MIRA INFORM REPORT

 

 

Report Date :

29.06.2013

 

IDENTIFICATION DETAILS

 

Name :

YEKUTIEL IMPORT & DISTRIBUTION

 

 

Registered Office :

P.O. Box 1797 Silver Park, Industrial Zone  Kfar Qassem            4881000           

 

 

Country :

Israel

 

 

Year of Incorporation :

2009

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importers and marketers of home textile goods, including tablecloth, bath curtains, bath rugs, etc.

 

 

No. of Employees :

4

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ISRAEL - ECONOMIC OVERVIEW

 

Israel has a technologically advanced market economy. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. 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, and production from the Tama field is expected to meet all of Israel's natural gas demand beginning mid-2013. 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

Company name and address      

 

YEKUTIEL IMPORT & DISTRIBUTION

(Also trading as YEKUTIEL)

Telephone         972 3 951 12 32; 951 13 23

Fax                  972 3 682 98 23

P.O. Box 1797

Silver Park, Industrial Zone

 KFAR QASSEM    4881000   ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A sole proprietorship established in 2009, continuing a sole proprietorship business founded in 1970, owned and operated by Moshe Yekutiel, father of subject’s owner.

 

Operating under License dealer No. 024414146.

The business is registered with the Tax Authorities’ Files under the name of "YEKUTIEL BOAZ" (and trading name "YEKUTIEL IMPORT & DISTRIBUTION").

 

 

OWNERSHIP

 

Boaz Yekutiel.

 

 

GENERAL MANAGER

 

Boaz Yekutiel, born 1969.

 

 

BUSINESS

 

Importers and marketers of home textile goods, including tablecloth, bath curtains, bath rugs, etc.

 

All purchase is from import, mainly from China and Europe.

 

Sales are to many private individuals.

Among clientele: ELIGO, AMIT - ELIEZER MEIR (Rishon Le-Zion), SHLOMO AMOR (Beer Sheva), ARPLAST (Jerusalem), and many private customers.

 

Operating from rented premises (office and warehouse), on an area of 370 sq. meters, in Silver Park, Industrial Zone Kfar Qassem.

 

Having 4 employees.

 

 

MEANS    

 

Current stock is valued at NIS 500,000 (similar to mid 2010).

 

Other financial data not forthcoming.

 

 

REVENUES

 

2008 sales claimed to be NIS 1,800,000.

2009 sales claimed to be NIS 1,800,000.

2010 sales claimed to be NIS 1,600,000.

2011 sales claimed to be NIS 1,800,000.

2012 sales claimed to be NIS 2,000,000.

Sales for the 1st half of 2013 claimed to be NIS 1,300,000.

 

 

BANKERS

 

Bank Leumi Le’Israel Ltd., Yafo Branch (No. 801), Tel Aviv, account

No. 123600/44.

 

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

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learnt.

 

From the CBS National Accounts for 2012, it turns that in 2012 expenditure by local households on private consumption grew by 2.7% from 2011, after rising by 3.8% in 2011. Expenditure on durable goods decreased by 4% (after 10.5% rise in 2011 and 12% rise in 2010), although a breakdown shows that expenditure on furniture rose by 3%.

CBS preliminary National Accounts for 2012 reveals that per-capita expenditure on durable goods decreased by 4.2% (after 8.5% rise in 2011 and 10.1% rise in 2010). A breakdown of the expenditure reveals a 3% fall in purchases of household equipment (domestic electrical appliances), 9.1% decrease in purchase of vehicles for private use, and an increase by 1.9% in purchase of furniture.

 

According to CBS, import of consumer goods in 2012 marked a 1.9% increase continuing the rise of 9.8% in 2011. Most of the rise was in durable goods (by 9.6%), which comprising some 40% of the import volume, while import in durable goods decrease by 7.3% from 2011.

Import of Household Utensils in 2012 rose merely by 2% from 2011, summing up to NIS 2,484 million (although in $ terms import fell by 6%). In 2011 import rose by around 3% from 2010.

 

The local household products market is considered highly competitive after reaching market saturation. It includes household textile, tableware and kitchenware and utensils, bath accessories and ornaments &decorative items, ceramic and glass ware, etc. According to estimations, the local household products market volume reaches NIS 2.5 – 3 billons annually (of which circa NIS 1 billion for “home textile”), and includes retail, wholesale, institutional markets (Retail chains capture 30% of the market share, specialization stores 20%, while the institutional and workers unions sector has 50% share).

 

 

SUMMARY

 

Notwithstanding that subject is relatively newly formed, as continuing veteran business activities, considered good for trade engagements.

 

Note: Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.91.14

Euro

1

Rs.77.97

 

 

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%)

 

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