MIRA INFORM REPORT

 

 

Report Date :

28.12.2012

 

IDENTIFICATION DETAILS

 

Name :

GOLAR SIGNON LTD.

 

 

 

 

Formerly Known As :

GOLAR LTD

 

 

 

 

Registered Office :

P.O. Box 160, Kiryat Malachi (8310101) 12 Hacharoshet Street Industrial Zone

Kiryat Malachi   8305877           

 

 

Country :

Israel

 

 

Date of Incorporation :

07.09.1973

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and marketers of gates, steel grating, hardware, etc.

 

 

No. of Employees :

24

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ISRAEL - ECONOMIC OVERVIEW

 

Israel has a technologically advanced market economy. It depends on imports of crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables) are the leading exports. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals - following years of prudent fiscal policy and a resilient banking sector. The economy has recovered better than most advanced, comparably sized economies. In 2010, Israel formally acceded to the OECD. Natural gasfields discovered off Israel's coast during the past two years have brightened Israel's energy security outlook. The Leviathan field was one of the world's largest offshore natural gas finds this past decade. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. The government formed committees to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands.

Source : CIA

Company name and address      

 

GOLAR SIGNON LTD.

Telephone    972 8 858 26 86

Fax             972 8 880 12 08

P.O. Box 160, Kiryat Malachi (8310101)

12 Hacharoshet Street

Industrial Zone

KIRYAT MALACHI    8305877             ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-066059-0 on the 07.09.1973.

Originally registered under the name of GOLAR LTD., which changed to the present name on the 15.12.1986.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 630,652.00, divided into -

       6,519,976 ordinary shares of NIS 0.0001 each (1,045,176 shares issued),

       12 ordinary "A" shares of NIS 0.0001 each (issued),

       12 ordinary "B" shares of NIS 0.0001 each (issued),

       180,000 ordinary "C" shares of NIS 1.00 each (150,000 shares issued),

       450,000 ordinary “D” shares of NIS 1.00 each (issued),

of which shares amounting to NIS 600,104.52 were issued.

 

 

SHAREHOLDERS

 

1.    Sinai Godiner, 50%,

2.    Meir Lehrer, 50%,

3.    SIGNON METAL LTD., owned by Sinai Godiner and Meir Lehrer.

 

 

SOLE DIRECTOR

 

Sinai Godiner.

 

 

JOINT GENERAL MANAGERS

 

1.    Sinai Godiner,

2.    Meir Lehrer.

 

 

BUSINESS

 

A metal works plant.

Manufacturers and marketers of gates, steel grating, hardware, etc.

Also exporters, however to a low extent.

 

Amongst clients are Government ministries, local municipalities, metal companies, K. SCHLEISNER, SAMOCHA (Petach Tikva), etc.

 

Among local suppliers: PACKER STEEL INDUSTRIES, ISKOOR METALS & STEELS, SCOPE METAL GROUP, etc.

 

Sole local representatives of:

EUROFER, FIAS, A.C.M., all of Italy,

C.H.A., of USA.

 

Other foreign suppliers (non-exclusive):

OPAG, BENINCA, LANUZZY, INDIA, all of Italy,

SAHINLER, of Turkey.

 

Operating from premises (offices, plant and storage facilities), owned by the shareholders, on an area of 7,000 sq. meters (of which 4,000 sq. meters are built), in 12 Hacharoshet Street, Industrial Zone, Kiryat Malachi.

 

Having 24 employees (same as in the end of 2010, had 30 employees in the beginning of 2009).

 

 

MEANS

 

Current stock is valued at NIS 5,000,000 similar to the end of 2010, was valued at NIS 2,500,000 in the beginning of 2009).

 

Property (plot and building) owned by the shareholders in Kiryat Malachi Industrial Zone (where subject is operating from), is valued at over

US$ 1,700,000.

 

There are 4 charges for unlimited amounts registered on the company's assets: 1 charge was placed in May 2007 on financial assets, in favor of Bank Hapoalim Ltd., and last 3 charges were placed September-October 2009 on vehicles, in favor of a leasing company PAMA AGENCIES LTD.

 

 

REVENUES

 

2006 sales claimed to be NIS 16,000,000.

2007 sales claimed to be NIS 17,000,000.

2008 sales claimed to be NIS 17,000,000.

2009 sales claimed to be NIS 17,000,000.

2010 sales claimed to be NIS 17,000,000.

2011 sales claimed to be NIS 17,000,000.

2012 sales claimed to be NIS 17,000,000.

 

 

OTHER COMPANIES

 

SIGNON METAL LTD., non-active.

SIGNON USA INC, a US subsidiary.

 

 

BANKERS

 

Mizrahi Tefahot Bank Ltd., Hafetz Haim Branch (No. 465), Petach Tikva, account No. 110447.

Bank Hapoalim Ltd., Kiryat Malachi Branch (No. 648), Kiryat Malachi, account No. 666611.

 

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

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject is a long established company.

 

According to data by of the Metal, Electrical and Infrastructure Industries Association, representing the local Metal and Electricity Industries, which includes large scale export-oriented industries on one hand and family-owned plants which sell to the local market: 2010 sales (local and export) by the said industries amounted to NIS 70 billion, comprising 25% of Israel's industrial output. Results are similar to 2008 scales, after some 20% drop in 2009 due to the significant slow-down in the local economy, affected by the global financial and economic crisis. Sales for export reached US$ 10 billion in 2010.

Some 90,000 employees serve the said industries (26% of Israel's industrial workforce).

 

Export of products of Basic Metals by the local industry rose in 2011 by 12.6% from 2010, reaching US$2,678.7 million, continuing the growth trend in 2010 when it rose by 39.2% from 2009. Export of Machinery & Equipment also marked 8.3% increase in 2011 (in value of US$2,975.5 million), after 8% rise in 2010.

According to the Central Bureau of Statistics (CBS), import of metals raw materials to the local industries in 2010 and 2011 showed an increasing trend, after a contraction in 2009 in view of the local and global slow-down in economy. Import of raw materials divided as follows: Iron and Steel - rise by 33.6% in 2010 (after 38% decrease in 2009 from 2008) and by 36.3% in 2011, reaching US$ 2,457 million; Precious Metals - up 22.5% in 2010 (after 35.3% decrease in 2009) and by 2% in 2011 reaching US$ 146.7 million; Non-ferrous Metals - 40.7% rise in 2010 (after 44.3% decrease in 2009 from 2008) and by 20% in 2011, reaching US$ 986.2 million.

 

Despite the current general weakness in local markets (negatively affected by the global economy), 2011 ended with significantly improved economic indicators compared to 2010 in terms of gross domestic investment in machinery and other equipment for the manufacturing industry (excl. ships & aircrafts). Central Bureau of Statistics data reveals that investments -both from import and domestic production- of machinery & equipment rose by over 35% from 2010 (in 2010 it rose by some 10% from 2009, after it fell by 19% from 2008). Total gross domestic investment in machinery & equipment from import alone, rose in 2011 by 52% from 2010 (12% rise in 2010 after falling in 2009 by almost 23%).

 

The Central Bureau of Statistics data on investment in imported machinery and other equipment for the manufacturing industry in 2011 (comparing to 2010): investments in the manufacture of metal products was NIS 1,427 million (close to 30% up, after 37.7% increase in 2010); investments in the manufacture of basic metal products was NIS 236 million, 87.5% rise from, after 3% rise from 2009).

 

 

SUMMARY

 

Good for trade engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.84

UK Pound

1

Rs.88.55

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.