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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
NIGGI POLISHED TUBES LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.06.1988 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designers, manufacturers, exporters and
marketers of mechanical and hydraulic systems for military, agriculture and
general industries, including hydraulic cylinders, lifting and conveyance
devices |
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No. of Employees : |
25 employees |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
NIGGI
POLISHED TUBES LTD.
Telephone 972
3 924 78 11
Fax 972
3 924 78 16
P.O. Box 10095 (4900105)
69
Avshalom Gissin Street
Kiryat
Arie Industrial Zone
PETACH TIKVA 4922384 ISRAEL
A private limited company, incorporated as
per file No. 51-130118-6 on the 08.06.1988 under the name NIGGI LTD.,
continuing activities which began in 1977 by P.M.H – HYDRAULIC SYSTEMS
DEVELOPMENT LTD.
In 2001 subject acquired the business
activities of POLISHED TUBES P.T. 1989 LTD., which itself assumed activities of
POLISHED TUBES LTD., a private limited company established in 1968 (and was
affiliated to subject in the past).
Following the acquisition name changed to
the present one on the 01.04.2001.
Authorized share capital NIS 10,000.00,
divided into -
10,000
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00
were issued.
1. Refael (Rafi) Fuerstein, 99%,
2. Zeev Fuerstein, 1%.
Refael (Rafi) Fuerstein, born 1951.
Designers, manufacturers, exporters and
marketers of mechanical and hydraulic systems for military, agriculture and general
industries, including hydraulic cylinders, lifting and conveyance devices.
Some 10% of sales are export.
Also importers and marketers of hydraulic
systems, raw materials for the cylinders industry, chrome bars, honed tubes, seals,
hydraulic pumps, etc.
Among local suppliers: FROM TECHNICAL
SUPPLIES.
Among clientele: ISRAEL AEROSPACE
INDUSTRIES, ISRAEL MILITARY INDUSTRIES, Ministry of Defense, ELBIT SYSTEMS,
GOLAN INDUSTRIES, BEZEQ THE TELECOM CO., SOLEL BONEH, ECI TELECOM, MEKOROT
WATER CO., ISRAEL ELECTRIC CORP., PONY, EL AL ISRAELI AIRWAYS, ISRAEL RAILWAYS,
DANYA CEBUS, DEAD SEA WORKS, RAFAEL ADVANCED DEFENSE SYSTEMS, ISCAR, and many
more.
Sole
local representatives of (among others):
· BONDIOLI & PAVESI, MINTOR, O.M.F.B., EUROSNODI, all of Italy,
CONSET,
of Denmark,
SIMPLEX,
of USA,
MAYSER,
BAUMEISTER, both of Germany,
TAPESWITCH,
of UK.
Operating from rented premises, on an area
of 2,000 sq. meters (of which 1,300 sq. meters built), in 69 Avshalom Gissin
Street, Kiryat Arie Industrial Zone, Petach Tikva.
Having 25 employees.
Current stock is valued at NIS 2,000,000.
Equipment and machinery valued at NIS
500,000.
There are 3 charges for unlimited amounts registered
on the company's assets (financial assets and a vehicle), in favor of Bank
Leumi Le'Israel Ltd., Israel Discount Bank Ltd. and a leasing company (last
charge placed March 2004).
2010 sales claimed to be NIS 10,000,000, of which US$ 250,000 for
export.
2011 sales claimed to be NIS 11,000,000, of which US$ 300,000 for
export.
We are informed that there is an expected
growth of 8% and more in the 2012 sales.
· Bank Hapoalim Ltd., Kiryat Arie Branch (No. 688), Petach Tikva, account No. 43070.
Israel
Discount Bank Ltd., Kiryat Arie Branch (No. 186), Petach Tikva, account No. 17116.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing unfavorable learned.
Subject is a veteran business.
Subject is ISO 9001:2008 certified.
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).
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%).
Good for trade engagements.
Note: Since the beginning of 2012 Israel Post
started using a new area code method of 7 digits (the old method of 5 digits
will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.