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Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
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Name : |
CONLOG LTD. |
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Registered Office : |
P.O. Box 3265, 17 Hamefalsim Street, Kiryat Arie Industrial Zone,
Petach Tikva 4913000 |
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Country : |
Israel |
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Date of Incorporation : |
10.08.1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, marketers and distributors, handling industrial equipment
and machinery, including conveyors, pneumatic, automation, motion and
control, assemblies and accessories for processing electronic chips and
hi-tech industries |
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No. of Employees : |
Having 50 employees in subject and 175
employees serving CONLOG/ COMTAL Group (had 170 and 140 employees in Group in
2012 and end of 2010, respectively) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
CONLOG LTD.
Telephone 972
3 926 95 95
Fax 972
3 923 33 67
P.O. Box 3265
17 Hamefalsim Street
Kiryat Arie Industrial Zone
PETACH TIKVA 4913000 ISRAEL
A private limited
company, incorporated as per file No. 51-079000-9 on the 10.08.1978.
Authorized share
capital NIS 11,001.00, divided into -
1,100,100 ordinary shares of NIS
0.01 each,
of which 116,609
shares amounting to NIS 1,166.09 were issued.
Subject is fully owned by Amichai Drezner and
spouse Ms. Bracha Drezner, via the following 4 holding companies:
1. GREEN LIFE FOLDACK LTD., 85%,
2. GREEN LIFE (76) LTD., 5%,
3. GREEN LIFE (79) LTD., 5%,
4. GREEN LIFE (30) LTD., 5%.
1. Amichai Drezner, Chairman,
2. Mrs. Bracha Drezner.
Dani Klein.
Importers,
marketers and distributors, handling industrial equipment and machinery,
including conveyors, pneumatic, automation, motion and control, assemblies and accessories
for processing electronic chips and hi-tech industries.
Subject provides
turn-key solutions and consulting services in the said areas.
Most of the
subject’s clients are leading hi-tech and various industrial companies.
Among clients:
DAGESH P.K.
Subject represents over 30 foreign
manufacturers.
Sole
local representatives of (among others):
C.P.C., HUMPHREY, ELECTROID, TOLL-O-MATIC,
MPL, all of USA,
IGUS, ELMO RIETSCHLE, MöllerWerke, WEFORMA,
all of Germany,
TISCO, PISCO, COGANEI, NITTO KOHKI, all of
Japan,
AMKO, AIRTAC, both of Taiwan,
MICROPLAN GROUP, RTA, both of Italy,
AP&T, KOGE, ANHUI ZONGCHEN (CMB), all of
China,
KANYA, of Switzerland,
HIWIN, DAEDAL/ of PARKER, etc.
Subject is also a holding company for COMTAL Group, 100% (subject acquired
the 50% of Isler Family in December 2009), headed by COMTAL TECHNOLOGIES AND
ENGINEERING LTD., a holding company whose strategy is acquiring veteran solid
companies and activities in the trade fields, characterized with long-term
growth potential. Its subsidiaries are engaged in import and marketing of
products, machinery and equipment to the local industries, electro-mechanic and
electronic systems, representing world leading manufacturers and providing
services and solutions in their fields. Also operates in the aviation field
(see more in OTHER COMPANIES).
Operating from premises owned by Amichai Drezner (a building of 12,000 sq. meters, of which
subject utilizes 4,500 sq. meters), serving also other members
of the Group, in 17 Hamefalsim Street, Kiryat Arie Industrial Zone, Petach
Tikva
Having 50 employees in subject and 175
employees serving CONLOG/ COMTAL Group (had 170 and 140 employees in Group in
2012 and end of 2010, respectively).
Current stock is valued at NIS 8,000,000 (was
valued at NIS 5,000,000 in the end of 2010).
Group’s consolidated current stock is valued
at NIS 30,000,000 (similar to the end of 2010).
Equity to the 31.12.2006 was NIS 52,000,000.
Equity to the 31.12.2007 was NIS 59,000,000.
Later equity data
was not disclosed.
There are 8
charges for unlimited amounts, as well as a charge for the sum of NIS
4,740,000.00 registered on the company's assets (financial assets, fixed assets
and vehicles), in favor of Bank Leumi Le’Israel Ltd. and a leasing company (last
2 charges placed November 2012 and in January 2013).
Subject’s sales:
2006 sales claimed
to be NIS 65,000,000, making a net profit of NIS 11,000,000.
2007 sales claimed
to be NIS 65,000,000, making a net profit of NIS 11,000,000.
2008 sales claimed
to be NIS 62,000,000.
2009 sales claimed
to be NIS 38,000,000.
2010 sales claimed
to be NIS 55,000,000.
2011 sales claimed
to be NIS 65,000,000.
2012 sales claimed
to be NIS 70,000,000.
Consolidated sales of
COMTAL Group:
2008 sales claimed to be over NIS 80,000,000.
We were informed that there was a 30% decline in 2009 COMTAL Group sales,
due to the slow-down in local economy, mainly in the year’s first half.
2010 sales claimed to be NIS 160,000,000.
2011 sales claimed to
be NIS 200,000,000.
2012 sales claimed
to be NIS 250,000,000.
D.K. WORKING TOOLS
LTD., 100%, importers and marketers of working tools.
COMTAL TECHNOLOGIES AND ENGINEERING LTD., 100%, also holds (100%
subsidiaries):
HOR-TAL MARKETING
PRODUCTION AND SERVICES COMPANY LTD., established in 1972, part of the Group
since year 2000, importers, marketers and agents of
C.N.C machine tools and laser machines, machinery
and equipment for the plastic industry.
HUMPHREY
AUTOMATION INC., Canada, part of the Group since 2001, provides pneumatic
factory automation components and motion control solutions for a diversified
range of industries throughout Canada.
SMADAR TECHNOLOGIES
LTD., established
in 1979, joined subject’s Group in 2002, agencies, importers and marketers of
equipment, machinery and raw materials for the food and packaging industry.
LUMITRON (2008) LTD., part of subject’s Group since 2008, continuing
activities which started in early 1980s, manufacturers’
representatives, importers and marketers of electronic instruments for
laboratory solutions and applications such as centrifugation, PCR, gel
electrophoresis and more.
AMBAR FORUM INTERNATIONAL LTD., established in
1993, part of subject’s Group since November 2008, manufacturers’ representatives, importers and marketers of elevators,
electrical gates and parking systems, etc.
LUMITRON (2008) LTD., part of subject’s Group since 2008, continuing
activities which started in early 1980s, manufacturers’
representatives, importers and marketers of electronic instruments for
laboratory solutions and applications such as centrifugation, PCR, gel
electrophoresis and more.
ABIRY TECHNOLOGIES
LTD.
PICOTECH LTD.
Amichai Drezner
also operates in the real estate area, holding:
ET-DAR LTD.,
owners of real estate (office building),
KIDMAT HI-TECH HOD
HASHARON LTD., 67%, real estate company, owners of a large office building.
Amichai Drezner and his spouse Ms. Bracha Drezner also have other holding companies,
among the GREEN LIFE FOLDACK LTD.
Bank Leumi
Le’Israel Ltd., Petach Tikva Business Branch (No. 707), Petach Tikva, account
No. 273500/93.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
Nothing
unfavorable learned on subject.
At the end of
December 2009 Amichai Drezner, via subject, acquired from his partners Yossef
and Dina Isler their 50% (via MEDITAL LTD.) in COMTAL TECHNOLOGIES AND
ENGINEERING, reaching full ownership of Group.
Subject is a long established company, considered among the local leading companies
in their field in Israel.
Subject is
ISO-9001 certified.
COMTAL Group is well known. Members of the Group, mainly SMADAR
TECHNOLOGIES, HOR-TAL and LUMITRON, are long established and enjoy good
reputation in their field, representing leading foreign manufacturers.
In 2000, COMTAL TECHNOLOGIES acquired HOR-TAL from its former shareholders, for
a sum of US$ 1.85 million.
In 2004 part of
HOR-TAL activities (lifting & conveying systems) were acquired by Ofer
Hopshteter, a former General Manager in HOR-TAL.
In the beginning
of 2009 HOR-TAL sold its forklifts activities to EMCOL LTD.
As part of COMTAL Group’s expansion strategy, during 2008 it acquired AMBAR
FORUM and NIMDA AVIATION and completed the acquisition of the activities of
LUMITRON – ELECTRONIC INSTRUMENTS LTD.
In general, COMTAL
Group was adversely affected by the global economic crisis that also hit the
local economy in 2009. The Group recovered in 2010, as markets conditions also
improved.
In the end of 2011
Group sold NIMDA AVIATION LTD. (which joined subject’s Group in 2008), an aviation brokerage firm, operating in the aviation aftermarket services.
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%).
Import of investment products - machinery
and equipment segment - for the local industry rose in 2012 by 2% from 2011,
reaching NIS 26,529.2 million (in $ currency terms, import fell by 5%).
Good for trade
engagements.
Note: Since the beginning of February 2013
Israel Post has started using a new area code method of 7 digits (the old
method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
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UK Pound |
1 |
Rs.82.05 |
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Euro |
1 |
Rs.69.59 |
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.