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Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
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Name : |
URDAN METAL & CASTING INDUSTRIES LTD. |
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Formerly Known As : |
URDAN A.F.V (ARMORED FIGHTING VEHICLE) LTD. URDAN MATAL INDUSTRIES (HMLP) LTD. |
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Registered Office : |
P.O. Box 3028 (4213001), 11 Haplada Street , Old Industrial Zone,
Netanya 4237821 |
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Country : |
Israel |
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Date of Incorporation : |
05.05.1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporters and Marketers of steel elements |
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No. of Employees : |
240 |
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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. 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, and production from the Tama field is expected to meet all of Israel''s natural gas demand beginning mid-2013. 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 |
URDAN METAL & CASTING INDUSTRIES LTD.
Telephone 972 9 830 44 44
Fax 972 9 861 15 71
P.O. Box 3028 (4213001)
11 Haplada Street
Old Industrial Zone
NETANYA 4237821 ISRAEL
A private limited company, incorporated as per file No. 51-078194-1 on
the 05.05.1978, continuing activities which began in 1953.
Originally registered under the name URDAN A.F.V (ARMORED FIGHTING
VEHICLE) LTD., which changed to URDAN MATAL INDUSTRIES (HMLP) LTD., on the
30.12.2007, which changed to the present name on the 21.01.2008.
Authorized share capital NIS 1,000,000.00, divided into -
100,000,000 ordinary
shares of NIS 0.01 each,
of which 8,438,412 shares amounting to NIS 84,384.12 were issued.
Subject is fully owned by INROM INVESTMENTS IN INDUSTRY (H.B.) LIMITED
PARTNERSHIP, fully owned by INROM INDUSTRIES LTD.,
owned by FIMI Investment Fund, controlled by Ishay Davidi (in August 2009 Eldad Ben-Moshe
acquired 5% of INROM from FIMI).
1. Eldad Ben-Moshe, General
Manager of INROM Group,
2. Noam Schalke.
Yaron Davidi.
Metal works, exporters and marketers of steel elements.
20% of sales are export.
Sales are for commercial markets and military applications.
Among clientele: ASHOT ASHKELON INDUSTRIES, Ministry of Defense, DEAD
SEA WORKS, ISRAEL MILITARY INDUSTRIES, NESHER ISRAEL CEMENT ENTERPRISES, and
more.
Operating from rented premises (office and plant), on an area of 54,000
sq. meters, in 11 Haplada Street, Old Industrial Zone, Netanya, and from a
rented heavy frame plant, on an area of 12,000 sq. meters, in Mitzpe Ramon.
Having 240 employees (had 260 employees in the beginning of 2012).
There are some 1,400 employees serving INROM Group.
Current stock is valued at NIS 37 million.
INROM Group is known to be financially solid. In FIMI Fund’s reports for
2010, it turns that parent company INROM INDUSTRIES LTD. is
valued (fair value) at a company value of US$ 169 million.
There are no charges registered on the company's assets.
2010 sales claimed to exceed NIS 100 million, of which 25% were export.
2011 sales claimed to exceed NIS 100 million, of which 25% were export.
2012 sales claimed to be NIS 120 million, of which 20% were export.
Sales for the first 6 months of 2013 claimed to be NIS 62,000,000, of
which 20% were export.
According to FIMI Fund’s reports for 2010, INROM INDUSTRIES LTD. noted an Ebitda profit of NIS 150 million, in a turnover of NIS 1,100 million.
INROM Group consolidated sales reported to be NIS 900 - 1,000 million.
URDAN USA INC., 100%, a US marketing company.
INROM INDUSTRIES LTD., holding company, heads
the Group and also holds:
INROM INVESTMENTS IN INDUSTRY (H.B.) LP ("FIMI 4"), which holds (100%, unless otherwise mentioned) in the following
subsidiaries:
YTONG INDUSTRIES LTD., holding company, owns
YTONG LTD., manufacturers and marketers of concrete blocks, building material,
etc.
YTONG PAVING LTD.,
CYCLE GROUP LTD.,
ORLITE INDUSTRIES (MILLENIUM 2000) LTD., manufacturers and
marketers of advanced products made of lightweight composite materials,
CARMIT MISTER FIX LTD., manufacturers and marketers of products and
materials for the building field (insulation plasters, bonders, adhesives,
supplements for building, etc.).
ALONY MARBLE LTD., importers, manufacturers and
marketers of tiles, marble, granite, ceramics, sanitary tools, and K.E.R.
PARQUET LTD., parquet floors,
NIRLAT PAINTS LTD., 62.2%, fully owns:
NIRLAT LTD., manufacturers, marketers and
exporters of paints, paint powders and additives, lacquers and varnishes,
insulating materials and sealants, etc
UNIVERCOL PAINTS LTD., developers,
manufacturers, marketers and exporters of industrial electrostatic powder
paints (powder coating).
FIMI Fund Group has many other holdings (see
more CHARACTER).
Bank Leumi Le'Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv.
Bank Hapoalim Ltd., Netanya Business Branch (No. 167), Netanya.
Mercantile Discount Bank Ltd., Netanya Branch (No. 647), Netanya.
Nothing unfavorable learned.
Subject is a veteran business, among the leading in its field in Israel.
Subject is ISO 9001:2008 approved.
INROM Group, including YTONG, is a leading player in the local
construction inputs market.
YTONG was for many years part of URDAN Group, later
re-named GREENSTONE Group, part of local SFK Group (later SHREM FUDIM Group).
In the framework of a re-organization process in GREENSTONE and SFK, INROM
published in mid
FIMI already purchased 50% of INROM from
GREENSTONE in December 2007 for NIS 144 million. At the 2nd phase,
in November 2008 FIMI purchased the other 50% for NIS 105 million, reaching
full control of INROM Group.
Founded in 1997, FIMI Fund (mainly via 5 funds) is a leading local private
equity investment fund (mezzanine and buy-out fund), headed by its founder
Ishay Davidi. Having a successful track record of 67 major transactions (37
cash exits) in total value of over US$ 1.7 billion. Presently, the Fund has
more than US$900 million equity available for new investments. FIMI investors
list includes leading US and Israeli institutional investors (mainly ISRAEL
DISCOUNT BANK). According to American research firm PREQIN, based on the
average annual yield to its investors, FIMI Fund was ranked the 4th
best private equity fund in the world.
In November 2013 it was reported that FIMI intends to IPO 3 of INROM's
companies on the stock market during the first half of 2014. INROM will issue
40%-50% of YTONG INDUSTRIES, NIRLAT PAINTS and CARMIT MISTER
FIX according to a total value of NIS 1 billion.
According to data by of the Metal, Electrical and
Infrastructure Industries Association, representing the local Metal and
Electricity Industries, which includes large scale export-oriented industries
on one hand and family-owned plants which sell to the local market: 2010 sales
(local and export) by the said industries amounted to NIS 70 billion,
comprising 25% of Israel's industrial output. Results are similar to 2008
scales, after some 20% drop in 2009 due to the significant slow-down in the
local economy, affected by the global financial and economic crisis. Sales for
export reached US$ 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 fell 11% in
2012 from 2011, reaching US$2,396 million, after rising by 12.6% in 2011
(continuing the growth trend from 2010 when it rose by 39% from 2009).
Export of Machinery & Equipment also marked 10% increase in 2012 (in
value of US$3,317 million), after around 8% yearly rise in both 2011 and 2010.
According to the Central Bureau of Statistics (CBS),
import of metals raw materials to the local industries in
2012 marked a decreasing trend, after a remarkable recovery in the years 2010
and 2011 from 2009 (a year where the local industry suffered from slow-down in
economy). Import of raw materials divided in 2012 as follows: Iron and Steel –
fell by 11.5%, reaching US$ 2,177 million (after rising by over 30% per year in
2010 and in 2011); Precious Metals – down 13% (after rising by 2% in 2011 and
22.5% in 2010) and reaching US$ 146 million; Non-ferrous Metals – fell by 13%
(after increase by 20% in 2011 and by 41% in 2010), reaching US$ 803 million.
CBS data reveals that investments by the local manufacturing industries
-both from import and domestic production- in machinery & equipment
(M&E) in 2012 fell by 1%, which comes after 41% rise in 2011. The
investments originating from import, which comprised 70% of overall investment
in M&E, fell 3.8% (after 69% rise in 2011), while investment originating
from local production rose by 6.2% in 2012 (fell 5.3% in 2011).
According to the CBS, investments
by the local industrial branch in imported machinery and other equipment in
2012 witnessed almost 20% (in current prices) decrease from 2011, after
climbing by 108% in 2011 from 2010. The fall in 2012 in investment could be
explained by the continuing unfavorable business environment, which is also
negatively affected by the slow-down in overseas markets.
Good for trade engagements.
Note: Since 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.62 |
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1 |
Rs.100.84 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.