|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MENDELOVICI (FEMINA) FABRIC IMPORTING TRADE
HOUSE LTD. |
|
|
|
|
Registered Office : |
44 Nachalat Benyamin Street, Tel Aviv 6516304 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Year of Establishments: |
1976 |
|
|
|
|
Com. Reg. No.: |
No. 51-240416-1 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and marketers of fabrics (commercial
fabrics, and fabrics for brides). |
|
|
|
|
No. of Employees : |
Having 10
employees (similar to the previous years) |
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 : |
Moderate |
|
|
|
|
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 |
MENDELOVICI (FEMINA) FABRIC IMPORTING TRADE HOUSE LTD.
(Also trading as FEMINA - MENDELOVICI LTD)
Telephone 972 3 510
42 11
Fax 972 3
510 53 95
44 Nachalat Benyamin Street
TEL AVIV 6516304 ISRAEL
Originally established
as a sole proprietorship in 1976 under the style "MENDELOVICI
AHARON".
Converted into a
private limited company and registered as such as per file No. 51-240416-1 on
the 03.12.1996.
Note: Subject does
not have a registered Latin Name. Therefore, the name “MENDELOVITCI” could also
be spelled “MENDELOVITCH”.
Authorized share
capital NIS 31,300.00, divided into -
31,300
ordinary shares of NIS 1.00 each,
of which 1,600
shares amounting to NIS 1,600.00 were issued.
1.
Aharon Mendelovici, 50%,
2.
Mrs. Yety Mendelovici, wife of Aharon, 50%.
1.
Aharon Mendelovici,
2.
Mrs. Yety Mendelovici.
Alon Mendelovici,
son of a/m shareholders.
Importers and marketers
of fabrics (commercial fabrics, and fabrics for brides).
Operating from
offices and showroom rented premises, on an area of 380 sq. meters, in 44
Nachalat Benyamin Street, Tel Aviv, from a warehouse, in 46 Nachalat Benyamin
Street, Tel Aviv (owned by the shareholders, on an area of 150 sq. meters), and
from another warehouse, in Har Sinai Street, Tel Aviv (rented, 80 sq. meters).
Having 10
employees (similar to the previous years).
Financial data not
forthcoming.
There are 6 charges
for unlimited amounts, as well as 1 charge on the sum of NIS 80,000.00
registered on the company's assets (financial and other assets), in favor of
Bank Leumi Le’Israel Ltd. and Bank Hapoalim Ltd. (last charge placed in August
2010, prior charge placed in 2004).
2011 sales claimed
to be NIS 5,600,000.
2012 sales claimed
to be NIS 5,600,000.
Sales for the
first 9 months of 2013 claimed to be NIS 4,200,000.
Bank Leumi Le’IsraeLtd., Kikar Hamoshavot Branch (No. 810), Tel Aviv.
Nothing unfavorable learned (please refer to NOTE below).
Subject’s General Manager refused to disclose financial
information besides sales figures.
This is a long established family business.
According
to Central Bureau of Statistics (CBS), import of fabrics and yarns in 2012 fell by
6.5% from 2011, reaching US$ 663 million. This comes after couple of years
which saw a rise in import – by 17% in 2010 and
by 2.1% in 2011 comparing to the previous year, parallel to the recovery
in general in the local economy after the slowdown in economy in 2009.
Chinese production comprises the largest
portion of imported textile goods followed by France, Italy, Hong Kong and
Turkey. The increase in imports emanates from the exposure to foreign markets
policy by the State.
Good for trade
engagements.
NOTES:
1. According
to the Registrar of Companies subject has a "Law Violating Company"
Status.
As part of the Registrar
efforts in the last period to collect fees and supervision on meeting all
duties by Companies’ law, such status notes have been added to the registry. Registration
as a "Law Violating Company" is done due certain violation by the
subject company for not meeting the Registrar of Companies regulations promptly,
mainly for not paying Registrar fees, and/or not submitting annual reports on
time. The sanctions and penalties against the company in such case include
fines up to NIS 250,000, not allowing the company to register new charges on
its favor, not allow registration a charge on its assets (which may deprive the
company from taking new loans at their banks), cannot make changes in the
Registrar, and more.
It should be noted
that this may not necessarily be connected to the company's business activities
and financial standing (although in many cases there is a connection, we
believe it is not due financial reason; It is also possible that there
is a technical or administrative problem, as such things also happen).
2. 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.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.