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Report No. : |
330491 |
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Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMANUEL WALLETS
LTD. |
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Formerly Known As : |
EMANUEL WALLETS |
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Registered Office : |
18 Hametzuda
Street, Azor 5800162 |
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Country : |
Israel |
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Year of Establishment : |
1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, Manufacturers,
Exporters and Marketers of Leather Wallets, Bags, Valises, and Leather
Advertising Items. |
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No. of Employees : |
40 Employees
(2011) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
EMANUEL WALLETS LTD.
Telephone 972 3 558 34 44
Fax 972 3 558 42 22
Email: info@emanuel-w.com
18 Hametzuda Street
AZOR 5800162 ISRAEL
Originally established as a non-registered
business in 1978, under the name “EMANUEL WALLETS”.
Converted into a private limited company registered
as such as per file No. 51-152185-8 on the 05.12.1990.
Authorized share capital NIS 15,100.00,
divided into -
15,100 ordinary
shares of NIS 1.00 each, of which 100 shares amounting to NIS 100.00, were
issued.
1. Emanuel Greenspan, 99%,
2. Mrs. Rika Greenspan, wife of Emanuel
Greenspan, 1%.
Emanuel (Ami)
Greenspan.
Importers,
manufacturers, exporters and marketers of leather wallets, bags, valises, and leather
advertising items.
Also operating a
retail chain store under the name “Emanuel Wallets”, with 6 branches, all owned
by subject (same as in last previous years).
Manufacturing is
chiefly abroad (sub-contractors in China).
Beside subject's
retail stores, also selling to some 250 points of sale.
Operating under
brand name "Emanuel" and "Neta Sadde".
.
Among clients:
BANK LEUMI LE'ISRAEL, ISRAEL DISCOUNT BANK, ISRACARD, and more.
Operating from
rented premises (office, warehouse and showroom), on an area of 700 sq. meters,
in 18 Hametzuda Street, Azor, and from 6 retail store branches.
Had 40 employees
as of 2011 (had 35 employees in the beginning of 2010). From our current
interview with subject's general manager, we learn that the number of employees
remains about the same, as he said that there has been "no changes".
Financial data not
forthcoming.
There is 1 charge
for the sum of NIS 384,000 registered on the company’s assets (vehicles), in favor
of Israel Discount Bank Ltd. (charge placed May 2015).
Sales figures not
forthcoming.
According to a
media report from 2007 annual sales were NIS 18,000,000.
According to our:
Bank Hapoalim
Ltd., Holon Business Branch (No. 522), Holon, account No. 424601.
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m account.
Nothing unfavorable learned.
We spoke with subject's General Manager, Mr.
Emanuel Greenspan, who was willing only to tell us that "there are no
changes in the company", however refused get into details, claiming he
pays cash in advance and does not seek credit.
Subject is a long established family
business.
In August 2005 it was reported that subject
invested NIS1 million in its new logistic center in Azor.
In July 2007 it was reported that subject
sold wallets and bags to fashion stores in Rodeo Drive in Los Angeles, and also
to Australia, Switzerland and Holland.
In April 2009 it was reported that subject
opened its premium branch in Tel Aviv, investing NIS 500,000.
Notwithstanding the refusal to disclose
financial, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.