MIRA
INFORM REPORT
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Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NEIDITCH &
GELLERT LTD. |
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Registered Office : |
P.O. Box 5020
(58150) 38 Habanai Street Industrial Zone Holon 58856 |
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Country : |
Israel |
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Year of Establishment : |
1934 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, exporters, processors and marketers
of non-ferrous metals (specializing in copper/brass sheets and copper tubes),
and of air conditioner accessories |
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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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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Name and
address
NEIDITCH & GELLERT LTD.
Telephone 972
3 556 04 72 /3
Fax 972 3 556 79 13
P.O. Box 5020 (58150)
38 Habanai Street
Industrial Zone
HOLON 58856 ISRAEL
HISTORY & LEGAL FORMATION
Originally established as a non registered partnership in 1934.
Converted into a private limited company and registered as such as per file
No. 51-051361-7 on the 20.03.1969.
SHARE
CAPITAL
Authorized share capital NIS 2.00, divided into -
6 special foundation
shares (issued)
17 management shares (9
shares issued),
177 ordinary shares (27
shares issued), all of NIS 0.01 each,
of which shares amounting to NIS 0.42 were issued.
SHAREHOLDERS
Subject is fully owned by the Gellert Family:
1. Yehuda Gellert, 50% of special
foundation shares,
2. Mrs.
Tamar Gellert, 50% of special foundation shares, wife of Yehuda Gellert,
3. Mordechai Gellert, 56% of
management and ordinary shares,
4. Michal Tishler (nee Gellert),
22% of management and ordinary shares,
5. Ms. Meirav Laird (nee Gellert),
22% of management and ordinary shares.
The latter 3 shareholders are the children of Yehuda and Tamar Gellert.
DIRECTORS
1. Yehuda Gellert, Chairman,
2. Mordechai Gellert, General
Manager,
3. Mrs. Tamar Gellert.
BUSINESS
Importers, exporters, processors and marketers of non-ferrous metals
(specializing in copper/brass sheets and copper tubes), and of air conditioner
accessories.
90% of purchase is import.
25% of sales are export.
Among clientele: A.A.A. TASSA, ELECTRA, TADIRAN CONSUMER PROD
Sole local representatives of (main ones):
YELLOW JACKET, NIBCO, both of USA
Operating from premises, on an area of 4,000 sq. meters, owned by the
shareholders in 38 Habanai Street, Industrial Zone, Holon (subject itself utilizes
2,000 sq. meters and the rest is rented to 3rd parties), from a
warehouse owned by shareholders, on an area of 600 sq. meters, in 25 Habanai
Street, Industrial Zone, Holon and from a branch, owned by shareholders, on an
area of 400 sq. meters, in 31 Beit Hadfus Street, Givat Shaul, Jerusalem.
Having 26 employees.
MEANS
Equity for 31.12.2009 was NIS 44,000,000
Current stock is valued at NIS 20,000,000.
Property owned by shareholders in 38 Habanai Street, Industrial Zone, Holon
9where subject is operating from) is valued at US$ 3,500,000.
There is one charge for an unlimited amount registered on the company's
assets in favor of Bank Leumi Le'Israel Ltd. (charge placed in November
2006).
REVENUES
2008 sales claimed to be NIS 115,000,000, of which 25% were for export.
2009 sales claimed to be NIS 84,000,000, of which 25% were for export.
2010 sales claimed to be NIS 110,000,000, of which 25% were for export.
BANKERS
Bank Leumi Le'Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv,
account
No. 353800/12.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject is a very veteran business, and among the leading in its field in
Israel.
Subject is ISO 9001:2000 certified.
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 and 2011 1st quarter
showed an increasing trend, after a contraction in
SUMMARY
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.12 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.