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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EINAT AGENCIES
IMPORT AND MARKETING (SINCE 1993) LTD. |
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Registered Office : |
4 Havered Street, Oranit 4481300 |
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Country : |
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Year of Establishment : |
1993 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers (via subcontractors in the |
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No. of Employees : |
5 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 : |
Unknown |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
EINAT AGENCIES IMPORT AND MARKETING (SINCE
1993) LTD. (CORRECT NAME)
Telephone 972 3 932 20 39
Mobile 972 54 445 54 89 (Mrs. Einat
Harmatz)
Fax 972 3 907 34 72
4 Havered Street
ORANIT 4481300 ISRAEL
Originally established as sole
proprietorship in 1993 under the name EINAT AGENCIES.
Converted into a private limited company and
registered as such as per file
No. 51-386026-2 on the 01.08.2006.
Authorized share capital NIS 100,000.00,
divided into -
10
special shares,
10
management shares (2 shares issued),
99,980
ordinary shares (100 shares issued), all of NIS 1.00 each, of which shares
amounting to NIS 102.00 were issued.
1. Israel Haramatz, 50%,
2. Mrs. Einat Haramatz, 50%.
1. Israel Haramatz,
2. Mrs. Einat Haramatz, wife of Israel.
Manufacturers (via subcontractors in the Far
East), importers, marketers and exporters of woman's, men's and children's
apparel.
Manufacturing is according to clients
demands.
40% of sales are for export.
Sales are to retail chains in Israel and
abroad.
Among local clients are local fashion chains:
ONOT MODEL, SHILAV, JUMP FASHION, CRAZY LINE, RENUAR, and more.
Operating from premises at the owned
residence of the Haramatz couple, in 4 Havered Street, Oranit (to
where subject moved from Farm No. 92, Hagor Village).
Having 5 employees (had 4 employees in mid
2013).
Financial data not forthcoming.
There are no charges registered on the company's assets.
2013 sales claimed to be NIS
8,500,000, 40% were for export.
Israel Discount Bank Ltd., Givatayim Branch (No. 145), Givatayim.
Bank Hapoalim Ltd., Beit Asia Branch (No. 567), Tel Aviv.
Nothing unfavorable learned.
Subject's General Manager refused to
disclose financial data besides sales figures.
Subject is a veteran business.
According to the
Central Bureau of Statistics (CBS), import of Clothing and Footwear in 2013
rose by mere 0.9% from 2012 (in NIS terms, rose by 7.9% in $ terms), summing up
to NIS 6,854 million. Thai indicates the continuing growing trend over the last
years – in 2012 13% rise (5% in $ currency terms), 19% in 2011 and 13.4% in
2010, albeit in much moderate numbers. Import rose by 5.6% (10.7% in $ terms)
in the first 8 months of 2014 (comparing to the parallel period in 2013).
Most import comes
from China. Main other countries of origin for textile goods are France, Italy,
Hong Kong and Turkey, Spain and the U.S.A.
The local fashion market has been significantly influenced
by the entrance of new international fashion players to the already highly
competitive local market.
To many players in the branch, the fierce competition,
coupled with the slow-down in local economy resulted in stagnation in sales and
drop in revenues. There have been also few collapses of veteran and big
retailers in some niches, including in the ladies fashion and children's
apparel.
Moreover, in particular for the recent period, local
businesses in general, and the fashion market in particular, sufferred a blow
from the fighting situation in Israel during July-August in the south of
Israel, causing freeze in sales.
From the CBS National Accounts for 2013, it
turns that expenditure by local households on private consumption grew by 3.7%
from 2012, after rising by 3.2% in 2012 and by 3.8% in 2011. From estimation
for the 1st half of 2014, consumption grew by 2.1% in annual
calculation (comparing to 4.4% rise in the parallel period in 2013).
Per-capita expenditure increased in 2013 by
1.8%, and by 0.2% in 2014 1stH.
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.60.87 |
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|
1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.