|
Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIL INBAL VALVES LTD. |
|
|
|
|
Registered Office : |
P.O. Box |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.10.1971 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Designers, developers, manufacturers, marketers and exporters of advanced automatic control valves, fire protection valves and systems for a wide range of industries, among them oil refining, oil gas and chemical storage, petrochemical, marine |
|
|
|
|
No. of Employees |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. 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. 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. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. 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. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government's fiscal position. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition
|
Source
: CIA |
MIL INBAL VALVES LTD.
Telephone 972 3 966 43 50; 948 20 20
Fax 972 3 966 43 20; 948 20 25
Email: inbal@inbalvl.com
P.O. Box 15200 (7505101)
5 Plotizki Street
New Industrial Zone
Rishon Le-Zion 7536125 Israel
A private limited company, incorporated as per file No. 51-058726-4 on the 25.10.1971.
Originally registered under the name MIL TECHNICAL PRODUCTS (1971) LTD., which changed to the present name on the 05.05.2008.
Authorized share capital NIS 302.00, divided into:-
100 management shares of NIS 0.001 each (2 shares issued),
3,019,000 ordinary shares of NIS 0.0001 each (2,750,002 shares issued),
of which shares amounting to NIS 275.00 were issued.
(Note:
The currency in share capital was originally in Old Israeli Shekel whose
nominal value was 1 thousandth of the current New Israeli Shekel (NIS),
converted in 1986).
Subject is fully owned by Wallach family, directly by members and via fully owned company MIVAL LTD., headed by Yehoshua Wallach.
MIVAL LTD. is registered as the sole director.
Yehoshua (Josh) Wallach.
Designers, developers, manufacturers, marketers and exporters of advanced automatic control valves, fire protection valves and systems for a wide range of industries, among them oil refining, oil gas and chemical storage, petrochemical, marine, and more.
Subject exports to some 50 countries.
Among global clientele: AGIP, AMERADA HESS, AMOCO, AVENTIS, BP, BRITISH GAS, RHODIA, RM , ROHM & HASS, SANTA FE, SHELL, SNAMPROGETTI, ,MARATHON OIL, MOBILE OIL, NAM, NORSKE-HYDRO, PEMEX, PETRO CANADA, CALTEX , CHEVRONTEXACO, CONOCO, CPC , DOW, PETROBRAS, LOCKHEED, TEXACO, and many more.
Operating from premises (offices, plant), in 5 Plotizki Street, New Industrial Zone, Rishon Le-Zion (to where they moved from 17 Moshe Becker Street, Old industrial Zone, Rishon Le-Zion).
Had 45 employees in 2010, current number unavailable, believed to be higher.
Financial data not forthcoming.
There is 1 charge for an unlimited amount and 4 charges for the total sum of around NIS 4.85 million registered on the company’s assets (financial assets and vehicles), in favor of Bank Leumi Le'Israel Ltd. and companies. Charges were placed in the years 1982, 1986,1995 and 2008.
Sales figures not forthcoming.
MIVAL LTD. (name’s spelling may be different), established 1970.
ZVI BLASS & CO. SERVICES & PRODUCTION LTD., co-owned
by Wallach family and Zvi Blass, incorporated in 1970 (originally founded in
1949), importers, marketers and representatives in the field of industrial
piping instrumentation and control systems.
Bank Leumi Le'Israel
Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv, account
No. 806600/00.
A check with the
Central Banks' database did not reveal any negative information regarding
subject's a/m account.
Nothing unfavorable
learnt (please refer to NOTE below).
Despite our efforts,
we were unable to speak with subject's General Manager, Mr. Josh
Wallach, as he was always too busy to take our calls. We were asked to leave a message and they will consider our request. In
case they return to us with further data, we will update you accordingly.
Subject is a veteran company, well known internationally in the field of control valves.
Subject is ISO 9000 certified, as well as meeting other international quality standards.
According to data by of the Metal, Electrical and Infrastructure Industries Association, representing the local Metal and Electricity Industries, which includes large scale export-oriented industries on one hand and family-owned plants which sell to the local market: 2010 sales (local and export) by the said industries amounted to NIS 70 billion, comprising 25% of Israel's industrial output. Sales for export reached US$ 10 billion in 2010.
Some 90,000 employees serve the said industries (26% of Israel's industrial workforce).
Export by local Manufacturing of Basic Metals continued the negative trend of 2012 (when it fell 11% in from 2011), with a decrease by 20.6% in 2013, to US$ 743 million (decrease was sharper in local NIS currency terms – by 25.5%).
In the Manufacturing of
Fabricated Metal Products, Machinery & Equipment and Domestic Appliances,
export level rose marginally in 2013 (0.6%, though fell 6% in local NIS
currency terms) to US$ 5,101.5 million, after 10% increase in 2012.
The Central Bureau of
Statistics (CBS) data on import of metals raw materials to the local
industries: Import of Iron and Steel in 2013 kept the negative trend from 2012
after a remarkable recovery in the years 2010 and 2011 from 2009 with decreased
by 2.3% reaching US$ 2,127 million (fell 11.5% in 2012, after rising by over
30% per year in 2010 and in 2011); On the other hand, import of Precious Metals
rose by 7.3% in 2013 to US$ 157 million (fell 13% in 2012 after rising by 2% in
2011 and 22.5% in 2010), and import of Non-ferrous Metals increased by 6% to
US$ 850 million (after a 13% fall in 2012 and rise by 20% in 2011 and by 41% in
2010).
The CBS data on investment in
imported machinery and other equipment for the manufacturing industry in 2013
(comparing to 2012): investments in the manufacture of basic metal was NIS
157.2 million (4.5% rise, after 35% decrease in 2012); investments in the
manufacture of fabricated metal products was NIS 646.8 million, falling by
13.3%, after rising by 4.7% in 2012.
Notwithstanding the refusal to disclose financial details, considered good for trade engagements.
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 this case; It is also possible that there is
a technical or administrative problem, as such things also happen).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.48 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
|
|
-- |
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.