MIRA INFORM REPORT
|
Report Date : |
23.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
ALUMAYER LTD. |
|
|
|
|
Registered Office : |
P.O. Box 505 (75104), 11 Plotizky Street, Old Industrial Zone, Rishon Le Zion 75361 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
04.05.1964 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Designers, manufacturers, importers, Assemblers, Installers,
Exporters and marketers of aluminum constructs and glass frames for the
building field. |
|
|
|
|
No. of Employees
: |
49 |
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$ 300,000. |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Israel |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
ALUMAYER LTD.
Telephone 972
72 212 35 55
Fax 972
72 212 35 67
P.O. Box 505 (75104)
11 Plotizky Street
Old Industrial Zone
RISHON LE ZION 75361-ISRAEL
HISTORY & LEGAL FORMATION
Originally incorporated as a private limited
company registered as such as per file No. 51-043151-3 on the 04.05.1964.
Converted into a public limited liability
company and registered as such as per file No. 52-003792-0 on the 08.10.1992
and in parallel published a prospectus offering its shares to the public on the
Tel Aviv Stock Exchange (TASE).
In July 2007 the Securities Authority
informed subject that due to its failure to meet the Stock Exchange
requirements for a minimal value of public holdings (for a certain period which
passed), subject's shares were deleted from trade.
On the 26.09.2011, following a successful
tender offer by AMIT K. HOLDINGS LTD. for the shares held by the public,
subject ceased to be public and reconverted to a private limited company
(keeping the same registration number).
On the 10.02.1985 ALUTROM LTD. was merged
into subject.
Note: ALUMAYER INTERNATIONAL B.V. is a foreign
company, therefore, we are reporting on subject, its parent company.
SHARE CAPITAL
Authorized share
capital NIS 10,000,000.00, divided into -
10,000,000
ordinary shares of NIS 1.00 each,
of which 6,515,658
shares amounting to NIS 6,515,658.00 were issued.
SHAREHOLDERS
1. Kalman Klinger, 38%,
2. EUROTRADE opportunity 1 ltd., 16.3%, controlled by Ms. Meirav
Gold and Amit Bial,
3. EDM
4. AMIT K. HOLDINGS LTD., 7.8%,
owned by Amit Klinger, David Klinger and Gideon Hirsh,
5. Amit Klinger, 7.8%,
6. David Klinger, 5.7%,
7. Gideon Hirsh, 3.8%,
8. EUROTRADE INVESTMENT AND FINANCE LTD., 2.3%,
9. Moshe Lehrer, 1.6%,
10. The remaining shares are held
by several shareholders with less than 1% each.
In March 2009
investments funds -shareholders 2 &3- acquired 32.2% of subject's shares for
NIS 4,750,000 and have option to increase holdings to 40%.
DIRECTORS
1. Ms. Meirav Gold, Chairperson,
2. Amit Klinger, General Manager,
3. David Klinger,
4 Gideon Hirsh,
5. Moshe Lehrer,
6. Kalman Klinger.
BUSINESS
Designers,
manufacturers, importers, assemblers, installers, exporters and marketers of
aluminum constructs and glass frames for the building field.
Sales are to
contractors and building companies.
Among local
projects: AZRIELI TOWERS, Cider HaGalil
visitors Center, Hashmonaim Building,
Isracart, Ben Gurion
International Airport.
Among
international projects: SHAW PARK PLAZA HOTEL, UK, Air Traffic Service
association Building, Bulgaria, Itc
Hotel Grand Marata Sheraton, India, Central
Bank of Nigeria, Nigeria, etc.
Among suppliers: SCHŰCO,
of Germany.
Operating from
rented premises, on an area of 1,814 sq. meters, in 11 Plotizky Street, old
Industrial Zone, Rishon Le-Zion.
Also operating via
subsidiaries abroad.
Having 49
employees serving the whole Group, as of the beginning of 20111 (had 59
employees in 2009).
MEANS
Consolidated B/S
shows:
NIS
(thousands)
31.12.2010 30.06.2011
ASSETS
Current assets
Cash and cash equivalents 484 355
Bank deposits 681 100
Customers 30,545 12,620
Receivables due to projects in process 11,044 17,256
Other debtors 2,353 3,063
Other current assets 1,553 1,572
Stock 3,649 2,639
50,309 37,605
Non-current assets
Fixed assets (net) 4,909 6,081
Other non-current assets 2,760 2,744
7,669 8,825
57,978 46,430
====== ======
LIABILITIES
Current
liabilities 43,375 32,352
Non-current
liabilities 6,995 6,308
Equity 7,608 7,770
57,978 46,430
====== ======
Subject was values
at NIS 14.75 million for the investment of NIS 4.75 million by EUROTRADE opportunity 1 ltd and EDM
AMIT K HOLDINGS
LTD. acquired subject's 7.8% according to subject's company value of circa NIS
3.2 million.
There are 47
charges for unlimited amounts, as well as 2 charges for the total sum of NIS
100,000.00 registered on the company's assets, in favor of local banks and
companies (last 2 charges placed May –June 2011).
REVENUES
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2008 2009 2010
Revenues 45,334 71,911 79,201
Gross profit 10,508 11,439 16,672
Operating income 4,621 2,582 7,312
Pre-tax income 1,933 3,734 5,305
Net income 1,145 5,286 2,469
====== ====== =======
Consolidated first 6 months of 2011 sales were
NIS 32,288,000 (3.6% increase compared to the parallel period in 2010), making
a gross profit of
NIS 6,678,000, an operating income of NIS
1,692,000 and a net income of
NIS 408,000.
OTHER COMPANIES
ALUMAYER
INTERNATIONAL B.V., 100%, holding:
ALUMAYER INDIA PVT,
51%, holding:
ALUMAYER SYSTEMS
PVT., 100%, India.
Subject has several non-active companies
(both in Israel and abroad).
BANKERS
Bank Hapoalim
Ltd., Rishon Le-Zion Branch (No. 634), Rishon Le-Zion, account No. 278888.
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.
From the financial
aspect, in their 2003 annual reports subject stated that following collection
problems (mainly a major problematic client in Nigeria), it had to exceed its
credit lines. In April 2004, subject reported it signed a new agreement with
its banks for a new credit line (extended in 2005), and subject begun to
implement its re-organization plan.
Since 2006
subject’s financial standing improved.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
ALUMAYER Group went
through a massive re-organization plan. In addition, in March 2009 investments
funds EUROTRADE and EDM
Subject is veteran
and considered one of the leading companies in their field in Israel.
Subject is ISO 9002
certified.
In March 2006,
subject’s U.K subsidiary, ALU CLASS, decided to cease all activities and to be
voluntarily liquidated.
In April 2009
subject's subsidiary ALUMAYER INDIA PVT, established fully owned ALUMAYER
SYSTEMS PVT, whose activities began in July 2009.
EDM
According
to estimations in the Aluminum branch, total of annual manufacturing in the
aluminum for construction and industry in Israel in 2010 summed at 40,000 tons,
in money value of NIS 1 billion.
In
Israel and Palestinian Authority teritorries there are known to be 6 aluminum
profile manufacturers. In addition, there is import from China, Jordan and
other countries.
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 the first 8 months of 2011 by 14%
from the parallel period in 2010, reaching US$1,766.7 million, continuing the
growth trend in 2010 when it rose by 39.2% from 2009, reaching US$ 2,378.3
million. Export of Machinery & Equipment also marked 23% increase in 2011
first 8 month comparing to 2010 (value of US$2,014.6 million), after 8% increase
in 2010 from 2009, with sales for export of US$ 2,515.5 million.
According
to the Central Bureau of Statistics (CBS), import of metals raw
materials to the local industries in 2010 and 2011 first 8 months showed an
increasing trend, after a contraction in
The general improvement in local economy in 2010 was felt in the
building sector. Investment in the local building branch rose by 5.9% in 2010.
Investment in construction for dwelling rose by 4.1% in 2009 and by 13.8% in
Consumption expenditure of households in 2010 on Housing and on Housing
Equipment grew by 2.5% and by 7.5%, respectively, in annual calculation.
Volume of building starts for dwelling in 2010 reached a decade record
of 39,000 new apartments, 7% higher than 2009 (which marked 6.5% rise from 2008
and similar level to previous year). However, building finishing ended similar
to 2009 (expected to rise in 2011). The total number of transactions in
dwellings in 2010 also rose from 2009, continuing the growing trend from 2008,
albeit in lower ratio (less than 1% rise in 2010). In the first half of 2011,
number of building starts rose by 15% from 2010, thanks to the Government
marketing efforts, however prospects for the 2nd half of 2011 are to
a reverse in trend.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 300,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.