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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MENDELOVICI (FEMINA) FABRIC IMPORTING TRADE
HOUSE LTD. |
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Registered Office : |
44 Nachalat Benyamin Street,
Tel Aviv, 6516304 |
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Country : |
Israel |
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Date of Incorporation : |
1976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of fabrics (commercial fabrics, and fabrics
for brides). |
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No of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
MENDELOVICI
(FEMINA) FABRIC IMPORTING TRADE HOUSE LTD.
(Also trading as FEMINA - MENDELOVICI LTD)
Telephone 972 3 510 42 11
Fax 972 3 510 53 95
44 Nachalat Benyamin Street
TEL AVIV 6516304 ISRAEL
Originally established as a sole proprietorship in 1976 under the style
"MENDELOVICI AHARON".
Converted into a private limited company and registered as such as per
file No. 51-240416-1 on the 03.12.1996.
Note: Subject does not have a registered Latin Name. Therefore, the name
“MENDELOVITCI” could also be spelled “MENDELOVITCH”.
Authorized share capital NIS 31,300.00, divided into -
31,300 ordinary shares of NIS 1.00 each,
of which 1,600 shares amounting to NIS 1,600.00 were issued.
Aharon Mendelovici, 50%,
Mrs. Yety Mendelovici, wife of Aharon, 50%.
Aharon Mendelovici,
Mrs. Yety Mendelovici.
Alon Mendelovici, son of a/m shareholders.
Importers and marketers of fabrics (commercial fabrics, and fabrics for
brides).
Operating from offices and showroom rented premises, on an area of 380
sq. meters, in 44 Nachalat Benyamin Street, Tel Aviv, from a warehouse, in 46 Nachalat
Benyamin Street, Tel Aviv (owned by the shareholders, on an area of 150 sq.
meters), and from another warehouse, in Har Sinai Street, Tel Aviv (rented, 80
sq. meters).
Having 10 employees as of end of 2013 (similar to the previous years).
Financial data not forthcoming.
There are 6 charges for unlimited amounts, as well as 1 charge on the
sum of NIS 80,000.00 registered on the company's assets (financial and other
assets), in favor of Bank Leumi Le’Israel Ltd. and Bank Hapoalim Ltd. (last
charge placed in August 2010, prior charge placed in 2004).
2011 sales claimed to be NIS 5,600,000.
2012 sales claimed to be NIS 5,600,000.
Sales for the first 9 months of 2013 claimed to be NIS 4,200,000.
Later sales data not forthcoming.
Bank Leumi Le’IsraeLtd., Kikar Hamoshavot Branch (No. 810), Tel Aviv.
Nothing unfavorable learned.
Subject’s General Manager, Mr. Alon Mendelovici, the only one authorized
to disclose data on subject, is currently abroad and due back in 2 week's time.
We shall contact him upon his return and update
you accordingly.
This is a long established family business.
According to Central Bureau of Statistics (CBS), import of
fabrics and yarns in 2012 fell by 6.5% from 2011, and the negative continued in
2013, with 1.8% decrease from 2012, summing up to US$ 651 million (though fall
in local NIS terms was deeper – by 8.1%). This trend comes after couple of
years which saw a rise in import – by 17% in
2010 and 2.1% in 2011 comparing to the previous year, parallel to the
general recovery in the local economy. The trend reversed in the first 4 months
of 2014 with 5.6% rise compared to the parallel period n 2013.
Chinese production comprises the largest portion of imported textile
goods followed by France, Italy, Hong Kong and Turkey. The increase in imports
emanates from the exposure to foreign markets policy by the State.
Notwithstanding the lack of updated data from subject's officials,
considered good for trade engagements.
Note: Since February 2013 Israel Post has started using a new area code
method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
Report Prepared
by : |
SMN |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.