|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SADOVSKY LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
24.04.1994 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers, exporters and marketers of home cleaning
materials, including scourers (Scotch Bright), kitchen and bath sponges,
kitchen towels and cloths, mops, and other household goods |
|
|
|
|
No. of Employees |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
SADOVSKY LTD.
Telephone 972 8 856 10 21
Fax 972 3 852 10 14
Email: sadovsky@bezeqint.net
5 Hutzot Hayotzer Street
Southern Industrial Zone
ASHKELON 7878528 ISRAEL
Originally established in 1967 as a non-registered business operating under a non-registered style “VELTEX”.
Converted into a private
limited company and registered as such as per file
No. 51-196585-7 on the 24.04.1994.
Authorized share capital NIS 1,023,800.00, divided into -
10 management shares (1 share issued),
1,023,790 ordinary shares (469,660 shares issued), all of NIS 1.00 each,
of which shares amounting to NIS 469,661.00 were issued.
Shmuel Sadovsky, 50% (and holding the 1 single management share issued,
Mrs. Dorit Sadovsky, wife of Shmuel, 50%.
Shmuel Sadovsky, General Manager,
Mrs. Dorit Sadovsky.
Manufacturers, exporters and marketers of home cleaning materials, including scourers (Scotch Bright), kitchen and bath sponges, kitchen towels and cloths, mops, and other household goods.
40% of sales are for export.
Among local clients: HANAMAL PACKAGING & MARKETING, SANO, etc.
Among foreign clientele: 3M, LIBMAN, COOP, SAFEWAY, WENKO, THE HOME DEPOT, HERZBI, DELHAIZE.
Among local suppliers: FLEXO PRINT, etc.
Operating from rented premises (offices, plant and warehouse), on an area of 1,300 sq. meters, in 5 Hutzot Hayotzer Street, Southern Industrial Zone, Ashkelon, and from another sponge factory, on rented area of 1,700 sq. meters, in Kibbutz Carmia.
Having 45 employees.
Financial data not forthcoming.
Subject is an “Approved Enterprise” and as such entitled for State support, grants and tax relief.
In November 2008 the Israeli Investment Centre (IIC) approved a NIS 975,000 investment plan for the expansion of subject’s plant.
There are 18 charges for unlimited amounts, as well as 2 charges for the total sum of NIS 165,000 registered on the company's assets (financial assets, fixed assets, equipment and vehicles), in favor of The State of Israel, Bank Hapoalim Ltd., Bank Leumi Le’Israel Ltd., The First International Bank of Israel Ltd. and Mercantile Discount Bank Ltd. (last charge placed March 2014).
2013 sales claimed to be NIS 20,000,000, 40% for export.
We are informed that 2014 sales are at a similar pace as of 2013
M. MOSSES INDUSTRIES (1999) LTD., owned by Shmuel and Dorit Sadovsky, manufacturers of fabrics and cloths, mainly for subject, operating knitting and weaving factory in Bat Yam.
Bank Hapoalim Ltd., Ramat Hanassi Branch (No. 516), Bat Yam, account
No. 577778.
A check with the
Central Banks' database did not reveal any negative information regarding
subject's a/m account.
The First International
Bank of Israel Ltd., Rishon Le-Zion West Branch
(No. 119), Rishon Le-Zion.
Nothing unfavorable learned.
Subject’s General Manager refused to disclose financial data besides sales figures.
This is a veteran business.
The local cleaning and detergents market is estimated at NIS 350 million. The market is mainly combined from toilet cleaning products (over 30%), floor cleaning products (over 20%) and bleaching products (around 20%). Most of the market (80-85%) is controlled by local manufacturers (large part by international brands such as subject) and the rest from import. Some 65% of sales are to the large marketing chains.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.