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Report No. : |
316890 |
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Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
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Name : |
LIFE STYLE CARPETS LTD. |
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Registered Office : |
Dan Design Center, 2 Lechi Street, Bnei Brak 5120004 |
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Country : |
Israel |
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Date of Incorporation : |
27.09.1990 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Carpets. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Israel |
A2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 2013, 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. Israel's economy
also has weathered the Arab Spring because strong trade ties outside the Middle
East have insulated the economy from spillover effects. Slowing demand
domestically and internationally and reduced investment due to uncertainties
caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2%
during 2014. 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 expected to come online no sooner than 2017, but
production from Tamar provided a one percentage point boost to Israel's GDP in
2013 and a 0.5% boost 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 and has started splitting up the oligopolies to address some of the
grievances but has maintained that it will not engage in deficit spending to
satisfy populist demands. 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 |
LIFE STYLE CARPETS
LTD.
(Also trading as
ITAMAR CARPETS)
Telephone 972 3
579 36 16
Fax 972 3 579 36 60
Email: uri@itamar-carpets.co.il
Dan Design Center
2 Lechi Street
Bnei Brak 5120004
Israel
A private limited company, incorporated as per file No. 51-150685-9 on
the 27.09.1990.
Subject is
continuing carpet business activities founded by subject’s owner, Mr. Itamar Zaidman,
in 1987 and operated as a private limited company, under the name ITAMAR
ZAIDMAN LTD. (this company was later voluntarily liquidated – see more
CHARACTER).
Authorized share
capital NIS 14,000.00, divided into -
10 management
shares (1 share issued),
13,990 ordinary
shares (1,000 shares issued), all of NIS 1.00 each, of which shares amounting
to NIS 1,001.00 were issued.
Subject is fully
owned by ITAMAR AND DAUGHTERS HOLDINGS LTD., owned by Itamar Zaidman and his daughters.
Itamar Zaidman,
born 1934.
Importers and
marketers of carpets.
Also operating a retail carpet chain of 5
branches under the name "ITAMAR CARPETS".
All purchase is
from import, mostly from India.
Operating from
rented premises (offices and showroom), on an area of 165 sq. meters, in Dan
Design Center, 2 Lechi Street, from rented warehouse on an area of 300 sq.
meters in Lechi Street, both in Industrial Area, Bnei Brak. Also operating from
4 retail store branches in:
1.
Beit Yehoshua, inside Tollmans Store (adjacent the
Train Station),
2.
44 Bar Yehuda Street, Industrial Zone, Haifa,
3.
One Design Center, 53 Ha'etzel Street, New
Industrial Zone, Rishon Le-Zion,
4.
Givat Brener.
Having 12
employees (same as in mid 2013, had 10 employees in 2011).
Current stock is
valued at NIS 4,000,000.
Other financial
data not forthcoming.
There are 13
charges for unlimited amounts, as well as 1 charge on NIS 35,000.00 registered
on the company's assets (financial assets), in favor of Bank Hapoalim Ltd.
(last 2 charges placed in February 2013 and May 2011, prior charge placed back
in 2004).
Sales figures not
forthcoming.
ITAMAR CARPETS
(1992) LTD.
Bank Hapoalim Ltd., Lev Dizengoff Branch (No. 681), Tel Aviv, account
No. 471360.
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m account.
Nothing
unfavorable learned.
Subject's General
Manager refused to disclose sales figures.
Itamar Zaidman is
a veteran in the carpets business. He started as one of the shareholders in
ARBEL CARPETS LTD., established in 1972 and was among the leading companies in the
local carpet market, as carpets manufacturers. Mr. Zaidman left ARBEL CARPETS
and founded his own carpet manufacturing company in 1987. Several years later,
he decided to shift to carpets import (as local manufacturing became
non-economical), establishing subject.
The local floor covers market (carpets, rugs, wall-to-wall carpets,
parquets floor) is estimated well over at US$ 100 million per annum.
Notwithstanding
the refusal to disclose sales figures, considered good for trade engagements.
Maximum unsecured credit recommended US$
50,000.
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.62.40 |
|
|
1 |
Rs.92.15 |
|
Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.