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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HULIOT AGRICULTURAL
COOPERATIVE SOCIETY LTD. |
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Registered Office : |
Mobile Post Upper Galilee Sde Nehemia 1214500 |
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Country : |
Israel |
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Year of Incorporation : |
1947. |
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Legal Form : |
Agricultural Cooperative Society |
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Line of Business : |
Designers,
manufacturers, marketers and exporters of plastic products for the office, storage
and shelving, and construction markets. Subject's products are used in a wide
variety of industries and applications including homes, offices, hospitals,
warehouses, infrastructure, and construction. |
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No. of Employees : |
170 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
HULIOT A.S.C. LTD.
Correct Name: HULIOT AGRICULTURAL
COOPERATIVE SOCIETY LTD.
(Known
in short as: HULIOT ACS LTD.)
Telephone 972 4 694 60 11
Fax 972 4 695 14 44
Mobile
Post Upper Galilee
SDE
NEHEMIA 1214500 -ISRAEL
Originally established as a non-registered business in 1947.
Converted into a General Partnership and registered as such as per file
No. 54-010031-0 on the 31.08.1969, under the name HULIOT PLASTICS
INDUSTRIES.
Converted again into an Agricultural Cooperative Society and registered as
such as per file No. 57-003815-
Subject is fully
owned by SDE NEHEMIA HOLDINGS ACS LTD., fully owned by Kibbutz Sde Nehemia, a co-operative society, operating a communal agricultural settlement.
1. Benny Bakrach, Chairman,
2. Paul Steiner, General Manager.
Designers,
manufacturers, marketers and exporters of plastic products for the office,
storage and shelving, and construction markets. Subject's products are used in
a wide variety of industries and applications including homes, offices,
hospitals, warehouses, infrastructure, and construction.
Among products for
the construction markets are pipes and fittings utilized in a variety of
applications including infrastructure, soil, waste, sewage, drainage, water
supply, sanitary and plumbing, electrical conduits and communication conduits
for construction.
Some 8% of sales are for export.
Among local clients are construction companies, public institutions,
Ministries, e.g. Ichilov Hospital, ESHED RUBBER, Ministry of Defense, Ministry
of Health, MENDELSON - S. BAR, S. AL. TECHNICAL EQUIPMENT, HASSON P.A. COMMERCE, S.A.C.F ENGINEERING, MAAYAN GYPSUM
& DOORS, etc.
Among local supplies: SAINA BROS. INDUSTRIES, OPAL PLASTIC, SASSON METAL,
ARCOMED MEDICAL SUPPLIES, etc. Subject is also
using the import purchasing and export services of TOAM IMPORT AND EXPORT.
Operating from a premise (offices, storage facilities and plants), on an
area of 15,000 sq. meters, on a plot of 30,000 sq. meters (owned by the
Kibbutz), in Kibbutz Sde Nehemia, located in the Upper Galilee (north of
Israel) and from:
1.
5 Simtat Hamesila Street,
Tel Aviv (showroom and office).
2.
1 Feinstein Street, Segula
Industrial Zone, Petach Tikva (warehouse).
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having 170 employees (had 160 employees in the beginning of 2012, 150
employees in the beginning of 2011).
Current stock is valued at NIS 18,000,000 (similar to the beginning of
2012, was valued at NIS 16,000,000 in the beginning of 2011).
Total B/S as of 31.12.2011: NIS 114,475,000
Equity as of 31.12.2011: NIS 53,734,000.
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives. In September 1997 Israeli Investment Centre (IIC) approved a
US$ 3 million investment plan for expansion of subject’s plant. In December
2003 IIC approved another investment plan of US$ 1 million for the expansion of
subject’s plant. In December 2009 the IIC approved an investment for the
expansion of subject’s plant.
2009 sales claimed
to be NIS 93,000,000, of which 7% were for export.
2010 sales claimed
to be NIS 100,000,000, of which 7% were for export.
2011 sales claimed
to be NIS 114,000,000, of which 7% were for export.
We are informed that subject ended 2011 with a net profit of NIS 7,000,000.
2012 sales claimed
to be NIS 125,000,000, of which 8% were for export.
HULIOT LOGISTICS SYSTEMS ACS LTD., 100%, design, manufacturing, selling and
assembly of metal and plastic storage, shelving products and logistic systems.
Representing MECALUX S.A. & HUNI of Spain in Israel.
HULIOT MARKETING (1994) LTD., marketing of office supplies.
HULIOT PLASTIC INDUSTRIES, non-active.
Bank Leumi Le’Israel Ltd., Ha’amakim Business Branch (No. 745), Afula,
account No. 3100/25.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
In April 2002, it was reported that the Anti-Trust Authority is
investigating a complaint, according to which HULIOT PLASTIC INDUSTRIES (who
preceded subject) exploited its status in the market in order to overcharge its
customers. No later information on this issue mentioned afterwards. This comes
after during the 1990s HULIOT PLASTIC INDUSTRIES (jointly with other companies)
were convicted of business for forming an illegal PVC Cartel. In 1995 Anti-Trust
Authority initiated proceedings against some 7 companies, which ended in fines.
Nothing unfavorable
learned apart from the above.
Subject is ISO-9001:2000 certified.
Kibbutz Sde Nehemia was established in 1940.
There are 280 members.
The Kibbutz also cultivates agricultural
field crops, fruit plantation and breed livestock.
In June 2005, it was reported that subject received the concession to
market in Israel the British company BISLEY, manufacturers of metal office
furniture.
In March 2006, it was reported that subject signed a contract to sell its
"Polyroll" novel piping system, in volume of NIS 6 million to local
contractors, for prestigious residential building projects.
In October 2009 it was reported on the cancellation of a transaction in
which subject intended to sell its subsidiary HULIOT LOGISTICS SYSTEMS to local
HA’ARGAZ Group, after HULIOT’s Spanish supplier, exclusively represented by
HULIOT Group, rejected the move.
In April 2012 it was reported that subject will erect
an plant in Gujart, India, with an investment of NIS 65 million for
manufacturing plastic sewarage pipes.
According to the report subject signed an agreement
with PEGASUS of USA to manufacture product for PEGASUS and represent it in
Israel.
The Society of
Israel Plastic & Rubber Industry published data on the sector for 2011: The
sector’s turnover (both local and for export) reached US$ 5,075 million,
representing 15% increase from 2009 (after 4% decrease from 2008, affected by
the global crisis).
Sales for export by the Plastic and Rubber Industry also grew by some
15% in 2011 up to US$ 1,882 million, after in 2010 exports returned to 2008
levels, prior to the global economic crisis. The growth trend in export –in US$
terms- was halted in 2012 with 2.7% decrease from 2011, reaching US$ 1,831
million.
Sales breakdown: 30% of the Plastic & Rubber sector's sales are
Household Products, 23% - Agriculture, 16% - Packaging, 9% - Building sector,
9% Industry, 5% Furniture, 4% - Compounds (rest is to other fields).
According to the
Central Bureau of Statistics, import of Plastic and Rubber raw material for the
local industry in 2012 summed up to NIS 9,037 million, 6% increase from 2011,
keeping the growth trend from 2010 and 2009, though in a well lower pace.
Investment in imported machinery and equipment to the Plastic &
Rubber industry climbed 25.6% from 2010 totaling NIS 632.3 million in 2011.
This is after in 2010 it rose by 8.1%, while level of import in 2010 was just
fractionally higher than 2009, far from record 2007 & 2008 years.
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.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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 |
|
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 |
-- |
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.