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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
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Name : |
DINGO LTD. |
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Registered Office : |
P.O. Box 13082, 1 Shidlovski Street, Argaman Compound, Industrial Zone, Yavne 8122114 |
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Country : |
Israel |
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Date of Incorporation : |
13.11.1968 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
A dyeing and
finishing plant for garments, socks, towels and yarns, sold locally and
for export |
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No. of Employees : |
60 – 70 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
israel - ECONOMIC OVERVIEW
Israel has a technologically advanced
market economy. It depends on imports of crude oil, grains, raw materials, and
military equipment. Cut diamonds, high-technology equipment, and agricultural
products (fruits and vegetables) are the leading exports. Israel usually posts
sizable trade deficits, which are covered by tourism and other service exports,
as well as significant foreign investment inflows. The global financial crisis
of 2008-09 spurred a brief recession in Israel, but the country entered the
crisis with solid fundamentals - following years of prudent fiscal policy and a
resilient banking sector. The economy has recovered better than most advanced,
comparably sized economies. In 2010, Israel formally acceded to the OECD.
Natural gasfields discovered off Israel's coast during the past two years have
brightened Israel's energy security outlook. The Leviathan field was one of the
world's largest offshore natural gas finds this past decade. In mid-2011,
public protests arose around income inequality and rising housing and commodity
prices. The government formed committees to address some of the grievances but
has maintained that it will not engage in deficit spending to satisfy populist
demands.
|
Source : CIA |
DINGO LTD.
Telephone972 73 971 11 11
Fax 972
73 971 11 10
P.O. Box 13082
1 Shidlovski Street
Argaman Compound
Industrial Zone
YAVNE 8122114 ISRAEL
A private limited company, incorporated as per file No. 51-050688-4 on the
13.11.1968.
Authorized share capital NIS 100,000.00, divided into
1,000,000 ordinary shares
of NIS 0.10 each,
of which 5,020 shares amounting to NIS 502.00
were issued.
Subject is fully owned by A. DAGESH INVESTMENTS LTD., owned by Efraim Cohen
and Ms. Dana Cohen (Gottlib), controlled by Efraim Cohen.
Efraim Cohen
Operating as:
1. A dyeing and finishing plant
for garments, socks, towels and yarns, sold locally and for export.
2. Importers and marketers of chemicals, dyes and auxiliaries for the local
textile field.
3. Importers and marketers of industrial machinery for various sectors.
Amongst local clients: TEFRON, DELTA TEXTILE INDUSTRIES.
Among foreign clients: VICTORIA SECRET, NIKE, JCP, PATAGONIA.
Among service providers: LAVID ENGINEERING.
Sole local representatives of (among others):
ACHITEX MINERVA, of Italy
MATHIS, of Switzerland,
SDL ATLAS, DATACOLOR, ATLAS, HARRIS WATER, PROSTAT, of the USA
APOLLO, of Taiwan,
SUNRISE, of China,
ASUTEX, of Spain
YORKSHIRE, of
Germany
RIALCO, of the UK.
Operating from rented premises, on an area of 5,000 sq. meters, in 1
Shidlovsli Street, Argaman Compound, Industrial Zone, Yavne.
According to subject’s publications, also operating from a plant in
Bulgaria.
Having 60 – 70 employees (had 60 employees in 2010, same as at the end of
2009).
Current stock is valued at NIS 2,500,000 (similar to 2010, was valued at
NIS 2,000,000 as of end of 2009).
Other financial data not forthcoming.
There are 5 charges for unlimited amounts registered on company’s assets
(financial and other assets), in favor of Bank Leumi Le'Israel Ltd., TEFRON
LTD. and I B M ISRAEL LTD. Charges were placed between 1995 to 2008.
Sales figures not forthcoming.
N.T.C. PRINT TECHNOLOGIES LTD., 50%,
SURF AND WORK LTD., 100%.
Bank Leumi Le'Israel Ltd., Ramat Hahayal Business Branch (No. 682), Tel
Aviv. Bank Hapoalim Ltd., Atidim Branch (No. 765), Tel Aviv.
Nothing unfavorable learned.
Subject’s Finance Manger refused to disclose financial data, besides stock
evaluation figures.
Subject is a long established company.
It should be noted that the local Textile Industry has been facing
difficulties bringing to the contraction of the sector (see more below) and we
assume that part of subject’s clients are among these industries – therefore
negatively affecting subject.
Subject is a subcontractor for dyeing works for TEFRON, a leading local
textile manufacturer who went into financial difficulties in 2009. TEFRON has
been going recovery process since 2010, including cost-saving plan -which we
assume has negative effects on subject, though TEFRON's situation has been
improving thanks to the measures taken.
DELTA GALIL INDUSTRIES, another client of subject, has been doing well,
although it is known that they have been shifting almost all their production
to foreign plants and subcontractors (due to lower costs).
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.
Notwithstanding the refusal to disclose 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
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UK Pound |
1 |
Rs.86.82 |
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Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.