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Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
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Name : |
NEW JEANS LTD. |
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Registered Office : |
9 Jaffo Rd., Beit Romano, Shop No. 16, TEL AVIV
6684201 |
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Country : |
Israel |
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Date of Incorporation : |
12.03.2000 |
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Com. Reg. No.: |
51-292249-3 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of men and women apparel. |
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No of Employees : |
10 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. 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. 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. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. 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. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government's fiscal position. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.
|
Source
: CIA |
NEW JEANS LTD.
Telephone 972 3 516 28 98
Fax 972 3 516 28
98
Email: info@cargo-f.co.il
9 Jaffo Rd.
Beit Romano, Shop No. 16
TEL AVIV 6684201 ISRAEL
A private limited company, incorporated as per file No. 51-292249-3 on
the 12.03.2000.
Authorized share capital NIS 38,100.00, divided into -
38,100 ordinary shares
of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were issued.
Subject is fully owned by Zion Zakri.
Zion Zakri, born 1951.
Lior Zakri, son of Zion, acts as subject’s Deputy General Manager.
Importers and marketers of men and women apparel.
Subject markets clothes under the brands “Cargo”, “Record” and others, manufactures
in China based on subject’s requirements.
Also imports from the Far East and Turkey.
Among clients: MEGA RETAIL and other marketing chains, as well as many
wholesalers countrywide.
We are informed that subject works with the local largest retail chains.
Operating from key-money premises (office and shop), on an area of 40
sq. meters, in 9 Jaffa Rd., Beit Romano, shop No. 16, Tel Aviv, and from rented
warehouse, on an area of 500 sq. meters, in Rishon Le-Zion.
Having 10 employees (same as in mid 2012, had 14 employees in mid 2010).
Financial data not forthcoming.
There 9 charges for unlimited amounts registered on the company's assets
(financial assets and vehicles), in favor of Bank Leumi Le’Israel Ltd. and Bank
Hapoalim Ltd. (last charge placed December 2012).
Sales figures not forthcoming.
CARGO FASHION LTD., owned by Zion Zakri, non-active.
Bank Hapoalim Ltd., Harimon Branch (No. 500), Tel Aviv, account No. 418209.
A check with the Central Banks' database did not
reveal anything detrimental on subject’s a/m account.
We are informed that subject works with other banks as well (not
forthcoming). According to our working with:
Bank Leumi Le'Israel Ltd., branch details not forthcoming.
In May 2004 it was reported that the Police raided subject's warehouses
in the south of Tel Aviv, confiscating faked jeans of the brand
"Krocker" in value of NIS 1 million.
The detectives found a container with 7,000 items bearing the trade name
of "Crocker", a known jeans brand, who initiated the investigation in
the first place. CROCKER INTERNATIONAL LTD. also said they will press charges
against the ones responsible for the faking.
In October 2005 DIESEL, the international jeans manufacturer
(represented locally by POLYMODE), filed a NIS 750,000 lawsuit and a request
for permanent injunction against subject and its owner Zion Zakri, as well as
against another retail fashion chain store, all for marketing and selling jeans
with similar design to the "Diesel", which allegedly constitute
trade-mark and other violations.
Subject lost a court cases filed in 2008 against two fashion chains
RENUAR FASHION MANUFACTURING & MARKETING (1993) LTD. and GOLF & CO.
LTD., regarding a claim that the latter violated subject’s alleged brand name
"Cargo". The Tel Aviv District Court ruled in 2008 and later also in
2011 that the term "Cargo" is a general clothing term meaning “baggy”
pants with many pockets. The Court reproached subject for withholding this
information. Subject later appealed to the Court and later to the Supreme
Court, yet its appeals were rejected.
Nothing unfavorable learned besides the above cases.
Subject's officials refused to disclose financial data.
In 2005 it was reported that subject will be the marketer of PLAYBOY
ISRAEL's apparel line.
Mr. Zion Zakri is veteran in the local textile and fashion industry
(with over 40 years of experience). Subject is managed by him and his 4 sons.
Reportedly,
total revenues of the local fashion market in 2013 reached NIS 12 billion per
annum. In 2012 sales reached NIS 11 billion. 40% of sales are in the large
fashion chains, 34% in other smaller chains, and the rest in private shops.
According to the fashion market survey, which monitors
sales by the local fashion chains, 2012 marked almost a freeze in revenues,
with mere 0.7% increase from 2011. The data reveals that in 2012 41 fashion
chains (out of 72 chains with total of over 1,600 shops) noted decrease in
sales of apparel and footwear.
According to the Central Bureau of Statistics (CBS), import of
Clothing and Footwear in 2013 rose by mere 0.9% from 2012 (in NIS terms, rose
by 7.9% in $ terms), summing up to NIS 6,854 million. This is after 2012 marked
13.3% rise (5.1% in $ currency terms). That data shows on the continuing
growing trend over the last of years – by 19% and by 13.4% in 2011 and 2010,
respectively, in comparison to the previous year. Most import comes from China.
Main other countries of origin for textile goods are France, Italy, Hong Kong
and Turkey, Spain and the U.S.A.
From the Central Bureau of Statistics National Accounts for 2013, it
turns that expenditure by local households on private consumption grew by 3.7%
from 2012, after rising by 3.2% in 2012 and by 3.8% in 2011.
Expenditure on clothing and footwear rose
by 2% (after rising by 8.6% in 2012 and by 5.8% in 2011).
Per-capita private consumption expenditure increased by 1.8% (1.4% in
2012).
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 increases by 1.3% in expenditure on food, beverage and tobacco and 4.5% expenditure on clothing, footwear and personal effects.
Notwithstanding the refusal to disclose financial details, considered
good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.26 |
|
|
1 |
Rs. 101.09 |
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Euro |
1 |
Rs. 83.73 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
DPT |
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 |
|
-- |
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.