MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HABONIM INDUSTRIAL VALVES & ACTUATORS
LTD. |
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Registered Office : |
Mobile Post
Upper Galilee, Kfar Hanassi 12305 |
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Country : |
Israel |
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Date of Incorporation : |
26.01.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers
and exporters of ball valves and
pneumatic actuators in a wide range of sizes and materials. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 50,000. |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
HABONIM INDUSTRIAL VALVES & ACTUATORS LTD.
Telephone 972
4 691 49 11/00; 691 49 35
Fax 972
4 691 49 02
Mobile Post Upper
Galilee
KFAR HANASSI-12305
ISRAEL
HISTORY
& LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-378900-8 on the 26.01.2006.
On the 01.01.2007
subject assumed all the business activities of HABONIM CAST PRODUCTS LTD., a
private limited company originally incorporated in 1960 by Kibbutz Kfar Hanassi
(this company at a later stage also took over activities of its wholly-owned
subsidiary, HABONIM INDUSTRIAL VALUES LTD., established in 1965).
The move took
place after Moshe Namdar (and other investors) entered as investor in the
HABONIM Group acquiring part of the shares from Kibbutz Kfar Hanassi, who until
then was the sole owner.
SHARE
CAPITAL
Authorized share
capital NIS 10,000.00, divided into -
16 management shares (issued),
9,984 ordinary shares (984
shares issued), all of NIS 1.00 each,
of which shares
amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
1. Moshe Namdar, holding 87.5% of
management shares and 74.2% of ordinary shares issued,
2. Kibbutz Kfar Hanassi, a
cooperative society, operating a communal agricultural settlement, holding
12.5% of management shares and 11.5% of ordinary shares issued,
3. Eyal Shenhav (and his trust
firm), holding 7.2% of ordinary shares issued,
4. Dan Binkovich, holding 6.1%
of ordinary shares issued,
5. HABONIM CAST PROD
DIRECTORS
1. Moshe Namdar,
2. Baruch Cohen,
3. Raanan Parnas,
4. Eliad Katz,
5. Reuven Katz.
GENERAL
MANAGER
Niv Shimron.
BUSINESS
Manufacturers,
marketers and exporters of ball valves and pneumatic actuators in a wide range
of sizes and materials. Products are stainless steel and aluminum cast products
and special high quality cast accessories.
Products are to
the Chemical, Petrochemical, Oil Refinery, Energy, Marine, Pulp and Paper,
Nuclear,
Semiconductor,
Pharmaceutical, Biotech, Food and other industries.
Subject’s
clientele includes also leading local corporate, such as BROMINE COMPOUNDS,
DEAD SEA WORKS, ELECTRICITY CORP, FRUTAROM, TEVA PHARMACEUTICAL INDS., KINETIC
SYSTEMS ISRAEL, etc.
Among local
distributors of subject’s products: TECHN-BAR, HAMEFALES, etc.
Operating from
premises (offices, plant), on an area of several thousands sq. meters (on a
plot of 30,000 sq. meters), in Kibbutz Kfar Hanassi.
Also operating
from branches in the USA, UK, India and China.
Having some 140
employees (exact number unavailable).
MEANS
Financial figures
not forthcoming.
Subject is an
“Approved Enterprise” and as such enjoys tax benefits and State incentives. The
Israeli Investment Center approved a US$ 3 million expansion plan for subject’s
plant in 1997.
There are 4 charges
for unlimited amounts registered on the company's assets (financial assets and
fixed assets), in favor of Bank Hapoalim Ltd. and Israel Discount Bank Ltd.
(last charge placed in August 2009).
ANNUAL
SALES
According to
reports in 2007, annual sales amount to US$ 20,000,000.
Later sales
figures not forthcoming.
OTHER
COMPANIES
HABONIM INC.,
100%, USA.
HABONIM VAAS
AUTOMATION Pvt. LTD., India (with Indian partner)
HABONIM CAST
PRODUCTS LTD., holdings.
HABONIM
INDUSTRIAL VALVES LTD., non-active.
ELTAV WIRELESS
MONITORING LTD., 16%, developers, manufacturers, exporters and marketers of
wireless valve monitoring systems for the industry.
MOSHE NAMDAR & CO. LTD., owned by Moshe Namdar, international traders
in diamonds, processors, importers, exporters and marketers of diamonds.
Moshe Namdar also holds 44% in another diamond dealing company MASINGITA LTD.
and has other holdings in real estate and other
companies.
BANKERS
· Bank Hapoalim Ltd.
· Israel Discount Bank Ltd., branch data unavailable.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
Subject is long
established and well-known in its field.
Subject is ISO
9001:2000 certified.
Mr. Moshe Namdar
is a well-known veteran diamond dealer, among the leading in Israel (his
company’s sales for export in 2007 were US$ 200 million). Mr. Namder is known
worldwide and enjoys an excellent reputation in the diamond branch.
Kibbutz Kfar
Hanassi, a locality in the Upper Galilee, founded in 1948. There are
310 members and a total population of 700. The Kibbutz is engaged in farming
activities, cultivating large areas of agricultural land,
livestock, etc. Besides the Kibbutz erected and are operating a hydro-electric power
station which produces electricity by using the Jordan stream.
In August 2004 it
was reported that HABONIM won an international tender to supply multinational
pharmaceutical company GSK with pneumatic valves and actuators in consideration
of US$ 7 million, with potential for further orders after 2 years. HABONIM won
another contract for a similar company in 2004, though name was not given.
In December 2005
HABONIM announced that for the first time it will supply pressure valves and
actuators to the Off Shore drilling rigs industry. HABONIM won 2 tenders to
Norwegian companies NATIONAL OIL and MARITIME. The initial phase of the
contract is worth US$ 1 million.
In January 2005
it was reported that HABONIM will supply UK company STORK PROTECH with special
valves and equipment worth US$ 1.5 million for conveying radioactive materials.
Other contracts worth jointly US$ 2 million to China, USA and Ireland were
mentioned.
In February 2007,
it was reported that subject established a subsidiary in China for
manufacturing subject’s products.
In November
According
to the Chairman of the Metal and Electricity sectors at the Manufacturers’
Association, sales of the various metal and electricity related industrial
sectors fell by 20% in 2009 (from 2008, when sales reached NIS 70 billion) due
to the significant slow-down in the local economy, affected by the global financial
and economic crisis.
The above
industries contracting trend was evident in 2008 after the long and significant
growth trend since 2004 (in 2007 the sectors’
overall sales reached a climex of NIS 75.7 billion). The sectors have been
witnessing a gradual recovery that started in mid 2009, into 2010, paralell to
the improvement in the global markets.
According
to the Central Bureau of Statistics (CBS), import of metals raw
materials to the local industries in 2010 showed an increasing trend, after a
contraction in
CBS data reveals that gross domestic
investment in machinery and other equipment for the manufacturing industry
(both from import and domestic production) for 2010 rose by some 10% from 2009
(when it fell by 19% from 2008). Total gross domestic investment in machinery
and other equipment from import alone, rose by 12% (after falling in 2009 by
almost 24%).
SUMMARY
Notwithstanding
the lack of updated data from subject's officials, considered good for trade z
Maximum unsecured
credit recommended US$ 50,000.
Please note that
subject may well be entitled for higher credit, however lacking cooperation at
all from its officials, we prefer to be cautious.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
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UK Pound |
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.