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Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
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Name : |
EIN SHEMER RUBBER
INDUSTRIES ACA LTD. |
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Formerly Known As : |
EIN SHEMER RUBBER
PRODUCTS FACTORY |
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Registered Office : |
D.N. Hefer Ein
Shemer 3881600 |
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Country : |
Israel |
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Date of Incorporation : |
1967 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Designers, manufacturers, marketers and exporters
of rubber products, such as: tyre-retread materials, cushion gum, strips,
hoses, window and car profiles, blend products |
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No. of Employees : |
170 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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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 |
EIN SHEMER RUBBER INDUSTRIES ACA LTD.
(Also trading as:
EIN SHEMER RUBBER INDUSTRIES)
Telephone 972 4 637 10 37
Fax 972 4 637 23 45
Email: export@esrubber.com
Physical Address:
D.N. Hefer
EIN SHEMER 3881600 ISRAEL
Mailing Address:
P.O. Box 881
PARDES HANA-KARKUR
3710802 ISRAEL
Originally established as an industrial unit of
Kibbutz Ein Shemer in 1967.
Converted into a limited partnership and registered
as such as per file No. 55-000196-0 on the 01.10.1072.
Originally registered under the name EIN SHEMER
RUBBER PROD
Converted into an Agricultural Cooperative
Society and registered under the present name as per file No. 57-003843-0 on
the 01.01.2002.
*Note: ACA in subject’s name stands for
Agricultural Cooperative Association (therefore full name may also be used: EIN
SHEMER RUBBER INDUSTRIES AGRICULTURAL COOPERATIVE ASSOCIATION LTD.), which is
another translation to “Agricultural Cooperative Society” (ACS), and since
there is no registered Latin name for subject, both terms can be used.
Subject is fully owned by Kibbutz Ein Shemer, a
co-operative society, operating a communal agricultural settlement.
Yehuda Ben-Haim, Chairman,
Natan Vilner, General Manager,
Oded Dagai,
Sagi Granot,
Natan Vilner,
And more.
Designers, manufacturers, marketers and
exporters of rubber products, such as: tyre-retread materials, cushion gum,
strips, hoses, window and car profiles, blend products.
Subject is divided into 5 main divisions:
Compounds, Retread Materials, Hoses, Profiles and a Laboratory.
Some 30% of subject’s sales are for export,
mainly to Europe.
Most of subject’s purchasing is imports, from
Europe, Japan, and the U.S.A.
Among clients: ARKAL FILTRATION SYSTEMS,
SCHIEFFER MAGAM INDUSTRIES, DURAM RUBBER RAMAT HAKOVESH, RAVIV ACS, etc.
Among local suppliers: POLYON BARKAI INDUSTRIES,
NOMINOR CHEMICAL INDUSTRIES, GADOT CHEMICALS, PEL DAR POLYMERS, etc.
Operating from premises (offices, plant and
storage facilities), owned by Kibbutz Ein Shemer, on an area of 12,000 sq.
meters, in Kibbutz Ein Shemer, near Hadera.
Having 170 employees (same as in 2012, had 164
in mid 2011, 140 employees in 2010, same as in 2009).
Current stock is valued at NIS 7,000,000 (was
valued at NIS 6,500,000 in mid 2012, similar to 2011 and 2010).
B/S to the 31.12.2005 totaled NIS 41,165,000.
Equity the 31.12.2005 valued NIS 8,750,000.
Later B/S data unavailable.
2006 sales claimed to be NIS 70,000,000 (of
which 36% were for export).
2007 sales claimed to be NIS 86,000,000 (of
which 38% were for export).
2008 sales claimed to be NIS 80,000,000 (of
which 38% were for export).
2009 sales claimed to be NIS 64,000,000 (of
which 30% were for export).
2010 sales claimed to be NIS 76,000,000 (of
which 33% were for export).
2011 sales claimed to be NIS 84,000,000 (of
which 33% were for export).
2012 sales claimed to be NIS 90,000,000 (of
which 30% were for export).
Projected 2013 sales are NIS 93,000,000 (30% for
export).
Other companies owned by Kibbutz Ein Shemer:
MINIPLAST ACS LTD., manufacturers, marketers of
disposable plastic bio laboratory products, having 40 employees, 2008 sales NIS
16 million,
MINIPLAST EIN-SHEMER (1976), a limited
partnership
EIN SHEMER-ALON HOLDINGS LTD.
EIN SHEMER ECONOMIC CO. LTD.
EIN SHEMER AGRICULTURAL PROD
EIN SHEMER LANDS LTD.
E-GLUE SOFTWARE TECHNOLOGIES LTD., software
tools for customized solutions.
Mizrahi Tefahot Bank Ltd., Pardes Hanna Branch (No.
473), Pardes Hanna, account No. 190265.
The First International Bank of Israel Ltd.,
Hadera Branch (No. 027), Hadera, account No. 227560.
Bank Leumi Le'Israel Ltd., Hadera Business Branch
(No. 639), Hadera, account No. 21600/90.
A check with the Central Banks' database did not reveal negative
information on subject’s bank accounts.
Nothing unfavorable learnt.
Subject is a veteran business, well-known its
field.
Subject is ISO 9001:2008 certified, meeting
other international quality standards.
In the past we received positive opinions on
subject from their suppliers.
Kibbutz Ein Shemer, established 1927, has over
400 members. The Kibbutz also cultivates a large area of agricultural land,
including crops (wheat), fruit plantation (Avocado, Citrus), operating large
dairy farming, and more. Also operates a Museum, as well as few other small
enterprises.
In September 2006 subject acquired the business
activities of TECHNOGUM RUBBER MANUFACTURE LTD. The company, operated since 1948,
manufactured rubber goods for various industries.
During the last couple of years subject has been
suffering from import of rubber soles for tires renovation in dumping prices
from South Africa. Subject appealed to the Anti-Dumping Commissioner, who
decided in July 2012 to lay temporary levy. The relevant ministers recommended
for a permanent levy of 10%, which was initially rejected by the government Finance Committee, but after pressure, which included a the
fear of dismissals of tens of employees from subject's plant, in March 2013 the
Finance Committee decided to lay a 7.5% levy.
According to the Chairman of the Packaging and Design Institute the
branch sales by packaging industries in 2010 amounted to over US$ 1 billion,
some 70% are sales to the local market, and some 30% sales for export.
There are some 120 packaging production plants in Israel, directly
employing some 9,400 employees as of 2010.
During 2010, packaging in value of US$ 250 - 300 million was imported to
Israel.
The Society of Israel Plastic & Rubber Industry published data on
the sector for 2011: The sector’s turnover (both local and for export) reached
US$ 5,075 million, representing 15% increase from 2009 (after 4% decrease from
2008, affected by the global crisis).
Sales for export by the Plastic and Rubber Industry also grew by some
15% in 2011 up to US$ 1,882 million, after in 2010 exports returned to 2008
levels, prior to the global economic crisis. The growth trend in export –in US$
terms- was halted in 2012 with 2.7% decrease from 2011, reaching US$ 1,831
million.
Sales breakdown: 30% of the Plastic & Rubber sector's sales are
Household Products, 23% - Agriculture, 16% - Packaging, 9% - Building sector,
9% Industry, 5% Furniture, 4% - Compounds (rest is to other fields).
According to the Central Bureau of Statistics, import of Plastic and
Rubber raw material for the local industry in 2012 summed up to NIS 9,037
million, 6% increase from 2011, keeping the growth trend from 2010 and 2009,
though in a well lower pace.
Investment in imported machinery and equipment to the Plastic &
Rubber industry fell in 2012 3% from 2011, totaling NIS 512.1 million. This is
after rising by 30% and 8% in 2011 and 2010 from the previous year,
respectively, while level of import in 2010 was just fractionally higher than
2009, far from record 2007 & 2008 years.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.100.77 |
|
Euro |
1 |
Rs.84.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
|
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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.