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Report No. : |
343317 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MISH THE WORLD BELONGS TO CHILDREN LTD. |
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Registered Office : |
Hatzar Gaash, Industrial Zone, Gaash 6095000
Israel |
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Country : |
Israel |
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Date of Incorporation : |
25.10.2012 |
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Com. Reg. No.: |
51-482960-5 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is manufacturers, importers and marketers of children and baby apparel |
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No. of Employee : |
85 |
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 |
MISH THE WORLD BELONGS TO CHILDREN LTD.
(Known as MISH-MISH*)
Telephone 972 9 950 09 33
Fax 972 9 950 32
88
Email: info@mish-mish.co.il
Hatzar Gaash, Industrial Zone
GAASH 6095000
ISRAEL
A private limited company, incorporated as per file No. 51-482960-5 on the
25.10.2012.
Subject was established following the acquisition in October 2012 of the
brand names "Srigamish" and "Mish-Mish" (the goodwill) from
the receiver of SRIGAMISH SAN (1957) LTD., children’s wear manufacturers, importers and
retailers, a local long established and well known business
established 1947, which encountered grave financial difficulties. The reported
acquisition sum was NIS 1 million, and in addition, the buyers will transfer 1%
of the turnover for two years (estimated at NIS 400,000).
* Subject's registered Latin name in the Registrar of Companies is MISH
WORLD BELONGS TO THE CHILDREN LTD., however the correct translation of the
Hebrew registered name is as in caption (the difference is where
"THE" inserted).
Authorized share capital NIS 500.00, divided into - 500 ordinary shares of
NIS 1.00 each, of which 100 shares amounting to NIS 100.00 were issued.
1. Uri Moldovan, 75%,
2. Avigdor Kabili, 15%,
3. Idan Moldovan, 10%, son of Uri.
1. Uri Moldovan, General Manager,
born 1950,
2. Avigdor (Avi) Kabili, born 1955.
Manufacturers (via
subcontractors overseas, mainly in China and India), importers and marketers of
children and baby apparel under own brand
"Srigamish" and "Mish-Mish".
Also operating a retail chain of 26 branches (called
"Mish-Mish"), of which 8 are operated by concessioners, selling the
above goods.
Operating from rented premises (offices, logistics center), on an area of
1,000 sq. meters, in the Hatzar Gaash, a commercial and industrial zone outside
Kibbutz Gaash (locality north of Herzliya). The premises serve also
other affiliated companies.
Also using the address 36 Ben Gurion Street, Ramat Hasharon (area code
4732118), which is the residential address of Uri Moldovan.
Having 85 employees.
Current stock is valued at NIS 6,000,000.
Other financial data not forthcoming.
There are 4 charges for unlimited amounts registered on the company’s
assets (financial assets and vehicles), in favor of Bank Leumi Le'Israel Ltd.,
Bank Otsar Hahayal Ltd. and a leasing company. All charges placed in 2013.
2014 sales claimed to be NIS 15,000,000.
Projected 2015 sales are NIS 18,000,000.
G.K.A. IMPORT FASHION LTD., owned by Uri Moldovan, incorporated 2001, a
management company (in the past dealt in trade, import and marketing of
apparel, but ceased commercial activities after the operation of subject.
Avigdor Kabili has holdings in the following companies:
LELACH A.A.D. LTD., incorporated 1998, fully owned
by Avi Kabili, importers and marketers of apparel.
SIMPLE O.D.S. LTD., 25%, incorporated 2010, importers and marketers of sports
goods, sportswear and outdoor activity clothing and equipment.
Y.A.Y SIMPLE LTD., 25%, incorporated 2009, importers and marketers of textile products
(sportswear, military clothing). All sales are to the
Ministry of Defense.
Bank Hapoalim Ltd., Hatzafon Branch (No. 602), Tel Aviv.
Bank Leumi
Le'Israel Ltd., Migdalei Aviv Branch (No. 812), Tel Aviv.
Bank Otsar Hahayal Ltd., Hahashmonaim Branch (No. 361), Tel Aviv.
Nothing unfavorable learned.
Mr. Moldovan has
vast experience in the fashion business and trade. In the 1980s he was a
shareholder and General Manager of one of the local leading fashion companies
those days, called TOPPER.
Later, he sold his
holdings in TOPPER and operated through his other company SHMIRKA, which later
on ceased activities.
Avi Kabili is also veteran in the apparel field. He has
been a shareholder and manager of companies in the fashion and textile branches
since the 1980s (continuing his father's children apparel activities founded in
the 1950s).
Brand names "Srigamish" and "Mish Mish" are well
recognized local brands.
In October 2014 it was reported that subject's brands will be sold also
in HAMASHBIR, Israel's large (and sole) department store, in 10 branches of
HAMASHBIR.
In January 2015 it was reported that subject leased 75 sq. meters in
Premium Center shopping mall in Holon for a new branch.
Reportedly, total revenues of the local
fashion market in 2013 reached NIS 12 billion per annum. In 2012 sales reached
NIS 11 billion. 40% of sales are in the large fashion chains, 34% in other
smaller chains, and the rest in private shops.
Based on surveys, around 50% and more is women's fashion.
Moreover, 40% of fashion stores in Israel belong to fashion chains, the rest
being private shops.
Children's fashion market is valued at NIS 2 billion per
annum, sold in 1,600 shops (900 of which belong to branded chains, rest are
private shops).
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,
after climbing by 13% in 2012. Import rose by 5.6% (fell by 6% in $ terms) in
the first half of 2015 (comparing to the 1st half 2014).
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.
From
RIS data, a firm that measures revenues from sales of 2,600 shops in Israel, in
2014 local consumers reduced their purchasing in the apparel branches,
witnessed in 1.5% reduction in revenues per meter in commercial centers (after
2013 ended in freeze compared to 2012).
From the CBS
National Accounts for 2014, it turns that private consumption expenditure, in
fixed prices, grew by 4% from 2013 (rose 3.3% in 2013 and 3.1% in 2012).
Consumption expenditure by households on semi-durable goods rose in 2014 by
7.6% from 2013 (after 1.8% rise in 2013, and 7.4% in 2012), of which
expenditure on Clothing and Footwear in 2014 rose by 10.7% from 2013 (after
2.2% rise in 2013 and by 8.5% in 2012).
The CBS first
estimate for the first half of 2015 points on 4.8% rise in private consumption
in annual calculation, after rise of 6.4% in the previous half and 0.6% rise in
the parallel half in 2014. Consumption expenditure by households on
semi-durable goods fell in this period by 4%, reflecting a 10.7% decrease in
expenditure on Clothing and Footwear.
Per-capita
expenditure in 2014 rose by 2% (after rise of 1.4% in 2013 and 1.2% in 2012),
and by 2.8% (in annual calculation) in the 1st half of 2015.
Good for trade
engagements.
Notes:
1. The phone
number you provided (+972 (0)54 6378033) belongs to Ms. Rotem Levtzeler,
subject' designer.
2. 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.65.39 |
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1 |
Rs.99.05 |
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Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
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Analysis Done by
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HEN |
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Report Prepared
by : |
ASH |
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.