MIRA
INFORM REPORT
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Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CARMEL PARTS INDUSTRIES LTD. |
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Registered Office : |
P. O. Box 3247 Bat Yam (59132), 28 Hayetzika
Street, Northern Industrial Zone, Ashdod 77520 Israel |
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Country : |
Israel |
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Date of Incorporation : |
04.02.1991 |
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Com. Reg. No.: |
51-154420-7 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers and exporters of vehicle cables, as well as
importers and marketers of vehicle spare parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Exist |
Company
Name & Address
CARMEL PARTS
INDUSTRIES LTD.
(Registered name translation:
CARMEL SPARE PARTS INDUSTRIES LTD.)
Telephone 972
8 856 67 90
Fax 972
8 856 67 93
P. O. Box 3247 Bat Yam (59132)
28 Hayetzika Street
Northern Industrial Zone
ASHDOD 77520 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-154420-7 on the 4.2.1991.
SHARE CAPITAL
Authorized share
capital of NIS 16,600.00, divided into:-
16,600 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
1. GONTEVA E.G., a foreign company
registered in Switzerland,
2. Itzhak Rothstein, holding one single
share.
SOLE DIRECTOR AND GENERAL MANAGER
Itzhak Rothstein.
BUSINESS
Manufacturers,
marketers and exporters of vehicle cables, as well as importers and marketers
of vehicle spare parts.
Some 70% of sales
are exports, mainly to the USA.
Amongst subject’s
clients: Ministry of Defense, MULTI-LOCK, UNIPARTS, etc.
Amongst local
suppliers: PACKER STEELS & METALS LTD, FEINGOLD STEELS LTD., SCOPE METALS
TRADING & TECHNICAL SERVICES, etc.
Operating from
rented premises, on an area of 1,000 sq. meters in 28 Hayetzika Street,
Northern Industrial Zone, Ashdod.
Having 50
employees.
MEANS
Current stock is
valued at NIS 6,000,000.
There are 14 charges
for unlimited amounts registered on the company’s assets, in favor of the State
of Israel, local banks and leasing companies.
ANNUAL SALES
2005 sales claimed
to be NIS 20,000,000, of which 70% were for export.
2006 sales claimed
to be NIS 20,000,000, of which 70% were for export.
BANKERS
Union Bank of Israel Ltd., Rishon Le-Zion Branch (No. 074), account No.
431000.
A check with the central banks database did not reveal negative
information on subject’s a/m bank accounts.
Also working with Bank Leumi LeIsrael Ltd., branch data not forthcoming
(subject's General Manager refused to disclose this data).
Subject has been working also with Bank Hapoalim Ltd. (see below).
CHARACTER AND REPUTATION
In 2002 the
Customs Authorities filed an indictment against subject and its General
Manager, Mr. Itzhak Rothstein, for evading import taxes and for filing false
documents from German supplier. In addition, the Customs and VAT Authorities
issued a charge statement for over NIS 6 million for tax evasion (c/a 634/02
and 070773/03).
In November 2006
Bank Hapoalim Ltd., where subject used to maintain one of its account, filed a
motion to the Tel Aviv District Court to enforce subject's charges and appoint
a receiver to subject's assets, due to a debt balance of
NIS 16.35 million
to the bank. The plaintiff claims that subject is improperly managed and
suspected of showing false bills in order to obtain credit.
In February 2007,
it was reported that according to a settlement reached between the sides, Bank
Hapoalim reduced some NIS 6 million from subject's debts and cancelled its
request for appointing a receiver to subject.
Subject will have
to settle the balance of the debt (NIS 10.55 million), while the enforcement of
the charges was postponed in 2 months, in order to allow finance from another
bank.
It was reported
that in these days, subject settled its debts to Bank Hapoalim and all relevant
charges were removed.
In the past, a
supplier (PACKER STEEL) reported favorably on subject's payment record.
SUMMARY
In view of the
above said, dealings are recommended on a fully secured basis.
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%)