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Report No. : |
305424 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHODAN LTD. |
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Registered Office : |
P.O. Box 438, UDIM, 4290500 |
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Country : |
Israel |
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Date of Incorporation : |
13.07.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importers and marketers of apparel and textile products for
women, men and children. |
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No. of Employee : |
10 |
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 : |
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 |
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 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.
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Source
: CIA |
SHODAN LTD.
Telephone 972 9 885 97 64
Fax 972 9 885 37
80
P.O.
Box 438
UDIM 4290500 ISRAEL
A private limited company, incorporated as
per file No. 51-250655-1 on the 13.07.1997.
From our, subject was dormant for a while,
around year 2008, but we do not have further data on the duration.
Authorized share capital NIS 10,000.00,
divided into, -10,000 ordinary shares of NIS 1.00 each, of which 100 shares
amounting to NIS 100.00 were issued.
Subject is fully owned by Yoav Eliav.
Yoav Eliav.
Importers and marketers of apparel and
textile products for women, men and children.
Among clientele: HAMASHBIR DEPARTMENT
STORES, Israel Nature and Parks Authority, and more.
Operating from rented premises (offices,
showroom and warehouses), on an area of 400 sq. meters, in Farm No. 1
("Meshek 1"),
Premises also serve sister company HORSE
CENTER.
Having 10 employees.
Current stock is valued at NIS 2,000,000.
Other financial data not forthcoming.
There are 11 charges for unlimited amounts registered on the company's
assets (financial assets and vehicles), in favor of Bank of Jerusalem Ltd., Bank
Otsar Hahayal Ltd. and Mercantile Discount Bank Ltd. (last 2 charges placed
2007).
2013 sales claimed to be NIS 5,000,000.
2014 sales claimed to be NIS 5,000,000.
HORSE CENTER LTD.
("SUS CENTER"), 50% owned by Yoav Eliav, importers and marketers of horses riding equipment, mainly riding apparel
and footwear. The company was incorporated 2006 as a spin-off from subject,
assuming a/m activities, following the entrance of a partner.
Mercantile Discount Bank Ltd., Netanya
Branch (No. 647), Netanya.
Nothing unfavorable learned.
According to the
Central Bureau of Statistics (CBS), import of Clothing and Footwear in 2014
increased by 8.3% (in NIS terms, rose by 9.5% in $ terms), summing up to NIS
7,421.6 million. This comes after in 2013 import rose by mere 0.9% from 2012,
but rose by 13% in 2012.
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 preliminary National Accounts
for 2014 on private consumption expenditure, it turns that the current local
households expenditure grew by 3.9% from 2013, after rising by 3.3% in 2013 and
by 3.2% in 2012.
Consumption
expenditure by households on Clothing and Footwear in 2014 rose by 10.1% from 2013
(after 2.2% rise in 2013 and by 8.5% in 2012).
Good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
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|
1 |
Rs.93.53 |
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Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.