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Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
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Name : |
PALDOM - FEINGOLD METALS LP |
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Registered Office : |
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Country : |
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Date of Incorporation : |
04.11.2003 |
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Legal Form : |
Limited partnership |
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Line of Business : |
Importers
and marketers of steels and metals of various types Also
offering outsourcing works: cutting, machining, plating & packing design |
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No. of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. 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 |
PALDOM
- FEINGOLD METALS LP
(Also
known as: PFM PALDOM FEINGOLD GROUP)
Telephone 972
3 536 81 11
Fax 972 3 536 81 14
P.O. Box
10077, Haifa (6211002) P.O. Box 224, Yehud 16 Altalef Street Industrial Zone
YEHUD 5610102
ISRAEL
A
limited partnership (LP), registered as per file No. 55-021522-2 on the
04.11.2003.
As of
the 07.12.2003, subject took over all marketing activities of 2 private
companies PLADOT PALDOM LTD. (incorporated 1974, originally founded 1955) and FEINGOLD
SINAI & SON COMPANY LTD. (incorporated 1970, originally founded 1945). Consequently, both
companies became holding and real estate companies.
1. PALDOM FEINGOLD METALS LTD., general
partner, equally controlled by the u/m partners,
2. PLADOT PALDOM LTD., limited partner
(NIS 490), controlled by the Zegman Family,
3. FEINGOLD SINAI & SON COMPANY
LTD., limited partner (NIS
490), owned by Gideon (Gidi) Feingold and the
heirs of the Late Danny Feingold.
Gidi Feingold informwed us that Danny
Feingold passed away and
his shares will be transferred mosty to him and some to his sister.
1. Boaz Zegman,
2. Noam Zegman,
3. Gideon Nahum (Gidi) Feingold.
Importers
and marketers of steels and metals of various types.
Also
offering outsourcing works: cutting, machining, plating & packing design, etc.
Among
clients: ISCAR Group, ISRAEL AEROSPACE INDUSTRIES, SOLEL BONEH, LIME &
STONE, DEAD SEA WORKS, URDAN, RAFAEL ADVANCED DEFENSE SYSTEMS, KETER PLASTICS,
ISRAEL MILITARY INDUSTRIES, etc.
Most
purchasing is from import.
Sole
local representatives of (main agencies):
EWK,
BGH, both of Germany.
Operating
from premises:
1. On an area of 4,000 sq. meters, owned
by Zegman Family,
in 16 Altalef Street, Industrial Zone, Yehud,
2. On an area of 3,000 sq. meters, owned
by Feingold
Family, in 22 Haamelim Street, Haifa Bay Industrial Zone, Haifa.
Having
45 employees (same as in 2012 and in 2011).
Stock
was valued at NIS 15,000,000 – NIS 20,000,000.
Properties
owned by the partners, and where subject is operating from, was valued in 2008
as follows:
In
Yehud - valued at US$ 2,000,000.
In
Haifa Bay - valued at US$ 1,200,000.
2008
sales claimed to be US$ 15,000,000.
2009
sales claimed to be US$ 13,000,000.
2010
sales claimed to be US$ 13,000,000.
2011 sales not forthcoming.
2012 sales claimed to be US$ 12,000,000.
2013 sales claimed to be US$ 12,000,000.
PLADOT
PALDOM LTD., holding and real estate company.
FEINGOLD SINAI & SON COMPANY LTD., holding and real estate company.
PALDOM
STEEL PROCESSING (1983) LTD.
PALDOM
FEINGOLD METALS LTD.
FEINGOLD SINAI & SON STEEL (HAIFA) 1996 LTD., latter 3 are not active.
The
First International Bank of Israel Ltd., Yehud Branch (No. 110), Yehud, account
No. 203734.
A
check with the Central Banks’ database did not reveal anything detrimental
regarding subject’s a/m account.
Nothing
unfavourable learned.
Both
parent companies are long established family companies and well-known in the
metals and steel field.
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).
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).
Good for trade
engagements.
Notes:
1. Please not subject's correct P. O. Box in Yehud (224 and not 324)
2. Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
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.