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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CLASIKALETET LTD. |
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Formerly Known As : |
CLASIKALETET |
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Registered Office : |
Hayotzer Center, 34 Hahofer Street, Industrial Zone, Holon 5885807 |
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Country : |
Israel |
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Year of Establishments: |
1987 |
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Com. Reg. No.: |
51-150217-1 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Producers, content developers, exporters and marketers
of educational and recreation multimedia products for children, including
DVDs, CDs, video cassettes, computer educational software programs, as well
as books, toys and games. |
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No. of Employees : |
Having 32 employees (data is based on subject's web-site, as they have
not been cooperating with us). |
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
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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. 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.
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Source : CIA |
CLASIKALETET LTD.
Telephone 972 3 558 20 80
Fax 972 3 558 22 90
Hayotzer Center
34 Hahofer Street
Industrial Zone
HOLON 5885807 ISRAEL
Originally established in 1987 as a
non-registered business under the name CLASIKALETET.
Converted into a private limited company,
incorporated as per file No. 51-150217-1 on the 09.09.1990.
Authorized share capital NIS 14,000.00, divided
into -
14,000 ordinary shares of NIS
1.00 each,
of which 100 shares amounting to NIS 100.00 were
issued.
1. Mordechai (Mark) Amos, 50%,
2. Mrs. Ilana Amos, wife of Mordechai, 50%.
1. Mordechai (Mark) Amos, General Manager,
2. Mrs. Ilana Amos.
Producers, content developers, exporters and
marketers of educational and recreation multimedia products for children,
including DVDs, CDs, video cassettes, computer educational software programs,
as well as books, toys and games.
Also supply content for TV VOD broadcast channels, mobile phones
applications, etc.
Subject holds the rights to many of Israel's children's classic stories
and songs, which are put on the various mentioned platforms.
Almost all sales are to the local market, to most retail marketing
chains (having some 1,000 points of sale).
Amongst clients: MEGA RETAIL, HOME CENTER, SHILAV, TZOMET SFARIM,
SHUFERSAL, STEIMATZKY, HOT CABLE TV, OFFICE DEPOT, SAMSUNG ISRAEL, SUPER PHARM,
TZLIL, etc.
Amongst foreign suppliers: DISNEY - USA, KING
ROLLER - UK.
Amongst local suppliers: MACHSANEI TEURA, OMI,
CD LINE, etc.
Operating from owned
premises, on an area of 800 sq. meters, in 34 Hahofer Street, Hayotzer Center,
Industrial Zone, Holon, and from a rented warehouse on an area of 1,000 sq.
meters, in 14 Habanai Street, Industrial Zone, Holon.
Having 32 employees (data is based on subject's
web-site, as they have not been cooperating with us).
Financial data not forthcoming.
In 1999, it was reported that subject acquired 800
sq. meters in Hayotzer Center, 34 Hahofer Street, Holon, for a sum of US$
920,000. That owned property (where subject is operating from) was valued at
US$ 1 million several years ago.
There are 26 charges for unlimited amounts registered
on the company’s assets (fixed assets, financial assets and vehicles), in favor
of Bank
Hapoalim Ltd., Mercantile Discount Bank Ltd., Bank Otsar Hahayal Ltd. and
Mizrahi Tefahot Bank Ltd. (last 4 charges placed April-August 2013).
Sales figures not forthcoming.
CLASIKALETET DISTRIBUTION LTD.
CLASSIKINNERET LTD., non-active.
According to our:
Bank Leumi Le’Israel Ltd., Hacharoshet Business
Branch (No. 651), Holon.
Bank Hapoalim Ltd., Itzhak Sade Branch (No.
780), Tel Aviv.
Mercantile Discount Bank Ltd, Holon Branch (No.
686), Holon.
Bank Otsar Hahayal Ltd., Bat Yam Holon Branch (No. 382), Bat Yam,
account No. 338375.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
Since we could not speak to subject's officials, we could not confirm
a/m banks data.
In May 2007, ACUM, the local Artists' Organization for protection of Intellectual
Property, submitted a lawsuit against subject to the Tel Aviv District Court,
for NIS 2.6 million (the sum is for fee purpose). ACUM claims that the
agreement regarding rights between them and subject was not renewed in 2006,
therefore no longer valid but the defendants kept producing products without
paying royalties. The plaintiffs also accuse subject in false reports regarding
correct sales along the years they had the agreement valid (c.a. 1680/07).
Matter ended in compromise in April 2012 (further data not forthcoming).
In April 2008 a motion for a class action lawsuit in value of NIS 9
million was filed to the Tel Aviv District Court against subject and another
company (PLAY MARKETING & DISTRIBUTION LTD.). Subject’s part is reported to
be NIS 6.3 million. The plaintiffs claim for methodically misleading customers
regarding the real length of the children DVDs that the defendants sell. It
should be noted that such motions usually take time to be approved by court and
many times end in either dismissal or compromise.
In October 2008 it was reported that subject reached a compromise with
an author of children books, who sued subject for violating her copyrights
regarding a series of her books. According to the compromise, subject is to pay
the author a sum of NIS 300,000.
Apart from that, nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's officials
being told by subject's accountant he is very busy. In the past several years
we either could not speak with subject's officials, or they refused to disclose
information.
Subject is a local leading and familiar company in their field, with
products are sold in local largest marketing chains.
It should be noted that subject suffers from the pirate products that
flood the market.
In September 2004, it was reported that subject invested NIS 1 million
in the new line of kids brand.
In January 2005 subject signed an agreement with Israel's cable TV
operator HOT to provide contents to HOT's VOD channel.
In April 2010 it was reported that subject will distribute the Oscar
winning animation film of "Peter and the Wolf" in DVD.
In September 2013 it was reported that subject is one of the suppliers
of contents to SAMSUNG's Galaxy smartphone VOD application in Israel.
Notwithstanding the lack of updated data from
its officials, we figure that subject is good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.95 |
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UK Pound |
1 |
Rs.104.02 |
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Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.