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Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
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Name : |
HARDGUM LTD. |
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Formerly Known
as: |
HARDUF SHAUL AGENCIES LTD |
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Registered Office : |
P.O. Box 25259 (3125102), 12 Hamashbir Street, Check Post Industrial Zone, HAIFA 3295312 |
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Country : |
Israel |
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Date of Incorporation : |
12.02.2002 |
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Com. Reg. No.: |
No. 51-320494-1 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of industrial tires (specializing in forklifts tires) and tires for terrain (4x4) vehicles, as well as affiliated products (forklift seats, rims) |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
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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. 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.
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Source : CIA |
HARDGUM
LTD.
Telephone 972
4 842 16 16
Fax 972
4 842 16 15
Email: sales@hardgum.co.il
P.O. Box 25259 (3125102)
12
Hamashbir Street
Check
Post Industrial Zone
HAIFA 3295312 ISRAEL
A private limited company, incorporated as
per file No. 51-320494-1 on the 12.02.2002.
Originally registered under the name HARDUF
SHAUL AGENCIES LTD., which changed to the present one on the 05.05.2004.
Authorized share capital NIS 39,100.00,
divided into -
39,100
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were
issued.
Subject is fully owned by Matan Harduf.
Matan Harduf.
Importers and marketers of industrial tires (specializing in forklifts tires) and tires for terrain (4x4) vehicles, as well as affiliated products (forklift seats, rims.).
Sales are to companies, garages, forklift
importers, etc.
Among clientele: ISRAEL PORT AUTHORITY.
Among local suppliers: ALLIANCE MARKETING
ISRAEL (Alliance Galaxy Primex tires) - see
more in CHARACTER.
Sole local representatives of:
WATTS, of UK,
TRELLEBORG, of Sweden.
Operating from premises in 12 Hamashbir
Street, Check Post Industrial Zone, Haifa.
Number of employees not forthcoming.
Financial data not forthcoming.
There are 6 charges for unlimited amounts
registered on the company's assets (financial assets and vehicles), in favor of
Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and a leasing company (charges on
financial assets placed in 2007 and 2008, charges on vehicles placed in 2008 and
in January 2010).
Sales figures not forthcoming.
Bank Hapoalim Ltd., Neve Shaanan Branch (No.
702), Haifa, account No. 266663.
A check with the Central Banks' database did not reveal any negative information
regarding subject's a/m account.
Nothing unfavorable learned (please refer
to NOTE below).
Despite our efforts, we were unable to speak
with subject's owner and General Manager, Matan Harduf, as he was always unavailable.
Initially he asked us to call later, then we phoned again but he said he is
busy - it appears as he is trying to avoid us. We left messages and sent a fax,
which remain unanswered. We shall update you in case they return to us with
fresh data. In previous attempts last years, Mr. Harduf refused to disclose any
data.
Subject is an authorized dealer for automotive
spare parts (tires) by the Ministry of Transportation & Road Safety.
It should be
noted, that subject shares its post office box (#25259) with ALLIANCE MARKETING
ISRAEL LTD., local well-known marketers of ALLIANCE Group's pneumatic tires and
of other tires importers.
Shaul Harduf (whom we assume is Matan
Harduf's father), serves as General Manager of ALLIANCE MARKETING ISRAEL.
We could not establish the real nature of
relations between subject and ALLIANCE, but apparently, from the above said,
there is one.
The local tires
retail market is extremely competitive, characterized by low profit margins,
credit problems and lack of brand loyalty.
According to
estimations, some 2 million tires are replaced each year.
There are some 80 brands of tires sold by some 35 importers in the local
market.
The wholesale tire market in 2006 was estimated by sources in the branch
at US$ 140 million.
Considering the lack of data from subject's
officials, dealings are recommended on secured basis.
NOTE:
According to the
Registrar of Companies subject has a "Law Violating Company" Status.
As part of the
Registrar efforts in the last period to collect fees and supervision on meeting
all duties by Companies’ law, such status notes have been added to the
registry. Registration as a "Law Violating Company" is done due
certain violation by the subject company for not meeting the Registrar of
Companies regulations promptly, mainly for not paying Registrar fees,
and/or not submitting annual reports on time. The sanctions and penalties
against the company in such case include fines up to NIS 250,000, not allowing
the company to register new charges on its favor, not allow registration a
charge on its assets (which may deprive the company from taking new loans at
their banks), cannot make changes in the Registrar, and more.
It should be noted
that this may not necessarily be connected to the company's business activities
and financial standing (although in many cases there is a connection, we
do not know the reason in subject's case; It is also possible that
there is a technical or administrative problem, as such things also happen).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.30 |
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UK Pound |
1 |
Rs.97.99 |
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Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
-- |
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.