MIRA INFORM REPORT
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Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MIVRAG COLD FORMING TECHNOLOGY LTD. |
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Formerly Known As : |
MIVRAG SCREWS MANUFACTURING LTD |
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Registered Office : |
Ein Hashofet 19237 |
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Country : |
Israel |
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Date of Incorporation : |
11.06.1952 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designers, manufacturers,
marketers and exporters of cold formed products |
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$ 200,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
MIVRAG COLD
FORMING TECHNOLOGY LTD.
Telephone 972
4 903 51 00
Fax 972
4 989 48 82
EIN HASHOFET 19237 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-010265-0 on the
11.06.1952, under the name MIVRAG SCREWS MANUFACTURING LTD., which changed to
the present one on 12.03.1998.
SHARE CAPITAL
Authorized share capital NIS 11,076,000.05, divided into -
1 founder share of NIS
0.05 (issued),
5,800,000 ordinary
shares of NIS 1.00 each (10,636,000 shares issued),
of which shares amounting to NIS 10,636,000.05 were issued.
SHAREHOLDERS
Subject is fully
owned by EIN HASHOFET INDUSTRIES ACS LTD., owned by Kibbutz Ein Hashofet, a
co-operative society, operating a communal agricultural settlement.
DIRECTORS
1. Haim Arbel, Chairman,
2. Tomer Lavi, General Manager,
3. Avner Hacohen,
4. Avi Livne,
5. Giora Yanai.
BUSINESS
Designers, manufacturers, marketers and exporters of cold formed products
(e.g. screws, bolts, vehicle jack components, brake caliper pins) and
assemblies for the automotive and electricity industries.
Some 40% of sales are exports.
Subject sells to OEM, as well as Tier 1 and Tier 2 companies.
Subject’s clients list includes the international automotive industry,
such as GM Group, FORD Group, OPEL and P.S.A. (PEUGEOT) Group, SCODA, SEAT,
VOLKSWAGEN Group, CITROEN, DELPHI AUTOMOTIVE SYSTEMS, AUTOLIV, JOHNSON
CONTROLS, etc.
Among local customers: TADIRAN GROUP, RAV BARIACH, ELECTRA, PLASSON
INDUSTRIES, BEIT HASHITA METAL INDUSTRIES, YAKIR INDUSTRIES, ORNIT, GRAZIANI INDUSTRIES, etc.
Among local suppliers: CHROMAT.
Operating from owned premises, on an area of 11,000 sq. meters, in
Kibbutz Ein Hashofet (located south of Haifa).
Having 130 employees.
MEANS
Subject's
General Manager informed us that subject is financially solid, with liquidity
indicators around the rate – 4 (current) and 2.5 (quick). Ratio of
Equity/Balance Sheet is around 70%.
In
the framework of the deal signed in January 2006 (which was not meterialized
eventually – see more below), where the INSPIRE INVESTMENTS LTD. was to acquire
20% of subject for US$ 20 million, subject was
value at US$100 million.
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In December 2004, the Investment Center approved a US$ 2.7 million
investment plan for the expansion of subject’s plant.
Other financial data not forthcoming.
There are 27
charges for unlimited amounts registered on the company's assets (financial
assets, fixed assets and equipment), in favor of the State of Israel, Bank Leumi
Le'Israel Ltd., Bank Hapoalim Ltd. and The First International Bank of Israel
Ltd. (last charge placed in May 2009).
SALES
· 2005 sales claimed to be NIS 90,000,000, 40% for export.
· 2006 sales claimed to be NIS 90,000,000, 40% for export.
· Later sales figures not forthcoming.
OTHER COMPANIES
Kibbutz Ein
Hashofet also controls:
ELTAM EIN HASHOFET
ACS LTD., established 1965, developers, manufacturers, exporters, marketers of
ballasts and other lighting accessories for fluorescents and other lighting
elements. 2009 sales NIS 80 million.
EIN HASHOFET METAL INDUSTRIES, supplier of stamped metal parts and
assemblies.
EIN HASHOFET
ELECTRICAL ACCESSORIES, manufacturers of electro-magnetic ballasts, for the
lighting industry
MAG-EH LTD., 52%, manufacturers, marketers and exporters of integrative
mechanical and electro-mechanical assemblies for the automotive industry; fully
owns MAG USA INC., subsidiary in the USA, manufacturing, warehouse facility and
support.
EIN HASHOFET
INDUSTRIES ACS LTD., a holding company.
BANKERS
· Bank Hapoalim Ltd., Kikar Paris Branch (No. 736), Haifa.
· Bank Leumi Le'Israel Ltd., Haifa Main Branch (No. 006), Haifa.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Like other
manufacturers and exporters in their field, subject was hit by the effects of the
global economic crisis that erupted in September 2008, which severely hit the
automotive industry, therefore had its negative impact on suppliers for the
automotive industry. As part of measures taken to deal with the crisis, in
January 2009 subject periodically moved to a 4 days' work week, and implemented
mandatory vacations.
As market
environment improved since mid 2009, it followed by positive implications for
subject.
Subject's General Manager refused to disclose data, besides number of
employees and comments on subject's financial standing (as above MEANS). He
stated that subject, even during the global economic crisis couple of years
ago, has never defaulted a supplier.
Kibbutz Ein Hashofet was established in 1937, having 400 members, total
population 750. They cultivate agricultural lands (grain, fruit plantations,
avocado, etc.) and breed livestock.
Subject is QS 9000, ISO 14001 and ISO /TS 16949:2000 certified.
In 1996 it was published that subject will provide OPEL of Germany, a
member of GENERAL MOTORS GROUP, products within the scope of US$ 10 million
spread over a period of 10 years.
In 1998 subject passed the quality test of VOLKSWAGEN and was selected as
an approved supplier and received orders amounting to DM 1.5 million per annum.
In June 2000 it was published that subject invested US$ 1 million in a
new electrostatic painting line.
According to reports, the local automotive industry has been flourishing
in recent years, and reached annual sales, almost all for export, of US$ 800 million,
supplying to global automotive manufacturers and sub-contractors to this
industry. However, those industries, especially in the USA though also in
Europe, have been negatively affected by the present economic slow-down in
global markets, following the financial and credit crisis.
According to the Israel Export & International cooperation
Institute, 2009 Q1 export was US$ 100 million compared to US$
The Chinese market is viewed as a potential new market for the Israeli
automotive industry, producing 9.5 million cars a year.
There are some 150 local plants in the automobile industry, with employs
around 12,000 employees, manufacturing mainly advanced technology made spare
parts, mechanical assemblies, equipment, components and alike.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 200,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.95 |
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UK Pound |
1 |
Rs.72.12 |
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Euro |
1 |
Rs.63.67 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.