MIRA INFORM REPORT
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Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
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Name : |
TOP GREENHOUSES LTD. |
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Registered Office : |
P.O. Box 64, Barkan (44820), P.O. Box 17055, Rishon Le-Zion (75070), 3 Rozensky Street, New Industrial Zone, Rishon Le-Zion 75706 |
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Country : |
Israel |
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Date of Incorporation : |
14.12.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters
and marketers of greenhouses. |
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 : |
Usually Correct |
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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
TOP GREENHOUSES
LTD.
Telephone 972
3 906 88 81/ 906 81 81
Fax 972 3 906 88 82/ 906 81 82
P.O. Box 64, BARKAN (44820)
P.O. Box 17055, RISHON LE-ZION (75070)
3 Rozensky Street
New Industrial Zone
RISHON LE-ZION 75706 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated as per file No. 51-256274-5 on the 14.12.1997.
SHARE CAPITAL
Authorized share capital NIS 345,000.00, divided
into -
345,000 ordinary shares of NIS
1.00 each,
of
which shares amounting to NIS 342,000.00 were issued.
SHAREHOLDERS
1. ELIYAHU ZALMAN AND SONS PIPES
WORKS LTD., 90%, owned by the Eliyahu family,
2. Avraham Eliyahu, 10%.
DIRECTORS
1. Avraham Eliyahu,
2. Ezra Eliyahu.
GENERAL MANAGER
Ami Regev
BUSINESS
Manufacturers, exporters
and marketers of greenhouses.
Over 85%of sales
are for export.
Among local
suppliers: POLYTIV, ISKOOR METALS AND STEELS, etc.
Operating from
offices premises, on an area of 100 sq. meters, owned by the shareholders, in 3
Rozensky Street, New Industrial Zone, Rishon Le-Zion, and from a plant and
warehouses, owned by the shareholders, on an area of 8,000 sq. meters, in the
Industrial Zone Ariel West, Ariel.
Having 40
employees.
MEANS
Current
stock is valued at US$ 600,000.
Equipments
and machinery were valued at US$ 700,000 (net) in end of 2007.
Subject is an “Approved Enterprise” and as
such enjoys tax benefits and State incentives.
In March 1998, the Investment Center
Authority approved a US$ 400,000 investment plan for the erection of subject’s
plant.
Property,
owned by the shareholders, in Western Ariel Industrial Zone, was valued at US$
3,000,000 in end of 2007.
There are 4 charges for unlimited amounts, as well as 2 charges on total
sum of NIS 529,818.00 registered on the company's assets (fixed and financial
assets), in favor of Mizrahi Tefahot
Bank Ltd., Bank Hapoalim Ltd. and Israel Discount Bank Ltd.
REVENUES
2006
sales claimed to be US$ 6,000,000, of which 90% were for export.
2007
sales claimed to be US$ 6,000,000, of which 90% were for export.
2008
sales figures not forthcoming.
2009
sales claimed to be US$ 4,000,000, of which over 85% were for export.
2010
sales claimed to be US$ 5,500,000, of which over 85% were for export.
Sales
for the first half of 2011 claimed to be US$ 3,500,000, of which over 85% were
for export.
OTHER COMPANIES
ELIYAHU ZALMAN AND
SONS PIPES WORKS LTD., parent company, established 1978, manufactures and
distributes metal pipes and tubes, 2010 sales NIS 60 million. Having 35
employees.
BANKERS
Israel Discount
Bank Ltd., Sonol Tower Branch (No. 082), Tel Aviv.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject is
considered as one of the leading local exporters in the greenhouses industry.
Subject
performance was hit in 2008/9 due to the global economic crisis, where
investments in agriculture dropped dramatically in the world, affecting
suppliers of input to the sector.
According
to Israel's Ministry of Industry and Trade, the export by the greenhouses
industry companies in 2009 dropped by 47% from 2008, reflecting the outcome of
the global crisis (volume of export was US$ 40 million in he years 2005 and 2006, later figures unavailable).
The sector is mostly influenced by the level of orders from international
organs and institutions (e.g. World Bank), who finance agricultural projects in
third world countries.
SUMMARY
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.45.94 |
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UK Pound |
1 |
Rs.74.28 |
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Euro |
1 |
Rs.64.97 |
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.