MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NORDIA SPRINGS - ACS
LTD. |
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Registered Office : |
Nordia 42954 |
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Country : |
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Date of Incorporation : |
01.01.2006 |
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Legal Form : |
Agricultural Cooperative Society |
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Line of Business : |
Manufacturers,
marketers and exporters of wire and steel industrial springs. |
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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Maximum Credit Limit : |
US$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name & address
NORDIA SPRINGS - ACS
LTD.
NORDIA 42954
Telephone 972 9 889 30 00
Fax 972 9 889 30 19; 889 30 16;
861 15 94
E-mail: info@nordia.co.il
Trading as
NORDIA SPRINGS LTD.
HISTORY
An Agricultural
Cooperative Society (ACS), incorporated as per file No. 57-004584-9.
Subject started to
operate on the 1.1.2006, after taking over all activities of the limited partnership
NORDIA SPRINGS INDUSTRY (Reg. No. 55-000356-0, established 1960, was also known
as NORDIA METAL WORKS SPRINGS INDUSTRY), which became non active.
OWNERSHIP
Subject is fully owned
by Moshav Nordia (NORDIA COOPERATIVE SOCIETY OF VETERAN SOLDIERS LTD., an
agricultural cooperative society).
DIRECTORS
1. Eliezer Ben Moshe,
Chairman,
2. Menashe Ditkovsky,
General Manager,
3. Doron Dresler,
4. David Zohar,
5. Yehoshua Carmeli,
6. Nissim Revach,
7. Moshe Dothan.
BUSINESS
Manufacturers, marketers
and exporters of wire and steel industrial springs.
Sales are to the
aircraft, automotive, defense, electronics and computers industries, as well as
the agricultural field.
Some 20% of sales are
for export.
Among local clients:
NAAN DAN IRRIGATION SYSTEMS,
Among foreign clients:
OPEL, PEUGEOT, KNORR-BREMSE, WABCO.
Operating from owned
premises (offices, warehouses and plant), on an area of 4,000 sq. meters, in
Nordia, a village near Netanya.
Having 180 employees
(had 160 employees in end of 2006/beginning of 2007, and 140 in the beginning
of 2006).
MEANS
Current stock is
valued at
Other financial data
not forthcoming.
ANNUAL SALES
NORDIA SPRINGS
INDUSTRY 2004 sales claimed to be
NORDIA SPRINGS
INDUSTRY 2005 sales claimed to be
Subject's 2006 sales
claimed to be
First 8 months of 2007
sales claim to be
OTHER COMPANIES
A.I.C. ANGLO ISRAEL
COMPONENTS LTD., 50%, manufacturers and distributors of metal products for
electricity and electronics.
Moshav Nordia also controls:
NORDIA HATCHERIES ACS
LTD., chicken hatchery.
SPRINCO LTD.,
manufacturers and marketers of springs.
NORDIA HOLDINGS ACS
LTD. and several further agricultural cooperative societies.
NORDIA SPRINGS
INDUSTRY, non active.
BANKERS
Bank Hapoalim Ltd., Netanya
Branch (No. 612), Netanya, account No. 202188.
Bank Leumi LeIsrael
Ltd.,
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
accounts.
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
Moshav Nordia was established in 1948. They cultivate circa 2.5 million sq. meters of land. They are also involved in real estate projects.
The
This is a very long
established business. Subject is the largest company in the industrial spring's
field in
Subject meets the
Institute of Spring Technology (IST) and QS 9000 standards (ISO-9000).
According to the Chairman of
the Metal and Electricity sectors at the Manufacturers’ Association, overall
sales of the various metal related sectors in 2005 increased by 13% in real
terms comparing to 2004, reaching
Exports in the metal and
electricity sectors increased in 2005 by 9% comparing to 2004, and totaled US$
4.96 billion.
The recovery contributed to the growth in the manufacturing activity and the number of employees in those sectors after several years of downsizing. After the increase in 2004, 800 new employees were added to the branches in 2005, bringing the total number of employees in these industries to 89,400.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 300,000 (on a yearly Basis).
NOTE
The telephone number
you provided (972-9-861 99 73 is an old one and no longer relevant).
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%)