MIRA INFORM REPORT

 

 

Report Date :

20.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ELCON - MAMAB CONTROL INSTRUMENTS LTD.

 

 

Formerly Known As :

M.M.B. MEASURING INSTRUMENTS (NESS ZIONA) LTD

 

 

Registered Office :

P.O. Box 13146 8 Nahal Snir Street Northern Industrial Zone Yavne 81224

 

 

Country :

Israel

 

 

Financials (as on) :

31.12.2006

 

 

Year of Establishment :

1960

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers, importers and marketers of control and measurement instruments and accessories, sensors (temperature, pressure, humidity) and valves, for the industry and research laboratories.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 60,000

Status :

Satisfactory

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

 

Name and address        

 

ELCON - MAMAB CONTROL INSTRUMENTS LTD.

Telephone                         972 8 940 01 33

Fax         972 8 943 36 33

P.O. Box 13146

8 Nahal Snir Street

Northern Industrial Zone

YAVNE   81224          ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established as a non-registered business under the name TERMO-HOM in the 1960s, by the Late Moshe Brandwin.

 

Converted into a private limited company and registered as such as per file

No. 51-101995-2 on the 26.03.1984.

 

Originally established under the name of M.M.B. MEASURING INSTRUMENTS (NESS ZIONA) LTD., which changed to M.M.B. CONTROL & MEASURING INSTRUMENTS LTD. on the 04.01.1996, which changed to the present name on the 31.10.2000.

 

 

SHARE CAPITAL

 

Authorized share capital 0.00 (no face value), divided into:-

          10,000 management shares (1,200 shares issued),

          10,000 ordinary shares (1,200 shares issued), of 0.00 each (no face value),

of which 2,400 shares were issued.

 

 

SHAREHOLDERS

 

1.    Ms. Bilha Brandwin (widow of the late Moshe Brandwin), holding 100% of ordinary shares and 75% of management shares issued,

2.    Giora Brandwin, holding 25% of management shares issued.

 

 

DIRECTORS

 

1.    Giora Brandwin, General Manager,

2.    Ms. Bilha Brandwin,

3.    Adi Dolev.

BUSINESS

 

Manufacturers, importers and marketers of control and measurement instruments and accessories, sensors (temperature, pressure, humidity) and valves, for the industry and research laboratories.

 

60% of activity is from manufacturing and 40% from import.

 

Amongst clients: DEAD SEA WORKS, TARA DAIRIES, TNUVA, OIL REFINERIES, CARMEL OLEFINS, ORMAT INDUSTRIES, TEVA PHARMACEUTICALS, THE ISRAEL ELECTRIC CO., WEIZMANN INSTITUTE, THE BIOLOGIC RESEARCH INSTITUTE, etc.

 

Amongst local suppliers: I.B.T., TECHNO-BAR, SCOPE METAL TRADING.

 

Sole local representative of:

DISIBEINT, DESIN, FILSA, all of Spain,

RIXEN, MUESEN, IMB, B.D. SENSORS, all of Germany,

GRANT, TRM, HYCONTROL, all of the UK,

PIXSYS, of Italy,

KIMO, of France,

BRAINCHILD, BONTRON, NEW-FLOW, all of Taiwan,

MSR, of China,

BADOTHERM, of Holland,

BOURDON-HAENNI – BAUMER PROCESS, of Switzerland,

REOTEMP, GP50, all of the U.S.A.,

WOOREE ELECTRONICS, of South Korea,

LUMEL, of Poland.

Also represent locally BADGER METER, an American-European concern.

 

Operating from rented premises (offices and warehouse), on an area of 700 sq. meters, in 8 Nahal Snir Street, Mefalsim House, Northern Industrial Zone, Yavne.

 

Having 20 employees (similar to the previous years).

 

 

MEANS

 

Current stock is valued at NIS 1,200,000.

 

Consolidated B/S shows (last obtainable):

 

                                                                                                NIS (thousands)

                                                                                    31.12.2005                 31.12.2006

ASSETS

Current Assets

       Cash and cash equivalents                                         375,573                          112,456

       Customers                                                             2,110,046                       2,739,870

       Other debtors                                                              39,276                            23,378

       Stock                                                                       753,500                       1,077,500

       Pre-paid expenses                                                 ___26,284                      ___18,568

                                                                                    3,304,679                       3,971,772

 

Fixed Assets                                                                __647,587                      __682,179

                                                                                    3,952,266                       4,653,951

                                                                                  ========                     ========

 

LIABILITIES

Current liabilities                                                                         

       Banks                                                                        15,965                          158,652

       Short-term liabilities                                                   841,848                          764,765

       Checks payable                                                        259,804                          315,173

       Suppliers                                                                  737,128                          836,747

       Advanced payments                                                         511                                734

       Other creditors                                                       __282,914                      __359,444

                                                                                    2,138,170                       2,435,515

 

Long-term liabilities                                                        1,028,688                       1,044,230

 

Equity                                                                          __785,408                       1,174,206

                                                                                    3,952,266                       4,653,951

                                                                                  ========                     ========

 

 

There are 5 charges for unlimited amounts, as well as 1 charge for NIS 145,117.00 registered on the company's assets (vehicles), in favor of Bank Hapoalim Ltd. and Bank Leumi Le’Israel Ltd.

 

REVENUES

                                                                                    Statement of Income

                                                                                                  NIS

                                                                                      Year ended 31.12

                                                                                      2005                     2006

Sales                                                                           6,942,179            7,802,535

 

Gross profit                                                                   1,761,446            2,313,189

 

Operating profit                                                                529,480               687,445

 

Profit before tax on income                                               470,019               549,398

 

Net income                                                                      326,019               388,798

                                                                                  ========          ========

 

2007 sales claimed to be NIS 7,500,000.

2008 sales claimed to be NIS 8,500,000.

2009 sales claimed to be NIS 9,000,000.

2010 sales claimed to be NIS 10,000,000.

Sales for the first 6 months of 2011 claimed to be NIS 5,000,000.

 

BANKERS

 

Bank Leumi Le'Israel Ltd., Nes Ziona Branch (No. 933), Nes Ziona,

account No. 058500/59.

Bank Hapoalim Ltd., Nes Ziona Branch (No. 636), Nes Ziona,

account No. 655075.

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m accounts.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject is long established.

 

Subject is ISO 9001:2000 certified.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 60,000.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.42

Euro

1

Rs.63.62

 

 

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.