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Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TWISTING FACTORIES LTD. |
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Registered Office : |
18 Hatomer Street, Ramat Hasharon 4728125 |
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Country : |
Israel |
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Date of Incorporation : |
18.01.2012. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of yarns for the tea industry. |
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No. of Employees : |
15 employees |
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) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
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Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
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 |
TWISTING FACTORIES LTD.
Telephone 972 3 547 73 66
Fax 972 3 547 73 67
18 Hatomer Street
RAMAT HASHARON 4728125 ISRAEL
A private limited company, incorporated as per file No. 51-472432-7 on
the 18.01.2012.
We presume subject assumed the activities of KASEM TWISTERS LTD.,
established 1985, however, Mordechai Kaminer, subject's General Manager,
refused to elaborate on this matter (he stated that KASEM TWISTERS is inactive
since 1998).
Authorized share capital NIS 100,000.00, divided into -
100,000 ordinary shares
of NIS 1.00 each,
of which 1,000 shares amounting to NIS 1,000.00 were issued.
1. Mordechai Kaminer, 50%,
2. Shadi Sarsur, 50%.
1. Mordechai (Motti)
Kaminer,
2. Shadi Sarsur.
Manufacturers, exporters and marketers of yarns for the tea industry.
98% of sales are export.
Marketing is via sister company K.I.T. TEX INTERNATIONAL LTD.
Among local clientele: WISSOTZKY TEA ISRAEL.
Operating from office premises, at the private residence of Kaminer
Family (house owned by the family), in 18 Hatomer Street, Ramat Hasharon
(serving also sister company K.I.T. TEX), and from a rented plant on an area of
2,500 sq. meters, in Industrial Zone, Brakan (Mordechai Kaminer refused to
disclose plant's location).
Having 15 employees.
Financial data not forthcoming.
Subject's officials said that US$ 2 million were invested in the
erection of subject's plant in Barkan Industrial Zone in 2011 (area of 2,500
sq. meters, leased).
There are 2 charges for unlimited amounts, as well as a charge for the
sum of US$ 43,000 registered on the company's assets (financial assets), in
favor of Bank Hapoalim Ltd. and Mizrahi Tefahot Bank Ltd. (charges placed
November 2013-February 2014).
2012 sales claimed to be NIS 7,000,000, 98% were for export.
2013 sales claimed to be NIS 7,000,000, 98% were for export.
Mordechai Kaminer also owns:
K.I.T. TEX INTERNATIONAL LTD., established 1997, operating in the
following line of activities:
Dealers and exporters of yarns for the food industries abroad.
Importers and marketers of raw materials for the textile industry.
Exporters of seeds to Turkey.
Marketers and exports of tea bag strings manufactured by subject.
K.Y.T. INTERNATIONAL TRADE COMPANY LTD.
KASEM TWISTERS LTD., equally owned by Mordechai Kaminer and Ahmed
Muhammad Sarsur, inactive.
Bank Hapoalim Ltd., Ramat Hasharon Branch (No. 630), Ramat Hasharon,
account No. 696861.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
Nothing unfavorable learned.
Subject's activities are veteran.
(Note: with no relation to subject) In 2005 Bank Leumi Le'Israel
Ltd. requested the court to issue a receivership order for Mr. Mordechai
Kaminer’s assets due his guarantee to debt amounting to NIS 1.53 million in
favor of WINE KIYOSK– WINE CENTER LTD., in which Mr. Kaminer and Mr. Amit
Slovatic were managers and shareholders in the company (a request for
receivership against Mr. Slovatic was filed earlier in April).
We found no further data on that matter.
According to Central Bureau of Statistics
(CBS) data, investments in machinery & equipment from import for the
manufacturing of Textiles in 2013 fell 43.8% (in quantity terms) from 2012 and
summed up to NIS 36.9 million (after 2.7% increase in 2012).
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
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|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
-- |
NB |
New Business |
-- |
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.