MIRA
INFORM REPORT
|
Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FISHMAN ENGINEERING LTD. |
|
|
|
|
Registered Office : |
Bar-Lev Industrial Park, M. P. Misgav, Misgav 20179 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
1958 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers, marketers and exporters of car accessories (cooling system products, industrial moulds and thermostats) and dyes for the automotive industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
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 car accessories (cooling system products, industrial moulds and thermostats) and dyes for the automotive industry.
Almost all sales are exports.
Amongst clients: OPEL, GM EUROPE, etc.
Operating from rented premises, on an area of 20,000 sq. meters in the Bar-Lev Industrial Park, Misgav.
Having 120 employees (as of 2003).
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
1997 sales claimed to be NIS 18,000,000.
1998 sales claimed to be NIS 13,500,000, of which 95% were for export.
Later figures not forthcoming.
BANKERS
Bank Leumi LeIsrael Ltd., Hamifratz Business Branch (No. 898), Haifa,
CHARACTER AND
REPUTATION
Subject’s General Manager, Joseph Fishman, who is the only authorized person to disclose data, is presently abroad and due back later next week. We will try to speak with him upon his return and update you accordingly. It should be mentioned, that in the last couple of years, subject's officials refused to update any data.
Nothing unfavorable learnt.
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 lack of updated financial data, considered good for trade engagements.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)