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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TECHNO BAR LTD. |
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Registered Office : |
10 Lazarov Street, Industrial Zone, Rishon Le-Zion 7565416 |
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Country : |
Israel |
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Date of Incorporation : |
08.08.1973 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of stainless steel products, |
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No. of Employees |
100 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
TECHNO BAR LTD.
(Also known as TECHNOBAR)
Telephone 972
3 963 23 33
Fax 972
3 961 92 43 /6
P.O. Box 5141, Rishon Le-Zion (7515002)
10 Lazarov Street
Industrial Zone
RISHON LE-ZION 7565416 ISRAEL
A private limited company, incorporated as per file No. 51-065779-4 on the
08.08.1973.
In 1997 took over the business activities of its sister company SHLOMO
BARTAL & SONS LTD. (which turned into a real estate company), Bartal family
private company incorporated in 1971, which succeeded the operation of a sole
proprietorship called "TECHNICA & AGRICULTURE", established in
1946 by Shlomo Bartal.
Authorized share capital NIS 280.00, divided into -
2,799,000
ordinary shares (2,379,050 shares issued),
1,000 founder shares (issued), all of
NIS 0.0001 each,
of which shares amounting to NIS 238.005 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).
1. Shlomo Bartal, 50% (of founder and ordinary shares issued),
2. Aharon Bartal, 50% of founder shares and 25% of ordinary shares issued,
3. Israel Bartal, 25% of ordinary shares issued.
1. Aharon Bartal, General Manager, son of Shlomo Bartal,
2. Shlomo Bartal.
Importers and marketers of stainless steel products,
Also importers, traders and marketers industrial piping and metals to the
industry, including: plates, sheets, bars, pipes and tubes, and accessories
(fittings, flanges, valves and control valves, steam systems, etc.).
All sales are to the local market.
Among customers: Ministry of Defense, AGAN CHEMICAL MANUFACTURERS, TNUVA,
STRAUSS GROUP/ ELITE, OSEM, DEAD SEA WORKS, THE ISRAEL ELECTRIC CORP.,
MAKTESHIM CHEMICALS WORKS, OIL REFNERIES, TEVA PHRAMACEUTICAL INDUSTRIES,
K.B.A. TOWNBUILDERS GROUP, INTEL ISRAEL, ISRAEL AEROSPACE INDUSTRIES, etc.
Most of purchases are from import.
Among local products suppliers: FRC - AGENCIES (agencies)
Among local suppliers which subject is a local distributor for: HABONIM
INDUSTRIAL VALVES, HAM-LET, MIDDLE EAST TUBE CO.
Subject sells goods by foreign manufacturers, including of GEORGE FISCHER,
ESCO, CARDINAL UHP.
Among service suppliers: SAP ISRAEL.
Sole local representatives of:
JHONSON (KADANT), of USA (Fluid Handling)
AXAIR, WALTERMEIER, both of Switzerland.
Among foreign suppliers: MARCEGALI (Italy), etc.
Operating from the following premises:
1. Offices and warehouses, owned by the shareholders, on an area of 7,000 sq.
meters, in 10 Lazarov Street, Industrial Zone, Rishon Le-Zion.
2. Owned warehouses, on an area of 1,400 sq. meters, in Hebron Road, Sara
Valley Industrial Zone, Beer Sheva.
3. A rented store, on an area of 1,100 sq. meters in 41 Shlomo Bar Yoseph
Street, Industrial Zone, Kiryat Ata.
Had 100 employees as of the end of 2009 (same as in 2008). Current number
of employees not disclosed.
Stock was valued at NIS 50,000,000 at the beginning of 2009.
Other and later financial data not forthcoming.
There are 7 charges for unlimited amounts registered on company’s assets
(financial assets and fixed assets), in favor of The First International Bank
of Israel Ltd., Bank Leumi Le'Israel Ltd. and Bank Hapoalim Ltd. (latest 2 charges placed in 2012 and 2013, also on financial assets, prior
to that charge was placed in 2008, also on financial assets).
2006 sales claimed to be circa NIS 140,000,000.
2007 sales claimed to be circa NIS 150,000,000.
2008 sales claimed to be circa NIS 140,000,000.
Later sale figures not forthcoming.
BARTAL SHLOMO & SONS LTD., owned by Bartal
family, a real estate company.
TAHALICH-PROPERTIES & INVESTMENTS (1985)
LTD., a real estate company.
Bank Leumi Le’Israel Ltd., Rishon Le-Zion Business Branch (No. 671), Rishon
Le-Zion, account No. 91100/96 – main account.
A check with the Central Banks' database did not reveal any negative
information regarding subject’s a/m account.
Nothing unfavorable
learned.
In our interview with subject's officials in the end of 2013,
they refused to update financial and employee data. In the current interview,
they asked for a fax with our questions, which we sent, but it remains
unanswered.
Subject is long
established family company, well-known in its field. Among subject’s clients
are leading local industrial corporations.
Subject is ISO
9001:2000 certified.
Central Bureau of Statistics (CBS) data
reveals that investments by the local manufacturing industries in machinery
& equipment (M&E) in 2013 fell by 12% from 2012, after a decrease by 3%
in 2012. Investments whose source was from import, which comprised 62% of total
investment by the industries in M&E, fell by 21.5%, while investments whose
source was from local manufacturing rose by 11.5% in 2013.
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.
The 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).
According to CBS,
investments by the local industrial branch in imported machinery and other
equipment in 2013 witnessed 24.6% (in current prices) decrease from 2012, after
a 20.6% decrease in 2012 from 2011 (which follows the increase by 108% in 2011
from 2010). The fall in 2013 and 2012 in investment could be explained by the
continuing unfavorable business environment, which is also negatively affected
by the slow-down in overseas markets. The decrease in 2013 occurred in the
Hi-Tech branches (51% decrease, fell 30% in 2012), in the Medium-Low-Technology
branches (15% decrease, fell 23% in 2012) and to a lesser extent in the
Low-Tech branches (by 1%, fell 17% in 2012), whereas in the Medium-High
Technology there was a rise by 15% (continuing the 16% rise in 2012).
Notwithstanding
the refusal to disclose financial and other data, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.57 |
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1 |
Rs.98.87 |
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Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.