MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

TEDEA HUNTLEIGH INTERNATIONAL LTD.

 

 

Formerly Known As :

TEDEA ISRAEL (1991) LTD

 

 

Registered Office :

P.O. Box 2502 (5812501) 2Ha'ofan Street Industrial Zone HOLON 5881419

 

 

Country :

Israel

 

 

Date of Incorporation :

18.12.1991

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Presently inactive.

Earlier were developers, manufacturers, exporters and marketers of electro-mechanical systems for measuring and weighing systems.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

No Commercial Activity Carried

 

 

Payment Behaviour :

Unknown

 

 

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. 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

 

 

Company name and address

 

TEDEA HUNTLEIGH INTERNATIONAL LTD.

Telephone         972 3 557 08 88

Fax                   972 3 556 12 11

P.O. Box 2502 (5812501)

2Ha'ofan Street

Industrial Zone

HOLON 5881419 ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company incorporated as per file No. 51-163254-9 on the 18.12.1991 under the name TEDEA ISRAEL (1991) LTD., which changed to present name on 24.08.1992.

 

On the 01.01.2013 all of subject's activities were merged into parent company VISHAY ADVANCED TECHNOLOGIES LTD., and since that date subject has no commercial/business activity.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 10,600,000.00, divided into -

            10,600 ordinary shares all of NIS 1,000.00 each,

of which 9,736 shares amounting to NIS 9,736,000.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by VISHAY ADVANCED TECHNOLOGIES LTD., a fully owned subsidiary of VISHAY PRECISION ISRAEL LTD., fully owned by VISHAY PRECISION GROUP INC., a public limited company traded on the New York Stock Exchange (NYSE:VPG).

 

In June 2002, VISHAY ISRAEL LTD. (a subsidiary of VISHAY INTERTECHNOLOGY INC.) acquired all shares of TEDEA HUNTLEIGH B. V. from local TEDEA Group, for a sum of US$ 26.8 million.

 

In October 2009, VISHAY INTERTECHNOLOGY INC split its activities, and the Foil Technology Products, Weighing Modules (which TEDEA's activities are part of) and Control Systems activities were transferred to a spin-off independent company VISHAY PRECISION GROUP INC. (subject's grandparent company, hereafter VPG).

 

 

DIRECTORS

 

VISHAY ADVANCED TECHNOLOGIES LTD. is the only registered Director.

 

 

BUSINESS

 

Presently inactive.

Earlier were developers, manufacturers, exporters and marketers of electro-mechanical systems for measuring and weighing systems.

 

Operated from 2Ha'ofan Street, Industrial Zone, Holon. Premises still serve parent company VISHAY ADVANCED TECHNOLOGIES. (headquarters and plant), which also operates manufacturing facilities in Beer Sheva and Karmiel.

 

Having no employees.

There are 2,250 employees in VISHAY PRECISION Group worldwide.

 

 

MEANS

 

Main financial indicators from VISHAY PRECISION GROUP INC. balance sheet:

                                                                                    (US$ thousands)

                                                                        31.12.2012                    31.12.2011

Total assets                                                      263,173             256,605

Equity                                                               196,808             184,938

 

VISHAY PRECISION GROUP current market value US$ 188.8 million.

 

There is 1 charge for the sum of US$ 15,000,000.00, in favor of HSBC PLC Bank (charge placed November 2011).

 

 

REVENUES

 

                                                            VISHAY PRECISION GROUP, INC.

                                                            Consolidated Statement of Income:

                                                            US$ (thousands)

                                                            Year ended 31.12

                                                            2012                 2011                 2010

Net revenues                                         217,616 238,107 207,524

 

Gross profit                                           75,032              83,111              77,128

 

Operating income                                   11,091              16,264              19,831

 

Income before taxes on income               10,524              15,110              18,513

 

Net profit                                               11,764              10,794              11,743

                                                            =========      =========      ========

 

           

 

 

OTHER COMPANIES

 

VISHAY PRECISION GROUP, INC., directly and via subsidiaries, designers, manufacturer and marketer of resistive foil technology products such as resistive sensors, weighing modules, and control systems for a wide variety of applications.

VISHAY PRECISION ISRAEL LTD., heads the Israeli activities and others, also owns:

VISHAY ADVANCED TECHNOLOGIES LTD., Israel,

VISHAY MEASUREMENTS GROUP UK LTD. UK,

TEDEA-HUNTLEIGH EUROPE LTD. UK,

TEDEA-HUNTLEIGH B.V. Netherlands,

VISHAY MEASUREMENTS GROUP FRANCE S.A.S., France,

SCI VIJAFRANC, France.

 

VISHAY INTERTECHNOLOGY INC., subject’s parent, a Fortune 1,000 Company listed on the NYSE (VSH), is an international, world leading manufacturer and marketers of discrete semiconductors and passive electronic components. Founded in 1962 to manufacture and market foil resistors. Current market value US$ 1.95 billion. Operating in Israel via VISHAY- ISRAEL LTD. and its subsidiaries.

 

 

BANKERS 

 

Bank data not forthcoming, though irrelevant since there is no business activity.

 

 

CHARACTER AND REPUTATION 

 

Besides the fact that subject turned inactive, there is nothing detrimental learnt.

 

 

SUMMARY 

 

Having no activity, credit is irrelevant, and dealings are recommended with parent company VISHAY ADVANCED TECHNOLOGIES LTD. (registration No. 51-286814-2).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.