MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
EIN SHEMER RUBBER INDUSTRIES AGRICULTURAL COOPERATIVE SOCIETY LTD. |
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Registered Office : |
M. P.
(Mobile Post) Menashe, Ein Shemer 37845 Israel |
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Country : |
Israel |
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Date of Incorporation : |
1967 |
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Legal Form : |
Agricultural
Cooperative Society |
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Line of Business : |
Manufacturers
marketers and exporters of rubber products such as: tyre-retread materials,
cushion gum, strips, hoses, window and car profiles, blend products etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company name & Address
EIN SHEMER
RUBBER INDUSTRIES
Correct
Name:
EIN SHEMER
RUBBER INDUSTRIES AGRICULTURAL COOPERATIVE SOCIETY LTD.
Telephone 972 4 637 10 37
Fax 972 4 637 23 45
M. P.
(Mobile Post) Menashe
EIN SHEMER 37845 ISRAEL
HISTORY
Originally
established as an industrial unit of Kibbutz Ein Shemer in 1967.
Converted
into a limited partnership and registered as such as per file No. 55-000196-0
on the 1.10.1072.
Originally
registered under the name EIN SHEMER RUBBER PRODUCTS FACTORY, which changed to
EIN SHEMER RUBBER INDUSTRIES on the 10.11.2000.
Converted
into an Agricultural Cooperative Society (ACS) and registered under the present
name as per file No. 57-003843-0 on the 1.1.2002.
OWNERSHIP
Subject is
fully owned by Kibbutz Ein Shemer, a co-operative society, operating a communal
agricultural settlement.
MANAGEMENT
Yehuda Ben
Haim - Chairman,
Natan
Vilner - General Manager
(since 1.9.06),
Oded Dagai,
Gideon
magen,
Uri Hofi,
Yoav Tuvia,
Yoav Drori.
BUSINESS
Manufacturers
marketers and exporters of rubber products such as: tyre-retread materials,
cushion gum, strips, hoses, window and car profiles, blend products etc.
Subject is divided into 5 main divisions:
Compounds,
retread materials, hoses, profiles and a laboratory.
38% of
subject’s sales are for export, mainly to Europe.
Most of
subject’s purchasing are imports, from Europe, Japan, and the U.S.A.
Among subject’s
clients: ARKAL FILTRATION SYSTEMS, SCHIEFFER MAGAM INDUSTRIES, DURAM RUBBER
RAMAT HAKOVESH, RAVIV ACS, etc.
Among local
suppliers: POLYON BARKAI INDUSTRIES, NOMINOR CHEMICAL INDUSTRIES, GADOT
CHEMICALS etc.
Operating
from a plant owned by Kibbutz Ein Shemer, on an area of 12,000 sq. meters in
Kibbutz Ein Shemer.
Having 145
employees.
MEANS
Current
stock is valued at NIS 8,000,000.
B/S to the
31.12.2005 totaled NIS 41,165,000.
Equity the
31.12.2005 valued NIS 8,750,000.
ANNUAL
SALES
1998 sales
claimed to be US$ 10,000,000, of which 50% were for export. 1999 sales claimed
to be NIS 40,628,000, of which 40% were for export.
2000 sales
claimed to be NIS 36,182,000 (of which 40% were for export), ending with a loss
of NIS 1,700,000.
First half
of 2001 sales claimed to be NIS 22,280,000. 2nd half of 2001 and
2002-2003 sales figures not forthcoming.
2004 sales
claimed to be NIS 62,282,000 (of which 38% were for export).
2005 sales
claimed to be NIS 63,743,000 (of which 38% were for export), ending with a
profit.
First 10
months of 2006 sales claimed to be NIS 62,428,000 (of which 36% were for
export).
OTHER
COMPANIES
Other
companies controlled by Kibbutz Ein Shemer:
MINIPLAST
EIN-SHEMER (1976), a limited partnership, manufacturers, marketers and
exporters of disposable plastic bio laboratory products, plastic injection
molded.
MINIPLAST
LTD.
EIN
SHEMER-ALON HOLDINGS LTD.
EIN SHEMER
ECONOMIC CO. LTD.
EIN SHEMER
LANDS LTD.
COOKIE -
MAN (ISRAEL) LTD., 33%, manufacturers of cookies.
AUTO BAKE
(ISRAEL) LTD., owners of equipment used by COOKIE MAN (ISRAEL) LTD.
E-GLUE
SOFTWARE TECHNOLOGIES LTD., software tools for customized solutions,
GUMAGNET
INDUSTRIES - EIN SHEMER LIMITED PARTNERSHIP, manufacturers of magnetic
educational games,
EIN SHEMER
AGRICULTURAL PRODUCTS DEVELOPMENT LIMITED PARTNERSHIP.
BANKERS
Mizrahi
Tefahot Bank Ltd., Pardess Hanna Branch (No. 473), Pardess Hanna, account No.
190265.
The First
International Bank of Israel Ltd., Hadera Branch (No. 027), Hadera, account No.
227560.
A check
with the Central Banks' database did not reveal negative information on
subject’s bank accounts.
CHARACTER
AND REPUTATION
Nothing
unfavorable learnt.
Subject is
ISO 9002 certified.
Kibbutz Ein
Shemer, established 1927, has over 400 members.
The Kibbutz
also cultivates a large area of agricultural land, including fruit plantation,
operate dairy farming, poultry etc.
In recent
years we received positive opinions on subject from its suppliers:
NOMINOR
CHEMICAL INDUSTRIES LTD. told us that they have been working with subject for
many years, supplying them with raw materials for the plastic industry. Credit
(for up to NIS 100,000) is current + 90 days.
Dealings
are estimated at NIS 20,000 per month.
Subject was
described as an excellent client with no payment problem history.
POLYON
BARKAI INDUSTRIES (1983) LTD. officials told us that they have been working
with subject for several years, supplying them with raw materials.
Credit is
current + 90 days. Dealings are estimated at NIS 50,000 per month.
Subject was
described as a good client with no negative payment history.
In May
2001, it was reported that subject signed a deal to supply raw materials to a
local subsidiary of the American concern WARNI.
The deal
was estimated at NIS 8 million per year.
We are
informed that September 2006 subject acquired the business activities of
TECHNOGUM RUBBER MANUFACTURE LTD. The company, operated since 1948,
manufactured rubber goods for various industries.
From the Plastic and Rubber Manufacturers
Association in Israel analysis, the following figures were reported:
The branches sales in the first half of 2006 grew by 6% comparing to the parallel period in 2005, summing up at US$ 1.77 billion. Exports in this period witnessed a 6.9% rise (reaching US$ 925 million) and 4.9% rise in sales to the local market, which reached US$ 850 million.
Sales of the branch in 2005 reached US$ 3.35 billion, 4.3% increase from 2004. The increase included 8% increase in exports, which amounted to US$ 1.73 billion, and 0.5% increase in sales to the local market, which reached US$ 1.6 million.
Exports were to Europe (50%), North America (33%), South America (5%), Australia (5%), Africa (5%) and the Middle East (2%).
Following the growth in the branch, 200 new employees joined the industry in 2005, and the current number of employees in the branch is 21,000.
According to the Industrialists Association economic review, import of plastics increased in 2005 by 4% comparing to the previous year, summing up to US$ 1.5 billion.
SUMMARY
Good for
trade engagements.
Maximum
unsecured credit recommended US$ 500,000.
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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