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Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Name : |
HOD-ZAMIR BUILDING EQUIPMENT &
REQUIREMENTS LTD. |
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Registered Office : |
P.O. Box 10331, Haifa Bay (2611202), 1 Zvulun Road, Industrial Zone, Kiryat Ata 2850301 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.05.2001 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Traders,
importers and marketers of building supplies and materials, including
professional working tools, sealants, etc. |
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No. of Employees : |
Had 35 employees
in the end of 2008 Having 1,011 employees (664 employees of
which in Israel) serving the whole HOD Group as of end of 2011 |
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 (31.03.2012) |
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.
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Source : CIA |
HOD-ZAMIR BUILDING EQUIPMENT & REQUIREMENTS LTD.
Telephone 972 4 840 26 66
Fax 972 4 849 21 47
P.O. Box 10331,
Haifa Bay (2611202)
1 Zvulun Road
Industrial Zone
KIRYAT ATA-285030-ISRAEL
A private limited
company, incorporated as per file No. 51-311189-8 on the 17.05.2001.
Authorized share
capital NIS 100,000.00, divided into -
100,000 ordinary shares of NIS
1.00 each,
of which 125
shares amounting to NIS 125.00 were issued.
1.
HOD – ASSAF INDUSTRIES LTD., 60%, a public limited
company, shares of which are traded on the Tel Aviv Stock Exchange, controlled
(74.8%) by Abraham Shani (formerly Sheinbaum),
2.
David Vanunu, 40%.
In February 2006
HOD – ASSAF INDUSTRIES LTD. increased its holding in subject from 50% to 60%.
1.
David Vanunu, General Manager,
2.
Joseph (Yosi) Anglister, General Manager of HOD –
ASSAF INDUSTRIES.
Traders, importers
and marketers of building supplies and materials, including professional working
tools, sealants, etc.
Having many
clients.
Sales are to
construction companies, constructors, etc.
Operating from premises, in Zvulun Road, Industrial Zone, Kiryat Ata.
Had 35 employees
in the end of 2008, current number not forthcoming..
Having 1,011 employees (664 employees of
which in Israel) serving the whole HOD Group as of end of 2011.
Financial data is
included in the consolidated financial statements of parent company, HOD –
ASSAF INDUSTRIES LTD., which shows:
NIS (thousands)
31.12.2011 30.09.2012
ASSETS
Current assets:
Cash 12,539 24,473
Customers 299,956 272,486
Other debtors 30,248 17,763
Stock 305,718 324,296
648,461 639,018
Non-current assets:
Pre-paid operation leasing
expenses (net) 26,933 25,941
Fixed
assets (net) 240,713 264,927
Other non-current assets 7,944 11,899
275,590 302,767
924,051 941,785
======= =======
LIABILITIES
Current liabilities 417,460 426,981
Non-current liabilities 29,470 25,445
Equity 477,121 489,359
924,051 941,785
======= =======
Parent HOD – ASSAF INDUSTRIES current market value US$
40.5 million.
There are 3
charges for unlimited amounts registered on the company’s assets (all assets),
in favor of Bank Leumi Le’Israel Ltd., Bank Hapoalim Ltd. and Israel Discount Bank
Ltd. (last charge placed December 2010).
Subject ended 2009
with a net profit of NIS 823,000.
Subject ended 2010
with a net profit of NIS 2,254,000.
Subject ended 2011
with a net profit of NIS 2,722,000.
HOD
– ASSAF INDUSTRIES LTD.
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2009 2010 2011
Sales 841,593 975,249 1,262,114
Gross profit 66,783 68,549 105,601
Operating profit
(loss)
(21,576) 12,571 38,299
Profits (loss) before
taxes on income
(23,146) 6,721 29,536
Net profit (loss)
(16,803) 5,418 16,183
======== ======= ========
Consolidated first 9
months of 2012 sales were NIS 973,495,000 (2% increase compared to the parallel
period in 2011), making a gross profit of
NIS 68,665,000, an
operating income of NIS 19,439,000 and a net income of
NIS 11,146,000.
ISCOL TRADE LTD.,
100%, importers and marketers of wood and timber for the construction sector,
and electricity poles.
LEVIN IRON LTD.,
100%.
HOD – ASSAF INDUSTRIES
LTD., parent company, independently and via subsidiaries, operating as traders,
manufacturers, processors, exporters and marketers of metal goods for the
construction, industrial and agricultural sectors. Amongst its holdings (all
100% subsidiaries unless otherwise mentioned):
HOD - ASSAF STEEL
LTD., Group’s steel melting plant in Acre, manufacturing steel bars from scrap
metal.
HOD GLOBAL WIRE
LTD., manufacturers of steel wires, fully owns ASSAF CONDUCTORS LTD.
STEEL RECYCLING
LTD., established in 2006, purchasing steel scraps and processing them for the
melting in Group's plant.
HOD ASSAF METALS
LTD., 100%, traders in iron for construction, owns:
HOD SELA LTD.,
51%, dealers in flat iron, professional iron and piping,
TAMA LTD.,
Guernsey Island, 100%, owns:
GAMMA INDUSTRIES
SRL, Romania, 100%, holds S.C SARME SI CABLURI S.A. ("SIRME"),
Romania, 99.9%, plant in Romania, ORON INTERNATIONAL SRL, Romania, 50%.
According to our:
Bank Hapoalim Ltd., Hamifratz Branch (No. 791), Haifa.
Bank Leumi Le’Israel Ltd., Haifa Main Branch (No. 876), Haifa.
Since subject's
General Manager refused to provide any data, we could not confirm a/m bank
data.
Nothing unfavorable learned
Subject's General Manager
refused to provide any information.
HOD ASSAF Group is
one of the leading and largest suppliers of steel to the local industry.
HOD ASSAF Group
has been going a structural change, in which HOD ASSAF METALS is to concentrate
all Group's steel activities in Israel, including manufacturing activities from
sister companies HOD - ASSAF STEEL and STEEL RECYCLING. All Romanian activities
will become a separate division, under TAMA LTD. A 3rd segment will
be of "Others", including subject and subsidiaries, HOD GLOBAL WIRE
and HOD SELA (which will remain HOD ASSAF METALS' 51% subsidiary).
In February 2006
subject acquired ISCOL TRADE LTD., dealing in wood processing and marketing, in
consideration of NIS 4,144,000.
In April 2008 VAN
MERKSTEIJN B.V. purchased HOD Group's holdings (95%) in THIBO BOUWSTAAL
HOLDINGS B.V, and its fully owned subsidiary THIBO BOUWSTAAL B.V., Netherlands,
for a sum of circa € 17 million.
In August 2012,
HOD – ZAMIR completed the acquisition of LEVIN IRON LTD. from the company's Receiver,
for NIS 13.4 million. LEVIN IRON, deals in metal processing, was established in
1975 by Levin family and encountered financial difficulties.
Despite the current general weakness in
local markets (negatively affected by the global economy), 2011 ended with
significantly improved economic indicators compared to 2010 in terms of gross
domestic investment in machinery and other equipment for the manufacturing
industry (excl. ships & aircrafts).
Central Bureau of Statistics data reveals that investments -both from import
and domestic production- of machinery & equipment rose by over 35% from
2010 (in 2010 it rose by some 10% from 2009, after it fell by 19% from 2008).
Total gross domestic investment in machinery & equipment from import alone,
rose in 2011 by 52% from 2010 (12% rise in 2010 after falling in 2009 by almost
23%).
Import of investment products - machinery
and equipment segment - for the local industry rose in 2012 by 2% from 2011,
reaching NIS 26,529.2 million (in $ currency terms, import fell by 5%).
The building sector indicators show ambiguous signs in recent periods.
Volume of building starts for dwelling (which is an indicator for the trend in
the building sector) in 2012 indicated a 13% decrease from 2011, reaching close
to 40,000 new apartments, though building starts in the 4th quarter
marked a 40% rise from the previous quarter. The decline in 2012 came after a
growth trend in building starts in the previous couple of years (9% in 2011 and
7% rise in 2009).
On the other hand, after in 2011 the number of dwellings transactions
fell by 18% from 2010, an increase in acquisition of dwellings was noted in
2012 by same rate of 18%, though the Government expects the number to fall in
2013 following steps taken.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.40 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.