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Report Date : |
30.04.2014
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IDENTIFICATION DETAILS
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Name : |
MARBLE CENTER ELI MORDOF LTD |
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Registered Office : |
28 Halechi Street Industrial Zone Bnei Brak 5120045 |
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Country : |
Israel |
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Date of Incorporation : |
10.09.2007 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers and marketers of marble, granite and stone. |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
MARBLE CENTER ELI
MORDOF LTD.
(Also trading as: MARBLE CENTER STONE GALLERY)
Telephone 972 3 930 50 98; 505 02 88
Fax 972 3 930 51 87
28 Halechi Street
Industrial Zone Bnei Brak 5120045 Israel
Originally established in 2000 as a sole proprietorship under the name MARBLE AND GRANITE CENTER.
Converted into a private limited company and registered as such as per file
No. 51-402781-2 on the 10.09.2007.
Authorized share capital NIS 100.00, divided into -
100 ordinary shares of NIS 1.00 each,
fully issued.
Subject is fully owned by Eli Mordof.
Eli Mordof, born 1974.
Importers and marketers of marble, granite and stone.
70% of purchase is import, from China, Turkey, Italy, Spain, Egypt, Greece and more.
Sales are mostly to private retailers.
Among foreign suppliers:
XIMIAMEN, OLYMPIA, both of China.
Operating from rented premises (office and showroom), on an area of 200 sq. meters, in 28 Halechi Street, Industrial Zone, Bnei Brak, and from a rented warehouse, on an area of 1,000 sq. meters in Elishama Village.
Having 10 employees (same as in the last couple of years).
Current stock is valued at NIS 3,000,000 (was valued at NIS 2,000,000 in early 2012).
Other financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's assets (financial assets), in favor of Mizrahi Tefahot Bank Ltd. (charges placed in 2008 and in 2009).
2010 sales claimed to be NIS 9,000,000.
2011 sales claimed to be NIS 10,000,000.
2012 sales claimed to be NIS 12,000,000.
2013 sales claimed to be NIS 12,000,000.
A. A. M. MARBLE AND GRANITE CENTER LTD., owned by Avraham and Ms. Adina Mordof (Eli's parents), established in 1988, continuing activities which began many years earlier, a marble factory.
Mizrahi Tefahot Bank Ltd., Salama Branch (No. 469), Tel Aviv, account
No. 228949.
A check with the
Central Banks' database did not reveal any negative information regarding
subject's a/m account.
We traced a lawsuit filed by Doron Nisim against subject on the sum of 437,775 in December 201. The case reached mediation. We do not have the outcome, though case appears as relatively minor anyhow.
Apart from the above, nothing unfavorable learned.
Eli Mordof is a veteran in the marble field, working in his parents company prior to establishing subject.
Eli Mordof informed us that though he has not signed an exclusive agreement with a/m Chinese companies, in practice subject is the exclusive importer.
There are some 250
importers of ceramics and granite porcelain operating in Israel, and the branch
is highly competitive. Import of tiles in 2011 fell by 3% from 2010, and
remained steady in 2012. In terms of sq. meters – to 27,155 thousand sq. meters
(2012).
In 2011 some 35% of
imported ceramic and porcelain goods were from Turkey (down from 37% in 2010),
30.7% from China (in constant rise in recent years), on account of the
traditional suppliers from Spain (17.7%) and Italy (15%).
From the Central Bureau of Statistics (CBS) data, investments in construction for dwelling in 2012 reached NIS 56.1 billion (which comprises 62% of total investment in construction), higher by 6% (in real terms) from 2011. Construction for dwelling fell by 0.3% in 2013 (despite the Government's efforts to increase investments). The fall in investment also lead to a rise in houses prices.
Investments in construction not for dwelling (public institutions, commerce, industry, etc.) and other construction works (e.g. roads, offices, industrial, institutional), summed up to NIS 37 billion in 2012, a 2.5% rise from 2011. Investments in infrastructures comprise 18% of total investments in construction.
The CBS data on local
households' consumption expenditure in 2013 on Housing grew by 3.2% from the
previous year, similar to the growth rate in 2012 (from 2011).
The building sector indicators showed an improvement in activities in 2013, after ambiguous signs shown in the previous several years. Volume of building starts for dwelling (which is a dominant indicator for the trend in the building sector) in 2013 reached 44,340 (although number may rise after final calculations), a 3.4% increase comparing to 2012, a year in which a 13% decrease from 2011 was noted. The decline in 2012 came after a growth trend in building starts in the previous couple of years (9% in 2011 and 7% rise in 2009).
In 2013 there was also 11.8% increase in apartments whose construction was finished (41,970 apartments).
Government efforts to increase the supply side also witnessed in the double-digit rise in number of plots being marketed and sharp rise in planning volumes.
Number of dwellings transactions rose by 19% in 2012 from 2011 (when it fell by 18% from 2010), and climbed by 9% in 2013 reaching total of 111 thousands transactions (rise in both new and second-hand apartments). In new apartments sold, a slight 0.3% rise noted in 2013 from 2012.
It should be noted that the number of apartments purchased for investment fell by 20% in 2012, due to several factors (tax policy, other investment channels, etc.).
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.53 |
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|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
-- |
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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.