MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FISHMAN ENGINEERING LTD. |
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Registered Office : |
Bar-Lev Industrial Park, M. P. Misgav, Misgav 20179 |
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Country : |
Israel |
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Date of Incorporation : |
1958 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers, marketers and exporters of products for the automotive
industry |
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 : |
Usually correct |
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Litigation : |
Clear |
name & address
FISHMAN ENGINEERING LTD.
Bar-Lev Industrial Park
M. P. Misgav
MISGAV 20179 ISRAEL
Telephone 972
4 955 32 32
Fax 972
4 955 36 36
HISTORY
Originally
established as a sole proprietary business in 1958, under the name FISHMAN MANUFACTURING
AND BUILDING OF DYES.
Converted into a
private limited company and registered as such as per file No. 51-043011-9 on
the 13.4.1964.
Originally
registered under the name of FISHMAN ENGINEERING AND MANUFACTURE OF DYES AND
MOULDS LTD., which changed to the present name on the 29.9.1978.
SHARE CAPITAL
Authorized share
capital NIS 2,050,000.00, divided into –
2 management
shares,
2 deferred shares,
2,049,999,996
ordinary shares, all of NIS 0.001 each, of which shares amounting to NIS 1,771,147.50
were issued.
SHAREHOLDERS
1. Mrs. Ilanit Fishman, holding 30% of ordinary
shares,
2. Mrs. Aliza Weiss, holding 17.5% of ordinary
shares,
3. Mrs. Sigal Fishman-Spiegel, holding 17.5% of
ordinary shares,
4. Roi Fishman, holding 17.5% of ordinary
shares,
5. Mrs. Michal Nin-Nun (formerly Fishman),
holding 17.5% of ordinary shares,
6. Joseph Fishman, holding 1 management share,
7. Eliahu Elkayam, holding 1 management share,
8. Mrs. Miriam Schechter, holding 1 deferred
share,
9. Dov Judif, holding 1 deferred share.
DIRECTORS
1. Joseph Fishman - General Manager
2. Mrs. Ilanit Fishman, daughter of Joseph.
BUSINESS
Manufacturers,
marketers and exporters of products for the automotive industry, e.g. thermostats,
fuel caps, oil caps, cooling system products and other industrial moulds.
All sales are for
export.
Amongst clients:
OPEL, GM EUROPE, PORSCH, BMW, JAGUAR, etc.
All raw materials
are purchased abroad.
Operating from
premises (offices, plant and warehouses), owned by the shareholders, on an area
of 25,000 sq. meters, in the Bar-Lev Industrial Park, Misgav.
Also operating
from 3 plants in the USA, and a plant in Germany.
Having 150
employees in Israel and total of 2,000 employees serving the FISHMAN
ENGINEERING Group in the Israel and abroad.
MEANS
Financial details
not forthcoming.
Subject’s
shareholders still own the property which is subject’s former premises, on an
area of 11,000 sq. meters in Kiryat Bialik.
Subject is an “Approved
Enterprise” and as such enjoys tax benefits and State incentives.
In November 2001,
the Investment Center approved US$ 1 million investment plan for the erection
of subject’s new plant in Bar-Lev.
In December 2003,
the Investment Center approved a further US$ 750,000 investment plan for the
expansion of subject’s plant in Bar-Lev.
There are 10
charges for unlimited amounts registered on the company's assets, in favor of
the State of Israel and local banks and leasing companies.
ANNUAL SALES
Sales figures not
forthcoming, however consolidated sales believed to be tens of NIS millions.
BANKERS
Bank Leumi
LeIsrael Ltd., Hamifratz Business Branch (No. 898), Kiryat Bialik.
CHARACTER AND
REPUTATION
Nothing
unfavorable learnt.
Subject’s General
Manager, Joseph Fishman, refused to disclose financial data.
Subject is a long
established company.
Subject was among
the local companies awarded with the 2007 "Golden Note" by the
Israeli Standard Institute, for quality and Excellency.
SUMMARY
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
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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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%)