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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EXPOSE FASHION LTD. |
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Registered Office : |
P.O. Box 3578, Caesarea, 11 Leshem Street, Northern Industrial Park, Caesarea
3088900 |
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Country : |
Israel |
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Date of Incorporation : |
05.09.2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of ladies and kids swimwear
and undergarments, under brands "Galit Levy", as well as stockings
(brand "Golden Lady"). |
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No. of Employees : |
60 |
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 : |
Usually correct |
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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 |
EXPOSE FASHION LTD.
Telephone 972
4 623 06 86
Fax 972 4 623 06 88
P.O. Box 3578, Caesarea
11 Leshem Street
Northern Industrial Park
CAESAREA 3088900 ISRAEL
A private limited company registered as per file No. 51-372919-4 on the 05.09.2005
under the name K. EXPOSE ISRAEL 2005 LTD., which changed to the present name on
the 11.09.2005.
Subject was established by its original shareholders, in view of joining
their activities (of swimwear), i.e. of CORAL MODEL LTD., established by Amir
Haberfeld in 2002, and by LEE COOPER ISRAEL Group (via CONCEPT FASHION, then
headed by Gidi Goldfinger).
Authorized share capital NIS 10,000.00, divided into -
10,000 ordinary shares of NIS
1.00 each,
of which 1,000 shares amounting to NIS 1,000.00 were issued.
1. CORAL
MODEL LTD., 49%, owned by Amir Haberfeld,
2. Ofer
Ganezi, 22%,
3. Moshe
Ganezi, 19%,
4. Z.W.K.
INVESTMENTS 2011 LTD., 10%, owned by Yuval Kidron, CPA.
In September 2011,
Ofer and Moshe Ganezi (brothers), shareholders in BRILL SHOE INDUSTRIES LTD.
(19.25% together), who acquired the activities of LEE COOPER ISRAEL, acquired, jointly with CPA Yuval Kidron, the holdings of CONCEPT FASHION PROD
According to a report from August 2011 the Ganezi brothers paid NIS 10
million for their shares in subject.
1.
Amir Haberfeld, General
Manager,
2.
Yaakov Haberfeld,
3.
Ofer Ganezi,
4.
Moshe Ganezi.
Importers and marketers of ladies and kids swimwear
and undergarments, under brands "Galit Levy", as well as stockings
(brand "Golden Lady").
Subject also serves as marketers of swimwear imported by
CORAL MODEL LTD. (mainly under the name "Banana").
Subject sells its products via leading local retail chains and department
stores, including NEW HAMASHBIR LAZARCHAN, H&O FASHION, AFRODITE,
LEVANVANIM, TEMPTATION, etc.
Local sole concessionaires for the following international brands (in the
swimsuits and underwear categories): “Disney”, “Fox”, "Lee
Cooper", "Looney Tunes", "Galit Levy”, "Pucca",
"Garfield", “Scooby Doo", Tinkerbelle", "Tom &
Jerry", "Muppets", "Simpson's", "Smurfs" and
more.
Also sole representative of GOLDEN LADY and LORMAR, both of Italy.
Advertising
agency: INBAR MERHAV SHAKED.
Operating from rented premises, on an area of 2,000 sq. meters, in 11
Leshem Street, Northern Industrial Park, Caesarea. Premises also serves sister
company CORAL MODEL LTD.
Having 60 employees (same as in the beginning of
2012).
Current stock is valued at NIS 5,000,000 (similar to
the beginning of 2012 and to 2011).
According to reports 2009 advertising budget is NIS 4,000,000.
There is 1 charge for an unlimited amount registered on the company's
assets, in favor of Mizrahi Tefahot Bank Ltd. (charge placed July 2011).
2007 sales claimed to be NIS 27,000,000.
2008 sales claimed to be NIS 30,000,000.
2008 sales claimed to be NIS 30,000,000.
2010 sales claimed to be NIS 30,500,000.
2011 sales claimed to be NIS 30,000,000.
2012 sales claimed to be NIS 29,000,000.
CORAL MODEL LTD., owned by Amir Haberfeld, importers of fashion swimwear.
BRILL SHOES INDUSTRIES LTD., 19.25% held by Ganezi brothers, designers,
manufacturers, importers, marketers and exporters of footwear, apparel and
fashion accessories. Publicly traded on the Tel Aviv Stock Exchange,
current market value US$ 54.9 million. Its main subsidiaries:
SUPER BRANDS LTD.,
100%
S.B.N CLOTHING
LTD., 50%, holding the NAUTICA brand rights, operates 14 stores.
KOL NAAL CENTER
LTD., 75%., operating a retail chain store under the name "Kol Naal
Center" with 6 stores.
BRILL FASHION LTD.
(known as Lee Cooper Israel), 100%, designers,
manufacturers (via sub-contractors), importers and marketers of fashion wear.
Also operating retail store chain of "Lee Cooper" (33 shops).
Also controlled by
Ganezi Brothers & Family:
HOLIS INDUSTRIES LTD.,
designers, manufacturers and marketers of window coverings (e.g. blinds,
shades, curtain track systems). 2011 sales US$ 51 million.
ORGON INDUSTRIES
(1972) LTD., offering full range of shading solutions.
TZELON BLINDS MARKETING (1993) LTD., marketing HOLIS's products.
OR-SUN LTD., 50%,
importers and marketers of home textile goods.
POLYLAC PAINTS AND
LACQUERS INDUSTRIES LTD., manufacturers, marketers
and exporters of industrial paints, lacquers, etc.
POLYLAC PROPERTIES
HOLDINGS (1980) LTD., yielding real estate holdings.
Mizrahi
Tefahot Bank Ltd., Tel Aviv Central Business branch (No. 461),
Tel Aviv, account No. 367536.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing unfavorable learnt on subject itself.
Subject is considered a leading company in the local fashion swimsuits
market.
According to a report from May 2008, subject holds 30% of the
swimwear market, 10%-15% of the lingerie market and over 50% of the pantehose
market.
Subject’s former parent company CONCEPT FASHION encountered serious
financial difficulties in recent years and in March 2011 BRILL Group, a leading
footwear manufacturers, importers and retailers, acquired of CONCEPT’s 32
shops' activities in Israel for NIS 24 million (of which NIS 20 million for
inventory).
Ofer and Moshe
Ganezi, holding 19.25% of BRILL, announced on their
intention to acquire CONCEPT's shares in subject (60%), which they did
privately, not connected to BRILL. Deal was completed in September 2011.
Ofer Ganezi and
Moshe Ganezi are well-known local businessmen.
Amir Haberfeld,
was in the past the local Marketing Manager of KLIL YOFI MODEL LTD., leading
local manufacturers and marketers of swimsuits, which went into receivership in
September 2003, following financial difficulties.
Haberfeld
established CORAL MODEL in order to market swimsuits, mainly under the brand
name Banana.
In mid 2007, subject gained the concession from D
NIS
In March 2008, it was reported that subject enters the
children swimwear, launching the brands "Banana" and "Banana
Kids", as well as "Twitty" for babies, with an overall
investment of NIS 900,000.
In April 2008, it was reported on subject's summer
advertising campaign with investment of NIS 1 million.
In June 2010 it was reported that subject purchased the
marketing concession of the women intimate line and pajamas of the Italian
brand LORMAR, with investment of NIS 500,000.
In September 2009 it was reported that subject
received the concessionaire for "Pucca", with investment of NIS
200,000.
In February 2010 it was reported that subject acquired the concessionaire
for "Snoopy", with investment of NIS 500,000.
In July 2010 it
was reported that subject acquired the representation of LORMAR undergarments
brand for NIS 500,000 and invested over US$ 150,000 in the launching of the
brand in Israel.
In May 2011 it was
reported that subject invested some NIS 200,000 in the acquisition of the
"Smurf" brand for undergarments.
According to reports from the end of 2012,
total revenues of the local fashion market are NIS 11 billion per annum.
Based on surveys, around 50% and more is women's fashion.
Moreover, 40% of fashion stores in Israel belong to fashion chains, the rest
being private shops.
According to the Central Bureau of Statistics (CBS), import of Clothing
and Footwear in 2012 rose by 5.1% (in $ terms, marked 13.3% in NIS currency
terms), summing up to US$ 1,759 million. That data shows on the continuing
growing trend from the last couple of years – by 19% and by 13.4% in 2011 and
2010, respectively, in comparison to the previous year.
The
local fashion market has been significantly influenced by the entrance of new international
fashion players to the already highly competitive local market (GAP, H&M in
2009/2010, Forever 21 in 2011). Sources in the local fashion
branch, in recent period the branch re-entered stagnation, and drop in revenues.
It is explained by several factors, including the present slow-down in local
economy, and the fierce competition where the entrance of the strong
international chains are dragging prices down but do not bring to expansion of
the fashion market.
From CBS preliminary National Accounts for
2012, it turns that per capita expenditure for
private consumption on non-durable goods rose in 2012 by 1.4% per-capita
(1.3% rise in 2011). This rise reflects increase by 4.5% expenditure on clothing, footwear and personal effects.
Good for trade engagements.
Note: Since the beginning of 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.37 |
|
|
1 |
Rs.82.07 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.