|
Report No. : |
320689 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
RENBY INVESTMENTS LTD. |
|
|
|
|
Registered Office : |
80 Herzl Street (corner of 39 Yedidia Frankel Street) |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and
marketers of home textile and upholstery materials (leather, fabrics),
including curtains and carpets, tablecloths, beddings, wallpapers, Also
importers and marketers of artistic crystals. |
|
|
|
|
No. of Employee : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
|
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 |
RENBY INVESTMENTS
LTD.
(Also trading as:
RENBY HOME DECORATION, or
RENBY HOME
COUTURE)
Email: customers@renby.co.il
Telephone 972 3 513 30 00
Fax 972 3 682 87 83; 513 30 51
80 Herzl Street
(corner of 39
Yedidia Frankel Street)
TEL AVIV 6655211 ISRAEL
Originally
established in 1978 as a non-registered business.
Converted into a
private limited company and registered as such as per file
No. 51-091259-5, under the name RENBY LTD on the 12.01.1982, and changed name
to present one on the 01.09.1982.
Authorized share capital NIS 250.00, divided
into -
25,000
ordinary shares of NIS 0.01 each,
of which 8,600
shares amounting to NIS 86.00 were issued.
1. Benyamin (Benny) Moran, 70%,
2. Ms. Solange Hendler, 21%,
3. Ms. Dalia Toppel, 9%, all a/m are brothers and
sisters.
1. Benny Moran, Chairman,
2. Ms. Solange Hendler.
Importers and
marketers of home textile and upholstery materials (leather, fabrics),
including curtains and carpets, tablecloths, beddings, wallpapers, etc.
Also importers and
marketers of artistic crystals.
In addition,
operating a retail store in Tel Aviv.
Having some 3,000 customers. Sales are mainly to private customers.
Also selling to
the institutional markets (hotels, etc.).
Among clientele are
leading furniture manufacturers and chains: AMINACH FURNITURE AND MATTRRESS
INDUSTRIES, TOLLMANS, BETILI, SHOMRAT HAZOREA, HOLIS METAL INDUSTRIES, etc.
All purchasing is
imported.
Local
representatives of (some exclusive):
For fabrics,
textile, coverings, etc:
DESLEE, TERMOLST,
TISSAT, MARTEX, all of Belgium,
CENTURY,
COVINGTON, RIBENKS, UNITEX, STROHEIM & ROMANN, all of U.S.A.,
NOBLIS,
METAPHORES, KENSO MAISON, all of France,
CESARO, of
Holland,
CHRISTIAN
FISCHBACHER, of Switzerland,
LORENZO RUBELLI,
FORNASETTI, MISSONI, ETRO, ELITIS, FRETTE, all of Italy.
COLE & SON, of
the U.K.
For crystals:
DAUM, CRYSTAL DE
SERVES, both of France.
Operating from
premises (owned by the shareholders), a 3-storey building (400 sq. meters), in
80 Herzl Street (corner of 39 Yedidia Frankel Street), Tel Aviv.
Also operating
from a retail store, rented, on an area of 140 sq. meters, in 30 Hei Be’Iyar
Street, Kikar Hamedina Square, and from warehouses, on an area of 500 sq.
meters, rented, in 139-141 Nahalat Benyamin Street, all in Tel Aviv.
Having 45
employees (had over 40 employees in mid 2013, had 40 employees in 2012, same as
in 2011).
Current stock is
valued at US$ 2,800,000 (was valued at 2,600,000 in mid 2013 similar to the beginning
of 2012, was valued at US$ 2,500,000 in the end of 2011).
Owned property in
80 Herzl Street, Tel Aviv (where subject is operating from) is valued at
several of US$ millions.
There are 6
charges for unlimited amounts, as well as 1 charge for the sum of NIS
470,000registered on the company's assets (financial assets and vehicles), in
favor of Bank Leumi Le’Israel Ltd., The First International Bank of Israel
Ltd., Mizrahi Tefahot Bank Ltd. and leasing companies (last charge placed
October 2010).
2008 sales claimed
to be circa US$ 6,500,000.
2009 sales claimed
to be US$ 6,500,000.
2010 sales claimed
to be US$ 6,500,000.
2011 sales claimed
to be US$ 6,800,000.
2012 sales claimed
to be US$ 7,000,000.
2013 sales claimed
to be US$ 7,000,000.
2014 projected
sales circa US$ 8,000,000.
The First
International Bank of Israel Ltd., Kiryat Hamelach Branch (No. 055), Tel Aviv,
account No. 094412.
Bank Hapoalim
Ltd., Hadarom Branch (No. 517), Tel Aviv, account No. 248956.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing
unfavorable learned.
Subject is long
established and a leading company in its field in the local market.
Subject's products
known to be of high quality.
According to
reports from December 2009, subject leased the new shop in 30 Hei Be’Iyar
Street, Hamedina Square, Tel Aviv (which replace the shop they had in Herzliya,
which was closed), paying US$ 10,000.00 per month rental fees. The reason for
the relative high fees is that “Hamedina Square” (or Kikar Hamedina in Hebrew)
is one (if not the most) of Israel’s most prestigious shopping areas. Subject
invested reportedly over NIS 1 million in the store design.
The local indoor shadowing accessories market was estimated several years
ago by officials in the branch at NIS 250 million per year, noting a
significant growth in the recent years.
According to Central Bureau
of Statistics (CBS), import of consumer goods in 2014 marked 8% increase (in NIS
terms), compared to 2.2% increase in 2013, and by 2% in 2012. A breakdown shows
a 9.8% rise in 2014 in durable goods, while import in non-durable goods rose by
6.8%.
Import of
Household Utensils in 2014 rose 7.6% from 2013, summing up to NIS 2,739 million
(in $ terms rose by 9%), after in 2013 import rose by 2.5%.
According
to Central Bureau of Statistics (CBS), import of fabrics and yarns in 2014
witnessed a 2.3% rise from 2013, summing up to US$ 666 million, representing a
reverse to the decreasing trend in the previous couple of years (fell by 1.8%
and by 6.5% in 2013 and 2012, respectively from the previous year), though the
rise in local NIS terms was milder – by 1.1% (in 2014).
Chinese production comprises the largest
portion of imported textile goods followed by France, Italy, Hong Kong and
Turkey. The increase in imports emanates from the exposure to foreign markets
policy by the State.
From the CBS
National Accounts for 2014 on private consumption expenditure, it turns that
the current local households' expenditure (in fixed prices) grew by 4% from
2013, after rising by 3.3% in 2013 and by 3.1% in 2012. Per-capita expenditure
in 2014 rose by 2% (after rise of 1.4% in 2013 and 1.2% in 2012).
Consumption expenditure
by households on durable goods rose by 12.3% from 2013 (after 3.8% rise in
2013). A breakdown shows that expenditure on furniture
and jewelry rose by 7.3% (3.5% in 2013), whereas in electric appliances
and other equipment the increase was lower – by 4.2% (though fell 0.6% in
2013).
Per-capita
expenditure on durable goods in 2014 showed 10.2% (1.9% in 2013).
The local
household products market is considered highly competitive after reaching
market saturation. It includes household textile, tableware and kitchenware and
utensils, bath accessories and ornaments &decorative items, ceramic and
glass ware, etc. According to estimations, the local household products market
volume reaches NIS 2.5 – 3 billons annually (of which circa NIS 1 billion for
“home textile”), and includes retail, wholesale, institutional markets (Retail
chains capture 30% of the market share, specialization stores 20%, while the
institutional and workers unions sector has 50% share).
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
-- |
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.