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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
PALDINOX IMPORT
& MARKETING 1973 LTD. |
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Formerly Known As : |
PALDINOX CO |
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Registered Office : |
P.O. Box |
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Country : |
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Date of Incorporation : |
1956 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, traders and marketers of household and giftware products
(silverware, crystals, Judaica, ornaments, tableware.) |
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No. of Employees |
35 employees |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. 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.
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Source
: CIA |
PALDINOX IMPORT
& MARKETING 1973 LTD.
Telephone 972
8 925 55 01
Fax 972
8 925 55 06
Email: Meirav@paldinox.com
P.O. Box 2075 (7212001)
1 Hachazon Street
Industrial Zone A
RAMLA 7252902 ISRAEL
A private limited company, incorporated as per file No. 51-066777-7 on
the 12.11.1973.
Subject was established in view of continuing the activities of a firm
called PALDINOX CO. originally established in 1956.
Authorized share capital NIS 12.00, divided into
120,000 ordinary shares
of NIS 0.0001 each,
Of which 51,120 shared amounting to NIS 5.112 were issued.
(Note: The currency in
share capital was originally in Old Israeli Shekel whose nominal value
was 1 thousandth of the current New Israeli Shekel (NIS), converted in
1986).
1. Moni Danon, 50%,
2. Adi danon, 50%.
Note: According to the Register of Companies subject itself holds 30% of
shares, and Moni and Adi each hold 35%.
1. Moni Danon,
2. Adi danon, brother of
Moni.
Importers, traders and marketers of household and giftware products
(silverware, crystals, Judaica, ornaments, tableware.)
Subject offers some 3,000 articles.
Sales are to some 1,500 clients
(wholesalers, retail stores, unions, etc.).
Among Clientele: HARMONIA LABAIT, DOMO, HAMASHBIR LAZARCHAN (local
largest department store chain), and more.
All purchase is from import, mainly from China, India, Indonesia, Taiwan
and Europe.
Sole local importers/ representatives of (main ones, among others):
BOHEMIA CRYSTAL, of the Czech Republic,
WALTER GLASS, of Germany,
PIP STUDIO, of Holland.
Operating from owned premises (offices, logistics, warehouses), on an
area of 7,000 sq. meters (of which 3,600 sq. meters built), in 1 Hachazon
Street (name changed from 10 Hayetzira Street), Industrial Zone A,
Ramla.
Having 35 employees (had 30 employees in 2011).
Stock was valued at NIS 12,000,000 in mid 2011 (similar to the end of
2009 level). Later inventory evaluation not disclosed.
Owned property in Ramla Industrial Zone (where subject is operating
from) was valued at NIS 25,000,000 several years ago.
There are 19 charges for unlimited amounts registered on the company’s
assets (financial assets, machinery and vehicles), in favor of Bank Hapoalim
Ltd., Israel Discount Bank Ltd., Mizrahi Tefahot Bank Ltd., Bank of Jerusalem
Ltd., Bank Leumi Le'Israel Ltd. and a leasing company (last 3 charge placed
July-October 2013).
2012 sales claimed to be NIS 30,000,000.
2013 sales claimed to be NIS 30,000,000.
Sales for the first 6 months of 2014 claimed to be NIS 15,000,000.
PALDINOX HOLDINGS LTD.
Bank Hapoalim Ltd., Hadarom Branch (No. 517), Tel Aviv.
Mizrahi Tefahot Bank Ltd., Holon Industrial Zone Branch
(No. 419), Holon.
Bank Leumi Le'Israel Ltd., branch data
not forthcoming.
Nothing unfavorable learned.
Subject's General Manager refused to disclose financial data besides
sales figures, nor to confirm bank branch data.
Subject is a very long established business.
From the Central Bureau of Statistics (CBS) 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.
Per-capita private consumption expenditure increased by 1.8% (1.4% in
2012).
According to CBS, import of consumer goods in 2013 marked a
2.2% increase continuing the rise of 1.9% in 2012 and 9.8% in 2011. Most of the
rise was in durable goods (4.1%), which comprising some 40% of the import
volume, while import in durable goods rose by mere 0.9% from 2012. Main rise
derived from import of Household Utensils in 2013 which rose by 2.5% from 2012,
summing up to NIS 2,546 million (in NIS terms, 9.5% in $ terms), after 1.7% in
2012.
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).
Notwithstanding the refusal to disclose financial data, considered good
for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.34 |
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UK Pound |
1 |
Rs.103.44 |
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Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SDA |
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.