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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ZIMBRIS STONE
LTD. |
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Formerly Known as : |
YOSSI ZIMBRIS LTD |
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Registered Office : |
P.O. Box 1106, 10
Kohav Hayam Street, Michmoret 4029700 |
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Country : |
Israel |
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Date of Incorporation : |
23.08.2005 |
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Com. Reg. No.: |
51-372483-1 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of stones (including
marble, granite, ceramics & mosaic.) |
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No of Employees : |
03 employees, including General Manager
(same as in last couple of years, had no employees in 2009). |
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 : |
Slow But Correct |
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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.
|
Source : CIA |
ZIMBRIS STONE LTD.
Telephone 972 9 866 66 82
Mobile 972
54 568 82 25
Fax 972
9 866 51 61
Email: iris@zimbris-stone.com
P.O. Box 1106
10 Kohav Hayam Street
MICHMORET 4029700 ISRAEL
A private limited company, incorporated as per file No. 51-372483-1 on the
23.08.2005.
Originally registered under the name YOSSI ZIMBRIS LTD., which changed
to the present name on the 31.07.2006.
Authorized share capital NIS 39,100.00, divided
into-
39,000
ordinary shares of NIS 1.00 each (issued),
10
management shares of NIS 10.00 each,
of which shares amounting to NIS 39,000.00 were
issued.
Subject is fully owned by Yossi Zimbris.
Yossi Zimbris
Importers and marketers of stones
(including marble, granite, ceramics & mosaic.).
Amongst clients are building contractors (e.g. U. DORI CONSTRUCTION, S.G.S.
BUILDING CO., A. Y. FRIEDMAN & SONS CONTRACTORS), companies and dealers in
the stone sector (e.g. CAESAR STONE, SELA FLOOR TILES, SUPER CERAMICS), as well
as corporate clients (e.g. ISRAEL THEATRES, DAN HOTELS, GOTTEX MODEL), and
other private customers.
All purchases are imported.
Exclusively represents locally SANTA MARGHERITA, AGGLO BAGHIN, both of Italy.
Operating from an office at the residence of the shareholder (owned by
him), in 10 Kohav Hayam Street,
Michmoret.
Having 3 employees, including General Manager (same as in last couple of
years, had no employees in 2009).
Holding no stock, work is based upon orders.
The house of Yossi Zimbris, which he owns, was
valued at US$ 1,000,000 several years ago (we assume value rose).
Other financial data not forthcoming.
There are no charges registered on the company’s assets.
2007 sales claimed to be NIS 5,000,000.
2008 sales claimed to be NIS 5,700,000.
2009 sales claimed to be NIS 5,000,000.
2010 sales claimed to be NIS 5,000,000.
2011 sales claimed to be NIS 5,000,000.
2012 sales claimed to be NIS 5,000,000.
2013 sales claimed to be NIS 4,000,000.
Bank Hapoalim Ltd., Netanya Branch (No. 612), Netanya, account No. 399889.
A check with the Central Banks’ database did not reveal negative
information on subject’s above mentioned account.
Nothing unfavorable learnt.
Prior to establishing subject, the owner, Yossi
Zimbris, used to be in a senior position in ALONY MARBLE Group, among the local
leading companies in the fields of stone and marble, ceramics, sanitary ware
and inputs to the building sector. He worked in ALONY for 26 years.
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, and remained steady in 2012. In terms of sq. meters – to 27,155
thousand sq. meters (2012).
In 2011 some 35% of imported ceramic and porcelain goods were from Turkey
(down from 37% in 2010), 30.7% from China (in constant rise in recent years),
on account of the traditional suppliers from Spain (17.7%) and Italy (15%).
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.
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.).
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.34 |
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|
1 |
Rs.101.45 |
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Euro |
1 |
Rs.83.31 |
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.