MIRA
INFORM REPORT
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Report Date : |
7th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
DEL –
PAK SYSTEMS LIMITED |
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Registered Office : |
P. O. Box 1461 (51114), 31 Lechi Street,
Bnei Brak 51200, Israel |
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Country : |
Israel |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
15.07.1992 |
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Com. Reg. No.: |
51-170271-4 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers,
manufacturers, exporters and marketrs of end to end solutions for the
automation of fuel stations and car fleet management, including automated
refueling and payment systems based on vehicle identification (using the
brand name “DALKAN” or "FuelOmat"), taxis meters, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name & Address
DEL - PAK SYSTEMS LTD.
Telephone :972
3 577 68 68
Fax :972
3 579 63 10
P. O. Box 1461 (51114)
31 Lechi Street
BNEI BRAK 51200, ISRAEL
HISTORY
A
private limited company registered as per file No. 51-170271-4 on the
15.7.1992, under the name DEL-PAK FUEL SYSTEMS LTD, which changed to the
present one on the 4.10.1992.
SHARE CAPITAL
Authorized
share capital NIS 1,000,000.00, divided into -
1,000,000
ordinary shares of NIS 1.00 each,
of
which shares amounting to NIS 700,000.00 were issued.
SHAREHOLDERS
Subject
is a fully owned subsidiary of ORPAK SYSTEMS LTD., a public limited liability
company whose shares are traded on the London AIM Stock Exchange, part of the
INTERGAMA INVESTMENT CO. Group, controlled by Tanhum Oren.
DIRECTORS
1.
Alexander Milner, Chairman,
2. Haim
Cohen, General Manager,
3.
Tanhum Oren,
4.
Yerachmiel Shtral.
BUSINESS
Developers,
manufacturers, exporters and marketrs of end to end solutions for the automation
of fuel stations and car fleet management, including automated refueling and
payment systems based on vehicle identification (using the brand name “DALKAN”
or "FuelOmat"), taxis meters, etc.
80% of
sales are for export.
Among
clients : SONOL, DELEK (both
local fuel stations chain), etc.
Among
local suppliers : TRANSWAY,
ARROW/RAPAC, EXPAK, etc.
Operating
from a rented premises (office and plant), on an area of 2,000 sq. meters in 31
Lechi Street, Bnei Brak, and a rented plants in the Industrial Zone, Dimona (on
an area of 300 sq. meters) and in the Industrial Zone, Ma'alot (on an area of
100 sq. meters).
The ORPAK Group also operate from branches
in The Netherlands, the USA, Turkey and Spain.
Having 80
employees in subject and 200 serving the ORPAK Group (subject and parent
company).
MEANS
Subject's current stock is
valued at US$ 5,000,000.
Subject
is its parent company chief holding, hence parent's financial statements
reflects subject's financial status.
Financial data is included in the consolidated
statements of the parent company, ORPAK SYSTEMS LTD., which shows:
US$ (thousands)
30.06.2006
31.12.2005
ASSETS
Current Assets:
Cash
and cash equivalents 4,631 15,307
Short
term deposits 2,342 2,231
Marketable
securities 15,794 7,028
Trade
receivables 7,280 6,950
Other
receivables 1,514 1,694
Inventories _7,110 _5,973
38,671 39,183
Non
current assets 149 223
Property and equipment, net _1,570 _1,347
40,390 40,753
====== ======
LIABILITIES
Current
liabilities 14,284 18,654
Long
term liabilities 196 303
Equity 25,910 21,796
40,390 40,753
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Parent Company’s
market value US$ 96.8 million.
There is 1 charge
for an unlimited amount registered on the company's assets, in favor of Bank
Leumi LeIsrael B.M.
ANNUAL SALES
2005 sales were US$ 28,000,000 (of which 80% were
for export).
First half of 2006 sales were US$ 16,000,000 (of
which 80% were for export).
ORPAK SYSTEMS LTD.
Consolidated Statements of Income,
US$ (thousands)
Year ended December 31st
2004 2005
Revenues 24,318 34,809
Gross profit 12,196 17,460
Operating income 2,057 4,637
Pre-Tax Income 2,680 5,419
Net
income 2,608 4,993
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ORPAK's
consolidated first half of 2006 revenues US$ 20,067,000 (29% increase compared
to the parallel period in 2005), making a gross profit of
US$ 10,148,000, an operating income of US$ 2,660,000, making a net profit of
US$ 3,036,000.
On 12.10.06
O.R.T., parent company of ORPAK, announced that ORPAK's revenues for the 3rd
quarter of 2006 reflects a 25% increase compared to the parallel period in
2005, reaching US$ 11.6 million, due to high demand for their (and subject's)
products.
OTHER COMPANIES
ORPAK SYSTEMS LTD.,
parent company, a holding company, also holds:
ORPAK USA INC., 99.1%, U.S.A.,
ORPAK HOLDING B.V, 100%, Holland,
SERPAK LTD., 100%, services for equipment,
GETPAK SYSTEMS B.V, 100%, Holland,
TURPAK ELECTRONMANYETIK YAKIT IKMAL
SISTEMLERI TICANET A.S, 50.01%, Turkey,
ORPAK SPAIN SUCURSAL EN ESPANA, 100%, Spain.
O.R.T TECHNOLOGIES LTD., parent company of ORPAK
(57%), a holding company in the systems and advanced technology products for
the fuel and automotive fields, shares are traded on the Tel Aviv Stock
Exchange, current market value US$ 51.7 million. Among its main other
holdings:
XPAC HOLDINGS LTD., 100%,
TRANSWAY LTD., 100%.
INTERGAMA INVESTMENTS COMPANY LTD., parent company
of O.R.T. (56%), an investment company, specializing in consumer
electrical and electronics products, infrastructure projects and equipment,
electronics and real estate, shares are traded on the Tel Aviv Stock Exchange,
current market value US$ 89.6 million.
DELEK THE ISRAEL FUEL CORP LTD. of the DELEK GROUP,
controlled by Itzhak Tshuva, holding 7.9% of subject's parent
company ORPAK SYSTEMS LTD. DELEK FUEL is Israel's 3rd
largest fuel company, operating some 200 petrol stations nationwide. The DELEK
Group is one of the leading and largest concerns in Israel.
BANKERS
Bank Leumi LeIsrael B.M., Central Branch (No. 800),
Tel Aviv,
account No. 406800/20.
A check with the Central Bank database did not
reveal anything detrimental on subject’s a/m account.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
In December 2005 ORPAK SYSTEMS LTD.,
parent company, published a prospectus offering shares to the public on the
London AIM Stock Exchange, raising a sum of US$ 12.7 million in exchange of
22.9% of its shares.
In July 2005, it was reported that ORPAK Group
signed a US$ 7 million deal with HONEYWELL. In July 2006, it was reported that
a further US$ 2 million contract was signed.
In August 2005, it was reported that ORPAK Group
received a US$ 3.6 million order from BEKO of Turkey.
In June 2006, it was reported that ORPAK Group won
a US$ 5 million deal with international oil company SHELL.
During the 3rd quarter 2006, it was reported
that ORPAK Group signed a large deal with the Russian fuel company MEGA OIL
GROUP.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 1,000,000.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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