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Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
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Name : |
WORKER LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.10.2000. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers,
importers and marketers of working/professional apparel for various industries
and institutions. |
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No. of Employees : |
80 |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
WORKER LTD.
Telephone 972
3 553 59 93; 500 87 00
Fax 972
3 553 60 39; 551 44 77
Industrial Zone
A private limited company, incorporated as per file No. 51-302622-9 on the
29.10.2000.
Subject is continuing activities founded in the
early 1980s.
Authorized share capital of
39,100
ordinary shares of
of which 100 shares amounting to NIS 100.00 were
issued.
Subject is fully owned by Yoseph Yaffe.
Yoseph Yaffe.
1. Yoseph Yaffe,
2. DoronYaffe, brother of Yoseph.
Manufacturers, importers and marketers of working/professional apparel for various
industries and institutions.
Also importers and marketers of working/professional footwear.
Also operating 5 branches.
Manufacturing is done abroad via subcontractors abroad.
All sales are local.
Among clientele: Ministry of Defense, ISRAEL PRISON AUTHORITY, THE ISRAEL
ELECTRIC CORP., ISRAEL POST CO., BURGER RANCH, AFRICA ISRAEL, EL AL ISRAEL
AIRLINES, TEVA PHARMACEUTICAL INDUSTRIES, PAZ OIL, DELEK, COCA COLA ISRAEL,
TEMPO BEVERAGES, OSEM FOOD INDUSTRIES, TNUVA, ZOGLOWEK, etc.
Among local suppliers: DELTA GALIL INDUSTRIES, FOX-WIZEL, etc.
Service provider: EILAT GATEPORT NOGA (forwarding).
Operating from rented office premises, on an area of 400 sq. meters, in 26
Hakishor Street, industrial Zone, Holon, from a plant and logistics center in the
Industrial Zone, Mevoh Horon, from owned warehouse premises, on an area of
1,100 sq. meters, in 29 Nisenbaum Street, Industrial Zone, Bat Yam, and from
branches in Haifa, Tel Aviv, Petach Tikva, Beer Sheva and Jerusalem.
Having 80 employees, as of 2011 (had 70 employees in the beginning of
2010).
Financial data not
forthcoming.
There are 11 charges for unlimited amounts registered on the company's
assets (financial assets and fixed assets), in favor of Mizrahi Tefahot
Bank Ltd., Israel Discount Bank Ltd. and Bank Leumi Le’Israel Ltd.
2008 sales claimed to be NIS 40,000,000.
2009 sales claimed to be NIS 40,000,000.
2010 sales claimed to be NIS 40,000,000.
Later sales figures not forthcoming.
Mizrahi Tefahot
Bank Ltd., Industrial Zone Holon Branch (No. 419), Holon,
account No. 115997.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
Nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's co-General
Manager, Mr. Doron Yaffe, as he was awfully busy. We left message which so far
remain unanswered. We shall update you in case we manage to get fresh details.
Subject is ISO 9001:2008 certified.
Subject is known to be among the several leading local suppliers of
working and professional apparel.
THE NATIONAL COMPANY FOR CLOTHING & FOOTWEAR FOR WORKERS LTD., is owned
by Itzhak (Itzik) Yaffe, brother of Joseph Yaffe and operating in the same line
as subject. In the past the two companies were related, however according to
our there is no affiliations to-date.
In November 2007 it was reported that subject won the NIS 1 million tender
to supply uniforms for some 2,000 plant workers of the OSEM Group.
This comes after winning the NIS 500,000 tender to supply uniforms for
court-house security workers. In February 2009 it was reported that subject won
another NIS 500,000 tender for the court-house.
In December 2007, it was reported on a NIS 250,000 promotion campaign by
subject.
In February 2008 it was reported that subject designed and manufactured the
logo tricot shirts for ISRAEL POST CO. (1,690 postal workers).
Also in February, it was reported that subject invested NIS 2 million in
its new branch in Petach Tikva.
In May 2008, it was reported that COFRA, world large working footwear
manufacturer, which subject is its local concessionaire, will cooperate with
subject in Israel and jointly they will invest € 2 million in a new branches.
In March 2008, it was reported that subject won the NIS 200,000 tender
to supply working shoes for the ISRAEL PRISON AUTHORITY.
Notwithstanding the lack of updated data
from subject's officials, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.29 |
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1 |
Rs.86.61 |
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Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
-- |
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.