MIRA INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MIL INBAL VALVES LTD. |
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Formerly Known As : |
MIL TECHNICAL PRODUCTS (1971) LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
25.10.1971 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designers, Developers, Manufacturers, Marketers and Exporters of
advanced automatic control valves |
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$ 100,000. |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
MIL INBAL VALVES LTD.
Telephone 972 3 966 43 50
Fax 972 3 966 43 20
Old Industrial
Zone
RISHON LE-
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-058726-4 on
the 25.10.1971.
Originally registered under the name MIL TECHNICAL PRODUCTS (1971) LTD., which changed
to the present name on the 05.05.2008.
SHARE CAPITAL
Authorized share capital
100
management shares of
3,019,000
ordinary shares of
of which shares amounting to
SHAREHOLDERS
Subject is fully owned by the Wallach family, directly by members and
via fully owned company MIVAL LTD., headed by Yehoshua Wallach.
DIRECTORS
MIVAL LTD. is registered as the sole director.
GENERAL MANAGER
Yehoshua (Josh) Wallach.
BUSINESS
Designers, developers, manufacturers, marketers and exporters of
advanced automatic control valves, fire protection valves and systems for a
wide range of industries, among them oil refining, oil gas and chemical
storage, petrochemical, marine, and more.
Subject exports to some 50 countries.
Among global clientele: AGIP, AMERADA HESS, AMOCO, AVENTIS, BP, BRITISH
GAS, RHODIA, RM , ROHM & HASS, SANTA FE, SHELL, SNAMPROGETTI, ,MARATHON
OIL, MOBILE OIL, NAM, NORSKE-HYDRO, PEMEX, PETRO CANADA, CALTEX , CHEVRONTEXACO,
CONOCO, CPC , DOW, PETROBRAS, LOCKHEED, TEXACO, and many more.
Operating from premises (offices, plant), in
Having 45 employees (in 2010).
MEANS
Financial data not forthcoming.
There are 2 charges for unlimited amounts and 4 charges for the total
sum of around NIS 9.5 million registered on the company’s assets (financial and
fixed assets), in favor of Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and
companies.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
MIVAL LTD. (name’s spelling may be different), established 1970.
ZVI BLASS & CO. SERVICES & PRODUCTION LTD., co-owned by the
Wallach family and Zvi Blass, incorporated in 1970 (originally founded in
1949), importers, marketers and representatives in the field of industrial
piping instrumentation and control systems.
BANKERS
Bank Leumi Le'Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv,
account No. 806600/00.
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.
So far subject's officials refused to update 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 company, well known internationally in the field
of control valves.
Subject is ISO 9000 certified, as well as meeting other international
quality standards.
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
Export of products of Basic Metals by the local
industry rose in 2010 by 38.7% from 2009, reaching US$ 2,369.8 million, while
export of Machinery & Equipment increased by 8.1%, with sales for export of
US$ 2,518.9 million.
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%).
CBS
data on investment in imported machinery and other equipment for the manufacture
of metal products in 2010 was
SUMMARY
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Maximum unsecured credit recommended US$ 100,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.67 |
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1 |
Rs.71.63 |
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Euro |
1 |
Rs.63.09 |
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.