 Israel Post started using a new area code method of 7 digits (the old method of 5 digits will still be valid till end of 2012).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.