MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	S. AMIR INDUSTRIAL EQUIPMENT LTD.

Formerly Known As :	"SAI - S. AMIR INDUSTRIAL SERVICES".

Registered Office :	P.O. Box 15169, 19 Hahistadrut Street, Azor 5800310

Country :	Israel

Date of Incorporation :	April, 1997

Legal Form :	Private Limited Company

Line of Business :	Importers and marketers of machinery and equipment for the industry (metal cleaning machines, and more).

No. of Employees :	4 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Israel

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

COMPANY NAME & ADDRESS

S. AMIR INDUSTRIAL EQUIPMENT LTD.

Telephone 972 3 558 50 33

Fax 972 3 558 50 36

P.O. Box 15169

19 Hahistadrut Street

AZOR 5800310 ISRAEL

HISTORY & LEGAL FORMATION

Originally established as a sole proprietorship in April 1997 under the name "SAI - S. AMIR INDUSTRIAL SERVICES".

Converted into a private limited company and registered as such as per file No. 51-387736-5 on the 21.09.2006.

SHARE CAPITAL

Authorized share capital NIS 50,000.00, divided into -

50,000 ordinary shares of NIS 1.00 each, of which 1,375 shares amounting to NIS 1,375.00 were issued.

SHAREHOLDERS

Subject is fully owned by Ms. Sarit Amir.

SOLE DIRECTOR & GENERAL MANAGER

Ms. Sarit Amir.

BUSINESS

Importers and marketers of machinery and equipment for the industry (metal cleaning machines, and more).

Operating from office premises, owned by shareholder, on an area of 50 sq. meters, in 19 Hahistadrut Street, Azor. Also using warehouse facilities, other data not forthcoming.

Having 4 employees.

MEANS

Financial data not forthcoming.

There is 1 charge for an unlimited amount registered on the company's assets (fixed assets), in favor of Bank of Jerusalem Ltd. (charge placed March 2009).

REVENUES

Sales figures not forthcoming.

BANKERS

Bank Hapoalim Ltd., Azor Branch (No. 643), Azor.

CHARACTER AND REPUTATION

Nothing unfavorable learned.

Subject's General Manager, Ms. Sarit Amir, refused to disclose financial data.

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 b5 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.

According to the Central Bureau of Statistics, investments by the local industrial branch in imported machinery and other equipment in 2012 witnessed almost 20% (in current prices) decrease from 2011, after climbing by 108% in 2011 from 2010. 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.

SUMMARY

Notwithstanding the refusal to disclose financial details, considered good for trade engagements. However, lacking financial data, we recommend a low credit exposure.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

NIT

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.