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MIRA INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ETGAR (1983) METAL WORKS FOR AUTOMATIC AND ELECTRONIC EQUIPMENT LTD |
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Registered Office : |
P.O. Box 21 (21610), 59 Haharoshet Street, Industrial Zone, Karmiel 21651 |
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Country : |
Israel |
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Date of Incorporation : |
29.10.1968 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of shell connectors for power and
audio systems, hermetic shell connectors, detonators for the military market,
stainless steel fasteners for the high tech 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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Maximum Credit Limit : |
US$ 100,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & Address
ETGAR (1983) METAL WORKS FOR AUTOMATIC AND
ELECTRONIC EQUIPMENT LTD
Telephone 972 4 998 53
33
Fax 972 4 998 37 87
P.O. Box 21
(21610)
59 Haharoshet
Street
Industrial Zone
KARMIEL 21651
ISRAEL
HISTORY
Originally incorporated
as a private limited company under the name of "EYAL METAL GOODS COMPANY
LTD." and registered as such as per file No. 51-050604-1 on the
29.10.1968.
Following
reconstitution, a new company (subject) was incorporated, as a private limited
company and registered as such as per file No. 51-096820-9 on the 2.3.1983.
SHARE CAPITAL
Authorized share
capital NIS 680,001.00, divided into -
1,000 management
shares,
680,000,000
ordinary shares, all of NIS 0.001 each,
of which shares
amounting to NIS 215,000.001 were issued.
SHAREHOLDERS
Joseph Eyal, 50%,
also holds the single issued management share,
Mrs. Shoshana
Eyal, 50%.
SOLE DIRECTOR AND
GENERAL MANAGER
Joseph Eyal (son
of founder, Zeev Eyal).
BUSINESS
A machining CNC
works plant.
Manufacturers,
exporters and marketers of shell connectors for power and audio systems,
hermetic shell connectors, detonators for the military market, stainless steel
fasteners for the high tech industry, etc.
Some 70% of sales
are for export.
Among local
clients: HAM-LET (ISRAEL CANADA) METAL PRODUCTS, MISHOR PRECISION INSTRUMENTS,
MIGAN, ENGLANDER, etc.
Most purchasing of
raw materials is from import.
Operating from
rented premises, offices and plant, on an area of 1,700 sq. meters, in 59
Haharoshet Street, Industrial Zone, Karmiel.
Having 75
employees.
MEANS
Financial data not
forthcoming.
This is an
“Approved Enterprise”, and as such benefits from tax relief and other State
support.
There are no
charges registered on the company's assets.
ANNUAL SALES
1999 sales NIS
7,240,000, of which 75% were for exports.
2000 sales NIS
11,000,000, of which 75% were for exports.
Later sales
figures not forthcoming, believed to be well higher.
BANKERS
Israel Discount Bank
Ltd., Karmiel Branch (No. 174), Karmiel.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Subject's
officials refused to disclose financial data.
This is a very
long established family business.
According to the
Chairman of the Metal and Electricity sectors at the Manufacturers’
Association, overall sales of the various metal related sectors in 2006
increased by 6% in real terms from 2005, reaching NIS 70.7 billion (after a 13%
rise in 2005 comparing to 2004).
Sales to the local
market increased by 6.5% form 2005, summing up to NIS 44.8 billion, after a 16%
in 2005. In 2005, the metal products branch noted an impressive 21.8% rise up
to NIS 21.5 billion, comparing to NIS 17.6 billion in 2004. Basic metal sales
amounted to NIS 4.2 billion, a 17.8% increase.
Sales for export grew by 5% in 2006, reaching US$
5.81 billion (metal sector accounted for US$ 1.75 billion).
Investment in
machinery and equipment rose by 15% comparing to 2005, summing up at NIS 3.3
billion.
The Metal and
Electricity sectors forecasted sales in 2007 expected to grow further by 5.5%
to NIS 75 billion, representing a growing trend the 4th year in a
raw.
The recovery contributed to the growth in the manufacturing activity and
the number of employees in those sectors after several years of downsizing.
2,100 new employees were added to the branches in 2006, bringing the total
number of employees in these industries to over 91,400.
SUMMARY
Notwithstanding the
refusal to disclose financial data, considered good for trade engagements.
Maximum unsecured
credit recommended US$ 100,000.
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%)