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Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SIMON HASSON LTD.
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Registered Office : |
29 Ben Zion Gellis Street, Segula Industrial Zone, Petach Tikva 4927929 |
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Country : |
Israel |
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Date of Incorporation : |
16.11.1994 |
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Com. Reg. No.: |
51-205036-0 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of
marble stone and marble accessories. |
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No of Employees : |
09 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 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.
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Source : CIA |
SIMON HASSON LTD.
(Also spelled SHIMON HASSON LTD.)
Telephone 972
3 904 27 22
Fax 972
3 904 43 14
29 Ben Zion Gellis Street
Segula Industrial Zone
PETACH TIKVA 4927929 ISRAEL
A private limited company,
incorporated as per file No. 51-205036-0 on the 16.11.1994.
Subject’s founder, Mr.
Simon Hasson, incorporated subject after withdrawing from Ephraim S.A. Hasson (1989) Ltd., which
he owned jointly with his brother Eliyahu, itself continuing activities which
began in 1972 by the father of Simon Hasson.
Authorized share capital
NIS 25,200.00, divided into,
25,200 ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were
issued.
Subject is fully owned by Simon Hasson.
Simon Hasson
Importers and marketers of marble stone and marble accessories.
Sales to many local marble dealers.
95% of purchase is from import, from China, India, Turkey Spain and more.
Operating from rented premises, on an area of 1,000 sq. meters, in 29 Ben
Zion Gellis Street, Segula Industrial Zone, Petach Tikva.
Having 9 employees.
Current stock is valued at nearly US$ 1,000,000.
Other financial data not forthcoming.
Simon Hasson informed us that he privately owns real estate properties.
There are 4 charges for unlimited amounts, as
well as 2 charges for the total sum of NIS 1,000,000registered on the company's
assets (financial assets, fixed assets and vehicles), in favor of Israel Discount
Bank Ltd., Bank Otsar Hahayal Ltd., Mizrahi Tefahot Bank Ltd. and Bank of
Jerusalem Ltd. (last 2 charges placed January-February 2013 on vehicles).
2009 sales claimed to be US$ 2,000,000.
2010 sales claimed to be US$ 2,000,000.
2011 sales claimed to be US$ 2,000,000.
2012 sales claimed to be US$ 2,000,000.
2013 sales claimed to be US$ 2,000,000.
2014 first 6 months sales claimed to be US$ 1,000,000.
Israel Discount Bank Ltd., Kiryat Arieh Branch (No. 186), Petach Tikva.
Nothing unfavorable learned.
Simon Hasson is a veteran in the marble business.
Subject is ISO 9002 certified.
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, remained steady in 2012 and rose by 22.8% in 2013. In terms of sq.
meters -to 33,351 thousand sq.m. in 2013 (27,155 thousand sq.m. in 2012).
In 2013, 32.6% of imported ceramic and porcelain goods to Israel were from
China (up from 30.7% in 2012), 26% from Turkey (down from 34% in 2012), 25.2%
from Spain (19.7% in 2012), and 14% from Italy (similar to 2012).
The Home Design area is directly influence
by the changes in the local market in general, and construction and real estate
market in particular.
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.
Since the beginning of 2014, the building and real estate market has
been showing cooling down signs and stand-still, due to a planned government
reform of relieves in taxes for purchasing a new apartment (which will drive
prices downwards), but the plan still awaits legislation and implementation,
therefore many potential buyers are in stand-by.
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.59.79 |
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UK Pound |
1 |
Rs.102.66 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.