|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
E.T.M. SPARE PARTS MARKETING LTD. |
|
|
|
|
Formerly Known As : |
YAKTZIN HOLDINGS LTD |
|
|
|
|
Registered Office : |
25 Gershon Street TEL AVIV
6701761 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
27.06.1971 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers and marketers of gaskets, seals and washers for
automotives and for the industry. Also importers and marketers of vehicle
spare parts. |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
E.T.M. SPARE PARTS MARKETING LTD.
Telephone 972 3 562 19 92
(offices)
972 4 841 09 55
(Kiryat Ata plant)
Fax 972 3 561 74
08
972 4 841
09 56 (Kiryat Ata plant)
25 Gershon Street
TEL AVIV 6701761 ISRAEL
A private limited company, incorporated as per file No. 51-057710-9 on
the 27.06.1971.
Originally registered under the name YAKTZIN HOLDINGS LTD., which
changed to present name on 24.07.1990.
Authorized share capital NIS 2.00 divided into -
19,900 ordinary shares
(1,000 shares issued),
100 voting shares (80
shares issued), all of NIS 0.0001 each,
of which shares amounting to NIS 0.108 were issued.
Note: The currency in
share capital was originally in Old Israeli Shekel whose nominal value
was 1 thousandth of the current New Israeli Shekel (NIS), converted in
1986).
1. Ehud Robowitz, 50%,
2. Zvi Vinitsky, 50%.
Ehud Robowitz,
Zvi Vinitsky.
Manufacturers and marketers of gaskets, seals and washers for
automotives and for the industry.
Also importers and marketers of vehicle spare parts.
Among clients: DEAD SEA BROMINE, DEAD SEA WORKS, SCOPE METAL GROUP,
MENDELSON-KAMAN, EGGED ISRAEL TRANSPORT COOP., DAN PUBLIC TRANSPORTATION CO.,
Ministry of Defense, Israeli Defense Force, etc.
Most goods sold are from import and own production.
Sole local representatives of HOFERT, of Germany.
Operating from rented premises (offices and warehouse), on an area of
300 sq. meters, in 25 Gershon Street, Tel Aviv, and from a plant, on an area of
600 sq. meters, rented, in 12 Batzri Street, Industrial Zone, Kiryat Ata.
Had 25 employees as of mid 2009, current number not forthcoming..
Financial data not forthcoming.
There are 8 charges for unlimited amounts registered on the company's
assets financial assets, vehicles and a switchboard), in favor of Bank Leumi
Le’Israel Ltd. a communications company and a leasing company (last 2 charges
placed July-September 2012 on vehicles).
Sales figures not forthcoming.
Bank Leumi Le’Israel Ltd., Hamaapilim Branch (No. 616), Tel Aviv.
Nothing unfavorable learnt.
Subject's General Manager refused to update data on subject.
Subject is a long established company.
Subject is ISO 9001: 2008certified.
The growth trend in sales of new vehicles in Israel continued in 2011,
with 225,949 new vehicles sold, representing a 4.4% increase compared to 2010,
a year which witnessed a 25.3% rise from 2009. However, in mid 2011 the number
of new sold cars per month started decreasing with the smallest number sold in
October. This explained by a combination of several factors, including the
general slow-down trend in the local market, expectations for new regulation in
the car and spare parts import market, decrease in orders from leasing
companies, among others.
Although 2012 started relatively stable, the
expectations for further and deeper slow-down in the branch for 2012 proved
justified, and 2012 sales fell by 8.8% compared to 2011, with 204,939 cars
sold.
Import of private cars fell in 2012 by 11.4% from 2011.
The local spare parts market, with many tens of importers and distributors,
is highly competitive, forcing prices down. Yet, it is considered a stable
branch. In recent years there have been several trends which make competition
even fiercer, including the amounting relatively cheaper import of parts from
the Far East. The spare parts market has been controlled mainly by the official
automobile agencies themselves.
Supply of spare parts for new vehicles in their first years is done by
the exclusive importing agents, as part of the warranty service.
There have been several new trends in the local market for automotive
spare, which is highly competitive and characterized in surplus of supply and
price sensitivity. One is the vehicle importers allowing supply of quality
spare parts which are not in the car manufacturer packaging. Almost all spare
parts are imported, and import from the Far East, especially from China, has
been increasing significantly in recent years. Major clients for spare parts
have been leasing companies, and in recent years also insurance companies, buying
spare parts directly or indirectly. In addition, the government approved new
regulations which will allow the import of original spare parts by importers in
parallel to the exclusive car importer/ agent (“parallel import”).
Notwithstanding the refusal to disclose data, considered 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.