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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
TUFF ENTERPRISES ACS LTD. |
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Formerly Known As : |
TUFF SUBSTRATES |
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Registered Office : |
Merom Golan 1243600 |
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Country : |
Israel |
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Date of Incorporation : |
22.12.2010. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of tuff based mixtures for agriculture, construction and gardening. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
|
Country Name |
Previous Rating (31.03.2011) |
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.
Source
: CIA
M TUBB
AGRICULTURAL COOPERATIVE SOCIETY LTD.
Correct Name: TUFF
ENTERPRISES ACS LTD.
(Also known as TUFF
SUBSTRATES)
Telephone 972 4 696 01 91
Fax 972 4 696 02 36
Plant Address:
P.O. Box 2905
MIGDAL
HAEMEK 2310002 ISRAEL
Headquarters
Address:
MEROM
GOLAN 1243600 ISRAEL
An agricultural cooperative society, registered as per file No. 57-005426-2
on the 22.12.2010.
Note: ACS stands
for AGRICULTURAL COOPERATIVE SOCIETY.
Subject started operations on the 01.01. 2012 after
assuming all business activities of TUFF MEROM GOLAN (2000) LTD., a private limited
company established in 2000, itself continuing
activities which began in 1972 by TUFF ENTERPRISES. TUFF MEROM GOLAN is non active.
Subject is fully owned by Kibbutz Merom Golan (via fully owned company),
a cooperative society, operating a communal agricultural settlement.
Haim Sternberg.
Manufacturers,
exporters and marketers of tuff based mixtures for agriculture, construction
and gardening.
Subject also
exports but on a low volume.
Sales are to
nurseries, farmers, gardeners and building contractors (for gardens).
Among projects:
High Tech Park, YOO Towers, Ramat Rachel Building project, Tel Baruch North
Neighborhood, and many more.
Among local
suppliers: KAL KAL INDUSTRIES, PLASTO SAC, POLYBID, AMRAZ, etc.
Operating from
offices premises, in Kibbutz Merom Golan (owned by the Kibbutz), in the Golan
Heights, and from a plant, rented, on an area of 12,000 sq. meters, in Migdal
Haemek.
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having 50
employees.
Consolidated
current stock was valued at NIS 3,000,000 in mid 2010. Current value not
forthcoming.
Other financial
data not forthcoming.
(As TUFF MEROM GOLAN (2000) LTD.)
2007 sales claimed to be NIS 50,000,000.
2008 sales claimed to be NIS 49,000,000.
2009 sales claimed to be NIS 51,000,000.
Later sales data not forthcoming.
TUFF ENTERPRISES, limited partnership, tuff mining,
HARISHA TUFF LANKA PVT LTD., 50%, a tuff plant in Sri Lanka.
TUFF
MEROM GOLAN (2000) LTD., inactive.
Kibbutz Merom Golan also holds some 30% in BENTAL INDUSTRIES LTD.,
suppliers of specialized motion systems for a wide range of military and
civilian applications.
Union Bank of Israel Ltd., Main Branch (No. 063), Tel Aviv, account No.
673400/97.
Bank Leumi Le’Israel Ltd., Haamkim Business Branch (No. 745), Afula,
account No. 006300/02.
A check with the Central Banks’ database did not reveal anything
detrimental on subject’s a/m accounts.
Nothing
unfavorable learned.
Subject's General
Manager refused to update financial data.
Subject is the
leading company in its field in Israel.
Kibbutz Merom
Golan was established in 1967, and has some 200 members.
Besides subject
and its industrial activities, the Kibbutz is also engaged in traditional
farming activities, including fruits plantations, vineyards, cowshed, hen-houses
and cattle, as well as in other tourist (guest house, restaurant & cafe)
and other small commercial ventures.
In January 2008 it
was reported that TUFF Group, as part of its international expansion efforts,
opened a plant in Sri Lanka for growing turf for agricultural growing, based on
coconut shells. Investment in the project reported at US$ 1 million.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Notes:
1. The telephone numbers you
provided (972 4 6960121; 6960478) belong to Ms. Yonit of subject's Import and
Export Division.
2. Please note subject's correct
P.O. Box (2905 and not 73).
3. 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.54.46 |
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|
1 |
Rs.83.13 |
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Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.