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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ORAN PALMACH TZUBA AGRICULTURAL COOPERATIVE SOCIETY LTD. |
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Formerly Known As : |
ORAN PALMACH TZOVA ACS LTD. |
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Registered Office : |
Mobile Post Harei Yehuda Tzuba 9087000 |
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Country : |
Israel |
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Date of Incorporation : |
13.03.1978. |
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Legal Form : |
Agricultural Cooperative Society |
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Line of Business : |
Manufacturers, marketers and exporters of high resistance
glass - safety laminated windshields, flat and
curved glass, tempered body glass, anti-terror and bullet-proof car glass,
architectural curved glass, laminated bus and car windshields, etc. |
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No. of Employees : |
250 |
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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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. 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
ORAN PALMACH TZUBA
AGRICULTURAL COOPERATIVE SOCIETY LTD.
(Also known as:
ORAN PALMACH TZOVA ACS LTD.
or "ORAN
SAFETY GLASS" - in short "OSG")
Telephone 972 2 570 61 00
Fax 972 2 570 61 01
Mobile Post Harei
Yehuda
TZUBA 9087000-ISRAEL
Originally
established as a limited partnership, called ORAN PALMACH TZUBA, registered as
per file No. 55-000407-1 on the 13.03.1978.
In the beginning
of 2003 converted into an agricultural cooperative society (ACS in short),
registered as such as per file No. 57-003855-4.
Subject is fully owned by Kibbutz Tzuba, a cooperative society, operating
communal agricultural settlement
1.
Nadav Kaplan, Chairman,
2.
Daniel Cohen, General Manager.
Manufacturers, marketers and exporters of high resistance glass - safety laminated windshields, flat and curved glass, tempered
body glass, anti-terror and bullet-proof car glass, architectural curved glass,
laminated bus and car windshields, etc.
Also manufacturers, exporters and marketers of
household tools.
Sales are to the civil and military sectors.
75% of sales are for export.
Amongst local clients: Ministry of Defense, Israeli
Defense Force, PALSAN SASA, AUTO GLASS, ILAN CAR GLASS, MERKAVIM METAL WORKS,
HAARGAZ, etc.
Subject is also
using the import purchasing and export services of TOAM IMPORT AND EXPORT.
Most of subject’s suppliers are foreign.
Operating from premises (offices and plant), owned by
Kibbutz Tzuba, on an area of 20,000 sq. meters,
on which 17,000 sq. meters are built, in Kibbutz Tzuba (near Jerusalem). Also operating from subsidiary's
premises in the USA
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having 250 employees, as of 2012, in Israel (had 300
employees in mid 2010). Haviung further employees in subsidiary in the USA.
Stock was valued at NIS 5,000,000 in mid 2012 (was valued at US$ 4,500,000
in mid 2010). Later financial data not forthcoming.
In mid 2012 we were informed that subject's equity is 60% of total B/S
(full B/S data was not disclosed).
Subject is an "Approved Enterprise" and as such enjoys tax
benefits and State incentives.
In March 2002, the Israeli Investment Center (IIC) approved a US$ 2 million investment plan for the expansion of
subject's plant.
In July 2005 further NIS 5.3 million were IIC approved an investment plan
for the expansion of subject's plant.
2006 sales claimed to be US$ 25,000,000, of which 50%
were for export.
2007 sales claimed to be US$ 30,000,000, of
which 55% were for export.
2008 sales claimed to be US$ 50,000,000, of
which 70% were for export.
2009 sales claimed to be US$ 50,000,000, of
which 70% were for export.
2010 sales claimed to be US$ 60,000,000, of
which 75% were for export.
2011 sales claimed to be US$ 60,000,000, of
which 75% were for export.
Later sales figures not forthcoming.
ORAN SAFETY GLASS INC., 100%, USA, operating a plant in Virginia, U.S.A.
KIBBUTZ TZUBA FURNITURE ENTERPRISES, owned by Kibbutz Tzuba, a carpentry manufacturing wooden furniture.
Bank Hapoalim
Ltd., Jerusalem Business Branch (No. 436), Jerusalem, account No. 40409.
Bank Leumi Le’Israel Ltd., Main Branch (No.
901), Jerusalem, account
No. 217300/25.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing unfavorable learned.
Despite our efforts we were unable to speak with subject's officials as
they were always unavailable. We left messages, which remain unanswered.
Subject is ISO 9000-2000 and IS0 14,000 certified, as well as meeting other
international standards.
Kibbutz Tzuba (also known as “Kibbutz Palmach Tzuba”)
was established in 1948. There are 270 members and a total population of 600.
Lands lie on an area of 6,000,000 sq. meters, which generates the Kibbutz
income out of the following: cultivating 5,800,000 sq. meters of agricultural
land including fruit plantations (e.g. apples, cherries, nectarines etc) and
field crops e.g. cotton, watermelons); dairy farming; poultry. Kibbutz Tzuba
also operates an Animal Zoo and “Kiftzuba” kids amusement park, as well as a
country resourt.
in August 2001 subject was selected to manufacture
bullet proof windows for the Gilo neighborhood in Jerusalem, which during the
Palestinian uprising has encountered incidents of shooting from areas which are
controlled by the Palestinians. The deal was estimated at US$ 1.5 million.
In November 2001 subject signed an agreement to develop
bullet proof windshields for the French Police Force. The deal is estimated at
NIS 5 million.
Notwithstanding the lack of updated data
from subject's officials, considered good for trade engagements.
Note: The address details you provided in 11
Meytav Street, Tel Aviv belongs to a company TOAM IMPORT AND EXPORT
AGRICULTURAL COOPERATIVE SOCIETY LTD., which provides subject with import
orders and services; TOAM operates as importers of equipment, industrial raw
materials and other supplies, acting on behalf of agricultural communal
settlements (“kibbutzim”), affiliated to the Kibbutz Movement, such as Kibbutz
Tzuba (subject's parent). Goods are ordered by TOAM on behalf of the plants of
the “kibbutzim” and sent by the suppliers directly to customers.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.05 |
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1 |
Rs.82.75 |
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Euro |
1 |
Rs.71.61 |
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 |
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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.