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Report No. : |
330337 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
TWISTING FACTORIES LTD |
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Registered Office : |
18 Hatomer Street, Ramat Hasharon 4728125 |
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Country : |
Israel |
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Date of Incorporation : |
18.01.2012. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Exporters and Marketers of
Yarns for the Tea Industry. |
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No. of Employees : |
12 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 : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
|
Source
: CIA |
TWISTING FACTORIES LTD.
Telephone 972 3 547 73 66
Fax 972 3 547 73
67
18 Hatomer Street
RAMAT
HASHARON 4728125 ISRAEL
A private limited company, incorporated as
per file No. 51-472432-7 on the 18.01.2012.
We presume subject assumed the activities of
KASEM TWISTERS LTD., established 1985, however, Mordechai Kaminer, subject's
General Manager, refused to elaborate on this matter (he stated that KASEM
TWISTERS is inactive since 1998).
Authorized share capital NIS 100,000.00,
divided into -
100,000 ordinary shares of NIS 1.00 each, of
which 1,000 shares amounting to NIS 1,000.00 were issued.
1. Mordechai
Kaminer, 50%,
2. Shadi
Sarsur, 50%.
1. Mordechai
(Motti) Kaminer,
2. Shadi
Sarsur.
Manufacturers, exporters and marketers of
yarns for the tea industry.
98% of sales are export.
Marketing is via sister company K.I.T. TEX
INTERNATIONAL LTD.
Among local clientele: WISSOTZKY TEA ISRAEL.
Operating from office premises, at the
private residence of Kaminer Family (house owned by the family), in 18 Hatomer
Street, Ramat Hasharon (serving also sister company K.I.T. TEX), and from a
rented plant on an area of 1,500 sq. meters, in Industrial Zone, Brakan.
Having 12 employees (same as in end of 2014,
had 15 employees in the first half of 2014).
Current stock is valued at NIS 1,000,000.
Other financial data not forthcoming.
Subject's officials said that US$ 2 million were
invested in the erection of subject's plant in Barkan Industrial Zone in 2011
(area of 2,500 sq. meters, leased).
There are 4 charges for unlimited amounts, as well as a charge for the
sum of US$ 43,000 registered on the company's assets (financial assets), in
favor of Bank Hapoalim Ltd. and Mizrahi Tefahot Bank Ltd. (charges placed
November 2013-October 2014).
2012 sales claimed to be NIS 7,000,000, 98% were for export.
2013 sales claimed to be NIS 7,000,000, 98% were for export.
2014 sales claimed to be NIS 7,000,000, 98% were for export.
Sales for the first half of 2015 claimed to be NIS 3,500,000, 98% for
export.
Mordechai Kaminer also owns:
K.I.T. TEX INTERNATIONAL LTD., established
1997, operating in the following line of activities:
1.
Dealers and exporters of yarns for the food
industries abroad.
2.
Importers and marketers of raw materials for the
textile industry.
3.
Exporters of seeds to Turkey.
4.
Marketers and exports of tea bag strings
manufactured by subject.
K.Y.T. INTERNATIONAL TRADE COMPANY LTD.
KASEM TWISTERS LTD., equally owned by
Mordechai Kaminer and Ahmed Muhammad Sarsur, inactive.
Bank Hapoalim Ltd., Ramat Hasharon Branch
(No. 630), Ramat Hasharon, account No. 696861.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
Nothing unfavorable learned.
Subject's activities are veteran.
(Note: with no
relation to subject itself) In 2005 Bank Leumi Le'Israel Ltd.
requested the court to issue a receivership order for Mr. Mordechai Kaminer’s
assets due his guarantee to debt amounting to NIS 1.53 million in favor of WINE
KIYOSK– WINE CENTER LTD., in which Mr. Kaminer and Mr. Amit Slovatic were
managers and shareholders in the company (a request for receivership against
Mr. Slovatic was filed earlier in April).
We found no further data on that matter.
According to Central Bureau of Statistics (CBS) data,
investments in machinery & equipment from import for the manufacturing of
Textiles in 2014 kept the decline trend (in quantity terms) in 2013 (40% from
2012), falling by 56% from 2013 and summing up to NIS 20.2 million.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.98.22 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.