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Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
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Name : |
TRANSTECHNICA FLUID CONTROL & SEALING 2001 LTD. |
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Registered Office : |
P.O. Box 1703, HOLON (5817701) 18 Hayotzer Street Industrial Zone HOLON 5885357 |
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Country : |
Israel |
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Date of Incorporation : |
28.10.2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, importers and marketers of plumbing accessories, sealing materials, control equipment for the energy field and for fluid control. |
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No. of Employees : |
22 |
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
|
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.
Source
: CIA
TRANSTECHNICA
FLUID CONTROL & SEALING 2001 LTD.
Telephone 972 3 559 95 22
Fax 972 3 559 95 44
P.O. Box 1703,
HOLON (5817701)
18 Hayotzer Street
Industrial Zone
HOLON 5885357 ISRAEL
A private limited
company, incorporated as per file No. 51-315612-5 on the 28.10.2001.
Subject was
incorporated in order to continue the activities of TRANSTECHNICA TECHNOLOGIES (1994) LTD. (owned by other shareholders than
subject's), which went into liquidation following grave financial difficulties.
TRANSTECHNICA TECHNOLOGIES (1994) LTD. itself continued the activities of
TRANSTECHNICA LTD., which was originally established in 1958.
Authorized share
capital NIS 39,100.00, divided into -
39,100 ordinary shares of NIS
1.00 each,
of which 1,000
shares amounting to NIS 1,000.00 were issued.
Subject is fully
owned by P.A.N. HEATING SYSTEMS LTD., fully owned by Moshe Weingarten.
In
2009 Moshe Weingarten acquired all the shares of Yehuda Weigarten (Moshe's
brother) in the Group (subject, parent company and sister company). Mr.
refrained from disclosing transaction sum, only that it was for a high sum.
Moshe Weingarten.
Israel Ronen.
Manufacturers, importers
and marketers of plumbing accessories, sealing materials, control equipment for
the energy field and for fluid control.
Subject purchases
goods from overseas suppliers only.
Amongst clients:
THE ISRAEL ELECTRIC CORP., DEAD SEA WORKS, BROMINE COMPOUNDS, OIL REFINERIES,
TNUVA, HAIFA CHEMICALS, TEVA PHARMACEUTICAL INDUSTRIES, STRAUSS ELITE, AGAN
CHEMICAL MANUFACTURERS, hospitals, etc.
Amongst service
providers: DAFNA WEISSMAN & LAVI (forwarding), Hagay Hagavi (lawyer), SHAY
INSURANCE AGENCY, ATIA ACCOUNTANTS, etc.
Sole local
representatives of (among others):
AFLEX, of the UK,
L. B. H., of
Denmark,
GESTRA,
WITZENMANN, KLINGER FLUID CONTROL & DICTUNGSTECHNIK, CRANE RESISTOFLEX,
KEMPCHEN, all of Germany,
ROTEN, OMC,
ALFAGOMMA, all of Italy,
ZETKAMA, of
Poland,
KLINGER, of
Austria,
VENAIR IBERICA, of
Spain,
CPS, of China.
Operating from
rented premises (office and plant), on an area of 1,100 sq. meters, in 18
Hayotzer Street, Industrial Zone, Holon.
Having 22
employees in subject and 50 employees in Group.
Current stock is
valued at NIS 4,000,000.
Moshe
Weingarten also owns an Industrial Building, on an area of 3,000 sq. meters in 9
Hamashbir Street, Industrial Zone, Holon (from which other companies they
control operate), which was valued at NIS
7,000,000 in mid 2010.
There are 5
charges for unlimited amounts registered on the company’s assets (financial
assets, fixed assets and vehicles), in favor of Mizrahi Tefahot Bank Ltd. (last
charge placed August 2011).
2011 sales claimed
to be NIS 15,000,000
2012 sales claimed
to be NIS 15,000,000
Sales for the
first 6 months of 2013 claimed to be NIS 7,500,000
P.A.N. HEATING SYSTEMS LTD., parent company, importers and marketers of
heating boilers, steam burners and oil pumps.
HAMEICHAL STEAM BOILER MANUFACTURE LTD., sister company, established 1949
and incorporated 1954, manufacturers and
marketers of steam boilers for the industry. 2010 sales NIS 10 million.
Mizrahi Tefahot Bank
Ltd., Holon Industrial Zone Branch (No. 419), Holon, account No. 110111.
A check with the
Central Banks’ database did not reveal anything detrimental on subject’s a/m
account.
Nothing
unfavorable learned.
Subject is ISO 9002
certified.
Subject activities
are very long established (also considering former companies).
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.
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).
From
the CBS data on investment in imported machinery and other equipment for the
manufacturing industry in 2012: investments in the manufacture of metal
products was NIS 716 million (3.6% rise from 2011, after 32% rise from 2010).
Central Bureau of Statistics 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).
Gross
Domestic Capital Formation (investment) in machinery & other equipment in 2012 reached (in current prices) NIS 47,540 million, of
which NIS 33,336 million was from imports and NIS 14,204 miilion from domestic
production.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
-- |
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.