MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOP GREENHOUSES LTD. |
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Registered Office : |
P.O. Box 64, Industrial Zone Ariel West, Barkan 44820 |
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Country : |
Israel |
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Date of Incorporation : |
14.12.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of greenhouses. |
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 |
name & address
TOP GREENHOUSES LTD.
P.O. Box 64
Industrial Zone Ariel West
BARKAN 44820 ISRAEL
Telephone 972 3 906 88 81/
906 81 81
Fax 972 3 906 88
82/ 906 81 82
HISTORY
A private limited company, incorporated as per file No. 51-256274-5 on
the 14.12.1997.
SHARE CAPITAL
Authorized share capital NIS 345,000.00 divided into - 345,000 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 342,000.00 were
issued.
SHAREHOLDERS
1. ELIYAHU ZALMAN AND SONS PIPES WORKS LTD., 90%, owned by the Eliyahu
family.
2. Avraham Eliyahu, 10%.
DIRECTORS
1. Avraham Eliyahu,
2. Ezra Eliyahu.
JOINT GENERAL MANAGERS
1. Avraham (Avi) Eliyahu,
2. Dov Epshtyein.
BUSINESS
Manufacturers, exporters and marketers of greenhouses.
90% of sales are for export.
Among suppliers: POLYTIV, ISKOOR METALS AND STEELS, etc.
Operating from premises (offices, warehouses and factory), owned by the
shareholders, on an area of 8,000 sq. meters, in the Industrial Zone Ariel
West, Ariel.
Having 30 employees.
MEANS
Current stock is valued at US$ 1,000,000.
Equipments and machinery is valued at US$ 700,000 (net).
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In March 1998, the Investment Center Authority approved a US$ 400,000 investment
plan for the erection of subject’s plant.
Property, owned by the shareholders, in Western Ariel Industrial Zone,
is valued at US$ 3,000,000.
There are 6 charges for unlimited amounts registered on the company's
assets (fixed and financial), Bank Leumi LeIsrael Ltd., Bank Hapoalim Ltd. and
Israel Discount Bank Ltd.
ANNUAL SALES
2006 sales claimed to be US$ 6,000,000, of which 90% were for export.
2007 sales claimed to be US$ 6,000,000, of which 90% were for export.
OTHER COMPANIES
ELIYAHU ZALMAN AND SONS PIPES WORKS LTD., parent company, established
1978, manufactures and distributes metal pipes and tubes, 2007 sales US$ 12
million, having 35 employees.
BANKERS
Israel Discount Bank Ltd., Sonol Tower Branch (No. 082), Tel Aviv.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject is considered as one of the leading local exporters in the
greenhouses industry.
According to Israel's Ministry of Industry and Trade, in 2006 the export
by the greenhouses industry summed up to US$ 40 million (same as in 2005). The
sector is mostly influenced by the level of orders from international organs
and institutions, who finance agricultural projects in third world countries.
SUMMARY
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. |
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%)