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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
RAMIM ENGINEERING WORKS LTD. |
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Registered Office : |
P.O. Box 668,
Yuval Yaniv Street, Southern Industrial Zone, Kiryat Shmona1101502 |
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Country : |
Israel |
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Date of Incorporation : |
01.08.1971 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· Metal works, specializing in communications boxes, and poles construction. · Designers, manufacturers and marketers of advanced steel and aluminum products – portable military shelters, high tension electric poles, telecommunications towers and structural elements. |
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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 – June 1, 2014
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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 |
RAMIM ENGINEERING
WORKS LTD.
Telephone 972 4 694 00 72
Fax 972 4 694 97 82
Email: office@ramim.net
P.O. Box 668
Yuval Yaniv Street
Southern Industrial Zone
Kiryat Shmona1101502 Israel
A private limited liability
company, incorporated as per file No. 51-058006-1 on the 01.08.1971.
Originally
registered under the name GICHNER RAMIM LTD., which changed to the present name
on the 24.10.1979.
Subject was
founded by KOOR INDUSTRIES LTD. concern and was part of KOOR METALS Group since
its inception. KOOR was owned by Israel Workers’ Union Enterprises and like
many of the subsidiaries suffered from managerial problems, lack of
profitability and accumulated losses, which reached climax in mid 1980s.
Subject was even closed down for certain period form late 1988 till early 1989.
KOOR INDUSTRIES Group went through massive re-organization, was sold to
investors and in 1999 other investors (as below in SHAREHOLDERS)
acquired KOOR METALS activities from KOOR INDUSTRIES, which included subject.
Authorized share
capital NIS 10,000,000.00, divided into -
10,000,000
ordinary shares of NIS 1.00 each, of which 9,498,200 shares amounting to NIS
9,498,200.00 were issued.
Subject is fully owned
by KOOR METALS GROUP LTD., owned by:
1.
RUBELLITE, 90%, a foreign company from Switzerland,
controlled by Pinchas (Pini) Oslerne,
2.
Ms. Etle (Etti) Yohai, 10%.
1. Pini
Oslerne, Chairman & General Manager of KOOR METALS GROUP,
2. Ms. Etti Yohai.
Haim Segev
Metal works,
specializing in communications boxes, and poles construction.
Designers,
manufacturers and marketers of advanced steel and aluminum products – portable
military shelters, high tension electric poles, telecommunications towers and
structural elements.
20% of sales are
export.
Sales are mainly
to the military sector.
Among local
customers: ISRAEL ELECTRIC CORP., ISRAEL AEROSPACE INDUSTRIES, ELTA ELECTRONIC
INDUSTRIES, RAFAEL ADVANCED DEFENSE SYSTEMS, ELBIT SYSTEMS, PAZ ASHDOD
REFINERY, CARMEL OLEFINS
Among foreign
clientele: NATO, US Army, M+W ZANDER, CHINA CIVIL ENGINEERING CONSTRUCTION CO.,
KOCKS KRANE, CIMOLAI, KONE CRANES, DOOSAN HEAVY INDUSTRIES, and more.
Most suppliers are
foreign.
Operating from
premises (offices, plant & facilities), on an area of 26,000 sq. meters (of
which 20,000 sq. meters are owned by subject and the rest is leased), in Yuval
Yaniv Street, Southern Industrial Zone, Kiryat Shmona.
Registered address
is 17 Hatidhar Street, Ra’anana, which parent company’s address.
Having 100
employees (same as in mid 2013 and in mid 2011).
Stock was valued
at NIS 28,000,000 in mid 2011.
Other and later
financial data not forthcoming.
Subject is an “Approved
Enterprise” and as such entitled for State support, grants and tax relief.
In October 2008
the Israeli Investment Centre (IIC) approved a NIS 11,232,000 investment plan
for the expansion of subject’s plant.
There are 21
charges for unlimited amounts, as well as a charge for the sum of NIS 453,950
registered on the company's assets (financial assets, fixed assets, equipment
and vehicles), in favor of The State of Israel, Bank Leumi Le'Israel Ltd., The
First International Bank of Israel Ltd., Bank Hapoalim Ltd., Mizrahi Tefahot
Bank Ltd. and companies (last charge placed September 2013).
Subject’s sales:
2009 sales claimed
to be NIS 84,000,000, of which 10% were for export.
2010 sales claimed
to be NIS 82,000,000, of which 20% were for export.
Later sales data
not forthcoming.
KOOR METALS GROUP
consolidated sales (without PELEG-NIA):
2008 consolidated
sales claimed to be NIS 250,000,000.
2009 consolidated
sales claimed to be NIS 250,000,000.
2012 Group's
consolidated sales reported to be estimated NIS 200,000,000.
SIMAT INDUSTRIES
LTD., 100%, CNC works, plant for metal precision engineered parts and
subassemblies,
TAL TECHNOLOGYOT
RIT
RUBELLITE (ISRAEL)
LTD.,
KOOR METALS GROUP
LTD., parent company, also holds:
KOOR METALS LTD.,
incorporated in 1942, metal works and infrastructure projects constructions and
civil engineering contractors, comprised of 2 main divisions:
1. “Vulcan
Engineering Works”, the manufacturing arm of KOOR METALS, specializes in heavy
and special works, constructions, electric poles, train wagons, containers,
cranes, pressure vessels and more,
2. “Koor
Projects Management”, execution, construction, supervision and managements of
projects, which were manufactured by “Vulcan Engineering Works”.
KOOR METALS
INDUSTRIES LTD.
SIMAT TRADING LTD.
TADIR-GAN (METAL)
LTD.
KOOR METALS
LABORATORIES
& CLEAN ROOMS LTD., importers, distributors of equipment for
laboratories and clean rooms, also engaged in design and erection of clean
rooms.
PELEG-NIA LTD.,
100%, engaged in manufacture of general shaft machining and sheeting for
industrial uses; design, manufacture, assembly and installation of
furniture products; and ergonomic solutions for the transportation market.
The First
International Bank of Israel Ltd., Holon Business Branch (No. 078), Holon,
account No. 313300.
Bank Leumi
Le'Israel Ltd., Rishon Le-Zion Business Branch (No. 671), Rishon Le-Zion,
account No. 111000/40.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m accounts.
Bank Hapoalim
Ltd., Raanana Business Branch (No. 394), Raanana.
Nothing
unfavorable learnt.
Subject's official
refused to update financial data.
Subject is ISO
9001 certified and meets international military standards.
In August 1999,
KOOR METALS GROUP (formally ACCORD TECHNOLOGIES HOLDINGS (1999) LTD.) acquired
KOOR METALS LTD. from KOOR INDUSTRIES LTD., in consideration of NIS 10.7
million.
KOOR METALS GROUP
is very long established company, well known and among the leading in their
branch.
In mid 2010 KOOR
METALS GROUP and CLEARMARK CAPITAL Fund acquired (in equal parts) 85% of
PELEG-NIA LTD., who stumbled upon grave financial difficulties, inconsideration
of fueling NIS 12 million to PELEG-NIA who was traded on the Tel Aviv Stock
Exchange (designed to pay debts to their bonds holders). In June 2014 following
a successful tender offer, KOOR METALS GROUP reached full ownership of
PELEG-NIA, paying NIS 2.5 million.
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).
Central Bureau of
Statistics data reveals that investments by the local manufacturing industries
-both from import and domestic production- in machinery & equipment (M&E)
in 2012 fell by 1%, which comes after 41% rise in 2011. The investments
originating from import, which comprised 70% of overall investment in M&E,
fell 3.8% (after 69% rise in 2011), while investment originating from local
production rose by 6.2% in 2012 (fell 5.3% in 2011).
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.
According to the Central Bureau of Statistics, investments
by the local industrial branch in imported machinery and other equipment in
2012 witnessed almost 20% (in current prices) decrease from 2011, after
climbing by 108% in 2011 from 2010. The fall in 2012 in investment could be
explained by the continuing unfavorable business environment, which is also
negatively affected by the slow-down in overseas markets.
Notwithstanding the refusal to disclose
financial details, 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.61.35 |
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|
1 |
Rs.98.71 |
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Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.