MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

pelmar engineering ltd.

 

 

Formerly Known As :

MARPEL - INDUSTRIES AND SERVICES LTD.

 

 

Registered Office :

P.O Box 2418 (47120) 3 Bustenai Street Ramat Hasharon 47302  

 

 

Country :

Israel

 

 

Date of Incorporation :

01.11.1987

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers, exporters, marketers and international dealers in materials, equipment and machinery for the rubber, tires, polymers, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 100,000.

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address      

 

PELMAR ENGINEERING LTD.

Telephone                          972 3 540 92 77

Fax                                   972 3 549 35 20

P.O Box 2418 (47120)

3 Bustenai Street

RAMAT HASHARON-47302-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-123864-4 on the 01.11.1987. Subject is continuing activities which began in 1966.

 

Originally registered under the name MARPEL INDUSTRIES (1987) LTD., which changed to MARPEL - INDUSTRIES AND SERVICES LTD. on the 28.01.1998, which changed to the present name on the 02.08.1990.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 170,000.00,

            170,000 ordinary shares of NIS 1.00 each,

of which 85,890 shares amounting to NIS 85,890.00 were issued.

 

 

SHAREHOLDERS

 

1.    Jacob Peled, 67.4%,

2.    Harvy Brodetzky, 20%,

3.    Ahron Ben Shachar, 7.6%,

4.    Ms. Telma Peled, 5%.

 

 

DIRECTORS

 

1.    Jacob Peled, General Manager,

2.    Tuvia Margalit,

3.    Hagai Peled,

4.    Naftali Blumental.

 

BUSINESS    

 

Importers, exporters, marketers and international dealers in materials, equipment and machinery for the rubber, tires, polymers, etc. industries, including 2nd hand.

 

Subject also operates full turn key projects in the a/m fields.

 

Among foreign suppliers (some may be exclusive):

AKAR MAKINA, of Turkey,

BARWELL INTERNATIONAL, of UK,

CALEMARD, of France,

CINCINNATI RETREAD SYSTEMS (CRS), COBER ELECTRONICS, both of USA.

 

Among local suppliers: YERUSHALMI WATER COOLING TOWERS.

 

Operating from rented premises, on an area of 400 sq. meters, in 3 Bustenai Street, Ramat Hasharon, from Israeli subsidiarie in Ramat Hasharon and Yokneam, and from subsidiaries in USA, UK, Germany, India, China, Spain, and Italy.

 

According to reports having some 150 employees.

 

 

MEANS

 

Financial data not forthcoming.

 

There are 3 charges for unlimited amounts as well as 1 charge for the sum of NIS 2,200,000 registered on the company’s assets, in favor of Israel Discount Bank Ltd. and Bank Leumi Le'Israel Ltd. (last charge placed in October 2010).

 

 

ANNUAL SALES

 

According to reports, subject's 2009 sales are circa NIS 130,000,000.

 

 

OTHER COMPANIES

 

PELSHAR MATERIAL HANDLING LTD., 100%, marketers of conveying products (e.g. gears, engines, transmission belts), insulation sheets, etc.

PEL- DAR POLYMERS LTD., 100%, traders, importers and marketers of chemicals and raw materials for the rubber, polymers, and tire industries. 2008 sales NIS 5.5 million.

T.G.L. S.P. INDUSTRIES LTD., 50%, designers, manufacturers, marketers and exporters of rubber and metal products. Annual sales circa US$ 15 million.

PELMAR ENGINEERING (UK) LTD., of the U.K.,

PELMAR ENGINEERING, GERMANY GmbH,

PELMAR ENGINEERING U.S.A. LLC,

PELMAR ITALIANA ENGINEERING ITALY SRC, of Italy.

PELMAR SUDRISHTI ENGINEERING INDIA PVT. LTD., India.

PELMAR CHINA BCE, China,

PELMAR SPAIN, Spain

 

 

BANKERS

 

Israel Discount Bank Ltd., Jerusalem Main Branch (No. 060), Jerusalem, account No. 711105.

Bank Leumi Le'Israel Ltd., Herzliya Business branch (No. 864), account No. 220400/82.

 

A check with the central bank database did not reveal anything detrimental on subject’s a/m accounts.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learnt.

 

So far subject's officials refused to disclose any data. They asked us to send them an email with our request – which we did – and they will consider our request.

In case they return to us with further data, we will update you accordingly.

 

Subject is a veteran business.

 

In July 2006 subject acquired 50% of PELSHAR MATERIAL HANDLING LTD. (then DOLM PELSHAR LTD.), originally established in 1925 and incorporated in 1959. In June 2006 DOLM PELSHAR acquired all business activities and stock from PELSHAR LTD. in the field of conveying belts and equipment.

In February 2010 subject reached full ownership in PELSHAR MATERIAL HANDLING, and also in February 2010 PELSHAR sold its agencies and northern branch activities (comprising most of its activities) to G-G YAROM GETTER LTD.

 

The Ministry of Industry & Trade data published summary of Israel's Plastic and Rubber Industry in 2009: The Sector’s revenues (local and for export) reached US$ 4,090 million (of which some half for export), representing 4% decrease from 2008 (revenues in 2008 also fell from 2007 by 7.3%, after several years of continuing growth – reaching record revenues of US$ 4,596 million in 2007). The fall is explained by the global crisis that erupted in 2008 2nd half, into 2009.

Sales for export by the Plastic and Rubber Industry badly suffered and plunged in 2009 by 15% from 2008, but recovered in 2010 with 5.8% growth in export, reaching US$ 1,615.6 million, as part of the recovery in global markets.

 

Investment in imported machinery and equipment to the plastic and rubber industry totaled NIS 512 million in 2010, some 8% down from 2009, continuing the decreasing trend although in a much lesser magnitude, after a sharp fall of 29% in 2009 from 2008 (then it witnessed a mere 1% increase from 2007).

 

SUMMARY

 

Notwithstanding the refusal to disclose details, considered good for trade engagements.

Maximum unsecured credit recommended US$ 100,000.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.27

UK Pound

1

Rs.73.34

Euro

1

Rs.64.58

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.