|
Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROLL PROFILE LTD. |
|
|
|
|
Formerly Known As : |
BAMASAF ETAMAR (ROLL-FORMING) 1995 LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
22.06.1995 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Developers,
manufacturers and marketers of aluminum shutters and shutters cases |
|
|
|
|
No. of Employees : |
There are 278 employees serving KLIL INDUSTRIES
Group in |
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 : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ROLL PROFILE LTD.
Telephone 972 4 990 02 00
Fax 972
4 990 02 55
P.O. Box 659
6 Zur Street
Eastern Industrial Zone
KARMIEL 2161601 ISRAEL
A private limited
company, incorporated as per file No. 51-216685-1 on the 22.06.1995.
Originally
registered under the name of BAMASAF ETAMAR (ROLL-FORMING) 1995 LTD., which
changed to the present one on the 26.08.1996.
Authorized share
capital NIS 27,100.00, divided into -
27,100 ordinary shares of NIS
1.00 each,
of which 302
shares amounting to NIS 302.00 were issued.
1.
KLIL INDUSTRIES LTD., 82.78%, a public limited
company whose shares are traded on the Tel Aviv Stock Exchange, controlled
(57.2%) by Zur (Zuri) Daboosh (via owned companies),
2.
Etamar Ochayun, 17.22%.
1. Arie (Richy) Richtman, General Manager of KLIL INDUSTRIES,
2. Etamar Ochayun, General Manager of subject.
Developers,
manufacturers and marketers of aluminum shutters and shutters cases.
Operating from a
plant, on an area of 1,737 sq. meters, which subject leases from parent KLIL
INDUSTRIES, part of KLIL’s owned premises (offices, storage facilities and
plants) on an area of 105,000 sq. meters, in 6 Zur Street, Eastern Industrial
Zone, Karmiel.
There are 278
employees serving KLIL INDUSTRIES Group in Israel, of which 26 employees in the
shutters segment (subject's segment).
Financial data is included in the consolidated B/S of parent company,
KLIL INDUSTRIES LTD., which shows:
NIS
(thousands)
ASSETS 31.12.2011 31.03.2012
Current assets:
Cash and cash equivalents 15,333 9,382
Investment in marketable
securities 49,595 63,914
Customers 62,962 66,159
Other debtors 2,549 1,943
Stock 49,734 55,091
180,173 196,489
Non-current assets
Fixed assets (net) 51,609 51,829
Other non-current assets 2,249 2,126
53,858 53,955
234,031 250,444
======= =======
LIABILITIES
Current liabilities 58,708 68,897
Non-current liabilities 2,273 1,977
Equity 173,050 179,570
234,031 250,444
======= =======
Parent company KLIL
INDUSTRIES current market value US$ 66.7 million.
In March 2012 KLIL
Board approved a loan of NIS 1.8 million to subject.
Assets attributed
to the Shutter Segment (practically to subject) in KLIL financial statements as
of 31.12.2011: NIS 11,052,000 (NIS 9,762,000 as of 31.12.2010).
There
· Subject’s 2007 sales were NIS 17,000,000, making a profit before taxes on income of NIS 600,000 and a net profit of NIS 161,000.
Subject’s
2008 sales were NIS 18,000,000.
Subject
ended 2008 with a net profit of NIS 894,000.
Shutters
and shutters cases sales as reported by parent company KLIL INDUSTRIES
(practically attributed to subject):
2009
sales were NIS 17,313,000, making an operating profit of 1,646,000. Subject
ended 2009 with a net profit of NIS 1,118,000.
2010
sales were NIS 18,674,000, making an operating profit of 1,679,000. Subject
ended 2010 with a net profit of NIS 1,146,000.
2011
sales were NIS 20,928,000, making an operating profit of 1,883,000. Subject
ended 2011 with a net profit of NIS 1,299,000.
Sales
for the first 3 months of 2012 were NIS 5,424,000, making an operating profit
of 758,000.
KLIL
INDUSTRIES LTD.
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2009 2010 2011
Sales 277,731 316,634 336,815
Gross profit 78,904 92,585 94,489
Operating income 39,717 44,006 49,726
Profit before taxes on
income 35,973 46,069 45,410
Net income 28,297 35,590 34,485
======= ======= =======
KLIL INDUSTRIES
consolidated first 3 months of 2012 sales were NIS 88,880,000 (similar to the
parallel period of 2011), making a gross profit of NIS 25,686,000, an operating
profit of NIS 13,276,000, making a net profit of
NIS 10,033,000.
KLIL INDUSTRIES
LTD., parent company, manufacturers, importers, marketers and exporters of aluminum
profiles, shutters, curtain walls, door and window frames, as well as allied
hardware products. Also developers, manufacturers, importers and marketers of
allied accessories for aluminum profile systems.
Other
subsidiaries:
KLIL U.K. LIMITED,
100%, marketing subject's products in the UK.
Union Bank of
Israel Ltd., Haifa Main Branch (No. 081), Haifa.
Nothing
unfavorable learned.
Subject is among
the leading companies in their field.
Parent company KLIL
INDUSTRIES is the one of the leading and veteran (founded in the 1950s,
incorporated 1962) companies in the aluminum field in Israel. KLIL's estimated
market share in 2011 is of one third – one quarter of the products manufactured
in Israel from aluminum profiles. KLIL’s products are well-known in their
quality.
KLIL is publicly
traded since 1981.
Subject meets the
ISO 9002 standard of quality.
According
to estimations in the Aluminum branch, total of annual manufacturing in the
aluminum for construction and industry in Israel in 2011 summed at 40,000 –
45,000 tons, in money value of NIS 1 billion (similar to 2010).
In
Israel and Palestinian Authority teritorries there are known to be 6 aluminum
profile manufacturers. In addition, there is increasing import from China,
Jordan and other countries.
Zuri Daboosh was
one of the founders of EMBLAZE, publicly traded on the London Stock Exchange.
In year 2000 he materialized 12% from his 25% shares in EMBLAZE in
consideration of US$ 45 million.
In March 2007
parent KLIL signed a 3 years agreement with American ALCOA, the world's largest
aluminum company, for an exclusive license to manufacture and market ALCOA's
products (ALCOA – KAWNEER) in Israel, in return for royalties.
In
October 2007, it was reported that KLIL’s aluminum window systems will be
installed in 60 villas in a fancy neighborhood in Bucarest, Romania. The
aluminum worls said to be in volume of NIS 5 million.
According
to the Chairman of the Metal and Electricity sectors at the 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).
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
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%).
Consumption expenditure by households in 2011 on Housing and on Housing
Equipment grew by 2.8% and by 20%, respectively, in annual calculation (grew by
2.5% and 7.5%, respectively, in 2010 from 2009).
In general, indicators in 2011 of the building sector –similar to the
trend of the local economy- were positive, continuing the improvement from 2010
after the slow-down in 2009. Investment in the local building branch rose by
5.9% in 2010 and by 9.2% in 2011. Investment in construction for dwelling rose
by 13.4% in 2011(divided into rise of 13.1% by private building and 17.8% by
public building), after rising of 12.7% in 2010 and 8.3% in 2009. Investment in
construction not for dwelling and other construction works (e.g. roads,
offices, industrial, institutional) grew by 4.4% in 2011(after 11% rise in
2010).
Volume of building starts for dwelling in 2011 marked 9% increase from
2010, reaching 43,385 new apartments (after 7% rise from 2009), although in the
last quarter of 2011 there was a decrease comparing to 2010, after 4
consecutive quarters of growth. The rise in building starts was thanks to the
Government marketing efforts, however the upwards trend cooled down in 2011 2nd
half, which generally characterized the stagnation and even retreat in the
local real estate market, with a significant decrease the number of real estate
transactions (number of dwellings transactions fell 17% in 2011 from 2010,
after rising over the last years).
Housing prices over the last years kept rising due to the shortage in supply
of new apartments, much due to structural fault in the allocation of plots in
State hands. In view of avoiding a real estate bubble and allowing cheaper
housing prices, the Israeli Government initiated recent reforms designed to
drive prices down in one hand, and increase supply on the other. Indeed, since
mid 2011 there has been drop in prices in many areas. However there has been
uncertainty in the market: buyers have been waiting prices to fall further
while contractors await prices to pick-up again. Demand fell due to the
negative economic climate, and on the supply side the banks have been shutting
down credits to contractors.
The slow-down in apartments and houses sales has its negative effects on
suppliers to the housing and construction branches. On the other hand, the
homes renovation branch has been in a growing trend over the last periods.
Nevertheless, there are also some positive indicators; the Contractors'
Association report in February 2012 on modest growth in deals and prices in
recent months.
Good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.