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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AWADA MARBLE AND GRANITE LTD. |
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Registered Office : |
P.O. Box 123, New Industrial Zone, Kafar Kanna 1693000 |
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Country : |
Israel |
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Date of Incorporation : |
29.08.1999 |
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Com. Reg. No.: |
51-282273-5 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject operates in four lines of activities:- ·
Traders,
importers and marketers of granite and marble boards, sold to marble and
stone processing plants. ·
Operating
a retail marble and stone boards store ·
Importers
and marketers of domestic furniture, sold for the retail branch and for
private customers. ·
Operating
a furniture retail store. |
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No. of Employees : |
Having 06
employees (had 7 employees in 2010) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
AWADA MARBLE AND GRANITE LTD.
Telephone 972
4 641 90 75 / 4
Fax 972 4 641 90 73
P.O. Box 123
New Industrial Zone
KAFAR KANNA 1693000 ISRAEL
A private limited company, incorporated as per file No. 51-282273-5 on the
29.08.1999.
Authorized share capital NIS 28,000.00, divided into -
28,000
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were
issued.
Subject is fully owned by Khaled Awada.
In October 2013, Nasser Awada, father of Khaled Awada, transferred his
shares to Khaled. Nasser Awada still works in subject.
Khaled Awada
Subject operates in four lines of activities:
·
Traders, importers
and marketers of granite and marble boards, sold to marble and stone processing
plants.
·
Operating
a retail marble and stone boards store
·
Importers
and marketers of domestic furniture, sold for the retail branch and for private
customers.
·
Operating
a furniture retail store.
The marble and stone comprise 85% of subject's activities, furniture 15% of
activities.
Having some 400 customers in the marble/ stone field.
Among main clients: SAFURI MARBLE, KHASHIBUN MARBLE, HAGALIL MARBLE, etc.
All purchasing is from import.
Sole local agents of several foreign manufactures and suppliers, main one
being:
MARMOL COMPAC, of Spain.
Operating from premises (offices, warehouses, and stores) owned by the shareholders),
on an area of 4,000 sq. meters, in New Industrial Zone, Kafar Kanna, an Arab populated town in the Galilee region, north
of Israel.
Having 6 employees (had 7 employees in 2010).
Current stock is valued at:
Marble and stone: NIS 3,000,000.
Furniture: NIS 500,000.
Property in Kafar Kanna, New Industrial Zone
where subject is operating from (owned by the shareholders) is valued at NIS
6,000,000.
There are 5 charges for unlimited amounts
registered on the company’s assets (financial asstes, fixed assets and
vehicles), in favor of Mercantile Discount Bank Ltd., Arab Israel Bank Ltd. and an automobile agency company (last charge
placed October 2012).
·
2012 sales
claimed to be NIS 7,500,000.
·
2013 sales
claimed to be NIS 8,000,000.
Mercantile Discount Bank Ltd., Kafar Kanna Branch (No. 631), Kafar Kanna, account No. 479500.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
Nothing unfavorable learned.
Subject's General Manager informed us that subject recently acquired a plot
of 3,700 sq. meters in Kafar Kanna, on which a retail furniture store is
intended to be constructed in the near future.
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.
Private consumption expenditure by households in
2012 on Housing and on Housing Equipment grew by 3% and fell by 2.7% from 2011,
respectively, in annual calculation (grew by 2.8% and 20%, respectively, in
2011 from 2010).
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 the first 3 quarters of 2013 rose by 5.5% comparing to
2012, a year in which a 13% decrease from 2011 was noted, with close to 40,000
new apartments built. 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 the first 3Q-2013 there was also a 12.4% increase in apartments whose
construction was finished.
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.).
Local furniture
and allied accessories is valued at NIS 9 billion per annum (2012).
According to a
survey in 2011, customers prefer mostly carpenters and small shops (65%), and
large retail chains (35%, over 8% of which by DIY chain IKEA).
Import of furniture (excluding plastic
furniture) in 2010 totaled US$ 227 million, 17.4% increase from 2009, of which
25% was from China, 19% from Italy.
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. In contrast, in the import of Furniture and
Domestic Electrical Equipment a 3.6% decrease was marked in 2013 comparing to
2012.
Import of
Furniture and Household Equipment in 2012 summed up to US$ 2,132 million, some
16% less than in 2011. In the first half of 2013 the trend reversed, with a
rise by 4% (US$ 1,134 million) from the 1st half of 2012.
From the CBS National Accounts for 2012, it
turns that in 2012 expenditure by local households on private consumption grew
by 2.7% from 2011, after rising by 3.8% in 2011. Expenditure on durable goods
decreased by 4% (after 10.5% rise in 2011 and 12% rise in 2010), although a
breakdown shows that expenditure on furniture rose by 3%. Expenditure on
private consumption continued to grow in 2013: it rose by 5.6% in 3rdQ 2013,
after a 6.2% increase in the 2ndQ 2013.
Per-capita expenditure increased in 2012 by
0.9% (1.9% rise in 2011).
The local furniture
branch is
considered to be in relatively high risk branch.
According to a survey published
in January 2012 by credit analysis firm for 2011, it turns that Wood &
Furniture Manufacturing and Wholesale branch worst in the credit days
outstanding in the various industrial branches (some 124 days credit days). The
average credit days outstanding in practice (meaning credit days agreed plus
unplanned delay) for Israeli suppliers in the first half of 2011 reached 96
days, making it well higher than average credit days outstanding in the
developed world (around 50 days).
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.62.12 |
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UK Pound |
1 |
Rs.103.93 |
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Euro |
1 |
Rs.85.17 |
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.