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Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
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Name : |
EPO-LAC (ENG. J.
ZAMLAR) LTD. |
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Registered Office : |
P.O. Box 747 (1710602) 2 Hamerkava Street Ziporit Industrial Zone Nazareth Illit 1789058 |
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Country : |
Israel |
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Date of Incorporation : |
1974 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and marketers of paints, lacquers, epoxy coatings, polyurethane,
for the heavy industrial. |
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No. of Employees : |
30 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
EPO-LAC (ENG. J. ZAMLAR) LTD.
(Also known as EPOLAC)
Telephone 972 4 651 88 51
Fax 972 4 651 91 51
P.O. Box 747 (1710602) 2 Hamerkava Street Ziporit Industrial Zone
Nazareth Illit 1789058 Israel
Originally established
as a non-registered firm in 1974, by the Late Joseph Zamlar.
Converted into a private limited company and registered as such as per file
No. 51-077941-6 on the 02.04.1978.
Authorized share capital NIS 802.00, divided into: -
8,020,000 ordinary shares of NIS
0.0001 each,
of which 6,300,000 shares amounting to NIS 630.00 were issued.
Mrs. Maya Zamlar, 50%,
wife of the Late Joseph Zamlar,
Uriel Zamlar, 50%.
1. Uriel Zamlar, Chairman,
2. Mrs. Maya Zamlar.
Yossi Shaiker
Manufacturers and
marketers of paints, lacquers, epoxy coatings, polyurethane, etc. for the heavy
industrial.
Subject purchases
materials and raw materials for own production.
Among clients: ROTEM AMFERT
NEGEV, CARMEL OLFINS, ISRAEL RAILWAY, OIL REFINERIES, HAIFA CHEMICALS, GADIV
PETROCHEMICAL INDUTRIES, GADOT Group, OSEM, TNUVA, AZRIELI Group, Ministry of
Defense, etc.
Operating from
premises (offices and plant), in 2 Hamerkava Street, Ziporit Industrial Zone,
Nazareth Illit (or Upper Nazareth). Premises also serve affiliate SIGMARIN
PAINTS.
Number of employees
not forthcoming, known to have over 30 employees.
Financial data not
forthcoming.
Subject is an
“Approved Enterprise” and as such enjoys tax benefits and State incentives.
In 2000 the Israeli
Investment Center approved the US$ 500,000 investment plant for the expansion
of subject’s plant.
There are 35 charges for unlimited amounts, as well as 1 charge for the sum of US$ 25,000.00, registered on the company's assets (financial assets, machinery & equipment and vehicles), in favor of Bank Leumi LeIsrael Ltd., Mizrahi Tefahot Bank Ltd., Bank Hapoalim Ltd. and leasing companies. Last couple of charges placed on vehicles in 2012 and in May 2014.
Sales figures not
forthcoming.
ZAMLAR HOLDINGS LTD.
SIGMARIN PAINTS (1988)
LTD., incorporated 1988 (continuing business activities founded in 1970), manufacturers
and marketers of industrial paints and diluters for the metal industry and road
marking. This company was acquired by Zamlar Family several years ago.
Bank Leumi LeIsrael Ltd., Check Post Business Branch (No. 710), Haifa,
account No. 2700/73.
Bank Hapoalim Ltd., Haifa Bay Branch (No. 791), Haifa, account No. 126633.
A check with the Central Banks’ database did not reveal any negative
information regarding subject’s a/m accounts.
Nothing unfavorable
learned.
We have been unable to speak with subject's General Manager,
as he was always too busy to take our calls or out of office. We left messages,
which remain unanswered. In our previous interviews, officials refused to
disclose any data, as part of subject’s
policy.
We found that subject
signed a cooperation agreement with a local company SOAP UPGRADING AND
MAINTENANCE OF PARKING LTD., engaged in painting projects in garages and
parking lots. It was also mention that subject took over 50% in that company
(perhaps no longer has holdings to-date). We traced couple of lawsuit against
SOAP (cases from 2010 and 2012, now closed), and in the court's deliberations
in those cases subject and Uriel Zamlar were mentioned.
This is a long
established family company.
Subject is ISO
9001:2000 certified.
The paint and allied
sealants market in Israel is estimated at NIS 1.2 billion per annum (marked
5%-6% rise in 2012), from which some two thirds are for the home sector (49%
acrylic, 11% lime and 28% for wood and metal) and the balance for the
industrial sector.
The local market is the controlled by local manufacturers: TAMBOUR, which is the leading company, and NIRLAT.
Notwithstanding the
refusal update details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.98.00 |
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Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.