|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOLAN PLASTIC PRODUCTS LTD. |
|
|
|
|
Registered Office : |
Jorden ValleySha'ar Hagolan, 15145 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.11.2000 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of plastics products |
|
|
|
|
No. of Employees : |
154 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. 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
Golan Plastic
Products Ltd.
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Business
Description
|
Golan Plastic Products Ltd is an Israel-based company active in the
plastic sector. The Company specializes in developing, manufacturing and
supplying cross-linked polyethylene PEX pipe under the trade name PEXGOL;
multilayer (PEX/Al/PEX) pipe under the trade name MULTYGOL; multilayer EVOH
pipe with EVOH barrier layer and PE-RT pipes. It manufactures PEX pipes
ranging from 250 mm to 630 mm in diameter. It has a range of diameters for
diverse applications. Small diameter pipes are used for buildings, underfloor
heating, radiators and sanitary installations, medium diameter pipes are used
for regional heating and water systems, gas transportation, sewage,
infrastructure and industry and large diameter pipes are used for sewage,
slurries, infrastructure, transportation of solids and liquids in heavy
industry and in the chemical industry. For the fiscal year ended 31 December
2012, Golan Plastic Products Ltd. revenues increased 7% to NIS288.8M. Net
income decreased 12% to NIS19.4M. Revenues reflect Israel segment increase of
21% to NIS114.7M. Net income was offset by Other Foreign segment income
decrease of 22% to NIS17.2M. Dividend per share decreased from NIS0.52 to
NIS0.36. Basic Earnings per Share excluding Extraordinary Items decreased
from NIS1.08 to NIS0.96. |
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
|
Significant Developments
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Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = ILS 3.855764
2 - Balance Sheet Item Exchange Rate: USD 1 = ILS 3.7325
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Executives Report
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate
(Period Average) |
3.855764 |
3.578084 |
3.733367 |
3.924568 |
3.585392 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
74.9 |
75.8 |
59.4 |
50.9 |
49.8 |
|
Revenue |
74.9 |
75.8 |
59.4 |
50.9 |
49.8 |
|
Total Revenue |
74.9 |
75.8 |
59.4 |
50.9 |
49.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
49.9 |
53.8 |
41.9 |
35.1 |
38.1 |
|
Cost of Revenue, Total |
49.9 |
53.8 |
41.9 |
35.1 |
38.1 |
|
Gross Profit |
25.0 |
22.0 |
17.5 |
15.8 |
11.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
9.3 |
7.5 |
5.3 |
9.5 |
9.1 |
|
Labor & Related Expense |
5.7 |
6.4 |
5.8 |
- |
- |
|
Advertising Expense |
0.3 |
0.3 |
0.3 |
- |
- |
|
Total Selling/General/Administrative Expenses |
15.3 |
14.2 |
11.5 |
9.5 |
9.1 |
|
Research & Development |
- |
0.2 |
0.2 |
- |
- |
|
Depreciation |
0.3 |
0.3 |
0.3 |
- |
- |
|
Depreciation/Amortization |
0.3 |
0.3 |
0.3 |
- |
- |
|
Other Operating Expense |
3.2 |
- |
- |
- |
- |
|
Other, Net |
-0.2 |
0.0 |
0.0 |
- |
- |
|
Other Operating Expenses, Total |
3.0 |
0.0 |
0.0 |
- |
- |
|
Total Operating Expense |
68.6 |
68.5 |
53.9 |
44.6 |
47.2 |
|
|
|
|
|
|
|
|
Operating Income |
6.3 |
7.3 |
5.5 |
6.2 |
2.6 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.6 |
|
Interest Expense, Net Non-Operating |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
-0.6 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
- |
- |
|
Investment Income -
Non-Operating |
0.1 |
- |
- |
0.0 |
- |
|
Interest/Investment Income - Non-Operating |
0.1 |
0.0 |
0.0 |
0.0 |
- |
|
Interest Income (Expense) - Net Non-Operating |
- |
-0.1 |
-0.6 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.6 |
-0.6 |
-1.0 |
-0.4 |
-0.6 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.3 |
1.0 |
0.5 |
4.3 |
|
Other, Net |
0.0 |
0.3 |
1.0 |
0.5 |
4.3 |
|
Income Before Tax |
5.8 |
6.9 |
5.5 |
6.3 |
6.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Income After Tax |
5.0 |
6.2 |
5.6 |
5.4 |
6.2 |
|
|
|
|
|
|
|
|
Equity In Affiliates |
- |
0.0 |
0.0 |
0.0 |
0.3 |
|
Net Income Before Extraord Items |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
Discontinued Operations |
- |
- |
- |
0.0 |
0.4 |
|
Total Extraord Items |
- |
- |
- |
0.0 |
0.4 |
|
Net Income |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
20.3 |
20.3 |
20.2 |
20.3 |
20.4 |
|
Basic EPS Excl Extraord Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Basic/Primary EPS Incl Extraord Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.33 |
|
Diluted Net Income |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
Diluted Weighted Average Shares |
20.3 |
20.3 |
20.2 |
20.3 |
20.4 |
|
Diluted EPS Excl Extraord Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Diluted EPS Incl Extraord Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.15 |
0.22 |
0.17 |
0.00 |
|
Gross Dividends - Common Stock |
2.2 |
2.9 |
3.3 |
3.4 |
0.0 |
|
Interest Expense, Supplemental |
0.6 |
0.5 |
0.4 |
0.4 |
0.6 |
|
Depreciation, Supplemental |
2.4 |
2.4 |
2.3 |
2.0 |
2.0 |
|
Normalized Income Before Tax |
5.8 |
6.9 |
5.5 |
6.3 |
6.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Normalized Income After Tax |
5.0 |
6.2 |
5.6 |
5.4 |
6.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Diluted Normalized EPS |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Amort of Intangibles, Supplemental |
- |
0.1 |
0.1 |
- |
- |
|
Rental Expenses |
- |
2.0 |
1.7 |
- |
- |
|
Advertising Expense, Supplemental |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Research & Development Exp, Supplemental |
0.2 |
0.2 |
0.2 |
- |
- |
|
Normalized EBIT |
6.3 |
7.3 |
5.5 |
6.2 |
2.6 |
|
Normalized EBITDA |
8.8 |
9.7 |
7.8 |
8.2 |
4.5 |
|
Current Tax - Total |
0.8 |
0.9 |
1.5 |
1.3 |
0.2 |
|
Current Tax - Total |
0.8 |
0.9 |
1.5 |
1.3 |
0.2 |
|
Deferred Tax - Domestic |
-0.1 |
-0.1 |
-0.2 |
0.2 |
0.4 |
|
Deferred Tax - Total |
-0.1 |
-0.1 |
-0.2 |
0.2 |
0.4 |
|
Other Tax |
0.0 |
0.0 |
-1.3 |
-0.6 |
-0.5 |
|
Income Tax - Total |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
|
|
Annual Balance Sheet |
|
inancials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate |
3.7325 |
3.82375 |
3.5415 |
3.788 |
3.777 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.3 |
0.2 |
0.4 |
0.4 |
- |
|
Cash & Equivalents |
- |
- |
- |
- |
0.2 |
|
Short Term Investments |
2.9 |
4.0 |
5.8 |
7.0 |
6.5 |
|
Cash and Short Term Investments |
3.2 |
4.2 |
6.2 |
7.3 |
6.7 |
|
Accounts Receivable -
Trade, Gross |
24.1 |
22.7 |
20.8 |
19.9 |
18.3 |
|
Provision for Doubtful
Accounts |
-0.2 |
-0.2 |
-0.2 |
-0.4 |
-0.3 |
|
Trade Accounts Receivable - Net |
24.0 |
22.6 |
20.6 |
19.4 |
18.1 |
|
Other Receivables |
1.2 |
0.8 |
1.4 |
0.6 |
2.1 |
|
Total Receivables, Net |
25.2 |
23.4 |
22.0 |
20.0 |
20.2 |
|
Inventories - Finished Goods |
8.0 |
7.7 |
7.1 |
6.0 |
6.2 |
|
Inventories - Raw Materials |
13.8 |
9.0 |
7.3 |
5.9 |
6.3 |
|
Total Inventory |
21.8 |
16.7 |
14.4 |
11.9 |
12.5 |
|
Prepaid Expenses |
0.3 |
0.2 |
- |
- |
- |
|
Deferred Income Tax - Current Asset |
0.2 |
- |
- |
- |
- |
|
Discontinued Operations - Current Asset |
- |
- |
- |
- |
0.1 |
|
Other Current Assets, Total |
0.2 |
- |
- |
- |
0.1 |
|
Total Current Assets |
50.7 |
44.6 |
42.6 |
39.3 |
39.5 |
|
|
|
|
|
|
|
|
Land/Improvements |
3.7 |
3.7 |
3.8 |
1.9 |
- |
|
Machinery/Equipment |
49.7 |
45.3 |
47.0 |
40.0 |
37.7 |
|
Other
Property/Plant/Equipment |
2.7 |
2.4 |
2.5 |
1.7 |
1.2 |
|
Property/Plant/Equipment - Gross |
56.2 |
51.4 |
53.3 |
43.6 |
38.9 |
|
Accumulated Depreciation |
-34.1 |
-31.2 |
-31.5 |
-25.0 |
-22.8 |
|
Property/Plant/Equipment - Net |
22.0 |
20.3 |
21.7 |
18.6 |
16.1 |
|
Goodwill - Gross |
3.1 |
3.1 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
-0.4 |
-0.4 |
- |
- |
- |
|
Goodwill, Net |
2.7 |
2.7 |
2.8 |
- |
0.0 |
|
Intangibles - Gross |
0.6 |
0.6 |
0.6 |
0.9 |
- |
|
Accumulated Intangible Amortization |
-0.2 |
-0.2 |
-0.1 |
0.0 |
- |
|
Intangibles, Net |
0.3 |
0.4 |
0.5 |
0.8 |
- |
|
LT Investment - Affiliate Companies |
0.0 |
- |
- |
- |
1.4 |
|
Long Term Investments |
0.0 |
- |
- |
- |
1.4 |
|
Note Receivable - Long Term |
- |
- |
0.3 |
0.3 |
- |
|
Pension Benefits - Overfunded |
0.2 |
0.2 |
0.3 |
0.2 |
0.1 |
|
Deferred Income Tax - Long Term Asset |
0.0 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Other Long Term Assets, Total |
0.3 |
0.3 |
0.3 |
0.5 |
0.4 |
|
Total Assets |
76.1 |
68.2 |
68.3 |
59.6 |
57.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
5.0 |
6.6 |
7.3 |
6.3 |
5.6 |
|
Accrued Expenses |
2.1 |
2.0 |
- |
- |
- |
|
Notes Payable/Short Term Debt |
15.0 |
10.0 |
5.8 |
4.7 |
6.3 |
|
Income Taxes Payable |
0.1 |
0.1 |
- |
- |
- |
|
Other Payables |
1.6 |
1.1 |
5.0 |
3.3 |
2.2 |
|
Other Current Liabilities |
- |
- |
- |
- |
0.5 |
|
Other Current liabilities, Total |
1.8 |
1.3 |
5.0 |
3.3 |
2.7 |
|
Total Current Liabilities |
23.9 |
19.9 |
18.1 |
14.3 |
14.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
7.7 |
7.1 |
8.0 |
6.9 |
6.6 |
|
Total Long Term Debt |
7.7 |
7.1 |
8.0 |
6.9 |
6.6 |
|
Total Debt |
22.7 |
17.1 |
13.9 |
11.5 |
12.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.8 |
0.9 |
1.1 |
2.7 |
3.0 |
|
Deferred Income Tax |
0.8 |
0.9 |
1.1 |
2.7 |
3.0 |
|
Total Liabilities |
32.4 |
27.9 |
27.2 |
23.8 |
24.2 |
|
|
|
|
|
|
|
|
Common Stock |
5.4 |
5.3 |
4.2 |
3.9 |
3.9 |
|
Common Stock |
5.4 |
5.3 |
4.2 |
3.9 |
3.9 |
|
Additional Paid-In Capital |
18.7 |
18.3 |
19.7 |
18.4 |
18.5 |
|
Retained Earnings (Accumulated Deficit) |
19.7 |
17.0 |
17.4 |
13.6 |
10.7 |
|
Treasury Stock - Common |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Total Equity |
43.7 |
40.3 |
41.0 |
35.7 |
33.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
76.1 |
68.2 |
68.3 |
59.6 |
57.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
20.2 |
20.2 |
20.2 |
20.2 |
20.4 |
|
Total Common Shares Outstanding |
20.2 |
20.2 |
20.2 |
20.2 |
20.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.2 |
0.2 |
- |
|
Employees |
154 |
224 |
203 |
176 |
185 |
|
Accumulated Goodwill Amortization Suppl. |
0.4 |
0.4 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
0.2 |
0.2 |
0.1 |
0.0 |
- |
|
Total Long Term Debt, Supplemental |
11.4 |
- |
10.9 |
9.1 |
21.5 |
|
Long Term Debt Maturing within 1 Year |
3.7 |
- |
2.8 |
2.3 |
14.4 |
|
Long Term Debt Maturing in Year 2 |
2.5 |
- |
2.3 |
2.2 |
2.3 |
|
Long Term Debt Maturing in Year 3 |
1.7 |
- |
1.8 |
1.8 |
2.2 |
|
Long Term Debt Maturing in Year 4 |
1.1 |
- |
0.9 |
1.2 |
2.6 |
|
Long Term Debt Maturing in Year 5 |
0.7 |
- |
0.7 |
0.3 |
0.1 |
|
Long Term Debt Maturing in 2-3 Years |
4.2 |
- |
4.1 |
4.0 |
4.4 |
|
Long Term Debt Maturing in 4-5 Years |
1.8 |
- |
1.7 |
1.4 |
2.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.7 |
- |
2.3 |
1.4 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
- |
4.4 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
1.5 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
1.5 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
1.5 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
3.0 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate
(Period Average) |
3.855764 |
3.578084 |
3.733367 |
3.924568 |
3.585392 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
Depreciation |
2.4 |
2.4 |
2.3 |
2.0 |
2.0 |
|
Depreciation/Depletion |
2.4 |
2.4 |
2.3 |
2.0 |
2.0 |
|
Amortization of Intangibles |
- |
0.1 |
0.1 |
- |
- |
|
Amortization |
- |
0.1 |
0.1 |
- |
- |
|
Discontinued Operations |
- |
- |
- |
- |
-0.2 |
|
Unusual Items |
0.0 |
0.3 |
-1.5 |
0.2 |
-5.1 |
|
Equity in Net Earnings (Loss) |
- |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Other Non-Cash Items |
0.3 |
0.3 |
-0.1 |
-0.4 |
0.9 |
|
Non-Cash Items |
0.3 |
0.6 |
-1.6 |
-0.2 |
-4.7 |
|
Accounts Receivable |
-2.2 |
-3.8 |
1.9 |
0.6 |
6.2 |
|
Inventories |
-4.6 |
-3.5 |
-0.1 |
2.3 |
2.3 |
|
Accounts Payable |
-1.4 |
-0.7 |
-0.5 |
-1.9 |
-5.0 |
|
Taxes Payable |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Other Liabilities |
0.0 |
0.0 |
0.0 |
-0.1 |
0.3 |
|
Other Operating Cash Flow |
-1.1 |
-2.4 |
-0.9 |
-0.6 |
-1.1 |
|
Changes in Working Capital |
-8.6 |
-9.6 |
0.3 |
1.3 |
2.8 |
|
Cash from Operating Activities |
-0.8 |
-0.3 |
6.6 |
8.4 |
6.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3.3 |
-2.9 |
-2.5 |
-2.0 |
-3.4 |
|
Capital Expenditures |
-3.3 |
-2.9 |
-2.5 |
-2.0 |
-3.4 |
|
Acquisition of Business |
0.0 |
0.0 |
-3.8 |
-0.6 |
- |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Sale/Maturity of Investment |
4.1 |
1.5 |
1.9 |
0.0 |
- |
|
Other Investing Cash Flow |
0.6 |
0.8 |
0.7 |
0.7 |
0.0 |
|
Other Investing Cash Flow Items, Total |
4.7 |
2.5 |
-1.1 |
0.2 |
0.1 |
|
Cash from Investing Activities |
1.4 |
-0.4 |
-3.7 |
-1.8 |
-3.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.0 |
0.3 |
0.0 |
0.0 |
- |
|
Financing Cash Flow Items |
0.0 |
0.3 |
0.0 |
0.0 |
- |
|
Cash Dividends Paid - Common |
-2.9 |
-3.7 |
-2.8 |
-2.5 |
-5.9 |
|
Total Cash Dividends Paid |
-2.9 |
-3.7 |
-2.8 |
-2.5 |
-5.9 |
|
Sale/Issuance of
Common |
0.1 |
- |
- |
- |
- |
|
Repurchase/Retirement
of Common |
- |
0.0 |
0.0 |
-0.3 |
- |
|
Common Stock, Net |
0.1 |
0.0 |
0.0 |
-0.3 |
- |
|
Issuance (Retirement) of Stock, Net |
0.1 |
0.0 |
0.0 |
-0.3 |
- |
|
Short Term Debt, Net |
4.0 |
4.4 |
-0.3 |
-2.1 |
2.0 |
|
Long Term Debt Issued |
4.9 |
2.9 |
2.5 |
1.1 |
- |
|
Long Term Debt
Reduction |
-3.9 |
-3.3 |
-2.4 |
-2.6 |
-2.8 |
|
Long Term Debt, Net |
1.0 |
-0.4 |
0.1 |
-1.5 |
-2.8 |
|
Issuance (Retirement) of Debt, Net |
5.1 |
4.0 |
-0.3 |
-3.7 |
-0.8 |
|
Cash from Financing Activities |
2.3 |
0.6 |
-3.0 |
-6.5 |
-6.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Net Change in Cash |
2.9 |
-0.1 |
0.0 |
0.2 |
-3.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
0.2 |
0.4 |
0.4 |
0.2 |
3.3 |
|
Net Cash - Ending Balance |
3.1 |
0.2 |
0.3 |
0.4 |
0.2 |
|
Cash Interest Paid |
0.6 |
0.5 |
0.5 |
0.2 |
0.7 |
|
Cash Taxes Paid |
0.7 |
2.1 |
0.7 |
0.6 |
0.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate
(Period Average) |
3.855764 |
3.578084 |
3.733367 |
3.924568 |
3.585392 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
74.9 |
75.8 |
59.4 |
50.9 |
49.8 |
|
Total Revenue |
74.9 |
75.8 |
59.4 |
50.9 |
49.8 |
|
|
|
|
|
|
|
|
Labor & Related Expense - COGS |
7.0 |
- |
- |
- |
- |
|
Other Operating Expense |
3.4 |
- |
- |
- |
- |
|
Subcontractors |
0.1 |
- |
- |
- |
- |
|
Royalties - Government |
-0.2 |
- |
- |
- |
- |
|
Material Expenses |
40.4 |
- |
- |
- |
- |
|
Depreciation/Amortization in COR/COGS |
2.1 |
- |
- |
- |
- |
|
Changes in Inventory |
-1.8 |
- |
- |
- |
- |
|
Material Expenses |
0.2 |
- |
- |
- |
- |
|
Other Cost of Sales |
1.9 |
- |
- |
- |
- |
|
Cost of Sales |
- |
53.8 |
41.9 |
35.1 |
38.1 |
|
Research and Dev. |
- |
0.2 |
0.2 |
- |
- |
|
Rental Expenses |
1.9 |
- |
- |
- |
- |
|
Other SGA |
0.4 |
- |
- |
- |
- |
|
Other SGA |
0.6 |
- |
- |
- |
- |
|
Other General & Administrative |
0.5 |
- |
- |
- |
- |
|
Other Selling & Marketing |
5.9 |
- |
- |
- |
- |
|
Selling & Marketing |
- |
6.2 |
4.3 |
6.0 |
5.9 |
|
Advertising Expense |
0.3 |
0.3 |
0.3 |
- |
- |
|
Labor & Related Expenses in R&D |
0.2 |
- |
- |
- |
- |
|
Labor & Related Expense |
2.4 |
3.2 |
2.8 |
- |
- |
|
Depreciation in SGA |
0.0 |
0.1 |
0.1 |
- |
- |
|
General & Administrative |
- |
1.3 |
1.0 |
3.5 |
3.2 |
|
Labor & Related Expense(1) |
3.1 |
3.3 |
3.1 |
- |
- |
|
Depreciation & Amortization |
0.3 |
0.2 |
0.2 |
- |
- |
|
Other Income/Expense |
-0.2 |
0.0 |
0.0 |
- |
- |
|
Total Operating Expense |
68.6 |
68.5 |
53.9 |
44.6 |
47.2 |
|
|
|
|
|
|
|
|
Finance Expense |
- |
-0.1 |
-0.6 |
- |
- |
|
Interest Expense |
-0.6 |
-0.5 |
-0.4 |
- |
- |
|
Finance Income |
- |
0.3 |
0.3 |
0.5 |
4.7 |
|
Interest Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other, Net |
0.0 |
0.0 |
0.7 |
- |
- |
|
Other, Net |
- |
- |
- |
0.0 |
0.0 |
|
FV Adjustments of Financial Investments |
0.1 |
- |
- |
- |
- |
|
Other Finance Expense |
-0.1 |
- |
- |
- |
- |
|
Foreign Currency Adjustmnet |
0.0 |
- |
- |
0.0 |
- |
|
Interest Expense on LT Loans |
- |
- |
- |
-0.4 |
-0.3 |
|
Interest Expense on Convertible Bonds |
- |
- |
- |
- |
0.0 |
|
Bank Commissions |
- |
- |
- |
0.0 |
-0.1 |
|
Revaluation of Marketable Securities |
- |
- |
- |
- |
-0.2 |
|
Introduction Transation |
- |
- |
- |
- |
-0.1 |
|
Interest Expense on ST Credit |
- |
- |
- |
0.0 |
-0.2 |
|
Net Income Before Taxes |
5.8 |
6.9 |
5.5 |
6.3 |
6.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Net Income After Taxes |
5.0 |
6.2 |
5.6 |
5.4 |
6.2 |
|
|
|
|
|
|
|
|
Equity in Affiliates |
- |
0.0 |
0.0 |
0.0 |
0.3 |
|
Net Income Before Extra. Items |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
Discontinued Operations |
- |
- |
- |
0.0 |
0.4 |
|
Net Income |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
20.3 |
20.3 |
20.2 |
20.3 |
20.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Basic EPS Including ExtraOrdinary Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.33 |
|
Diluted Net Income |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
Diluted Weighted Average Shares |
20.3 |
20.3 |
20.2 |
20.3 |
20.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Diluted EPS Including ExtraOrd Items |
0.25 |
0.30 |
0.28 |
0.27 |
0.33 |
|
DPS-Ordinary Shares |
0.09 |
0.15 |
0.22 |
0.17 |
0.00 |
|
Gross Dividends - Common Stock |
2.2 |
2.9 |
3.3 |
3.4 |
0.0 |
|
Normalized Income Before Taxes |
5.8 |
6.9 |
5.5 |
6.3 |
6.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Normalized Income After Taxes |
5.0 |
6.2 |
5.6 |
5.4 |
6.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
5.0 |
6.2 |
5.6 |
5.4 |
6.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Diluted Normalized EPS |
0.25 |
0.30 |
0.28 |
0.27 |
0.32 |
|
Depreciation |
2.4 |
2.4 |
2.3 |
2.0 |
2.0 |
|
Interest Expense |
0.6 |
- |
- |
- |
- |
|
Interest Expense |
- |
0.5 |
0.4 |
0.4 |
0.6 |
|
Research & Development Exp, Supplemental |
0.2 |
0.2 |
0.2 |
- |
- |
|
Advertising |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Amort of Intangibles, Supplemental |
- |
0.1 |
0.1 |
- |
- |
|
Rental Expense, Supplemental |
- |
2.0 |
1.7 |
- |
- |
|
Current Tax |
0.8 |
0.9 |
1.5 |
1.3 |
0.2 |
|
Current Tax - Total |
0.8 |
0.9 |
1.5 |
1.3 |
0.2 |
|
Deferred Tax |
-0.1 |
-0.1 |
-0.2 |
0.2 |
0.4 |
|
Deferred Tax - Total |
-0.1 |
-0.1 |
-0.2 |
0.2 |
0.4 |
|
Adjustment in Tax Rate |
0.0 |
0.0 |
-1.3 |
-0.6 |
- |
|
Prior Years Tax |
0.0 |
- |
- |
- |
-0.5 |
|
Income Tax - Total |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate |
3.7325 |
3.82375 |
3.5415 |
3.788 |
3.777 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.3 |
0.2 |
0.4 |
0.4 |
- |
|
ASTI - Short Term Investments |
2.9 |
0.0 |
0.0 |
0.0 |
- |
|
Cash & Equivalents |
- |
- |
- |
- |
0.2 |
|
ST Investments |
0.0 |
4.0 |
5.8 |
7.0 |
6.5 |
|
Other Other Receivables |
1.2 |
0.8 |
- |
- |
- |
|
Other Receivables |
- |
- |
1.4 |
0.6 |
2.1 |
|
Customers |
24.1 |
22.7 |
20.8 |
19.9 |
18.3 |
|
Doubtful Debts |
-0.2 |
-0.2 |
-0.2 |
-0.4 |
-0.3 |
|
Raw Materials |
13.8 |
9.0 |
7.3 |
5.9 |
6.3 |
|
Finished Goods |
8.0 |
7.7 |
7.1 |
6.0 |
6.2 |
|
Assets Designated For Sale |
- |
- |
- |
- |
0.1 |
|
Prepayments |
0.3 |
0.2 |
- |
- |
- |
|
Deferred Income Tax - Current Asset |
0.2 |
- |
- |
- |
- |
|
Total Current Assets |
50.7 |
44.6 |
42.6 |
39.3 |
39.5 |
|
|
|
|
|
|
|
|
Receivables from Sale of Act. |
- |
- |
0.3 |
0.3 |
- |
|
Severance Fund |
0.2 |
0.2 |
0.3 |
0.2 |
0.1 |
|
Investments in Affiliates |
0.0 |
- |
- |
- |
1.4 |
|
Land and Buildings |
3.7 |
3.7 |
3.8 |
1.9 |
- |
|
Machinery & Equipment |
49.0 |
44.5 |
45.8 |
39.0 |
36.7 |
|
Vehicles |
0.8 |
0.9 |
1.2 |
1.0 |
1.0 |
|
Office Fittings |
2.7 |
2.4 |
2.5 |
1.7 |
1.2 |
|
Acc Depr Land & Buildings |
-0.5 |
-0.5 |
- |
- |
- |
|
Acc Depr Plant & Machinery |
-31.1 |
-28.4 |
- |
- |
- |
|
Acc Depr Transportation Equipment |
-0.5 |
-0.5 |
- |
- |
- |
|
Acc Depr Other Tangible Fixed Assets |
-2.0 |
-1.8 |
- |
- |
- |
|
Depreciation |
- |
- |
-31.5 |
-25.0 |
-22.8 |
|
Customers Relations, Gross |
0.6 |
0.6 |
0.6 |
0.9 |
- |
|
Intangibles Amort. |
-0.2 |
-0.2 |
-0.1 |
0.0 |
- |
|
Goodwill, Net |
- |
- |
2.8 |
- |
0.0 |
|
Deferred Tax |
0.0 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Goodwill, Gross |
3.1 |
3.1 |
- |
- |
- |
|
Acc Amort Goodwill |
-0.4 |
-0.4 |
- |
- |
- |
|
Total Assets |
76.1 |
68.2 |
68.3 |
59.6 |
57.3 |
|
|
|
|
|
|
|
|
Bank Credit |
15.0 |
10.0 |
5.8 |
4.7 |
6.3 |
|
Suppliers |
5.0 |
6.6 |
7.3 |
6.3 |
5.6 |
|
Other Other Payables |
1.6 |
1.1 |
- |
- |
- |
|
Other Payables |
- |
- |
5.0 |
3.3 |
2.2 |
|
Assets Designated For Sale |
- |
- |
- |
- |
0.5 |
|
Accrued Payroll |
1.1 |
1.1 |
- |
- |
- |
|
Accrued Expenses |
1.0 |
0.9 |
- |
- |
- |
|
Income Taxes Payable |
0.1 |
0.1 |
- |
- |
- |
|
Total Current Liabilities |
23.9 |
19.9 |
18.1 |
14.3 |
14.6 |
|
|
|
|
|
|
|
|
Bank Loans |
7.7 |
7.1 |
8.0 |
6.8 |
6.6 |
|
Convertible Debentures |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt |
7.7 |
7.1 |
8.0 |
6.9 |
6.6 |
|
|
|
|
|
|
|
|
Deferred Tax |
0.8 |
0.9 |
1.1 |
2.7 |
3.0 |
|
Total Liabilities |
32.4 |
27.9 |
27.2 |
23.8 |
24.2 |
|
|
|
|
|
|
|
|
Share Capital |
5.4 |
5.3 |
4.2 |
3.9 |
3.9 |
|
Treasury Shares |
-0.2 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Premium |
18.7 |
18.3 |
19.7 |
18.4 |
18.5 |
|
Retained Earnings |
18.8 |
16.1 |
16.5 |
12.6 |
9.7 |
|
Other Funds |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Total Equity |
43.7 |
40.3 |
41.0 |
35.7 |
33.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
76.1 |
68.2 |
68.3 |
59.6 |
57.3 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
20.2 |
20.2 |
20.2 |
20.2 |
20.4 |
|
Total Common Shares Outstanding |
20.2 |
20.2 |
20.2 |
20.2 |
20.4 |
|
T/S-Ordinary Shares |
0.1 |
0.1 |
0.2 |
0.2 |
- |
|
Acc Amort Goodwill |
0.4 |
0.4 |
- |
- |
- |
|
Intangibles Amort. |
0.2 |
0.2 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
0.1 |
0.0 |
- |
|
Full-Time Employees |
154 |
224 |
203 |
176 |
185 |
|
LT Debt Maturing in 1 Year |
3.7 |
- |
2.8 |
2.3 |
14.4 |
|
LT Debt Maturing in 2 Years |
2.5 |
- |
2.3 |
2.2 |
2.3 |
|
LT Debt Maturing in 3 Years |
1.7 |
- |
1.8 |
1.8 |
2.2 |
|
LT Debt Maturing in 4 Years |
1.1 |
- |
0.9 |
1.2 |
2.6 |
|
LT Debt Maturing in 5 Years |
0.7 |
- |
0.7 |
0.3 |
0.1 |
|
LT Debt Maturing in 6 Years & More |
1.7 |
- |
2.3 |
1.4 |
- |
|
Total Long Term Debt, Supplemental |
11.4 |
- |
10.9 |
9.1 |
21.5 |
|
Operating Lease Pymts. Due within 1Year |
- |
- |
1.5 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
1.5 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
1.5 |
- |
- |
|
Total Operating Leases, Supplemental |
- |
- |
4.4 |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
ILS |
ILS |
ILS |
ILS |
ILS |
|
Exchange Rate
(Period Average) |
3.855764 |
3.578084 |
3.733367 |
3.924568 |
3.585392 |
|
Auditor |
Kost, Forer,
Gabbay & Kasierer |
Kost, Forer,
Gabbay & Kasierer |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
5.0 |
6.2 |
5.6 |
5.4 |
6.8 |
|
Depreciation |
2.4 |
2.4 |
2.3 |
2.0 |
2.0 |
|
Amortization of Intangibles |
- |
0.1 |
0.1 |
- |
- |
|
Goodwill Write Down |
0.0 |
0.0 |
0.4 |
0.0 |
- |
|
Comb. of Activities |
0.0 |
0.0 |
-1.1 |
0.0 |
- |
|
Discontinued Op. |
- |
- |
- |
- |
-0.4 |
|
Financing Expense, Net |
0.4 |
0.3 |
0.2 |
0.0 |
0.3 |
|
Equity in Affiliates |
- |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Income Tax |
0.7 |
0.8 |
-0.1 |
0.9 |
0.1 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Severance Fund |
0.0 |
0.0 |
0.0 |
-0.1 |
0.3 |
|
Securities, Net |
-0.1 |
0.0 |
-0.3 |
-0.5 |
0.2 |
|
Options |
- |
- |
- |
- |
-4.5 |
|
LT Loans & Debt Revaluation |
0.0 |
0.3 |
-0.8 |
0.2 |
-0.6 |
|
Customers |
-1.1 |
-3.6 |
1.6 |
0.5 |
5.9 |
|
Other Receivables |
-1.1 |
-0.1 |
0.3 |
0.1 |
0.3 |
|
Inventory |
-4.6 |
-3.5 |
-0.1 |
2.3 |
2.3 |
|
Suppliers |
-1.4 |
-0.4 |
-0.8 |
-1.5 |
-4.4 |
|
Other Payables |
0.0 |
-0.3 |
0.3 |
-0.4 |
-0.6 |
|
Interest Paid |
-0.6 |
-0.5 |
-0.5 |
-0.2 |
-0.7 |
|
Taxes Paid |
-0.7 |
-2.1 |
-0.7 |
-0.6 |
-0.8 |
|
Interest Received |
0.1 |
0.2 |
0.2 |
0.1 |
0.2 |
|
Dividend Received |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Taxes Received |
- |
- |
- |
- |
0.4 |
|
Discontinued Op.(1) |
- |
- |
- |
- |
0.2 |
|
Cash from Operating Activities |
-0.8 |
-0.3 |
6.6 |
8.4 |
6.9 |
|
|
|
|
|
|
|
|
Investment in Subsidiaries |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Purchase of Affiliated Company |
0.0 |
0.0 |
-3.8 |
-0.5 |
- |
|
Purchase of Fixed Assets |
-3.3 |
-2.9 |
-2.5 |
-2.0 |
-3.4 |
|
Investment Grant |
0.6 |
0.8 |
0.7 |
0.7 |
- |
|
Sale of Securities |
4.1 |
1.5 |
1.9 |
0.0 |
- |
|
Sale of Fixed Assets |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Discontinued Op. |
- |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
1.4 |
-0.4 |
-3.7 |
-1.8 |
-3.3 |
|
|
|
|
|
|
|
|
Sale of Company Shares |
0.1 |
- |
- |
- |
- |
|
LT Loans Received |
4.9 |
2.9 |
2.5 |
1.1 |
- |
|
Redemption of Convertible Debentures |
0.0 |
- |
- |
- |
- |
|
LT Loans Repaid |
-3.9 |
-3.3 |
-2.4 |
-2.6 |
-2.8 |
|
Convertible Debenture Repayment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
-2.9 |
-3.7 |
-2.8 |
-2.5 |
-5.9 |
|
Sale of Act. |
0.0 |
0.3 |
0.0 |
0.0 |
- |
|
Repurchase of Company Shares |
- |
0.0 |
0.0 |
-0.3 |
- |
|
ST Bank Credit, Net |
4.0 |
4.4 |
-0.3 |
-2.1 |
2.0 |
|
Cash from Financing Activities |
2.3 |
0.6 |
-3.0 |
-6.5 |
-6.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Net Change in Cash |
2.9 |
-0.1 |
0.0 |
0.2 |
-3.1 |
|
|
|
|
|
|
|
|
Beginning Balance |
0.2 |
0.4 |
0.4 |
0.2 |
3.3 |
|
End Balance |
3.1 |
0.2 |
0.3 |
0.4 |
0.2 |
|
Cash Interest Paid |
0.6 |
0.5 |
0.5 |
0.2 |
0.7 |
|
Cash Taxes Paid |
0.7 |
2.1 |
0.7 |
0.6 |
0.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.