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Report No. : |
334898 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SHONY DESIGNED PRODUCTS FOR KITCHEN AND BATHROOM LTD. |
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Formerly Known As : |
BETTY KITCHEN AND BATHROOM PRODUCTS TRADING CO. LTD |
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Registered Office : |
5 Harduf Street Southern Industrial Zone Caesarea 3088900 |
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Country : |
Israel |
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Date of Incorporation : |
27.05.2003 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of sinks, faucets and related accessories (garbage grinders, bidets). |
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No. of Employees : |
6 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 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.
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Source
: CIA |
SHONY DESIGNED PRODUCTS FOR KITCHEN AND BATHROOM LTD.
(Also known as SHONY LTD.)
Telephone
972 3 615 77
00/05/11
Fax 972 3
619 67 63
Email: shony@shony.co.il
5 Harduf Street
Southern Industrial Zone
CAESAREA 3088900 ISRAEL
A private limited company, incorporated as
per file No. 51-341463-1 on the 27.05.2003.
Originally registered under the name BETTY
KITCHEN AND BATHROOM PRODUCTS TRADING CO. LTD., which changed to the present
name on the 29.10.2008.
Authorized share capital NIS 1,000,000.00,
divided into -
1,000,000
ordinary shares of NIS 1.00 each,
of which 1,000 shares amounting to NIS
1,000.00 were issued.
Subject is fully owned by Nisan Cohen Avi,
as trustee on behalf of Mrs. Ra'aya Zarchi, wife of David Svirsky, founder of
NYGA Group.
Nisan Cohen Avi.
Guy Gerniak
Importers and marketers of sinks, faucets
and related accessories (garbage grinders, bidets).
Offering a line of products under own brand
'Shony", manufactured exclusively for subject according to own design by
subcontractors in the Far East.
Products are of high (and very high) end.
Sales are to traders, retailers, as well as
sales via e commerce.
Among clientele: NEGEV HOME DESIGN, AMUDEY
SHLOMO YADGAROV BROTHERS, REGBA FURNITURE,
Among foreign suppliers: DU PONT (of USA).
On the 10.08.2015 subject will
complete the move and start operating from rented offices and logistics center,
on an area of 500 sq. meters (a 10 meter ceiling), in 5 Harduf Street, Southern
Industrial Zone, Caesarea. Former premises in 28 Lachi Street, Industrial Zone,
Beni Brak (the address you provided) continue to serve as subject's and
NYGA Group's showroom.
Having 6 employees.
Having over 60 employees serving NYGA Group.
Current stock is valued at NIS 2,200,000.
Other financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's
assets (all assets), in favor of Bank Leumi Le'Israel Ltd. (charges placed
2003).
2013 sales claimed to be NIS 7,000,000.
2014 sales claimed to be NIS 10,000,000.
2015 projected sales are NIS 12,000,000.
NYGA Group consists
(besides subject) of further 2 companies:
BETTY HOLDINGS
LTD., holding company, owned by David Svirsky, fully owns:
NYGA QUALITY
PRODUCTS LTD., established 1999, importers and marketers of equipment and
accessories for the domestic kitchen and bathrooms, including sanitary ware,
water purifying systems.
NYGA INTERPROM
Group, owned by Svirsky family, includes number of active commercially and
holdings companies (following the split in the family’s Group activities, there
have been ownership changes in some of the companies among the family members):
GOME - TRADE
SERVICES (1981) LTD., 50% owned by David Svirsky & family, importers and
marketers (including service providers) of quality sanitary kitchenware, e.g.
sinks, taps, waste grinders, and such, as well as kitchen electrical
appliances, including built-in ovens, stove ventilators, and more. 2011 sales
NIS 20 million.
INTERPREK LTD.,
holding company, importers and marketers of coffee machines, processors and
marketing of coffee.
INTERPROM LTD.,
non-active,
SVIRSKY (A.D.M.) -
HOLDING COMPANY LTD., holding company, owned by Svirsky family.
Bank Leumi Le'Israel Ltd., Hamifratz
Business Branch (No. 898), Kiryat Bialik.
Nothing unfavorable leaned.
David Svirsky, founder of NYGA Group (also
referred as NYGA INTERPROM Group), is a veteran well-known group.
In the beginning of 2009 David Svirsky and
his sister Mrs. Osnat Moskovitch, decided to separate their activities in
consent. In principle, David Svirsky took over the domestic activities (mainly
via NYGA QUALITY PROD
Subject is ISO
9001:2008 certified.
The Home Design area is directly influence
by the changes in the local market in general, and construction and real estate
market in particular.
From the Central Bureau of Statistics (CBS)
data for 2014, investments in construction for dwelling in 2014 fell by 1.2%,
after an increase of 1.2% in 2013 and 8.6% in 2012. Investments in construction
not for dwelling (public institutions, commerce, industry.) and other
construction works (e.g. roads, offices, industrial, institutional) dropped 13%
in 2014, after climbing 8% in 2013.
Total investment in buildings and other
construction works in 2014 reached NIS 104.15 billion, 6% decrease from 2013
(when it rose 3.7% from 2012). The investment included NIS 66 billion in
residential building (-1.2% from 2013), of which 91.5% was for private building,
the rest for public building. Construction fell despite the Government's
efforts to increase investments. The fall in investment also lead to a rise in
houses prices.
The annual volume of houses renovations
according to the Renovations Contractors Association is estimated at NIS 15
billion, and the turnover of the ceramics branch is estimated to capture NIS
2.3 billion (which comprises some 80% of the branch's total volume).
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.76 |
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UK Pound |
1 |
Rs.99.60 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
VNT |
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.