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Report No. : |
345831 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HANDMADE CONTEMPO RUGS LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21.09.2011. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of handmade designer
rugs and carpets. |
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No. of Employee : |
2 employees
(including David Ovadia). |
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 : |
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) |
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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 |
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.
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Source
: CIA |
HANDMADE CONTEMPO RUGS LTD.
Telephone 972 9 885 57 45
Fax 972
9 957 70 84
P.O. Box 12784
22 Maskit Street
Herzliya Pituach
HERZLIYA 4673322 ISRAEL
A private limited company, incorporated as
per file No. 51-467116-3 on the 21.09.2011.
Note: Subject has no registered Latin name in
the Registrar of Companies, and the direct translation of Hebrew name is HANDMADE
MODERN CARPETS LTD.
Authorized share capital NIS 100,000.00,
divided into -
100,000
ordinary shares of NIS 1.00 each,
of which 200 shares amounting to NIS 200.00
were issued.
Subject is fully owned by David Ovadia.
David Ovadia.
Importers and marketers of handmade designer
rugs and carpets, from all over the world.
Also operating a retail store.
Sales are mostly to private clientele.
All purchase is import.
Sole local representatives of (among
others):
NAMICA, of USA.
Operating form rented premises (office,
retail store and warehouse), on an area of 240 sq. meters in 22 Maskit Street, Herzliya Pituach Industrial Zone, Herzliya.
Having 2 employees (including David Ovadia).
Financial data not forthcoming.
There are no charges registered on the company's assets.
Sales figures not forthcoming.
Mizrahi Tefahot Bank Ltd., Herzliya Pituach Branch (No. 522), Herzliya.
Nothing unfavorable learned (please refer
to NOTE below).
David Ovadia
refused to disclose financial data.
The local floor covers market (carpets, rugs, wall-to-wall carpets, parquets
floor) is estimated well over at US$ 100 million per annum.
Considering the refusal to disclose
financial data, and being a very small business, dealings are recommended on
secured basis.
1. According
to the Registrar of Companies subject has a "Law Violating Company"
Status.
As part of the
Registrar efforts in the last period to collect fees and supervision on meeting
all duties by Companies’ law, such status notes have been added to the
registry. Registration as a "Law Violating Company" is done due
certain violation by the subject company for not meeting the Registrar of
Companies regulations promptly, mainly for not paying Registrar fees,
and/or not submitting annual reports on time.
The sanctions and
penalties against the company in such case include fines up to NIS 250,000, not
allowing the company to register new charges on its favor, not allow
registration a charge on its assets (which may deprive the company from taking
new loans at their banks), cannot make changes in the Registrar, and more.
It should be noted
that this may not necessarily be connected to the company's business activities
and financial standing (although in many cases there is a connection, but we
do not know the reason in subject's case. It is also possible that there is
a technical or administrative problem, as such things also happen).
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.89 |
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1 |
Rs.100.39 |
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Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ANK |
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.